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^f1 (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”.

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