Regulatory Alerts2010-01-01
Collective Investment Schemes (Prospectus) (Exemption) Regulations 2010
The Treasury issued these Regulations under the Companies Act 1931 to exempt specific investment vehicles from prospectus requirements. Open-ended investment companies classified as authorised schemes or international schemes are exempt from sections 38C and 38DA of the Act. The Regulations came into operation on 1 May 2010 and revoked previous exemption regulations from 1998, 2000, and 2005.
Collective Investment Schemes (Prospectus) (Exemption) Regulations 2010 Regulation 1 c SD No.2010/0172 Page 1 Statutory Document No. 2010/0172 Companies Ac c t 1931 COLLECTIVE INVESTMENT SCHEMES (PROSPECTUS) (EXEMPTION) REGULATIONS 20101 Approved by Tynwald: 20 April 2010 Coming into Operation: 1 May 2010 This Order is made by the Treasury under section 324A of the Companies Act 19311 . 1 Title These are the Collective Investment Schemes (Prospectus) (Exemption) Regulations 2010. 2 Commencement These Regulations comes into operation on 1 May 2010. 3 Interpretation In these Regulations — “the Act” means the Companies Act 1931; “authorised scheme” has the meaning given under Schedule 1 to the Collective Investment Schemes Act 20082 ; “collective investment scheme” has the meaning given in section 1 to the Collective Investment Schemes Act 2008; “international scheme” has the meaning given under Schedule 2 to the Collective Investment Schemes Act 2008; 4 Exemption An open-ended investment company which is an authorised scheme or an international scheme is exempt from the provisions of sections 38C and 38DA of the Act.
1 Vol. XIII p.235 2 2008 c.7
Regulation 5 Collective Investment Schemes (Prospectus) (Exemption) Regulations 2010 Page 2 SD No.2010/0172 c 5 Revocations The Collective Investment Schemes (Prospectus) (Exemption) (Amendment) Regulations 19983 , the Collective Investment Schemes (Prospectus) (Exemption) (Amendment) Regulations 20004 Collective Investment Schemes (Prospectus) (Exemption) Regulations 20055 are revoked. MADE 10 MARCH 2010
3 SD 88/98 4 SD 406/00 5 SD 290/05
Collective Investment Schemes (Prospectus) (Exemption) Regulations 2010 Endnotes c SD No.2010/0172 Page 3 ENDNOTES Table of Endnote References 1 The format of this legislation has been changed as provided for under section 75 of, and paragraph 2 of Schedule 1 to, the Legislation Act 2015. The changes have been approved by the Attorney General after consultation with the Clerk of Tynwald as required by section 76 of the Legislation Act 2015.