Article 123 Qualifying investmentsI1

Amend regulation 6 (qualifying investments)^f1 as follows.

In paragraph (2)—

In paragraph (4)(a) for paragraphs (iv) and (v) substitute—

“(iv)

units in or shares in, or rights to units in or shares in, an authorised fund or a part of an umbrella scheme;”.

In paragraph (8) for “company” substitute “scheme” (twice).

For paragraph (9) substitute—

“(9)

The condition specified in this paragraph is that not more than 50 per cent. in value of the investments of the scheme, or subject to the trusts of the scheme, are—

(a)

units in, or shares of, a securities scheme or a warrant scheme, or

(b)

units in, or shares of, a relevant UCITS,

where the securities scheme, warrant scheme or UCITS does not satisfy the condition in paragraph (8).”.