IFM17355 | Specific provisions relating to long-term asset funds

An authorised investment fund which is a long-term asset fund (LTAF) is treated as having met the GDO condition at regulation 9A of SI 2006/964 where its prospectus was published on or before 9 December 2021 or at least 70% of the shares or units in the LTAF are held by:

• one or more “relevant investors”; or

• by the manager of the fund in the capacity as manager.

The list of relevant investors is contained in Regulation 9A(8C) to (8G) and includes:

• an authorised unit trust scheme (or overseas equivalent) which meets the GDO condition;

• an open-ended investment company (or overseas equivalent) which meets the GDO condition;

• a person acting in the course of a long-term insurance business who is authorised under FSMA 2000 (or has an equivalent authorisation outside the UK) provided that the person, if it is a company, is not a close company (see regulation 9A(8H) for more detail);

• a person who is not liable for corporation tax or income tax (as relevant) on grounds of sovereign immunity;

• trustee or manager of a pension scheme (as defined in FA04/S150(1) other than an investment regulated pension scheme (as defined in paragraph 1 and 2 FA04/Sch29A).