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  1. Point in time
    2005-09-09

CIS 12.4 Feeder funds and Funds of Funds

Special rules for pricing

CIS 12.4.1R
  1. (1)

    So far as is practicable, the authorised fund manager of a feeder fund must deal on the same basis (forward or historic) as the regulated collective investment scheme into which the feeder fund invests.

  2. (2)

    The normal valuation point for a feeder fund must be within two hours after each normal valuation point for the scheme, or sub-fund, into which the feeder fund feeds.

  3. (3)

    (1) and (2) do not apply to a feeder funddedicated to a single eligible investment trust.

Fund of funds schemes

CIS 12.4.2R
  1. (1)

    A fund of funds scheme must be valued no less frequently than if it were the relevant type of scheme by type of investment under CIS 5A.11.4 R (Eligible combinations of scheme) and the authorised fund manager of a fund of funds scheme must deal on the basis of forward prices if that is required for the relevant type of scheme under CIS 5A.11.4 R.

  2. (2)

    Where a fund of funds scheme invests in money market schemes (within CIS 5A.5 (Money market schemes)), (1) applies only if the scheme does not invest in any other type of scheme.1