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Monday, July 20, 2020 | History

3 edition of The Regulation of authorised unit trust schemes found in the catalog.

The Regulation of authorised unit trust schemes

The Regulation of authorised unit trust schemes

a consultative document on the proposed regulations for unit trust schemes authorised under the Financial Services Bill

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  • 9 Currently reading

Published by H.M.S.O. in London .
Written in English

    Places:
  • Great Britain.
    • Subjects:
    • Mutual funds -- Law and legislation -- Great Britain.

    • Edition Notes

      StatementDepartment of Trade and Industry.
      ContributionsGreat Britain. Dept. of Trade and Industry.
      Classifications
      LC ClassificationsKD1787 .A87 1986
      The Physical Object
      Pagination74 p. ;
      Number of Pages74
      ID Numbers
      Open LibraryOL2339336M
      ISBN 100115138498
      LC Control Number86231332
      OCLC/WorldCa14256808

      as the Commission considers appropriate. This Code on Unit Trusts and Mutual Funds (“UT Code”), which forms part of the Handbook, establishes guidelines for the authorization of collective investment schemes in the nature of mutual fund corporations or unit trusts, and codifies practices established in relation to the former Code on Unit. Schemes) Regulations 2 Hedge funds are not subject to any investment guidelines. However, hedge funds which are authorised schemes offered to retail investors must In the case of a scheme constituted as a unit trust, the trustee must .

      As a condition for ongoing exemption, all restricted schemes must lodge an annual declaration every 12 months. More information on restricted schemes can be found in section of the SFA and the Sixth Schedule to the Securities and Futures (Offers of Investments)(Collective Investment Schemes) Regulations. Key Resources. Introduction. On 6 December , Hong Kong’s Securities and Futures Commission (SFC) released its consultation conclusions to its consultation on proposed amendments to the Hong Kong Code on Unit Trusts and Mutual Funds (Hong Kong Code on Unit Trusts).The amendments are aimed at updating the regulatory regime for SFC-authorised funds and .

      They may be authorised UK schemes or 'recognised' schemes from other countries. If a CIS is not authorised or recognised it is considered an unregulated collective investment scheme (UCIS). UCIS are not subject to the requirements that apply to authorised UK schemes and ‘recognised’ schemes from other countries in terms of their investment. AIFs established in Ireland are authorised under the following pieces of domestic investment fund legislation: Unit trusts under the Unit Trusts Act ; Investment limited partnerships under the Investment Limited Partnerships Act ; Common Contractual Funds under the Investment Funds, Companies and Miscellaneous Provisions Act


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The Regulation of authorised unit trust schemes Download PDF EPUB FB2

A unit trust authorised by the Financial Services Authority under the Financial Services and Markets Act A UK unit trust must be authorised before it can be offered to the general public.

End of Document. an act to make fresh provision, in the public interest and in the interests of holders of units of unit trust schemes, for the control and regulation of such schemes, to prohibit in certain circumstances the advertising of, and the sale or purchase of units of, such schemes or schemes of a similar nature, to repeal the unit trusts act,and to provide for other matters.

A unit trust is a form of collective investment constituted under a trust deed. A unit trust pools investors' money into a single fund, which is managed by a fund manager.

Unit trusts offer access to a wide range of investments, and depending on the trust, it may invest in securities such as shares, bonds, gilts, and also properties, mortgage and cash equivalents. The total fund of a unit trust scheme is divided into units of exactly equal monetary value e.g.

If one unit is N, any person investing N will get units. Unit Trust Funds are invested in highly-rated securities on behalf of the unit holders by the management company.

There are two types of Unit Trust Schemes, viz; Open-Ended. unit trust scheme (as defined in section (1) of the Act (Other definitions)) a collective investment scheme under which the property in question is held on trust for the participants, except that it does not include an authorised contractual scheme Authorised funds.

An authorised fund, which may also be called an ‘authorised CIS’, must be established in the UK and take one of the following legal forms: authorised contractual scheme (ACS) authorised unit trust (AUT) investment company with variable capital (ICVC) It must also be classified, based on a marketing strategy, as one of the.

Register of authorised unit trust schemes. Authorisation of unit trust schemes. Powers of Bank. Refusal of authorisation. Alteration in trust deed of, or change in name of, authorised unit trust scheme.

