OpenLegislation

Article 3 Net asset value of collective investment undertakings

United Kingdom

Original text. Later amendments are not shown.

The net asset value of collective investment undertakings referred to in Article 20(6)(a) of Regulation (EU) 2016/1011, shall be either of the following:

  1. (a)

    for collective investment undertakings F1that are UK UCITS (as defined in section 237(3) of the Financial Services and Markets Act 2000): the net asset value per unit reported in the most recent annual or half-yearly report referred to in F2section 4.5 of the Collective Investment Schemes sourcebook in the Handbook of Rules and Guidance published by the Financial Conduct Authority under the Financial Services and Markets Act 2000 as it has effect on IP completion day, multiplied by the number of units;

  2. (b)

    for collective investment undertakings F3that are AIFs (as defined in regulation 3 of the Alternative Investment Fund Managers Regulations 2013): the latest available net asset value referred to in Article 104(1)(c) of Commission Delegated Regulation (EU) No 231/2013f1.

Annotations

Textual amendments

F1

Words in Art. 3(a) substituted (31.12.2020) by The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657), regs. 1(2), 49(2)(a)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F2

Words in Art. 3(a) substituted (31.12.2020) by The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657), regs. 1(2), 49(2)(a)(ii) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 34(j)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F3

Words in Art. 3(b) substituted (31.12.2020) by The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657), regs. 1(2), 49(2)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Footnotes

f1

Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision (OJ L 83, 22.3.2013, p. 1).