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The Open-Ended Investment Companies Regulations 2001

S.I. 2001/1228 · Made 27 March 2001 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 6 June 2022.

FINANCIAL SERVICES AND MARKETS

Made 27th March 2001

Coming into force in accordance with regulation 1(2)

Whereas a draft of these Regulations has been approved by a resolution of each House of Parliament pursuant to section 429(2) of the Financial Services and Markets Act 2000M1;

Now, therefore, the Treasury, in exercise of the powers conferred on them by sections 262 and 428(3) of that Act, and of all other powers enabling them in that behalf, hereby make the following Regulations:—

Annotations to the whole text

Marginal citations

M1

2000 c. 8.

Contents

  1. Part I: GENERAL
  3. 1Citation, commencement and extent
  4. 2Interpretation
  5. Part II: FORMATION, SUPERVISION AND CONTROL
  6. General
  7. 3Open-ended investment company
  8. 4Registration by the Authority
  9. 5Safekeeping of scheme property by depositary
  10. 6FCA rules
  11. 7Modification or waiver of FCA rules
  12. 8Notices: general
  13. 9Publication
  14. 10The Authority’s procedures
  15. 11The Tribunal Repealed
  16. Umbrella companies
  17. 11ASegregated liability of sub-funds
  18. 11BCross sub-fund investment
  19. Authorisation
  20. 12Applications for authorisation
  21. 13Particulars of directors
  22. 14Authorisation
  23. 15Requirements for authorisation
  24. 16Representations against refusal of authorisation
  25. 17Certificates
  26. Names
  27. 18Registrar’s approval of names
  28. 19Prohibition on certain names
  29. 20Registrar’s index of company names
  30. Alterations
  31. 21The Authority’s approval for certain changes in respect of a company
  32. 22Procedure when refusing approval of proposed changes
  33. 22AThe Authority’s approval for conversion of a feeder UCITS
  34. Ending of authorisation
  35. 23Ending of authorisation
  36. 24Procedure
  37. Powers of intervention
  38. 25Directions
  39. 26Applications to the court
  40. 27Procedure on giving directions under regulation 25 and varying them on Authority’s own initiative
  41. 28Procedure: refusal to revoke or vary direction
  42. 29Procedure: revocation of direction and grant of request for variation
  43. Information
  44. 29AInformation for home state regulator Repealed
  45. 29BInformation for feeder UCITS
  46. Investigations
  47. 30Power to investigate
  48. Winding up
  49. 31Winding up by the court
  50. 32Dissolution on winding up by the court
  51. 33Dissolution in other circumstances
  52. 33AWinding up of a master UCITS
  53. 33BMerger or division of a master UCITS
  54. 33CWinding up of sub-funds
  55. Part III: CORPORATE CODE
  56. Organs
  57. 34Directors
  58. 34ARemoval of certain directors by ordinary resolution
  59. 35Directors to have regard to interests of employees
  60. 36Inspection of directors’ service contracts
  61. 37General meetings
  62. 37AElection to dispense with annual general meetings
  63. 38Capacity of company
  64. 39Power of directors and general meeting to bind the company
  65. 40No duty to enquire as to capacity etc.
  66. 41Exclusion or deemed notice Repealed
  67. 42Restraint and ratification by shareholders
  68. 43Events affecting company status
  69. 44Invalidity of certain transactions involving directors
  70. Shares
  71. 45Shares
  72. 46Share certificates
  73. 47Exceptions from regulation 46
  74. 48Bearer shares
  75. 49Register of shareholders
  76. 50Power to close register Repealed
  77. 51Power of court to rectify register
  78. 52Share transfers
  79. Operation
  80. 53Power incidental to carrying on business
  81. 54Name to appear in correspondence etc.
  82. 55Particulars to appear in correspondence etc.
  83. 56Contracts: England and Wales or Northern Ireland
  84. 57Execution of documents: England and Wales or Northern Ireland
  85. 58Execution of deeds or other documents by attorney
  86. 59Authentication of documents: England and Wales Repealed
  87. 60Official seal for share certificates
  88. 61Personal liability for contracts and deeds
  89. 62Exemptions from liability to be void
  90. 63Power of court to grant relief in certain cases
