(1)In this Part “unit trust scheme” means a collective investment scheme under which the property is held on trust for the participants [F1, except that it does not include a contractual scheme].
(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;
[F2“management company” has the meaning given in Article 2.1(b) of the UCITS directive;]
[F3“the operator”—
in relation to a unit trust scheme with a separate trustee, means the manager;
[F4in relation to a co-ownership scheme, means the operator appointed under the terms of the contractual scheme deed;
in relation to a partnership scheme, means the general partner;]
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.
[F5“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;
[F6“an authorised contractual scheme” means a contractual scheme which is authorised for the purposes of this Act by an authorisation order in force under section 261D(1);]
“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;
“feeder UCITS” means a UCITS, or a sub-fund of a UCITS, which has been approved by the [F9FCA] 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 F10... or 272.
“UK UCITS” means a UCITS which is an authorised unit trust scheme [F12, an authorised contractual scheme] or an authorised open-ended investment company.]
[F13(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.]
[F14(5)In this Part “umbrella co-ownership scheme” means an authorised contractual scheme which satisfies the conditions in subsection (6).
(6)The conditions are—
(a)that the scheme is a co-ownership scheme;
(b)that the arrangements constituting the scheme provide for such pooling as is mentioned in section 235(3)(a) in relation to separate parts of the property; and
(c)that the participants are entitled under the terms of the scheme to exchange rights in one part for rights in another.
(7)In this Part “sub-scheme”, in relation to an umbrella co-ownership scheme, means the arrangements constituting the scheme so far as they relate to a separate part of the property.
(8)In this Part “stand-alone co-ownership scheme” means an authorised contractual scheme which—
(a)is a co-ownership scheme; and
(b)is not an umbrella co-ownership scheme.]
Textual Amendments
F1Words in s. 237(1) inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(6)(a) (with reg. 24)
F2S. 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)
F3S. 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)
F4Words in s. 237(2) inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(6)(b) (with reg. 24)
F5S. 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)
F6Words in s. 237(3) inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(6)(c)(i) (with reg. 24)
F7Words in s. 237(3) omitted (28.6.2018 for specified purposes, 21.7.2018 in so far as not already in force) by virtue of The Money Market Funds Regulations 2018 (S.I. 2018/698), regs. 1(2), 2(4)
F8S. 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)
F9Word in ss. 237-239 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 9(1)(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F10Word in s. 237(3) omitted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 1 para. 16
F11S. 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)
F12Words in s. 237(3) inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(6)(c)(ii) (with reg. 24)
F13S. 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)
F14S. 237(5)-(8) inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(6)(d) (with reg. 24)