|
|
|
Amendment of sections 5 and 6 of Act of 2015
|
| |
44. (1) Section 5 of the Act of 2015 is amended by the substitution of the following subsections for subsection (2):
|
|
| |
“(2) The sole object of an ICAV shall be the collective investment of its funds in property and giving members the benefit of the results of the management of its funds, but this is subject to subsection (2A).
|
|
| |
(2A) Where an ICAV is authorised under the UCITS Regulations, the sole object of the ICAV shall be as set out in Regulation 4(3)(a) of those Regulations.
|
|
| |
(2B) Section 6(6) makes provision, consequent on the enactment of subsection (2A), in relation to an ICAV formed before the commencement of section 44 of the Investment Limited Partnerships (Amendment) Act 2020 and which is authorised under the UCITS Regulations.”.
|
|
| |
(2) Section 6 of the Act of 2015 is amended—
|
|
| |
(a) in subsection (3), by the substitution of the following paragraph for paragraph (a):
|
|
| |
“(a) the sole object of the ICAV—
|
|
| |
(i) shall, subject to subparagraph (ii), be the collective investment of its funds in property and giving members the benefit of the results of the management of its funds, or
|
|
| |
(ii) shall, in the case of an ICAV authorised under the UCITS Regulations, be as set out in Regulation 4(3)(a) of those Regulations,”,
|
|
| |
and
|
|
| |
(b) by the insertion of the following subsection after subsection (5):
|
|
| |
“(6) As respects an ICAV formed before the commencement of section 44 of the Investment Limited Partnerships (Amendment) Act 2020 and authorised under the UCITS Regulations—
|
|
| |
(a) for a period of 12 months following the commencement of section 44 of the Investment Limited Partnerships (Amendment) Act 2020, the provisions of section 5 and this section, as they stood enacted before the commencement of that section, shall apply to the ICAV, and
|
|
| |
(b) only on and from the expiry of that period of 12 months shall the provisions of section 5 and this section, as they stand amended by that section 44 of the Investment Limited Partnerships (Amendment) Act 2020, apply to the ICAV.”.
|
