UNAUTHORISED COLLECTIVE INVESTMENT SCHEMES AND MISLEADING STATEMENTS: HIGH COURT GIVES WARNING TO OPERATORS AND PARTICIPANTS OF SCHEMES

On 14th June, Osborne Clarke reported that a recent case provides a stark warning of the risks to operators and participants of schemes if those schemes are later found to be collective investment schemes (CIS).  The court will take a broad interpretation of who should be considered to be ‘knowingly involved’ in the CIS, and the case also confirms that, while taking professional advice may be a prudent step, it will not provide a defence against the strict application of the law and its consequences.

http://www.osborneclarke.com/insights/unauthorised-collective-investment-schemes-and-misleading-statements-high-court-gives-warning-to-operators-and-participants-of-schemes/

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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