Section 102 — Finance Act 2003: Open-ended investment companies

Open-ended investment companies 102 1 The Treasury may by regulations make such provision as they consider appropriate for securing that the provisions of this Part have effect in relation to—

a open-ended investment companies of such description as may be prescribed in the regulations, and b transactions involving such companies, in a manner corresponding, subject to such modifications as the Treasury consider appropriate, to the manner in which they have effect in relation to unit trust schemes and transactions involving such trusts.

2 The regulations may, in particular, make provision—

a modifying the operation of any prescribed provision in relation to open-ended investment companies so as to secure that arrangements for treating the assets of such a company as assets comprised in separate pools are given an effect corresponding to that of equivalent arrangements constituting the separate parts of an umbrella scheme;

b treating the separate parts of the undertaking of an open-ended investment company in relation to which such provision is made as distinct companies for the purposes of this Part.

3 Regulations under this section may—

a make different provision for different cases, and b contain such incidental, supplementary, consequential and transitional provision as the Treasury think fit.

4 In this section— “ open-ended investment company ” has the meaning given by section 236 of the Financial Services and Markets Act 2000 (c. 8); “ prescribed ” means prescribed by regulations under this section; and “ unit trust scheme ” and “ umbrella scheme ” have the same meaning as in section 101.