Related provisions for PERG 9.4.4

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PERG 9.8.2GRP
In the FCA's view, the 'realisation' of an investment means converting an asset into cash or money. The FCA does not consider that 'in specie' redemptions (in the sense of exchanging shares or securities of BC with other shares or securities) will generally count as realisation. Section 236(3)(a) refers to the realisation of an investment, the investment being represented by the 'value' of shares or securities held in BC. In the FCA's view, there is no realisation of value where
PERG 9.8.5GRP
The use of an expectation test ensures that the definition of an open-ended investment company is not limited to a situation where a holder of shares in, or securities of, a body corporate has an entitlement or an option to realise his investment. It is enough if, on the facts of any particular case, the reasonable investor would expect that he would be able to realise the investment. The following are examples of circumstances in which the FCA considers that a reasonable investor
PERG 9.9.5GRP
However, where there is a market, the FCA does not consider that the test in section 236(3)(b) would be met if the price the investor receives for his investment is wholly dependent on the market rather than specifically on net asset value. In the FCA's view, typical market pricing mechanisms introduce too many uncertainties to be able to form a basis for calculating the value of an investment (linked to net asset value) of the kind contemplated by the satisfaction test. As a
PERG 9.6.3GRP
Section 236(3) of the Act states clearly that the investment condition must be met 'in relation to BC'. In the FCA's view, this means that the investment condition should not be applied rigidly in relation to specific events such as particular issues of shares or securities or in relation to particular points in time. The requirements of the investment condition must be satisfied in relation to the overall impression of the body corporate itself, having regard to all the circ
PERG 9.4.6GRP
In the FCA's view, the question of what constitutes a single scheme in line with section 235(4) of the Act does not arise in relation to a body corporate. This is simply because the body corporate is itself a collective investment scheme (and so is a single scheme). Section 235(4) contemplates a 'separate' pooling of parts of the property that is subject to the arrangements referred to in section 235(1). But to analyse a body corporate in this way requires looking through its
FEES 4.4.9DRP
3To the extent that a firm4 has provided the information required by FEES 4.4.7 D to the FCA as part of its compliance with another provision of the Handbook, it is deemed to have complied with the provisions of that direction.444
PR App 1.1.1RP
1Note: The following definitions relevant to the prospectus rules are extracted from the Glossary.Actthe Financial Services and Markets Act 2000.admission to tradingadmission to trading on a regulated market.advertisement(as defined in the PD Regulation) announcements:(1)relating to a specific offer to the public of securities or to an admission to trading on a regulated market; and(2)aiming to specifically promote the potential subscription or acquisition of securities.4applicantan
PERG 9.11.1GRP
Table There are some frequently asked questions about the application of the definition of an open-ended investment company in the following table. This table belongs to PERG 9.2.4 G (Introduction).QuestionAnswer1Can a body corporate be both open-ended and closed-ended at the same time?In the FCA's view, the answer to this question is 'no'. The fact that the investment condition is applied to BC (rather than to particular shares in, or securities of, BC) means that a body corporate
LR App 1.1.1RP
1Note: The following definitions relevant to the listing rules are extracted from the Glossary.ActThe Financial Services and Markets Act 2000.admission or admission to listing admission of securities to the official list .admission to tradingadmission of securities to trading on an RIE's market for listedsecurities.advertisement(as defined in the PD Regulation) announcements:(a)relating to a specific offer to the public of securities or to an admission to trading on a regulated