{
  "url": "https://openlegislation.uk/draft-undertakings-for-collective-investment-in-transferable-securities-regulations-2011/regulation-8",
  "json_url": "https://openlegislation.uk/draft-undertakings-for-collective-investment-in-transferable-securities-regulations-2011/regulation-8.json",
  "legislation": "ukdsi/2011/9780111512265",
  "legislation_title": "The Undertakings for Collective Investment in Transferable Securities Regulations 2011",
  "legislation_url": "https://openlegislation.uk/draft-undertakings-for-collective-investment-in-transferable-securities-regulations-2011",
  "path": "regulation/8",
  "kind": "regulation",
  "number": "8",
  "heading": "Interpretation",
  "text": "(1) This Part applies to any reconstruction or amalgamation involving a UK UCITS which is a cross-border merger or a domestic merger, and which takes the form of a merger by absorption, a merger by formation of a new company or unit trust scheme, or a merger by sub-fund.\n(2) A “merger by absorption” means an operation in which—\n(a) there are one or more transferor EEA UCITS or sub-funds (the “merging UCITS”);\n(b) there is an existing transferee UK UCITS or sub-fund (the “receiving UCITS”);\n(c) every transferor UCITS or sub-fund is dissolved without going into liquidation and transfers all of its assets and liabilities to the transferee UCITS or sub-fund; and\n(d) the consideration for the transfer is units in the receiving UCITS, receivable by unit-holders in the merging UCITS, or members of the sub-fund, with or without a cash payment to unit-holders not exceeding ten per cent of the net asset value of those units.\n(3) A “merger by formation of a new UCITS” means an operation in which—\n(a) there are two or more transferor EEA UCITS, or sub-funds (the “merging UCITS”);\n(b) every transferor EEA UCITS or sub-fund is dissolved without going into liquidation, and on dissolution transfers all of its assets and liabilities to a transferee UK UCITS or sub-fund formed for the purpose of, or in connection with, the operation (the “receiving UCITS”);\n(c) the consideration for the transfer is—\n(i) units in the receiving UCITS, and\n(ii) if so agreed, a cash payment not exceeding 10 per cent of the net asset value of those units,\nreceivable by members of the transferor UCITS.\n(4) A “merger by scheme of arrangement” means an operation in which—\n(a) there are one or more transferor UCITS or sub-funds of a UCITS (“the merging UCITS”);\n(b) the transferor UCITS or sub-funds continue to exist until their liabilities have been discharged, but transfer their net assets to—\n(i) a sub-fund of the same UCITS;\n(ii) another existing UCITS or a sub-fund of that UCITS; or\n(iii) a UCITS formed for the purposes of the operation\n(“the receiving UCITS”).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2011/9780111512265/regulation/8",
    "retrieved_at": "2026-10-30T14:53:22.092294+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}