Definitions

Question 1

What is the definition of a Fund in the FSMA?

Answer 1

Any arrangements with respect to property of any description (including cash), the purpose or effect of which is to enable participants (becoming owners of property, any part or otherwise), to participate in or receive profits or income arising from the acquisition, holding, management or disposal of the property.

Question 2

What is the definition of a Fund in the AIFMD?

Answer 2

1. Raising capital, 2. there must be a number of investors, 3. a defined investment policy, 4 no general commercial or industrial purpose, 5 pools of capital raised from investors for an investment purpose with a view to generating pooled return, 6 investors have no day-to-day discretion or control.

Question 3

What is a FAIF?

Answer 3

Fund of alternative investment funds (A fund that only invests in other funds)

Question 4

PAIF

Answer 4

Property authorised investment funds

Question 5

CAIF

Answer 5

Charity authorised investment fund (run by charity commission)