Financial Services and Markets Act 2000

237 Other definitions

(1) In this Part “unit trust scheme” means a collective investment scheme under which the property is held on trust for the participants.

(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;

• “the operator”, in relation to a unit trust scheme with a separate trustee, means the manager and in relation to an open-ended investment company, means that company;

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

(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;

• “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;

• “a recognised scheme” means a scheme recognised under section 264, 270 or 272.