Section 23R | Definitions ^F1

(1)In this section, this group of sections and Schedule A1—^F1

“AIF” has the meaning given by regulation 3 of the Alternative Investment Fund Managers Regulations 2013 and includes—

arrangements which permit an external investor to participate in investments acquired by the AIF without participating in the AIF itself, and

arrangements under which sums arise to an individual performing investment management services in respect of the AIF without those sums arising from the AIF itself;

“arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable);

“collective investment scheme” has the meaning given by section 235 of FISMA 2000 and includes—

arrangements which permit an external investor to participate in investments acquired by the collective investment scheme without participating in the scheme itself, and

arrangements under which sums arise to an individual performing investment management services in respect of the collective investment scheme without those sums arising from the scheme itself;

“external investor”, in relation to an investment scheme and any arrangements, means a participant in the scheme other than—

an individual who at any time performs or is to perform investment management services directly or indirectly in respect of the scheme, or

a person through whom sums are to, or may, arise directly or indirectly to such an individual from the scheme under the arrangements;

“investment management services”, in relation to an investment scheme, includes—

the provision of investment advice,

seeking funds for the purposes of the scheme from participants or potential participants,

researching potential investments to be made for the purposes of the scheme,

acquiring, managing or disposing of property for the purposes of the scheme,

acting for the purposes of the scheme with a view to assisting a body in which the scheme has made an investment to raise funds, and

any activity incidental or ancillary to any activity mentioned in paragraphs (a) to (e);

“investment scheme” means—

a collective investment scheme, or

an AIF, or any part of an AIF, that is not a collective investment scheme;

“participant”, in relation to an investment scheme, means a person taking part in the scheme, whether by becoming the owner of, or of any part of, the property that is the subject of the scheme or otherwise;

“sum” includes any money or money's worth (and other expressions are to be construed accordingly);

“this group of sections” means sections 23I to 23Q.

(2)For the purposes of section 23K and Schedule A1, in determining what it is reasonable to assume in relation to an investment scheme, regard is to be had to all the circumstances including in particular any prospectus or other document which—^F1

(a)is made available to external investors in the investment scheme, and^F1

(b)on which external investors may reasonably be supposed to have relied or been able to rely.^F1