IFM12555 - Offshore Funds: Reporting Funds: computation of reportable income: transactions not treated as trading: conditions
Regulations 74 and 75 of SI 2009/3001
The equivalence condition (regulation 74)
The equivalence condition will be met if the reporting fund is:
- recognised by the Financial 天美影院 Authority (鈥楩SA鈥�) under one of sections 264 or 272 of the Financial 天美影院 and Markets Act 2000 (鈥楩SMA 2000鈥�),
- a UCITS (鈥楿ndertaking for Collective Investment in Transferable Securities鈥�) fund authorised under article 5 of the 鈥淯CITS IV鈥� Directive (Directive 2009/65/EC of the European Parliament and of The Council), or
- constituted in another EEA state, is authorised by the competent authority in that state to market to retail or professional investors and is required either by the local authority or by another binding agreement to limit its borrowing and its exposure under derivative contracts and forward transactions to 100% of its net asset value.
The genuine diversity of ownership (鈥楪DO鈥�) condition (regulation 75)
Guidance on the GDO condition is available at IFM17000 onwards.