Part VIII of the Securities Act 2005 contains substantive provisions relating to collective investment schemes. These provisions are supplemented by the Securities (Collective Investment Schemes and Closed-end Funds) Regulations 2008 ("the Regulations"). The Regulations introduce a comprehensive legal regime for the establishment, management and regulation of collective investment schemes.
The Regulations provide a wider array of vehicles that could be used for structuring collective investment schemes. Further, the Regulations clarify the responsibilities of the operators and functionaries of a collective investment scheme and introduce measures to improve corporate governance in relation to collective investment schemes in general and to their functionaries in particular.
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