Category: Collective Investment Schemes (CIS)

What US PE / VC funds, fund managers, & fund investors need to know about the UK’s “People with Significant Control Register”

US-domiciled PE / VC funds often invest in European companies.  Most fund managers know that, if they’re subject to the AIFMD, they might have to tell the European regulator(s) about these investments. It’s less well known that, if the investee company is, or the investee company’s group includes a company […]

UK Supreme Court Decision in Asset Land Investment Plc -v- the FCA: the meaning of “collective investment scheme”

The UK’s Supreme Court has handed down its judgment in Asset Land Investment Plc -v- the FCA. The judgment, which upholds the decisions of the lower Courts, is consistent with the FCA’s long-held position on the meaning and effect of the term “collective investment scheme“, especially in the context of “land-banking”. In February 2013, the High Court […]

UK Supreme Court Decision in Asset Land Investment Plc -v- the FCA: the meaning of “collective investment scheme”

The UK’s Supreme Court has confirmed that it will hand down its judgment in Asset Land Investment Plc -v- the FCA tomorrow morning. The judgement turns on the meaning of “collective investment scheme” in section 235 of the Financial Services and Markets Act 2000. We will post a blog on the judgement before the end […]

Ian Gray & Associates Ltd -v- Investments Ltd (in liquidation): does a SIPP include the investment mechanism linked to it?

Article 3 of the Collective Investment Schemes Order (SI 2001/1062) (the Order) makes it clear that “A personal pension scheme [is] not … a collective investment scheme“, but it doesn’t tell us whether “personal pension scheme” includes the mechanism linked to the pension scheme, which is used to invest that scheme’s assets. In Ian Gray & Associates Limited -v- […]

So that’s a “collective investment scheme” – the Court of Appeal sorts it out (Part II); and the FCA issues a warning

The Supreme Court has refused to give the 16 defendants (*) in the FCA -v- Capital Alternatives Limited case permission to appeal against the decision of the Court of Appeal that an African Land Scheme and a Carbon Credit Scheme, (a) were collective investment schemes; and (b) had been established, and were being […]

So that’s what a “collective investment scheme” is – the Court of Appeal sorts it out

Section 235 of the Financial Services and Markets Act 2000 (FSMA) defines a “collective investment scheme” (CIS), but it can be difficult to interpret and apply in practice. It will be much easier to interpret and apply now the Court of Appeal has handed down its decision in The Financial Conduct […]