24.—(1) Regulations 6 to 9, 12, 13 and 15 to 20 of these Regulations do not apply in relation to a distribution if conditions A to C are met.
(2) Condition A is that the distribution date in relation to a distribution relates to an accounting period ending on or before 5th March 2010.
(3) Condition B is that the distribution date in relation to a distribution falls on or after 6th March 2010 but on or before 5th July 2010.
(4) Condition C is that that authorised investment fund has elected, in accordance with the transitional provisions in the Collective Investment Schemes Sourcebook (Accounting Amendments) Instrument 2010 made by the Financial Services Authority on 28th January 2010, to comply with the rules in the Authority’s Collective Investment Schemes Sourcebook(1) as they were in force on 5th March 2010.
(5) For the purposes of this regulation—
(a)“distribution” has the meaning given in regulation 15(1)(b) of the principal Regulations (interpretation); and
(b)“distribution date” has the meaning given in regulation 15(4) of the principal Regulations.
25.—(1) This regulation applies to an authorised investment fund which, on 6th March 2010, is investing more than 20% of its gross asset value in non-reporting funds.
(2) Part 6A of the principal Regulations (inserted by these Regulations) applies to such an authorised investment fund from 6th July 2010.
(3) But if the authorised investment fund satisfies the requirements of paragraph (1) on 6th July 2010 that date shall, for the purposes of regulation 85G(a) (entry into FINROF regime: the basic rule) of the principal Regulations (inserted by these Regulations), be treated as the date from which the authorised investment fund first met the investment condition in regulation 85D of the principal Regulations (inserted by these Regulations)
(4) In this regulation “gross asset value” and “non-reporting fund” have the meanings given in regulation 85C of the principal Regulations (inserted by these Regulations).
26.—(1) This regulation applies to an authorised investment fund which holds investments in an offshore fund that is reasonably expected by the manager of the authorised investment fund to gain distributing fund status under the transitional rules in paragraph 3 of Schedule 1 to the Offshore Fund (Tax) Regulations 2009(2).
(2) Investments in the offshore fund mentioned in paragraph (1) shall be treated as investments in a reporting fund for the purposes of Part 6A of the principal Regulations (inserted by these Regulations).
(3) In this regulation “offshore fund” and “reporting fund” have the meanings given in regulation 85C of the principal Regulations (inserted by these Regulations).
The Sourcebook is part of the Financial Services Authority’s Handbook of rules which are made under the provisions of the Financial Services and Markets Act 2000 (c.8). A reference for the Sourcebook and the amending instrument can be found in the Explanatory Note.
S.I. 2009/3001. Paragraph 3 was amended by regulation 5(3) of S.I. 2009/3139.