Regulatory Alerts2010-01-01
Collective Investment Schemes (Returns of Allotment and Redemption) (Exemption) Order 2010
The Treasury issued this Order under the Companies Act 1931 to exempt specific investment vehicles from certain reporting obligations. It grants an exemption from sections 42(1) and 51(1)(e) and (f) of the Act to open-ended investment companies that qualify as authorised or international schemes. The Order also revokes the previous Collective Investment Schemes (Returns of Allotment and Redemption) (Exemption) Orders from 1999 and 2000.
Collective Investment Schemes (Returns of Allotment and Redemption) (Exemption) Order 2010 Article 1 c SD No.2010/0173 Page 1 Statutory Document No. 2010/0173 Companies Ac c t 1931 COLLECTIVE INVESTMENT SCHEMES (RETURNS OF ALLOTMENT AND REDEMPTION) (EXEMPTION) ORDER 20101 Approved by Tynwald: 20 April 2010 Coming into Operation: 1 May 2010 This Order is made by Treasury under sections 42(1A) and 51(1A) of the Companies Act 19311 . 1 Title This Order is the Collective Investment Schemes (Returns of Allotment and Redemption) (Exemption) Order 2010. 2 Commencement This Order comes into operation on 1 May 2010. 3 Interpretation In this Order — “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 of the Collective Investment Schemes Act 2008; “international scheme” has the meaning given under Schedule 2 to the Collective Investment Schemes Act 2008.
1 Vol. XIII p.235 2 2008 c.7
Article 4 Collective Investment Schemes (Returns of Allotment and Redemption) (Exemption) Order 2010 Page 2 SD No.2010/0173 c 4 Exemption An open-ended investment company which is an authorised scheme or an international scheme is exempt from the provisions of sections 42(1) and 51(1) (e) and (f) of the Companies Act 1931. 5 Revocations The Collective Investment Schemes (Returns of Allotment and Redemption) (Exemption) Order 19993 and the Collective Investment Schemes (Returns of Allotment and Redemption) (Exemption) (Amendment) Order 20004 are revoked. MADE 10 MARCH 2010
3 SD 66/99 4 SD405/00
Collective Investment Schemes (Returns of Allotment and Redemption) (Exemption) Order 2010 Endnotes c SD No.2010/0173 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.