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Amendments to the Individual Savings Account Regulations 1998
This section has no associated Explanatory Memorandum
3. In regulation 2(1) (interpretation)—
(a)in sub-paragraph (a)—
(i)in the definition of “company”(), for paragraph (ii) substitute—
“(ii)a UK UCITS, recognised UCITS or non-UCITS retail scheme,”
(ii)in the definition of “EEA Agreement” at the end add “, as modified or supplemented from time to time”;
(b)in sub-paragraph (b)—
(i)omit the definitions of a “Chapter 5 UCITS”() and “UCITS” (with its associated expressions);
(ii)in the definition of “non-UCITS retail scheme”() for “Sections 5.1, 5.4 and 5.6 of that Sourcebook” substitute “COLL 5.1, 5.4 and 5.6”;
(iii)for the definition of a “relevant UCITS” substitute—
““recognised UCITS” means—
(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
(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;”;
(iv)in the definition of “units in, or shares of, a UCITS”(), before “UCITS” (in both places it appears), insert “UK UCITS or recognised”;
(v)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();”
““UK UCITS” means—
(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
(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;”.
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