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The Offshore Funds (Tax) Regulations 2009
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Changes over time for: Section 74
Version Superseded: 31/12/2020
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The equivalence conditionU.K.
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74.—(1) The equivalence condition is met if the fund meets condition A[F1, B or C] throughout the period of account.
(2) Condition A is that the fund is recognised by the [F2Financial Conduct Authority] within the meaning of section 264F3... or 272 of FISMA 2000.
(3) Condition B is that the fund is a UCITS fund.
[F4(4) Condition C is that the fund—
(a)is constituted in another EEA state and authorised by the competent authority in that state to market to retail or professional investors, and
(b)is required either by the competent authority in that state or by other binding arrangements to limit its borrowing and its exposure under derivative contracts and forward transactions to 100% of its net asset value.
(5) In paragraph (4), the competent authority in an EEA state is the authority designated in accordance with Article 97 of Council Directive 2009/65/EC in relation to that fund.]
Textual Amendments
F1Words in reg. 74(1) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/1211), regs. 1(1), 37(2)
F2Words in reg. 74(2) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 178
F3Word in reg. 74(2) omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 20
F4Reg. 74(4)(5) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/1211), regs. 1(1), 37(3)
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