Authorised unit trust meaning

In this issue: Clinical Negligence Interim payments, periodical payments and provisional damages Employer’s Liability Public authorities and the state Claims involving fraud and fundamental dishonesty Other PI and Clinical negligence news Daily and weekly news alerts LexTalk®PI & Clinical Negligence: a Lexis®Nexis community LexisNexis® Webinars Useful information Clinical Negligence High Court grants £2m interim award under the first limb of Eeles In DBH (a child proceeding by his mother and Litigation Friend TE) v Northern Lincolnshire and Goole NHS Foundation Trust, the court authorised an interim payment of £2,193,810.39—amounting to 90% of a prudent valuation—under the first limb of Eeles v Cobham Hire Services Ltd [2009] EWCA Civ 204, to meet the claimant’s pressing accommodation requirements and therapy provision pending trial. The judge declined to make any further award under the second limb of Eeles, holding that the material before the court fell short of establishing that the cost of the...

This Practice Note sets out the principal regulatory considerations when replacing the trustee of an authorised unit trust (AUT), covering the steps to implement the change, the approach to selecting a new trustee, and the related disclosure and notification obligations. What is an authorised unit trust An AUT is an investment fund and, under section 237(3) of the Financial Services and Markets Act 2000 (FSMA 2000), means a unit trust scheme authorised by an order made under section 243 of FSMA 2000. an undertaking for the collective investment of transferable securities (UCITS) a non-UCITS retail scheme (NURS) a qualified investor scheme (QIS) a long term asset fund (LTAF) a charity authorised investment fund In some respects, the Financial Conduct Authority’s (FCA) rules for AUTs vary according to classification. For more information, see Practice Note: Authorised unit trusts (AUTs)—What is an AUT? Changing the trustee of an AUT In limited circumstances, the FCA may apply to the...

FORTHCOMING CHANGE relating to the UK funds regime : Following the government’s examination of the UK funds regime, proposals include continuing to monitor the tax treatment of the new long‑term asset fund structure (LTAF) (see News Analyses: Review of the UK funds regime—an analysis and HM Treasury’s review of the UK funds regime—a call for input). In tax parlance, ‘authorised investment fund’ (AIF) covers two vehicles: the authorised unit trust (AUT) and the open‑ended investment company (OEIC). Both AUTs and OEICs are forms of collective investment scheme, authorised and regulated by the Financial Conduct Authority. The label ‘AIF’, applying to both, appears in the Authorised Investment Funds (Tax) Regulations 2006, SI 2006/964, which set out the core tax rules for these funds. Within this subtopic, those provisions are called the ‘AIF Tax Regulations’. AUTs and OEICs sit within the wider category of collective investment schemes and must be authorised and regulated by the Financial Conduct Authority to operate. Be aware that ‘AIF’ in a tax sense (ie meaning ‘authorised...

This Practice Note outlines the principal concepts relating to an open-ended investment company (OEIC), also referred to as an investment company with variable capital (ICVC). It addresses: the relevant provisions of the Open-Ended Investment Companies Regulations 2001, SI 2001/1228 (OEIC Regulations 2001) and the Financial Services and Markets Act 2000 (FSMA 2000); the criteria for obtaining Financial Conduct Authority (FCA) authorisation; and the process for winding up. FCA-authorised CIS In the UK, an FCA-authorised collective investment scheme (CIS) may take one of these legal forms: an OEIC an authorised unit trust (AUT). For further information on an AUT, see Practice Note: Authorised unit trusts (AUTs), or an authorised contractual scheme (ACS). For further information on an ACS, see Practice Note: Taxation of authorised contractual schemes (ACSs) FCA-authorised funds (OEICs, AUTs or ACSs) can adopt one of the following regulatory forms: a UK undertaking for collective investment in transferable securities (UCITS), a non-UCITS retail scheme (NURS), a qualified investor scheme (QIS)...