Thursday, 3 April 2014

UK: England and Wales: what is a collective investment scheme?

A copy of the judgment Financial Conduct Authority v Capital Alternatives Ltd [2014] EWHC 144 (Ch) was added to the BAILII database yesterday. The trial judge, Mr N Strauss QC (sitting as a deputy judge), held that several investment schemes were collective investment schemes under section 235 of the Financial Services and Markets Act 2000. In doing so he considered several important elements of the section 235 definition including the pooling of profits and "managed as a whole". The latter, he observed, did not require the complete absence of any element of individual management.

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