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Regulation 88 Meaning of “units in a collective investment scheme”

Original text. Later amendments are not shown.

(1)

For the purposes of regulation 81(d)—

  • “collective investment scheme” has the meaning given by section 235 of FISMA 2000,

  • “units” means the rights or interests (however described) of the investors in the collective investment scheme.

(2)

In paragraph (1) a “investor”, in relation to a collective investment scheme, means a beneficial owner of units in the scheme, except where the units are held on trust (other than a bare trust) or are comprised in the estate of a deceased person, and in such a case the investor, in relation to the scheme, means the trustees of the trust, or, as the case may be, the deceased’s personal representatives.