Regulation 3 Amendments to the Individual Savings Account Regulations 1998

in the definition of “company”^f1, for paragraph (ii) substitute—

“(ii)

a UK UCITS, recognised UCITS or non-UCITS retail scheme,”

in the definition of “EEA Agreement” at the end add “, as modified or supplemented from time to time”;

omit the definitions of a “Chapter 5 UCITS”^f2 and “UCITS” (with its associated expressions);

in the definition of “non-UCITS retail scheme”^f3 for “Sections 5.1, 5.4 and 5.6 of that Sourcebook” substitute “COLL 5.1, 5.4 and 5.6”;

for the definition of a “relevant UCITS” substitute—

• ““recognised UCITS” means—

  1. (a)

     a collective investment scheme constituted in an EEA State, which is a “recognised scheme” under section 264 of FISMA 2000, and complies with the requirements to be a “UCITS scheme” for the purposes of the Collective Investment Schemes Sourcebook (see in particular COLL 1.2.2); or

  2. (b)

     a part of a recognised UCITS mentioned in paragraph (a) of this definition, which would be a sub-fund of an umbrella scheme which is a recognised UCITS;”;

in the definition of “units in, or shares of, a UCITS”^f4, before “UCITS” (in both places it appears), insert “UK UCITS or recognised”;

add at the appropriate places—

• ““collective investment scheme” has the meaning in section 235 of FISMA 2000;”

• ““FISMA 2000” means the Financial Services and Markets Act 2000^f5;”

• ““UK UCITS” means—

  1. (a)

     a collective investment scheme authorised under section 31(1)(a) of FISMA 2000, which complies with the requirements to be a “UCITS scheme” for the purposes of the Collective Investment Schemes Sourcebook (see in particular COLL 1.2.2); or

  2. (b)

     a part of a UK UCITS mentioned in paragraph (a) of this definition which would be a sub-fund of an umbrella scheme which is a UK UCITS;”.