  91. 64Punishment for fraudulent trading
  92. 65Power to provide for employees on cessation or transfer of business
  93. Reports
  94. 66Reports: preparation
  95. 67Reports: accounts
  96. 68Reports: voluntary revision
  97. 69Auditors
  98. Mergers and divisions
  99. 70Mergers and divisions
  100. Part IV: THE AUTHORITY’S REGISTRATION FUNCTIONS
  101. 71Register of open-ended investment companies
  102. 72Companies’ registered numbers
  103. 73Delivery of documents to the Authority
  104. 74Keeping of company records by the Authority
  105. 75Inspection etc. of records kept by the Authority
  106. 76Provision by the Authority of documents in electronic form
  107. 77Documents relating to Welsh open-ended investment companies
  108. 78Public notice by the Authority of receipt and issue of certain documents Repealed
  109. 79Exclusion of deemed notice Repealed
  110. Part V: MISCELLANEOUS
  111. 80Contraventions
  112. 81Offences by bodies corporate etc.
  113. 82Jurisdiction and procedure in respect of offences
  114. 83Evidence of grant of probate etc.
  115. 83ADisclosure under the UCITS directive
  116. 84Minor and consequential amendments
  117. 85Revocation etc.
  118. Signature
  119. Schedule 1: DEPOSITARIES
  120. Part: Appointment
  121. 1Paragraph 1
  122. 2Paragraph 2
  123. Part: Retirement
  124. 3Paragraph 3
  125. Part: Rights
  126. 4Paragraph 4
  127. Part: Statement by depositary ceasing to hold office
  128. 5Paragraph 5
  129. 6Paragraph 6
  130. Schedule 2: INSTRUMENT OF INCORPORATION
  131. 1Paragraph 1
  132. 2Paragraph 2
  133. 3Paragraph 3
  134. 4Paragraph 4
  135. 5Paragraph 5
  136. 6Paragraph 6
  137. Schedule 3: REGISTER OF SHAREHOLDERS
  138. Part: General
  139. 1Paragraph 1
  140. 2Paragraph 2
  141. 3Paragraph 3
  142. Part: Contents
  143. 5Paragraph 5
  144. 6Paragraph 6
  145. 7Paragraph 7
  146. 8Paragraph 8
  147. Part: Location
  148. 9Paragraph 9
  149. Part: Index
  150. 10Paragraph 10
  151. Part: Inspection
  152. 11Paragraph 11
  153. Part: Agent’s default
  154. 12Paragraph 12 Repealed
  155. Schedule 4: SHARE TRANSFERS
  156. Part: General
  157. 1Paragraph 1
  158. 2Paragraph 2
  159. 3Paragraph 3 Repealed
  160. Part: Transfer of registered shares
  161. 4Paragraph 4
  162. 4AParagraph 4A
  163. 4BParagraph 4B
  164. 4CParagraph 4C
  165. 5Paragraph 5
  166. 6Paragraph 6
  167. 7Paragraph 7
  168. 8Paragraph 8
  169. Part: Transfer of bearer shares
  170. 9Paragraph 9
  171. 10Paragraph 10
  172. Part: Miscellaneous
  173. 11Paragraph 11
  174. 12Paragraph 12
  175. 13Paragraph 13
  176. Schedule 5: AUDITORS
  177. Part: Eligibility
  178. 1Paragraph 1
  179. 2Paragraph 2
  180. 3Paragraph 3
  181. Part: Appointment
  182. 4Paragraph 4
  183. 5Paragraph 5
  184. 6Paragraph 6
  185. 7Paragraph 7
  186. Part: Rights
  187. 8Paragraph 8
  188. 9Paragraph 9
  189. Part: Remuneration
  190. 10Paragraph 10
  191. 11Paragraph 11
  192. Part: Removal
  193. 12Paragraph 12
  194. Part: Rights on removal or non-reappointment
  195. 13Paragraph 13
  196. 14Paragraph 14
  197. Part: Resignation
  198. 15Paragraph 15
  199. 16Paragraph 16
  200. 17Paragraph 17
  201. Part: Statement by auditor ceasing to hold office
  202. 18Paragraph 18
  203. 19Paragraph 19
  204. 20Paragraph 20
  205. Schedule 6: MERGERS AND DIVISIONS
  206. 1Paragraph 1
  207. 2Paragraph 2
  208. 3Paragraph 3
  209. 4Paragraph 4
  210. 5Paragraph 5
  211. 6Paragraph 6
  212. Schedule 7: MINOR AND CONSEQUENTIAL AMENDMENTS
  213. Part I: Primary Legislation
  214. Trustee Investments Act 1961 (c. 62)
  215. 1Paragraph 1
  216. Stock Transfer Act 1963 (c. 18)
  217. 2Paragraph 2
  218. Companies Act 1985 (c. 6)
  219. 3Paragraph 3 Repealed
  220. 4Paragraph 4 Repealed
  221. 5Paragraph 5 Repealed
  222. 6Paragraph 6 Repealed
  223. 7Paragraph 7 Repealed
  224. 8Paragraph 8 Repealed
  225. Company Directors Disqualification Act 1986 (c. 46)
  226. 9Paragraph 9 Repealed
  227. Pension Schemes Act 1993 (c. 48)
  228. 10Paragraph 10
  229. Limited Liability Partnerships Act 2000 (c. 12)
  230. 11Paragraph 11
  231. Part II: Subordinate Legislation
  232. The Uncertificated Securities Regulations 1995 (S.I. 1995/3272)
  233. 12Paragraph 12 Repealed
  234. Explanatory note