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Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001

Consolidated Text As Enacted Cited authorities 8 Cited in Amendments 18 Related
Vincent
JurisdictionUK Non-devolved
CitationSI 2001/1062
Year2001
  • This Order may be cited as the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001 and comes into force on the day on which section 19 of the Act comes into force.
  • In this Order—
  • Arrangements of the kind specified by the Schedule to this Order do not amount to a collective investment scheme.
    • an investment of the kind specified by any of articles 76 to 80 of the Regulated Activities Order;an investment of the kind specified by article 81 of that Order (units in a collective investment scheme) so far as relating to authorised unit trust schemes, F16authorised contractual schemes, recognised schemes or shares in an open-ended investment company; ora contract of long term insurance;each participant is entitled to a part of that property and to withdraw that part at any time; andthe arrangements do not have the characteristics mentioned in section 235(3) (a) of the Act and have those mentioned in section 235(3) (b) only because the parts of the property to which different participants are entitled are not bought and sold separately except where a person becomes or ceases to be a participant.the property to which the arrangements relate (other than cash awaiting investment) consists of shares;the arrangements constitute a complying fund;to the extent that the property to which he is entitled comprises relevant shares of a class which are admitted to official listing in F25the United Kingdom or an EEA State or to dealings on a recognised investment exchange, he is entitled to withdraw it at any time after the end of the period of five years beginning with the date on which the shares in question were issued;to the extent that the property to which he is entitled comprises other relevant shares, he is entitled to withdraw it at any time after the end of the period of seven years beginning with the date on which the shares in question were issued;to the extent that the property to which he is entitled comprises shares other than relevant shares, he is entitled to withdraw it at any time after the end of the period of six months beginning with the date on which the shares in question ceased to be relevant shares; andto the extent that the property comprises cash which the operator has agreed (conditionally or unconditionally) to apply in subscribing for shares, he is entitled to withdraw it at any time; andthe arrangements would meet the conditions described in paragraph 1(c) were it not for the fact that the operator is entitled to exercise all or any of the rights conferred by shares included in the property to which the arrangements relate.a claim for relief made in accordance with section 306 of the 1988 Act has been disallowed; noran assessment has been made pursuant to section 307 of the 1988 Act withdrawing or F20reducing relief by reason of the body corporate in which the shares are held having ceased to be a body corporate which is a qualifying company for the purposes of that Act;the operator will, so far as is practicable, make investments each of which, subject to each participant’s individual circumstances, qualify for relief by virtue of Chapter III of Part VII of the 1988 Act; andthe minimum contribution to the arrangements which each participant must make is not less than £2000.the property to which the arrangements relate (other than cash awaiting investment) consists of shares or debentures;the arrangements constitute a complying fund;to the extent that the property to which that participant is entitled comprises relevant shares, the participant is entitled to withdraw it at any time after the end of the period of seven years beginning with the date on which the shares in question were issued;

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