Replacement of management company or trustee. Prohibition of the sale or purchase of units of unauthorised unit trust. This article was first produced in partnership with the Financial Services practice module of Lexis PSL.

What is an authorised unit trust. An Authorised Unit Trust (AUT) is a type of investment fund and, pursuant to section (3) of the Financial Services and Markets Act (FSMA ), a unit trust scheme authorised by an order in force under section of FSMA Authorised Investment Funds (AIFs) collective investment schemes.

The Financial Services Authority authorise and regulate AIFs under the Financial Services and Markets Act They take the form of. Unit trusts: The Authorised Unit Trust Scheme (investment and borrowing powers) Regulations Related Content These reflect the areas covered in the Securities and Investments Board's (SIB) consultative paper; views are being sought, in particular, on the idea of two classes of futures and options funds (low and high exposure funds) and a new.

The decision to operate a unit trust scheme or invest in one should not be made without a good understanding of the tax implications. The Companies Income Tax Act (CITA) recognizes the importance of an authorized unit trust.

The trustee of an authorized unit trust scheme are treated as a company and the unit holders treated as shareholders. —(1) Subject to Regulation 63 (as adapted by section 15) of the UCITS Regulations and subsection (2), whenever the unit-holder in an authorised unit trust scheme, or in a scheme the authorisation of which stands revoked under this Act, so requests, the management company under the scheme shall, as soon as may be, purchase such number of the.

3 of 37 DEFINITIONS ACD Authorised Corporate Director of an OEIC ACS Authorised Contractual Scheme ACS Regulations The Collective Investment in Transferable Securities (Contractual Schemes) Regulations AIFM Directive Directive /61/EU on Alternative Investment Fund Managers, as amended from time to time AMC Annual Management Charge AUT Authorised Unit Trust.

These Regulations amend the Authorised Unit Trust Scheme (Investment and Borrowing Powers) Regulations (“the Principal Regulations”) in various respects. They amend the definitions of “approved market” and “approved securities” so as to deal more clearly with the position of the Official List of a member State and with the markets upon which shares.

AnAUT(orauthorised unit trust scheme) is aunit trust schemewhich is authorised by theFCAby making anauthorisation order. Under section of theAct(Other definitions), aunit trust schemeis acollective investment schemeunder which the property is held on trust for theparticipantsby the trustee.

AnAUTis constituted by atrust deed, entered into. These Regulations make provision as to the investment and borrowing powers exercisable in relation to an authorised unit trust scheme. The regulations make provisions for several different categories of scheme only one of which, a money market fund, may invest in property which is not transferable securities within the meaning of the regulations.

A unit trust is a type of collective investment packaged under a trust deed. Unit trusts provide access to a vast range of securities. These are. Investment in a unit trust can only be promoted to the UK general public if the unit trust has been authorised under FSMA However, in order to obtain authorisation under FSMAa unit trust must comply with a number of different regulatory provisions, including restrictions on its investment powers.

Get this from a library. The Regulation of authorised unit trust schemes: a consultative document on the proposed regulations for unit trust schemes authorised under the Financial Services Bill. [Great Britain. Department of Trade and Industry.;].

Authorised unit trusts. An AUT is a collective investment scheme under which the property is held on trust for the participants. It is established by trust deed entered into by the AFM and a trustee, which acts as the authorised depositary of the scheme.

A contractual scheme which is authorised by an authorisation order under section D of FSMA. Authorised fund manager The authorised corporate director (ACD) of an open-ended investment company (OEIC), the manager of an authorised contractual scheme (ACS) or the manager of an authorised unit trust scheme (AUT).unit trust means: • a unit trust which is included under the Central Provident Fund Investment Scheme (CPFIS); or • a unit trust which meets all of the following conditions: the unit trust is a collective investment scheme (CIS) that is authorised under section of the Securities and Futures Act and the units of which are open to public.The centralisation of industry regulation, with the establishment of the Securities Commission on 1 Marchcoupled with the implementation of the Securities Commission (Unit Trust Scheme) Regulations in and extensive marketing strategies adopted by the ASN and ASB (Amanah Saham Bumiputera), played key roles in making unit trusts.