Search Legislation

Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations (Northern Ireland) 1997

What Version

 Help about what version
  • Latest available (Revised)
  • Original (As made)

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Interpretation

2.—(1) The Interpretation Act (Northern Ireland) 1954(1) shall apply to these Regulations as it applies to a Measure of the Northern Ireland Assembly.

(2) In these Regulations—

“the 1986 Order” means the Companies (Northern Ireland) Order 1986(2);

“the 1986 Act” means the Financial Services Act 1986(3);

“annual general meeting” has the meaning given in regulation 31(1);

“annual report” has the meaning given in regulation 60(1)(a);

“authorisation order” means an order made by SIB under regulation 9;

“bearer shares” has the meaning given in regulation 42;

“court”, in relation to any proceedings under these Regulations involving an investment company with variable capital which has its head office situated in Northern Ireland, means the High Court;

“the Department” means the Department of Economic Development;

“depositary”, in relation to an investment company with variable capital, has the meaning given in regulation 5(1);

“director”, in relation to an investment company with variable capital, includes a person occupying in relation to it the position of director (by whatever name called);

“EEA state” means a State which is a contracting party to the agreement on the European Economic Area signed at Oporto on 2nd May 1992(4) as adjusted by the Protocol signed at Brussels on 17th March 1993(5);

“investment company with variable capital” has the meaning given in regulation 3(2);

“larger denomination share” has the meaning given in regulation 39(5);

“officer”, in relation to an investment company with variable capital, includes a director or any secretary or manager;

“participating issuer” and “participating security” have the same meaning as in the Uncertificated Securities Regulations 1995(6);

“prospectus” has the meaning given in regulation 6(2);

“register of shareholders” means the register kept under paragraph 1(1) of Schedule 4;

“the registrar” has the same meaning as in Article 2(3) of the 1986 Order;

“scheme property”, in relation to an investment company with variable capital, means the property subject to the collective investment scheme constituted by the company;

“shadow director”, in relation to an investment company with variable capital, means a person in accordance with those directions or instructions (not being advice given in a professional capacity) the directors of that company are accustomed to act;

“share certificate” has the meaning given in regulation 40(1);

“SIB” means the body known as the Securities and Investments Board(7);

“SIB regulations” means any regulations made by SIB under regulation 6(1);

“smaller denomination share” has the meaning given in regulation 39(5);

“transfer documents” has the meaning given in paragraph 5(3) of Schedule 5;

“transferable securities” has the same meaning as in the UCITS Directive;

“UCITS Directive” means the Council Directive co-ordinating the laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (No. 85/611/EEC(8));

“umbrella company” means an investment company with variable capital whose instrument of incorporation provides for such pooling as is mentioned in subsection (3)(a) of section 75 of the 1986 Act (collective investment schemes: interpretation) in relation to separate parts of the scheme property and whose shareholders are entitled to exchange rights in one part for rights in another; and

“uncertificated unit of a security” has the same meaning as in the Uncertificated Securities Regulations 1995.

(3) In these Regulations any reference to a shareholder of an investment company with variable capital is a reference to—

(a)the person who holds the share certificate, or other documentary evidence of title, mentioned in regulation 42; and

(b)the person whose name is entered on the company’s register of shareholders in relation to any share other than a bearer share.

(4) In these Regulations, any reference to a controller shall be construed in accordance with subsection (5) of section 207 of the 1986 Act (interpretation); and any reference to a manager shall be construed in accordance with subsection (6) of that section.

(5) In these Regulations, expressions which are also used—

(a)in the 1986 Order have the same meaning as in that Order; or

(b)in the 1986 Act have the same meaning as in that Act.

(3)

1986 c. 60; various functions of the Secretary of State under the Financial Services Act 1986 have been transferred to the Treasury by the Transfer of Functions (Financial Services) Order 1992 (S.I. 1992/1315)

(4)

Cm 2073

(5)

Cm 2183

(6)

S.I. 1995/3272

(7)

Various functions under the Financial Services Act 1986 have been transferred to the Securities and Investments Board by the Financial Services Act 1986 (Delegation) Order 1987 (S.I. 1987/942), the Financial Services Act 1986 (Delegation) (No. 2) Order 1988 (S.I. 1988/738), the Companies Act 1989 (Commencement No. 3, Transitional Provisions and Transfer of Functions under the Financial Services Act 1986) Order 1990 (S.I. 1990/354), the Financial Services Act 1986 (Delegation) Order 1991 (S.I. 1991/200) and the Financial Services Act 1986 (Delegation) (No. 2) Order 1991 (S.I. 1991/1256)

(8)

O.J. No. L375, 31.12.1985, pages 3-18, as amended by Council Directive 88/220/EEC (O.J. No. L100, 19.4.1988, pages 31-32)

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources