Financial Services and Markets Act 2000

[F1258AWinding up or merger of master UCITSU.K.
This section has no associated Explanatory Notes

(1)Subsection (2) applies if a master UCITS which has one or more feeder UCITS which are authorised unit trust schemes is wound up, whether as a result of a direction given by the [F2FCA] under section 257 [F3or 261X], an order of the court under section 258 [F4or 261Y], rules made by the [F2FCA] or otherwise.

(2)The [F2FCA] must direct the manager and trustee of any authorised unit trust scheme which is a feeder UCITS of the master UCITS to wind up the feeder UCITS unless—

(a)the [F2FCA] approves under section 283A the investment by the feeder UCITS of at least 85% of the total property which is subject to the collective investment scheme constituted by the feeder UCITS in units of another UCITS or master UCITS; or

(b)the [F2FCA] approves under section 252A an amendment of the trust deed of the feeder UCITS which would enable it to convert into a UCITS which is not a feeder UCITS.

(3)Subsection (4) applies if a master UCITS which has one or more feeder UCITS which are authorised unit trust schemes—

(a)merges with another UCITS, or

(b)is divided into two or more UCITS.

(4)The [F2FCA] must direct the manager and trustee of any authorised unit trust scheme which is a feeder UCITS of the master UCITS to wind up the scheme unless—

(a)the [F2FCA] approves under section 283A the investment by the scheme of at least 85% of the total property which is subject to the collective investment scheme constituted by the feeder UCITS in the units of—

(i)the master UCITS which results from the merger;

(ii)one of the UCITS resulting from the division; or

(iii)another UCITS or master UCITS;

(b)the [F2FCA] approves under section 252A an amendment of the trust deed of the scheme which would enable it to convert into a UCITS which is not a feeder UCITS.]

Textual Amendments

F1S. 258A inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(21)