CIS 5A.12 Umbrella schemes
Application
This section (CIS 5A.12) applies to authorised fund managers of umbrella schemes.
Introduction
This section (CIS 5A.12) sets out specific rules for umbrella schemes. Umbrella schemes are single authorised funds which have at least two sub-funds and provide the opportunity for holders to switch all or part of their investment from one sub-fund to another. CIS 12 (Special provisions for certain categories of scheme) and other provisions of the rules in this sourcebook enable the umbrella scheme to be treated as a single authorised fund or as a collection of separate sub-funds as appropriate. CIS 12 sets out specific other provisions that apply to umbrella schemes.
Umbrella schemes: general
A sub-fund of an umbrella scheme must, subject to CIS 5A.12.4 R, only be invested as if it were a single authorised fund within one of CIS 5A.4 (Securities schemes) to CIS 5A.11 (Fund of fund schemes).
Restriction on investment
No sub-fund of an umbrella scheme may invest in units in another sub-fund of the same umbrella scheme.