The Individual Savings Account (Amendment) Regulations 2020

Amendment of the Individual Savings Account Regulations 1998

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

(a) in sub-paragraph (a) insert at the appropriate place—

““Child Trust Funds Regulations” means the Child Trust Funds Regulations 2004(1).”;

and

““CTF matured account” has the meaning given in regulation 5DZA(2);”;

and

(b) in sub-paragraph (b) for the definition of “recognised UCITS”(3) substitute—

““recognised UCITS” means—

(a)

a UCITS within the meaning given by section 236A of the Financial Services and Markets Act 2000(4) which is a recognised scheme for the purposes of Part 17 of that Act; or

(b)

an undertaking established in Gibraltar which is a UCITS under the law of Gibraltar which implemented Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities;”.

(1)

S.I. 2004/1450.

(2)

Regulation 5DZA is inserted by these Regulations.

(3)

The definition of “recognised UCITS” was substituted for that of “relevant UCITS” by S.I.2009/1994. That definition is substituted in turn by S.I. 2019/689 which is not yet in force.

(4)

2000 c.8 . Section 236A was inserted by S.I. 2019/325.