The Open-Ended Investment Companies Regulations 2001

Companies Act 1985 (c. 6)

3.—(1) Section 26 of the Companies Act 1985 (“the 1985 Act”) (prohibition on registration of certain names) is amended as follows.

(2) For paragraph (bb) of sub-section (1)(1), substitute—

“(bb) which includes, at any place in the name, the expressions “investment company with variable capital” or “open-ended investment company” or their Welsh equivalents (“cwmni buddsoddi â chyfalaf newidiol” and “cwmni buddsoddiant penagored” respectively);”.

(3) In subsection (3)(b), omit the word “and” after “cyhoeddus”); and at the end insert

“and “open-ended investment company” or its Welsh equivalent (“cwmni buddsoddiant penagored”);”.

4.—(1) Section 199(2A) of the 1985 Act (interests to be disregarded in determining whether a person holds a material interest in shares) is amended as follows.

(2) In paragraph (bb)(2), for “investment company with variable capital” substitute “open-ended investment company”.

(3) In paragraph (d), for “(a), (b) or (c)” substitute “(a), (b), (bb) or (c)”.

5.  In section 209(1)(h) of the 1985 Act (interests to be disregarded for purposes of obligation to disclose interests in shares) for sub-paragraph (iii)(3) substitute—

“(iii) by virtue of his being a depositary, within the meaning of the Open-Ended Investment Companies Regulations 2001, of an open-ended investment company.”.

6.  In section 220(1) of the 1985 Act (definitions for Part VI) omit the definition of “investment company with variable capital”(4) and insert after the definition of “material interest”—

““open-ended investment company” has the same meaning as in the Open-Ended Investment Companies Regulations 2001;”.

7.  In section 716(2) of the 1985 Act (exemptions from prohibition on formation of any company, association or partnership with more than 20 members), for paragraph (e)(5) substitute—

“(e) of an open-ended investment company within the meaning of the Open-Ended Investment Companies Regulations 2001.”.

8.  In section 718(2) of the 1985 Act (exemptions from application of Act to unregistered companies), for paragraph (d)(6) substitute—

“(d) any open-ended investment company within the meaning of the Open-Ended Investment Companies Regulations 2001.”.

(1)

Subsection (1)(bb) was inserted by S.I. 1996/2827.

(2)

Paragraph (bb) of section 199(2A) of the 1985 Act was inserted by S.I. 1996/2827.

(3)

Sub-paragraph (iii) of section 209(1)(h) of the 1985 Act was inserted by S.I. 1996/2827.

(4)

This definition was inserted by S.I. 1996/2827.

(5)

Paragraph (e) of section 716(2) of the 1985 Act was inserted by S.I. 1996/2827.

(6)

Paragraph (d) of section 718(2) of the 1985 Act was inserted by S.I. 1996/2827.