PART IIU.K. FORMATION, SUPERVISION AND CONTROL

Winding upU.K.

[F1Merger or division of a master UCITSU.K.

33B.—(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.]

Textual Amendments