PART II FORMATION, SUPERVISION AND CONTROL

Winding up

F1Merger or division of a master UCITS33B

1

Paragraph (2) applies if a master UCITS—

a

merges with another UCITS, or

b

is divided into two or more UCITS.

2

The Authority must require the directors of any open-ended investment company which is a feeder UCITS of the master UCITS to prepare a proposal to wind up the affairs of the feeder UCITS under regulation 21 unless—

a

the Authority approves under section 283A of the Act the investment by the company of at least 85% of its assets 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; 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 UCITS which is not a feeder UCITS.