OpenLegislation

Article 51ZA Managing a UK UCITSF1F5

(1)

Managing F2a UK UCITS is a specified kind of activity.

(F32)

A person manages a UK UCITS when the person carries on collective portfolio management of it.

(2A)

In paragraph (2) “collective portfolio management” includes investment management, administration and marketing; and “administration” here means—

(a)

legal and fund management accounting services;

(b)

customer inquiries;

(c)

valuation and pricing (including tax returns);

(d)

regulatory compliance monitoring;

(e)

maintenance of unit-holder register;

(f)

distribution of income;

(g)

unit issues and redemptions;

(h)

contract settlements (including certificate dispatch);

(i)

record keeping.”.

(3)

If a person manages F4a UK UCITS and also carries on other activities in connection with or for the purposes of the management of that UCITS, such other activities are also included in the activity specified in paragraph (1).

Annotations

Textual amendments

F1

Arts. 51ZA-51ZG substituted for arts. 51 and cross-heading (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(12)

F2

Words in art. 51ZA(1) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 132(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)

F3

Art. 51ZA(2)(2A) substituted for art. 51ZA(2) (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 132(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)

F4

Words in art. 51ZA(3) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 132(4) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)

F5

Words in art. 51ZA heading substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 132(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)

Notes on Chapter X

Textual amendments

F1

Word in Pt. 2 Ch. 10 heading omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 1(11)