The Financial Services (Designated Countries and Territories) (Overseas Collective Investment Schemes) (Bermuda) Order 1988

• Citation: S.I. 1988/2284
• Sections: 4

Section 1

This Order may be cited as the Financial Services (Designated Countries and Territories) (Overseas Collective Investment Schemes) (Bermuda) Order 1988 and shall come into force on 19th January 1989.

Section 2

Bermuda is designated for the purposes of section 87 of the Financial Services Act 1986 in respect of any collective investment scheme managed in and authorised under the law of Bermuda which is a scheme of a class specified in the Schedule to this Order.

Section 1

Any scheme which is an open-ended investment company certified under section 156H of the Companies Act 1981 of Bermuda to be a United Kingdom class scheme being a scheme which is also—

(a) a Securities Scheme; or

(b) a Government and Other Public Securities Fund; or

(c) a Money Market Fund; or

(d) a Fund of Funds; or

(e) an Umbrella Fund but only an Umbrella Fund each separate part of the property of which would, if it were the property of a single collective investment scheme authorised in Bermuda, be the property of a scheme falling within sub-paragraph (a), (b), (c) or (d) above.

Section 2

In paragraph 1 of this Schedule the expressions“Fund of Funds”,“Government and Other Public Securities Fund”,“Money Market Fund”,“Securities Scheme” and“Umbrella Fund” have the meanings respectively given to them in The Companies (The United Kingdom Class Scheme Bye-laws) Regulations 1988 .