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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 12 March 2015 - onwards
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35. Segregated liability of ICAV sub-funds

Despite any enactment or rule of law to the contrary -

(a) any liability incurred on behalf of or attributable to any sub-fund of an umbrella fund shall be discharged solely out of the assets of that sub-fund, and

(b) no umbrella fund or any director, receiver, liquidator, provisional liquidator or other person shall apply, or be obliged to apply, the assets of any such sub-fund in satisfaction of any liability incurred on behalf of or attributable to any other subfund of the same umbrella fund.

Comparing proposed amendment...