Regulation 35 Application of regulations to umbrella funds

In the application to an umbrella fund of regulations 8 to 15, 17 to 24, 26 to 34 and regulation 25 insofar as it relates to the application of regulation 15 to an umbrella fund, references to the property of the scheme shall be construed as references to each separate part of the property and those regulations shall apply to such funds as if each separate part of the property were the property of a single scheme.

Regulation 16 shall apply to an umbrella fund which is so constituted that any separate part of the property would be an authorised securities scheme or a money market fund if that part of the property were the property of a single scheme as if all such separate parts of the property constituted one authorised securities scheme.