Financial Services and Markets Act 2000

237 Other definitions.U.K.

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(1)In this Part “unit trust scheme” means a collective investment scheme under which the property is held on trust for the participants [F1, except that it does not include a contractual scheme].

(2)In this Part—

  • “trustee”, in relation to a unit trust scheme, means the person holding the property in question on trust for the participants;

  • “depositary”, in relation to—

    (a)

    a collective investment scheme which is constituted by a body incorporated by virtue of regulations under section 262, or

    (b)

    any other collective investment scheme which is not a unit trust scheme,

    means any person to whom the property subject to the scheme is entrusted for safekeeping;

  • [F2“management company” means an undertaking, as defined in section 1161 of the Companies Act 2006, whose regular business is the management of UK UCITS;]

  • [F3“the operator”—

    (a)

    in relation to a unit trust scheme with a separate trustee, means the manager;

    (aa)

    [F4in relation to a co-ownership scheme, means the operator appointed under the terms of the contractual scheme deed;

    (ab)

    in relation to a partnership scheme, means the general partner;] [F5and]

    (b)

    in relation to an open-ended investment company, means that company; F6...]

    (c)

    F7...

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

  • [F8“working day” has the meaning given in section 191G(2).]

(3)In this Part—

  • “an authorised unit trust scheme” means a unit trust scheme which is authorised for the purposes of this Act by an authorisation order in force under section 243;

  • [F9“an authorised contractual scheme” means a contractual scheme which is authorised for the purposes of this Act by an authorisation order in force under section 261D(1);]

  • “an authorised open-ended investment company” means a body incorporated by virtue of regulations under section 262 in respect of which an authorisation order is in force under any provision made in such regulations by virtue of subsection (2)(l) of that section;

  • [F10“the Collective Investment Schemes sourcebook” means the Collective Investment Schemes sourcebook made under this Act by the FCA, as it has effect on IP completion day;

  • “EEA UCITS” means a UCITS which is authorised pursuant to Article 5 of the UCITS directive in an EEA State;]

  • F11...

  • [F12“feeder UCITS” means—

    (a)

    a UK UCITS which has been approved by the FCA to invest 85% or more of the total property which is subject to the collective investment scheme constituted by the UK UCITS in units of—

    (i)

    another UK UCITS,

    (ii)

    a sub-fund of another UK UCITS,

    (iii)

    an EEA UCITS, or

    (iv)

    a sub-fund of an EEA UCITS, or

    (b)

    a sub-fund of a UK UCITS which has been approved by the FCA to invest 85% or more of the sub-fund's separate pool of the property of the UK UCITS in units of—

    (i)

    another UK UCITS,

    (ii)

    another sub-fund of a UK UCITS,

    (iii)

    an EEA UCITS, or

    (iv)

    a sub-fund of an EEA UCITS;

  • “master UCITS”, in relation to a feeder UCITS, means (as the case may be)—

    (a)

    the other UK UCITS mentioned in paragraph (a)(i) or (b)(i) of the definition of “feeder UCITS”,

    (b)

    the EEA UCITS mentioned in paragraph (a)(iii) or (b)(iii) of that definition, or

    (c)

    the sub-fund mentioned in paragraph (a)(ii) or (iv) or (b)(ii) or (iv) of that definition;]

  • “a recognised scheme” means a scheme recognised under section F13... 272.

  • F11...

  • [F14“UCITS-related direct EU legislation” means—

    (a)

    Commission Regulation (EU) 2010/583 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website, or

    (b)

    Commission Delegated Regulation (EU) 2016/438 of 17 December 2015 supplementing Directive 2009/65/EC of the European Parliament and of the Council with regard to obligations of depositaries;]

  • [F15“UK UCITS” means a UCITS which is an authorised unit trust scheme [F16, an authorised contractual scheme] or an authorised open-ended investment company.]

[F17(4)In this Part, references to a sub-fund of a UCITS are references to a part of the property of the UCITS which forms a separate pool where—

(a)the UCITS provides arrangements for separate pooling of the contributions of the participants and the profits and income out of which payments are made to them; and

(b)the participants are entitled to exchange rights in one pool for rights in another.]

[F18(5)In this Part “umbrella co-ownership scheme” means an authorised contractual scheme which satisfies the conditions in subsection (6).

(6)The conditions are—

(a)that the scheme is a co-ownership scheme;

(b)that the arrangements constituting the scheme provide for such pooling as is mentioned in section 235(3)(a) in relation to separate parts of the property; and

(c)that the participants are entitled under the terms of the scheme to exchange rights in one part for rights in another.

(7)In this Part “sub-scheme”, in relation to an umbrella co-ownership scheme, means the arrangements constituting the scheme so far as they relate to a separate part of the property.

(8)In this Part “stand-alone co-ownership scheme” means an authorised contractual scheme which—

(a)is a co-ownership scheme; and

(b)is not an umbrella co-ownership scheme.]

Textual Amendments

F3S. 237(2) definition of "the operator" substituted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(14)(a)(ii)

F8S. 237(2) definition of "working day" inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(14)(a)(iii)

F11Words in s. 237(3) omitted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by virtue of The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(4)

F15S. 237(3): definitions of "UCITS" and "UK UCITS" inserted after definition of "a recognised scheme" (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(14)(b)(ii)

F17S. 237(4) inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(14)(c)