(This note is not part of the Regulations)
These Regulations are made under section 262 of the Financial Services and Markets Act 2000. They make provision for facilitating the carrying on of collective investment by means of open-ended investment companies and regulate such companies.
Part I of the Regulations deals with matters of citation, commencement, extent and interpretation of terms used in the Regulations.
Part II deals with the formation, supervision and control of an open-ended investment company and the registration of certain details with the Financial Services Authority ("the FSA"). Regulation 5 and Schedule 1 are concerned with the custody of the company’s property and with the company’s depositary, who is the person to whom the company’s property is entrusted. Regulation 6 allows the FSA to make rules in relation to open-ended investment companies.
Regulations 12 to 17 relate to the authorisation by the FSA of an open-ended investment company. The FSA must be sati
…