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The Offshore Funds (Tax) (Amendment) Regulations 2011
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- UK Statutory Instruments
- 2011 No. 1211
- PART 5
- Regulation 37
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Amendment to regulation 74 (the equivalence condition)
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37.—(1) Amend regulation 74 (the equivalence condition) as follows.
(2) In paragraph (1) for “or B” substitute “, B or C”.
(3) At the end insert—
“(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(1) in relation to that fund.”.
(1)
OJ No L 302, 17.11.2009, p32.
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