STSM101220 | Authorised Contractual Schemes: Types of an ACS

Different types of an ACS

An ACS may take one of two legal forms:

· A partnership fund; or

· A co-ownership fund.

The definition of each scheme can be found at Section 235A Financial Services and Markets Act 2000 (FSMA).

Partnership Fund

A partnership fund is a form of limited partnership formed under the Limited Partnership Act 1907, as modified by the Collective Investment in Transferable Securities (contractual Scheme) Regulations 2013 (SI 2013/1388). The fund is authorised by the Financial Conduct Authority (FCA).

Co-ownership fund

A co-ownership fund is formed by a contract entered into initially by the operator and depositary.

See STSM101210 for more information on Authorised Contractual Schemes.

See STSM101230 for Stamp Duty and Stamp Duty Reserve Tax implications of ACS.