Investment Funds, Companies and Miscellaneous Provisions Act 2005

Powers of Bank.

10

10.—(1) Notwithstanding any other powers which may be available to the Bank under any other enactment, the Bank may impose such conditions for the authorisation of a common contractual fund under section 8 as it considers appropriate and prudent for the purposes of the orderly and proper regulation of the business of common contractual funds.

(2) The power to impose conditions referred to in subsection (1) shall include power to impose such conditions from time to time in respect of the manner in which the business of a common contractual fund authorised under section 8 shall be operated as the Bank considers appropriate and prudent for the purposes referred to in subsection (1) .

(3) Conditions imposed under this section may be imposed generally or on a particular common contractual fund, or by reference to a particular class or classes of common contractual fund, or by reference to any other matter the Bank considers appropriate and prudent for the purposes referred to in subsection (1).

(4) Without prejudice to the generality of subsections (1), (2) and (3), conditions imposed by the Bank on a common contractual fund may make provision for any or all of the following matters—

( a) the prudential requirements of the investment policies of the common contractual fund,

( b) borrowing policies of the common contractual fund,

( c) prospectuses and other information disseminated in relation to the common contractual fund,

( d) the safe-keeping of the assets of the common contractual fund,

( e) such other supervisory and reporting requirements and conditions relating to its business as the Bank considers appropriate and prudent.

(5) The Bank may amend or revoke a condition imposed by it under this section.

(6) The management company and custodian of a common contractual fund shall comply with any conditions imposed by the Bank in relation to that common contractual fund.