Paragraph 2

United Kingdom

The statements referred to in paragraph 1(a) are—

(a)

the head office of the company is situated F1in England and Wales (or Wales), in Scotland or in Northern Ireland (as the case may be);

(b)

the company is an open-ended investment company with variable share capital;

F2(ba)

in the case of an umbrella company, the assets of a sub-fund belong exclusively to that sub-fund and shall not be used to discharge the liabilities of or claims against the umbrella company or any other person or body, or any other sub-fund, and shall not be available for any such purpose;

(c)

the shareholders are not liable for the debts of the company;

(d)

the scheme property is entrusted to a depositary for safekeeping (subject to any exceptions permitted by F3FCA rules); and

(e)

charges or expenses of the company may be taken out of the scheme property.

Annotations

Textual amendments

F1: Words in Sch. 2 para. 2(a) substituted (12.5.2011) by The Companies Act 2006 (Consequential Amendments and Transitional Provisions) Order 2011 (S.I. 2011/1265), art. 1(2), Sch. 2 para. 30 (with Sch. 3)
F2: Sch. 2 para. 2(ba) inserted (21.12.2011) by The Open-Ended Investment Companies (Amendment) Regulations 2011 (S.I. 2011/3049), regs. 1, 3(6) (with regs. 4-10)
F3: Words in Regulations substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), Sch. 2 para. 41(2)