Section 619 | Umbrella schemes

(1)In this section “umbrella scheme” means a unit trust scheme—

(a)which provides arrangements for separate pooling of the contributions of the participants and the profits or income out of which payments are made to them (“pooling arrangements”),

(b)under which the participants are entitled to exchange rights in one pool for rights in another, and

(c)in respect of which an order under section 243 of FISMA 2000 is in force.

(2)References in this section to a part of an umbrella scheme are to such of the pooling arrangements as relate to a separate pool.

(3)For the purposes of this Chapter—

(a)each of the parts of an umbrella scheme is to be regarded as an authorised unit trust, and

(b)the umbrella scheme as a whole is not to be regarded as an authorised unit trust.

(4)In relation to a part of an umbrella scheme, references to investments subject to the trusts of an authorised unit trust are references to such of the investments as under the pooling arrangements form part of the separate pool to which the part relates.

(5)In relation to a part of an umbrella scheme, references to a unit holder are references to a person for the time being having rights in that separate pool.