IFM17330 - Genuine Diversity of Ownership (GDO): Condition C
Regulation 9A(6) SI2006/964, Regulation 75(4) SI 2009/3001 and paragraph 15(6) FA03/Sch7A
The purpose of Condition C is to exclude any fund that, despite meeting Conditions A and B (IFM17310 and IFM17320), does not in practice act in a way that supports the statements it has made as to the intended categories of investor – even where that is contrary to the statements in its own documentation.
Detailed guidance on Condition C can be found on the pages below.