(This note is not part of the Regulations)
These Regulations amend the Open-Ended Investment Companies Regulations 2001 (S.I. 2001/1228) ("the Principal Regulations") to make provision as to the assets of sub-funds of umbrella companies.
Regulation 3(3) inserts new regulations 11A and 11B into the Principal Regulations. Regulation 11A(1) provides that, where an open-ended investment company is established as an umbrella company, the assets of each sub-fund shall belong exclusively to that sub-fund. Regulation 11A(2) provides that any liability incurred by or attributable to a sub-fund shall be discharged solely out of the assets of that sub-fund. Regulation 11A(4) provides for an exception to the general position set out in paragraphs (1) and (2) of regulation 11A: assets received or liabilities incurred by an umbrella company on behalf of its sub-funds or in order to enable the operation of those sub-funds and which are not attributable to any particular sub-fund may be allocated betw
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