PART II FORMATION, SUPERVISION AND CONTROL
Winding up
F1Winding up of a master UCITS33A
1
Paragraphs (2) and (3) apply if a master UCITS is wound up.
2
If the Authority considers that an open-ended investment company which is a feeder UCITS of the master UCITS may be wound up under section 221 of the 1986 Act, the Authority must present a petition to the Court for the feeder UCITS to be wound up unless one of the conditions referred to in paragraph (4) is satisfied.
3
If paragraph (2) does not apply, the Authority must require the directors of any open ended investment company which is a feeder UCITS of the master UCITS to submit a proposal under regulation 21 to wind up the affairs of the company unless one of the conditions referred to in paragraph (4) is satisfied.
4
The conditions set out in paragraphs (2) and (3) are—
a
the Authority approves under section 283A of the Act the investment by the feeder UCITS of at least 85% of its assets in units of another UCITS or master UCITS; or
b
the Authority approves under regulation 22A an amendment of the instrument of incorporation of the company which would enable it to convert into a F2UKUCITS which is not a feeder UCITS.