The Open-Ended Investment Companies Regulations 2001 No. 1228

PART II U.K. FORMATION, SUPERVISION AND CONTROL

[F1 Umbrella companies U.K.

Textual Amendments

F1 Ss. 11A, 11B and cross-heading inserted (21.12.2011) by The Open-Ended Investment Companies (Amendment) Regulations 2011 (S.I. 2011/3049), regs. 1, 3(3) (with regs. 4-10)

Cross sub-fund investment U.K.

11B.   Notwithstanding section 658 of the Companies Act 2006 and any rule of law which prohibits or restricts a company from acquiring its own shares, an umbrella company may, for the account of any of its sub-funds, and in accordance with [F2 FCA rules], acquire by subscription or transfer for consideration, shares of any class or classes, however described, representing other sub-funds of the same umbrella company.]

Textual Amendments

F2 Words in Regulations substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 41(2)