Regulation 3 Amendment to the Principal Regulations — definitions

In regulation 2(1) for sub-paragraph (b) there shall be substituted —

“(b)

• “authorised unit trust” means a unit trust scheme in the case of which an order under section 78 of the Financial Services Act 1986^f1 is in force and which is an authorised securities scheme within the meaning of the Authorised Unit Trust Scheme (Investment and Borrowing Powers) Regulations 1988^f2;

• “unit holder” means a person entitled to a share of the investments subject to the trusts of a unit trust scheme;

• “unit trust scheme” has the same meaning as in section 469 of the Income and Corporation Taxes Act 1988^f3;

and references to a “unit” include references to a fraction of a unit.”