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The Authorised Investment Funds (Tax) Regulations 2006
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- UK Statutory Instruments
- 2006 No. 964
- PART4A
- CHAPTER2
- The genuine diversity of...
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Changes over time for: Cross Heading: The genuine diversity of ownership condition
Version Superseded: 01/09/2009
Alternative versions:
- 06/04/2008- Amendment
- 01/01/2009- Amendment
- 01/01/2009
Point in time - 01/09/2009- Amendment
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Point in time view as at 01/01/2009.
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There are currently no known outstanding effects for the The Authorised Investment Funds (Tax) Regulations 2006, Cross Heading: The genuine diversity of ownership condition.
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[F1The genuine diversity of ownership conditionU.K.
Textual Amendments
F1Pt. 4A inserted (6.4.2008) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2008 (S.I. 2008/705), regs. 1, 5
The genuine diversity of ownership conditionU.K.
69J.—(1) The genuine diversity of ownership condition is that the open-ended investment company must meet conditions A to F throughout the accounting period.
This is subject to paragraphs (8) and (9).
(2) Condition A is that the company’s instrument of incorporation and prospectus in issue for the time being—
(a)contain a statement that shares in the company will be widely available, and
(b)specify the intended categories of investor.
(3) Condition B is that the specification of intended categories of investor referred to in paragraph (2)(b) does not have the effect of limiting the intended investors to a limited number of specific persons or specific groups of connected persons.
(4) Condition C is that shares in the company—
(a)must be marketed and made available sufficiently widely to reach the intended categories of investors, and
(b)must be marketed and made available in a manner appropriate to attract those categories of persons.
(5) Condition D is—
(a)that a person may easily acquire shares in the company, and may acquire the shares in the same way as a person may acquire shares or units in other authorised investment funds that are widely available, or
[F2(b)in the case of a qualified investor scheme, a person who is within one of the categories of intended investor in the scheme which have been specified in accordance with condition A may, upon request to the manager of the scheme, obtain information about the scheme and acquire units in it.]
(6) Condition E is that the minimum investment is not unreasonably high in view of the risk profile of the company or the intended categories of investors.
(7) Condition F is that, in comparison with charges imposed on larger investors, charges imposed on smaller investors will not be greater than is commercially normal and reasonable.
(8) The open-ended investment company meets the genuine diversity of ownership condition if—
(a)an investor in the company is a unit trust scheme (a “feeder fund”), and
(b)paragraphs (2) to (7) are met in relation to the company after taking into account the intended investors in the feeder fund.
(9) If paragraph (8) applies—
(a)the open-ended investment company and the feeder fund must have the same manager (or proposed manager),
(b)a notice under regulation 69O must be accompanied by the feeder fund’s trust deed and prospectus in issue, and
(c)paragraphs (7) and (8) of regulation 69P apply in relation to the feeder fund’s trust deed and prospectus as they apply to the open-ended investment company’s instrument of incorporation and prospectus (or, as the case may be, to the proposed company’s instrument of incorporation and prospectus).
(10) For the purposes of this regulation—
(a)sections 993 and 994 of ITA 2007 (connected persons) apply in the case of a person chargeable to income tax, and
(b)section 839 of ICTA (connected persons) applies in the case of a person chargeable to corporation tax.]
Textual Amendments
F2Reg. 69J(5)(b) substituted (1.1.2009) by The Authorised Investment Funds (Tax) (Amendment No. 3) Regulations 2008 (S.I. 2008/3159), regs. 1(1), 20
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