SCHEDULES
SCHEDULE 9Transitionals and savings etc
Part 8Offshore funds
Restriction on regulation-making power under section 354
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1
Regulations under section 354 may not make provision about the treatment of a person in respect of any rights in an affected offshore fund that are acquired by the person—
a
before 1 December 2009, or
b
in accordance with sub-paragraph (3).
2
Sub-paragraph (1) is subject to paragraph 34.
3
Rights are acquired by a person in accordance with this sub-paragraph if—
a
the rights are acquired by the person in accordance with a legally enforceable agreement in writing that was entered into by the person before 30 April 2009,
b
in the case of a conditional agreement, the conditions are satisfied before that date, and
c
the agreement is not varied on or after that date.
4
For the purposes of this paragraph rights of a person in a fund are rights in an affected offshore fund if—
a
the fund is an offshore fund within the meaning of section 354, but
b
on the date on which the person acquired them, the fund was not an offshore fund within the meaning of Chapter 5 of Part 17 of ICTA.