Regulation 5 “Units in a collective investment scheme”

For the purposes of regulation 2(2)(d)—

• “collective investment scheme” has the meaning given by section 235 of the Financial Services and Markets Act 2000^f1,

• “units” means the rights or interests (however described) of the investors in a collective investment scheme.

In paragraph (1) an “investor”, in relation to a collective investment scheme, means a beneficial owner of units in the scheme, except where the units are held on trust (other than a bare trust) or are comprised in the estate of a deceased person, and in such a case the investor, in relation to the scheme, means the trustees of the trust or, as the case may be, the deceased’s personal representatives.