Amendment To The Collective Investment Scheme Regime.On 15 July 2008 an order amending the collective investment schemes ("CIS Cis (sĭs), same as Kish (1.) (1) (CompuServe Information Service) See CompuServe. (2) (Card Information S ") regime came into force. The CIS regime prohibits persons from establishing, operating or winding up a CIS unless they are authorised Adj. 1. authorised - endowed with authority authorized lawful - conformable to or allowed by law; "lawful methods of dissent" legitimate - of marriages and offspring; recognized as lawful by the FSA FSA Financial Services Authority FSA Food Standards Agency (UK) FSA Farm Service Agency (USDA) FSA Financial Services Agency (Japan) . The Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and Markets Act 2000 (Collective Investment Schemes) Order 2001 (the "Exemption Order") sets out certain arrangements that are exempt and can therefore be established, operated and wound up without the involvement of an FSA authorised entity. One of these exemptions (paragraph 9 of the schedule to the Exemption Order) has been revised, in order to clarify some ambiguities in the old wording. These ambiguities were in relation to whether: using special purpose vehicles could cause such arrangements to fall outside of the exemption; and participants who participate in a number of such arrangements could find that they fall outside of the exemption. The effect of the new exemption is to make it easier to structure joint ownership arrangements in a way that avoids the CIS regime. It therefore offers the potential for simpler structures that are cheaper to set up and operate. While the amendment was initially aimed at residential real estate investment structures, it has general application to commercial real estate and other joint ownership structures. For further details, please click here. This article was written for Law-Now, CMS (1) See content management system and color management system. (2) (Conversational Monitor System) Software that provides interactive communications for IBM's VM operating system. Cameron McKenna's free online information service. To register for Law-Now, please go to www.law-now.com/law-now/mondaq Law-Now information is for general purposes and guidance only. The information and opinions expressed in all Law-Now articles are not necessarily comprehensive and do not purport to give professional or legal advice. All Law-Now information relates to circumstances prevailing at the date of its original publication and may not have been updated to reflect subsequent developments. The original publication date for this article was 16/07/2008. Mr Barney Hearnden CMS Cameron McKenna CMS Cameron McKenna LLP (sometimes referred to as Camerons or, internally, CMCK) is an international law firm with over 130 partners and offices throughout the United Kingdom and Central and Eastern Europe, with branch offices in Bristol (established in LLP LLP - Lower Layer Protocol Mitre House 160 Aldersgate Street London EC1A 4DD UNITED KINGDOM Tel: 207367 2106 Fax: 207367 2446 E-mail: Nicola.dullard@cms-cmck.com URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : www.law-now.com Click Here for related articles (c) Mondaq Ltd, 2008 - Tel. +44 (0)20 8544 8300 - http://www.mondaq.com |
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