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A collective investment scheme (“CIS”) is defined by law. According to section 235(1) of The Financial Services and Markets Act 2000 (“FSMA”), a collective investment scheme is any arrangement with respect to property of any description, including money, the purpose or effect of which is to enable persons taking part in the arrangements (whether by becoming owners of the property or any part of it or otherwise) to participate in or receive profits or income arising from the acquisition, holding, management or disposal of the property or sums paid out of such profits or income.
Essentially, this means that a CIS is a vehicle in which profits or income is shared through collective investment, and the participants of the scheme do not have any day-to-day control over the management of the property. Thus, if the investors do have day-to-day control, then the binvestment is likely to not be a CIS.
Establishing or operating a CIS is a regulated activity requiring authorisation from the Financial Conduct Authority (“FCA”). Subject to certain exemptions, a CIS cannot be promoted to the general public by an authorised person unless it is authorised or recognised under FSMA.
Collective Investment Scheme CIS: is any arrangement with respect to property of any description, including money, the purpose or effect of which is to enable persons taking part in the arrangements (whether by becoming owners of the property or any part of it or otherwise) to participate in or receive profits or income arising from the acquisition, holding, management or disposal of the property or sums paid out of such profits or income.
The most common type is Unit Trust schemes.
There are two types of unit trust schemes namely:
Open-ended and Close-ended
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