Regulation 73 | Introductory

(1)A reporting fund meets the conditions for this Chapter to apply in respect of a period of account if it meets—

(a)the equivalence condition (see regulation 74), and

(b)the genuine diversity of ownership condition (see regulations 75 and 76).

(2)In this Part a “diversely owned fund” means a reporting fund in respect of which the conditions mentioned in paragraph (1) are met for a period of account.