LR 15.7 Open ended investment companies

This section applies to an open-ended investment company.

An open-ended investment company must comply with LR 15.2.1 R to LR 15.2.14 R.

LR 6.1.19 R (shares in public hands) does not apply to an open-ended investment company.

An open-ended investment company which is an unrecognised scheme is only required to make information available to the FSA and to other recipients as permitted under the Act.

An open-ended investment company must ensure that any information made available in accordance with PR 3.2 or LR 4.3 (publication of prospectus or listing particulars) complies with sections 21 (Restrictions on financial promotion) and 238 (Restrictions on promotion) of the Act to the extent applicable.

An open-ended investment company must comply with LR 9 and LR 15.4.3 G to LR 15.4.13 R subject to the modifications and additional conditions set out in LR 15.7.7 R to LR 15.7.11 R.

Changes in issued capital are not required to be disclosed under LR 9.6.4R (1) and (6) and LR 9.6.5 R as a result of issues and redemptions or repurchases in the normal course as described in the prospectus or listing particulars, unless and until the number of securities of the relevant class currently in issue increases or decreases by more than 10 per cent since the publication of the prospectus or listing particulars or the last notification to a RIS as the case may be.

LR 9.6.7 R to LR 9.6.10 G do not apply to an open-ended investment company.

The interests of a single person or entity which exceed 10% of the issued shares (calculated exclusive of treasury shares) of any class in the capital of the open-ended investment company must, so far as they are known to the company, be notified to a RIS as soon as possible following the company becoming aware of those interests.

LR 10 (Significant transactions) and LR 12 (Dealing in own securities and treasury shares) do not apply to an open-ended investment company.