COMP 12A.3 Collective investment schemes
- (1)
If a claimant has a claim in its capacity as a collective investment scheme, or anyone who is an operator, depositary, manager or trustee of such a scheme, and the conditions in (2) are met:
- (a)
the FSCS must treat the participant or participants as having the claim, and not the claimant;
- (b)
COMP 12A.1.6R and COMP 12A.1.7R apply, reading “trustee” as “collective investment scheme, or anyone who is an operator, depositary, manager or trustee of such a scheme”, “trust” as “collective investment scheme” and “beneficiary” as “participant”.
- (a)
- (2)
The conditions referred to in (1) are:
- (a)
the claim is against a relevant person:
- (i)
acting in the capacity of manager or depositary of the collective investment scheme; or
- (ii)
in connection with that person’s managing investments or safeguarding and administering investments; and
- (i)
- (b)
as a result of the matters in (a), a participant in the collective investment scheme has suffered loss but the participant has no claim for that loss against that relevant person.
- (a)