Identifying collective investment schemes

Table of contents

• Original news
• The defendants in these cases tried to structure their businesses to avoid being seen as collective investment schemes—how did they fail?
• What further insights do the cases give in relation to the definition of what arrangements constitute a collective investment scheme?
• What lessons can be learned by firms wishing to structure in a way to avoid being viewed as a collective investment scheme?
• Does the implementation of the Alternative Investment Fund Managers Directive (AIFMD) and proposed changes to the tax treatment of LLPs mean that there will be less need to structure arrangements in a way to avoid being seen as a CIS?

Article summary

Financial Services analysis: The Financial Conduct Authority (FCA) has taken legal action against Capital Alternatives in respect of two of their schemes. Victoria Turner at Pannone examines some of the implications for practitioners.