PRIV 1.2.8 What are Umbrella Schemes and Subschemes?

(1) An umbrella scheme is a collective investment scheme (or scheme) under which the contributions of the unitholders, and the profit or income out of which payments are to be made to them, are pooled separately in relation to separate parts of the scheme property.

Note Unitholder is defined in r 1.2.5 and scheme property is defined in r 1.2.3.
(2) A subscheme of an umbrella scheme is a part of the scheme property that is pooled separately.
(3) An umbrella scheme must be an open-ended scheme.

Note Open-ended scheme is defined in r 1.2.7 (1).
Derived from QFCRA RM/2010-06 (as from 1st January 2011)