Suggest a correction

Prescribed requirements for contractual arrangements where collective investment scheme is constituted as sub-fund of umbrella VCC

Securities and Futures (Offers of Investments) (Collective Investment Schemes) Regulations 2005

Match the official source exactly.

What needs fixing?

Wrong or mistyped textWrong structure or numberingWrong title or detailsDuplicated content

Proposed text

Where a collective investment scheme (called in this regulation the scheme) is constituted as a sub-fund of an umbrella VCC, the prescribed requirements in relation to the contractual arrangements in respect of the scheme for the purposes of section 286(2A)(c) of the Act are that —(a)the contractual arrangements between the umbrella VCC and its directors must contain provisions that bind the directors to exercise all due diligence and vigilance in carrying out the directors’ functions and duties in respect of the scheme and in safeguarding the rights and interests of the participants of the scheme;(b)the contractual arrangement between the umbrella VCC and its manager must contain the provisions mentioned in regulation 10AC(b)(i), (ii), (iii), (iv) and (v), modified in the following manner:(i)a reference to the non-umbrella VCC is to the umbrella VCC;(ii)a reference in regulation 10AC(b)(i)(A) to the business of the non-umbrella VCC is to the business of the umbrella VCC for the purpose of the scheme;(iii)a reference in regulation 10AC(b)(i)(B) to the collective investment scheme constituted as a non-umbrella VCC is to the scheme; and(c)the contractual arrangement between the umbrella VCC and the custodian of the scheme must contain the provisions mentioned in regulation 10AC(c)(i), (ii), (iii) and (iv), modified in the following manner:(i)a reference to the non-umbrella VCC is to the umbrella VCC;(ii)a reference to the collective investment scheme constituted as a non-umbrella VCC is to the scheme.

What's the problem? (required)

Source link (optional)

Describe the problem (and edit the text or pick an issue type) to submit.

Suggestions are submitted anonymously. No account or personal information is required or sent.