The Supreme Court found that Asset Land was operating a collective investment scheme
21 April 2016
The Supreme Court unanimously dismissed Asset Land's appeal and found that Asset Land’s activities amounted to operating a collective investment scheme under s. 235 Financial Services and Markets Act.
This decision highlights the need to ensure that investors have genuine control over their investments in order to avoid the risk of being found to have operated a Collective Investment Scheme.
The implications of the case go not just to the issue of "operating" a collective investment scheme, but to the wider issues of managing, promoting and distributing such schemes and to other issues of regulatory and AIFMD compliance.
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