The following Financial Services practice note provides comprehensive and up to date legal information covering:
This one minute guide provides a brief summary of the key regulatory requirements for collective investment schemes (CIS). For a more detailed discussion, see Practice Note: Collective investment schemes-essentials, or to access the entire collective investment schemes subtopic, see: Collective investment schemes (CIS)—overview.
A CIS is an investment fund used for collective investment by investors. Investors’ money is invested on a pooled basis by an investment manager in return for a fee. Section 235 of the Financial Services and Markets Act 2000 (FSMA 2000) defines a CIS as:
‘...any arrangements with respect to property of any description, including money, the purpose or effect of which is to enable persons taking part in the arrangements (whether by becoming owners of the property or any part of it or otherwise) to participate in or receive profits or income arising from the acquisition, holding, management or disposal of the property or sums paid out of such profits or income.’
The term ‘arrangement’ is very wide. No formality is required (FSA v Fradley, Arden LJJ at ) and communications do not need to give rise to any legally enforceable agreement (Re Duckwari plc (No 2) v Offerventure Ltd). Arrangements can also include preparatory steps, a view endorsed in Brown v InnovatorOne PLC, Hamblen J at . There are no restrictions on the
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Multilateral Trading Facilities (MTFs)BREXIT: 11pm (GMT) on 31 December 2020 (‘IP completion day’) marked the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. Following IP completion day, key transitional arrangements come to an end and
When transferring an interest in land, any fixtures form part of the land and are transferred with it, unless there is express provision to the contrary. Fittings (also known as chattels) do not form part of the land and will not be included unless it has been expressly agreed otherwise. Difficulty
Indirect discriminationThis Practice Note considers unlawful indirect discrimination under Equality Act 2010 (EqA 2010).There is a clear difference between direct and indirect discrimination, and the two are mutually exclusive (although claims may of course be brought in the alternative):•the law
TCC—preparing for and attending a pre-trial review (PTR)Note:•this Practice Note gives specific guidance on matters proceeding in the Technology and Construction Court (TCC) under the provisions set out in CPR 60, CPR PD 60 and the TCC Guide. As these provisions are additional to the general
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