Statutes of Northern Ireland

2002 Chapter 13

An Act to make provision for facilitating the carrying on of collective investment by means of open-ended investment companies and for regulating such companies.

[22nd November 2002]

BE IT ENACTED by being passed by the Northern Ireland Assembly and assented to by Her Majesty as follows:
 

(a) facilitating the carrying on of collective investment by means of open-ended investment companies;

(b) regulating such companies.

(a) for the incorporation in Northern Ireland of bodies corporate and for their registration by the Authority;

(b) for a body incorporated by virtue of the regulations to take such form as may be determined in accordance with the regulations;

(c) as to the purposes for which such a body may exist, the investments which it may issue and otherwise as to its constitution;

(d) as to the management and operation of such a body and the management of its property;

(e) as to the powers, duties, rights and liabilities of such a body and of other persons, including-

(i) the directors or sole director of such a body;

(ii) its depositary (if any);

(iii) its shareholders, and persons who hold the beneficial title to shares in it without holding the legal title;

(iv) its auditor; and

(v) any persons who act or purport to act on its behalf;

(f) as to the merger of one or more such bodies and the division of such a body;

(g) for the appointment and removal of an auditor for such a body;

(h) as to the winding up and dissolution of such a body;

(i) for such a body, or any director or depositary of such a body, to be required to comply with directions given by the Authority;

(j) enabling the Authority to apply to a court for an order removing and replacing any director or depositary of such a body;

(k) for the carrying out of investigations by persons appointed by the Authority or the Department;

(l) corresponding to any provision made in relation to unit trust schemes by Chapter III of Part XVII of the Financial Services and Markets Act 2000 (c. 8).

(a) impose criminal liability;

(b) confer functions on the Authority and provide that any of the functions so conferred shall be treated, for such purposes as the regulations may specify, as conferred by the Financial Services and Markets Act 2000;

(c) in the case of provision made by virtue of subsection (2)(l), authorise the making of rules by the Authority;

(d) confer jurisdiction on any court or on the Financial Services and Markets Tribunal;

(e) provide for fees to be charged by the Authority in connection with the carrying out of any of its functions under the regulations (including fees payable on a periodical basis);

(f) modify, exclude or apply (with or without modifications)-

(i) any provision made by or under the Financial Services and Markets Act 2000, or

(ii) any other statutory provision;

(g) make consequential amendments, repeals and revocations of any such provision;

(h) modify or exclude any rule of law.

(a) revoke the Open-Ended Investment Companies (Investment Companies with Variable Capital) Regulations (Northern Ireland) 1997 (S.R. 1997 No. 251); and

(b) provide for things done under or in accordance with those regulations to be treated as if they had been done under or in accordance with regulations under this section.

"the Authority" means the Financial Services Authority;

"the Department" means the Department of Enterprise, Trade and Investment;

"depositary", in relation to a collective investment scheme which is constituted by a body incorporated by virtue of regulations under section 1, means any person to whom the property subject to the scheme is entrusted for safekeeping;

"open-ended investment company" has the meaning given in section 236 of the Financial Services and Markets Act 2000 (c. 8);

"statutory provision" has the meaning given in section 1(f) of the Interpretation Act (Northern Ireland) 1954 (c. 33).