collective investment scheme
- collective investment scheme
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1) collective investment scheme (CIC)
A type of investment scheme defined in section 235 of the Financial Services and Markets Act 2000 (FSMA). Broadly, this term refers to any arrangements with respect to property, the purpose or effect of which is to enable the participants to receive profits or income out of the property. FSMA restricts the promotion and management of collective investment schemes.
United Kingdom
A limited liability company designed for social enterprises which has the specific aim of providing benefit to a community and uses its income, assets and profits for the community it is formed to serve. It can be limited by shares or by guarantee but must satisfy a community interest test.
For further information see Practice note, Community interest companies: CICs (www.practicallaw.com/resource.do?item=:48829205).
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
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