Regulation 14 The Undertakings for Collective Investment in Transferable Securities Regulations 2011

(1)

Part 4 of the Undertakings for Collective Investment in Transferable Securities Regulations 2011 M1 (mergers) is amended as follows.

(2)

In regulation 7 (interpretation), in paragraph (1)—

(a)

in the definition of “depositary”—

(i)

omit the word “means” immediately after “depositary”;

(ii)

after paragraph (a) insert—

“(aa)
in relation to an authorised contractual scheme means the person by whom, or to whose order, the property subject to the scheme is held;”;

(b)

in the definition of “managers”—

(i)

for “managers” substitute “ manager ”;

(ii)

after paragraph (a) insert—

“(aa)
in relation to an authorised contractual scheme, the operator of that scheme,”;

(c)

in the definition of “UCITS”, after “open-ended investment company,” insert “ an authorised contractual scheme ”;

(d)

in the definition of “unit-holders”—

(i)

in paragraph (a) for “UCITS” substitute “ company ”;

(ii)

after paragraph (a) insert—

“(aa)
in the case of an authorised contractual scheme, the unit-holders in that scheme; and”; and

(e)

in the definition of “units”, in paragraph (b), after “authorised unit trust scheme” insert “ or an authorised contractual scheme ”.

(3)

In regulation 8, in paragraph (1), after “new company” insert “ , contractual scheme ”.

Annotations

F1: Regulations revoked (14.12.2023 for the revocation of reg. 25) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(iv)