SCHEDULE 1LIMITS ON INVESTMENTS

PART IIIINTERPRETATION

15.  In this Schedule–

  • “collective investment scheme” has the meaning given in section 75 of the Financial Services Act 1986(1);

  • “companies” includes companies established under the law of any territory outside the United Kingdom;

  • “Government loan” means a loan–

    (a)

    to Her Majesty’s Government in the United Kingdom; or

    (b)

    to the Government of the Isle of Man;

  • “listed securities” means securities quoted on a recognised stock exchange;

  • “loan” does not include–

    (a)

    investing money in registered securities to which section 1 of the Stock Transfer Act 1963(2) applies (transfer by stock transfer forms) or in listed securities; or

    (b)

    depositing money with a relevant institution,

    and “lent” must be understood in that way;

  • “open-ended investment company” means a company incorporated by virtue of regulation 3(1) of the Open-ended Investment Companies (Investment Companies with Variable Capital) Regulations 1996(3);

  • “single holding” means investments–

    (a)

    in securities of, or in loans to or deposits with, any one body;

    (b)

    in units or other shares of the investments subject to the trust of any one unit trust scheme; or

    (c)

    in transactions involving any one piece of land or other property.

  • “unlisted securities” means securities which are not quoted on a recognised stock exchange.

(3)

S.I. 1996/2827.