Article 5 Meaning of residual entity

(1)

Subject to paragraph (2), a residual entity is an entity established in a member State or in Montserrat other than an entity—

(a)

which is a legal person;

(b)

the profits of which are taxed under the general arrangements for business taxation; or

(c)

which is a UCITS authorised in accordance with the European UCITS Directive; or

(d)

which is an undertaking for collective investments established in Montserrat and which is equivalent to a UCITS authorised in accordance with the European UCITS Directive.

(2)

In paragraph (1)(a) a legal person excludes—

(a)

in Finland, avoin yhtiö (Ay) and kommandiittiyhtiö (Ky)/ öppet bolag and kommanditbolag; and

(b)

in Sweden, handelsbolag HB) and kommanditbolag (KB).

(3)

A paying agent shall regard an entity as a residual entity unless the paying agent has reason to believe, on the basis of official evidence produced by the entity to the paying agent, that any sub-paragraph of paragraph (1) applies.

(4)

An entity which presents to the paying agent or economic operator a certificate issued by the relevant territory in which that entity is established to the effect that it is to be treated as if it were a UCITS authorised in accordance with the European UCITS Directive shall be treated as such for the purposes of this article.

Here “relevant territory” means, as the case requires, a member State or Montserrat.