The Court of Appeal gave judgment last week in Financial Conduct Authority v Capital Alternatives Ltd [2015] EWCA Civ 284. At issue was whether several schemes were collective investment schemes within section 235 of the Financial Services and Markets Act 2000. A short summary of the decision, prepared by the ICLR, is available here and this contains the following headnote: "The critical question in deciding whether property was 'managed as a whole' within section 235(3)(b) of the Financial Services and Markets Act 2000 was whether a characteristic feature of the arrangements under the scheme was that the property to which those arrangements related was managed as a whole. Whether that condition was satisfied required an overall assessment and evaluation of the relevant facts".
Wednesday 1 April 2015
UK: England and Wales: what is a collective investment scheme?
The Court of Appeal gave judgment last week in Financial Conduct Authority v Capital Alternatives Ltd [2015] EWCA Civ 284. At issue was whether several schemes were collective investment schemes within section 235 of the Financial Services and Markets Act 2000. A short summary of the decision, prepared by the ICLR, is available here and this contains the following headnote: "The critical question in deciding whether property was 'managed as a whole' within section 235(3)(b) of the Financial Services and Markets Act 2000 was whether a characteristic feature of the arrangements under the scheme was that the property to which those arrangements related was managed as a whole. Whether that condition was satisfied required an overall assessment and evaluation of the relevant facts".
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