Companies Act 2014 section 1404

Application of Chapters 1, 2 and 4 of Part 23 to investment companies

Section 1404 extends the rules on public offers of securities, market abuse and transparency (found in Chapters 1, 2 and 4 of Part 23) to investment companies, while excluding the minimum subscription requirements that are not relevant to such companies.

• Chapters 1, 2 and 4 of Part 23 — covering public offers of securities, market abuse and transparency — apply to investment companies.
• These chapters apply only to the extent that they are applicable to companies other than public limited companies falling within Part 17.
• Sections 1358 to 1360, which deal with minimum subscription requirements for share offers, are specifically excluded from this application.
• The minimum subscription rules are excluded because they are not relevant in the context of investment companies.