The Undertakings for Collective Investment in Transferable Securities Regulations 2011

Changes over time for: Section 7

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The Undertakings for Collective Investment in Transferable Securities Regulations 2011, Section 7 is up to date with all changes known to be in force on or before 31 January 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

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Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2

InterpretationU.K.

This section has no associated Explanatory Memorandum

7.—(1) In this Part—

“the Act” means the Financial Services and Markets Act 2000 M1;

“the Authority” means the [F1Financial Conduct Authority];

F2...

“depositary” F3... —

(a)

in relation to a open-ended investment company means the person appointed under regulation 5 of the Open-Ended Investment Companies Regulations 2001;

(aa)

[F4in relation to an authorised contractual scheme means the person by whom, or to whose order, the property subject to the scheme is held;] [F5and]

(b)

in relation to an authorised unit trust scheme means the trustee of the scheme; F6...

(c)

F7...

F8...

F9...

[F10“feeder UCITS” has the meaning given in section 237(3) of the Act;]

[F11“implementing provision” means a requirement that is imposed—

(a)

by these Regulations; or

(b)

by or under the Act, if the provision [F12implemented] the UCITS directive;]

“[F13manager]” means—

(a)

in relation to an open-ended investment company, the directors of that company,

(aa)

[F14in relation to an authorised contractual scheme, the operator of that scheme,]

(b)

in relation to an authorised unit trust scheme, the manager of that scheme,

(c)

F15...

[F16“master UCITS” has the meaning given in section 237(3) of the Act;]

[F16“merger” means an operation whereby one or more UK UCITS, or sub-funds (otherwise referred to as investment compartments) of UK UCITS ((the “merging UCITS”) (which continue to exist until the liabilities have been discharged)) transfer their net assets to—

(a)

another sub-fund of the same UK UCITS;

(b)

a UK UCITS which they form;

(c)

another existing UK UCITS; or

(d)

a sub-fund of another existing UK UCITS; (the “receiving UCITS”);]

“UCITS” means an undertaking for collective investment in transferable securities within the meaning of Article 1.2 of the UCITS directive, or a sub-fund of such an undertaking, and includes an open ended investment company, [F17an authorised contractual scheme] or an authorised unit trust to which the UCITS directive applies;

“UCITS directive” means directive means the Council Directive of 13th July 2009 on the co-ordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (No 2009/65/EC) [F18, as amended by Directive 2014/91/EU of the European Parliament and of the Council of 23rd July 2014;]

F19...

[F20“UK UCITS” has the meaning given in section 237(3) of the Act;]

“unit-holders” means—

(a)

in the case of an open-ended investment company, the shareholders or members of that [F21company];

(aa)

[F22in the case of an authorised contractual scheme, the unit-holders in that scheme; and]

(b)

in the case of an authorised unit trust scheme F23..., the unit-holders in that trust scheme F24...;

“units” means—

(a)

in the case of an open-ended investment company, shares in the company; [F25and]

(b)

in the case of an authorised unit trust scheme [F26or an authorised contractual scheme], units in the scheme; F27...

(c)

F28...

[F29(2) F30... Subject to paragraph (1), expressions used in this Part shall have the same meaning as in the Act.]

[F31(3) Any reference in these Regulations to the Collective Investment Schemes sourcebook is a reference to the Collective Investment Schemes sourcebook made under the Act by the Authority, as it has effect on [F321 January 2022].]

Textual Amendments

F1Words in reg. 7 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 212(a)

F2Words in reg. 7(1) omitted (31.12.2020) by virtue of The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 34(2)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F3Word in reg. 7(1) omitted (6.6.2013) by virtue of The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 14(2)(a)(i) (with reg. 24)

F4Words in reg. 7(1) inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 14(2)(a)(ii) (with reg. 24)

F5Word in reg. 7(1) inserted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 34(2)(b)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F6Word in reg. 7(1) omitted (31.12.2020) by virtue of The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 34(2)(b)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F7Words in reg. 7(1) omitted (31.12.2020) by virtue of The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 34(2)(b)(iii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F8Words in reg. 7(1) omitted (31.12.2020) by virtue of The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 34(2)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F9Words in reg. 7(1) omitted (31.12.2020) by virtue of The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 34(2)(d) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F10Words in reg. 7(1) substituted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 34(2)(e) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F11Words in reg. 7(1) inserted (18.3.2016) by The Undertakings for Collective Investment in Transferable Securities Regulations 2016 (S.I. 2016/225), regs. 1, 3(2)(a)