OpenLegislation

Regulation 3

Original text. Later amendments are not shown.

In regulation 2(1)(b) after the definition of “authorised unit trust” there shall be inserted the following definition—

  • ““depositary interest” means the rights of the person mentioned in paragraph (b), under a certificate or other record (whether or not in the form of a document) acknowledging—

    1. (a)

      that a person holds relevant investments or evidence of the right to them, and

    2. (b)

      that another person is entitled to rights in or in relation to those or identical relevant investments, including the right to receive such investments, or evidence of the right to them or the proceeds from such investments, from the person mentioned in paragraph (a),

  • where “relevant investments” means investments which are exclusively qualifying investments for a stocks and shares component falling within any of regulation 7(2)(a) to (h), and the rights mentioned in paragraph (b) are exclusively rights in or in relation to relevant investments;”.