Open-Ended Investment Companies Act (Northern Ireland) 2002
| Year | 2002 |
Open-Ended Investment Companies Act(Northern Ireland) 2002
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:
1 Open-ended investment companies
Open-ended investment companies
(1) The Department may by regulations make provision for—
(a) facilitating the carrying on of collective investment by means of open-ended investment companies;
(b) regulating such companies.
(2) The regulations may, in particular, make provision—
(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).
(3) Regulations under this section may—
(a) impose criminal liability;
(b) confer functions on the Authority and provide that any of the functions so conferred shall be treated...
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