OpenLegislation

Regulation 28 Prohibition on fund of funds investing in another fund of funds

Original text. Later amendments are not shown.

(1)

None of the property of a fund of funds shall include units in another fund of funds or units in a recognised scheme which would, if authorised, be a fund of funds.

(2)

None of the property of a fund of funds shall include units in any separate part of the property of an umbrella fund if that separate part of the property would, if authorised, be a fund of funds.