Section 528ZB Genuine diversity of ownership conditionF1F11

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A collective investment scheme meets the genuine diversity of ownership condition at any time if, at that time, F3the scheme meets or, if the scheme is part of multi-vehicle arrangements, the arrangements meet—

F4....

For the purposes of subsection (2), those Regulations have effect as if references to a fund included—

For the purposes of determining whether a collective investment scheme meets the genuine diversity of ownership condition as mentioned in subsection (2), the fact that (for any reason) the capacity of F6the scheme to receive investments is limited does not prevent regulation 75(3) of the Offshore Funds (Tax) Regulations 2009 (including as it applies for the purposes of regulation 75(5) of those Regulations) from being met.

Subsection (3) does not apply if—

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Where the collective investment scheme is part of multi-vehicle arrangements, subsections (3) to (5) apply as if references to “the scheme” included the multi-vehicle arrangements.

In this section —

• F10“collective investment scheme” has the meaning it has in section 235 of FISMA 2000;

• “multi-vehicle arrangements” means arrangements comprising two or more schemes under which an investor in one of those schemes would reasonably regard that investment as an investment in the arrangements as a whole rather than exclusively in any particular scheme.