Section 219Part 14 — Segregated Portfolio Companies
Assets
←→ Navigate · Click subsection badges to collapse · Press ? for help
The assets of a segregated portfolio company shall be either segregated portfolio assets or general assets.
The segregated portfolio assets comprise the assets of the segregated portfolio company held within or on behalf of the segregated portfolios of the company.
The general assets of a segregated portfoli o company comprise the assets of the company which are not segregated portfolio assets.
The assets of a segregated portfolio comprise —
assets representing the share capital and reserves attributable to the segregated portfolio; and
all other a ssets attributable to or held within the segregated portfolio.
In subsection (4) — “ reserves ” includes profits, retained earnings, capital reserves and share premiums.
It shall be the duty of the directors of a segregated portfolio company to estab lish and maintain (or cause to be established and maintained) procedures —
to segregate, and keep segregated, portfolio assets separate and separately identifiable from general assets;
to segregate, and keep segregated, portfolio assets of each seg regated portfolio separate and separately identifiable from segregated portfolio assets of any other segregated portfolio; and
to ensure that assets and liabilities are not transferred between segregated portfolios or between a segregated portfolio and the general assets otherwise than at full value.