The Individual Savings Account (Amendment No. 2) Regulations 2009

Amendments to the Individual Savings Account Regulations 1998

3.  In regulation 2(1) (interpretation)—

(a) in sub-paragraph (a)—

(i) in the definition of “company”(1), 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”(2) and “UCITS” (with its associated expressions);

(ii) in the definition of “non-UCITS retail scheme”(3) 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”(4), 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(5);”

““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;”.

(1)

The definition of “company” was amended by S.I. 2001/3629.

(2)

The definition of “Chapter 5 UCITS” was substituted by S.I. 2008/704.

(3)

The definition of “non-UCITS retail scheme” was inserted by regulation 4 of S.I. 2005/3350.

(4)

The definition was amended by S.I. 2003/2747.

(5)

2000 c. 8.