The genuine diversity of ownership condition applying to reporting offshore funds is similar in many ways to that applying with regard to authorised investment funds. In both cases, the purpose of the test is to ensure that the funds are genuine pooled investment schemes. To meet the condition, the reporting offshore fund (or, with effect from 27 May 2011 with regard to certain funds, the main arrangements) must meet the following three tests throughout the period of account (the Offshore Funds (Tax) Regulations 2009 (SI 2009/3001), reg. 75):

(1)the fund must produce documents available to both participants and HMRC which contain:

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