The Unauthorised Co-ownership Alternative Investment Funds (Reserved Investor Fund) Regulations 2025
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Change 1
3 Rights and liabilities of participants
(1) The following provisions of the Act apply in connection with any unauthorised co-ownership AIF that is a RIF, with the modifications specified in paragraph (2)— (a) section 261M (contracts); (b) section 261N (effect of becoming or ceasing to be a participant); (c) section 261O (limited liability); (d) section 261P(1) and (2) (segregated liability in relation to umbrella co-ownership schemes). (2) The modifications are— (a) any reference to a “stand-alone co-ownership scheme” is to be treated as a reference to a RIF that is not an umbrella co-ownership scheme (interpreted in accordance with sub-paragraph (b)). (b) any reference to an “umbrella co-ownership scheme” is to be treated as a reference to a RIF that satisfies the conditions in section 237(6)(b) and (c) of the Act. (c) any reference to a sub-scheme of an umbrella co-ownership scheme (interpreted in accordance with sub-paragraph (b)) is to be treated as arrangements constituting the scheme so far as they relate to a separate part of property. (3) The provisions referred to in paragraph (1)(a) to (d), read with the modifications specified in paragraph (2), apply in connection with any unauthorised co-ownership AIF that— (a) was previously a RIF, (b) is currently not a RIF, and (c) is UK-based (see paragraph (4)). (4) For the purpose of paragraph (3)(c), an unauthorised co-ownership AIF will be “UK-based” if it meets the conditions set out in regulation 6 (a UK-based scheme) of the Co-ownership Contractual Schemes (Tax) Regulations 2025.
3 Rights and liabilities of participants
(1) The following provisions of the Act apply in connection with any unauthorised co-ownership AIF that is a RIF, with the modifications specified in paragraph (2)— (a) section 261M (contracts); (b) section 261N (effect of becoming or ceasing to be a participant); (c) section 261O (limited liability); (d) section 261P(1) and (2) (segregated liability in relation to umbrella co-ownership schemes). (2) The modifications are— (a) any reference to a “stand-alone co-ownership scheme” is to be treated as a reference to a RIF that is not an umbrella co-ownership scheme (interpreted in accordance with sub-paragraph (b)). (b) any reference to an “umbrella co-ownership scheme” is to be treated as a reference to a RIF that satisfies the conditions in section 237(6)(b) and (c) of the Act. (c) any reference to a sub-scheme of an umbrella co-ownership scheme (interpreted in accordance with sub-paragraph (b)) is to be treated as arrangements constituting the scheme so far as they relate to a separate part of property. (3) The provisions referred to in paragraph (1)(a) to (d), read with the modifications specified in paragraph (2), apply in connection with any unauthorised co-ownership AIF that— (a) was previously a RIF, (b) is currently not a RIF, and (c) is UK-based (see paragraph (4)). (4) For the purpose of paragraph (3)(c), an unauthorised co-ownership AIF will be “UK-based” if it meets the conditions set out in regulation 6 (a UK-based scheme) of the Co-ownership Contractual Schemes (Tax) Regulations 2025.
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