(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 collective investment scheme which is constituted by a body incorporated by virtue of regulations under section 262, or
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;
[F1“management company” has the meaning given in Article 2.1(b) of the UCITS directive;]
[F2“the operator”—
in relation to a unit trust scheme with a separate trustee, means the manager;
in relation to an open-ended investment company, means that company; and
in relation to an EEA UCITS which is not an open-ended investment company or unit trust scheme, means the management company for that UCITS;]
“units” means the rights or interests (however described) of the participants in a collective investment scheme.
[F3“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;
“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;
[F4“EEA UCITS” means a UCITS which is authorised pursuant to Article 5 of the UCITS directive in an EEA State other than the United Kingdom;
“feeder UCITS” means a UCITS, or a sub-fund of a UCITS, which has been approved by the Authority or (where relevant) by its home state regulator to invest 85% or more of the total property which is subject to the collective investment scheme constituted by the UCITS in units of another UCITS or UCITS sub-fund (the “master UCITS”);]
“a recognised scheme” means a scheme recognised under section 264, 270 or 272.
[F5“UCITS” has the meaning given in Article 1.2 of the UCITS directive;
“UK UCITS” means a UCITS which is an authorised unit trust scheme or an authorised open-ended investment company.]
[F6(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.]
Textual Amendments
F1S. 237(2): definition of "management company" inserted after definition of "depositary" (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(14)(a)(i)
F2S. 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)
F3S. 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)
F4S. 237(3): definitions of "EEA UCITS" and "feeder UCITS" inserted after definition of "an authorised open-ended investment company" (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(14)(b)(i)
F5S. 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)
F6S. 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)