- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made).
8.—(1) This Part applies to any reconstruction or amalgamation involving a UK UCITS which is a cross-border merger or a domestic merger, and which takes the form of a merger by absorption, a merger by formation of a new company or unit trust scheme, or a merger by sub-fund.
(2) A “merger by absorption” means an operation in which—
(a)there are one or more transferor EEA UCITS or sub-funds (the “merging UCITS”);
(b)there is an existing transferee UK UCITS or sub-fund (the “receiving UCITS”);
(c)every transferor UCITS or sub-fund is dissolved without going into liquidation and transfers all of its assets and liabilities to the transferee UCITS or sub-fund; and
(d)the consideration for the transfer is units in the receiving UCITS, receivable by unit-holders in the merging UCITS, or members of the sub-fund, with or without a cash payment to unit-holders not exceeding ten per cent of the net asset value of those units.
(3) A “merger by formation of a new UCITS” means an operation in which—
(a)there are two or more transferor EEA UCITS, or sub-funds (the “merging UCITS”);
(b)every transferor EEA UCITS or sub-fund is dissolved without going into liquidation, and on dissolution transfers all of its assets and liabilities to a transferee UK UCITS or sub-fund formed for the purpose of, or in connection with, the operation (the “receiving UCITS”);
(c)the consideration for the transfer is—
(i)units in the receiving UCITS, and
(ii)if so agreed, a cash payment not exceeding 10 per cent of the net asset value of those units,
receivable by members of the transferor UCITS.
(4) A “merger by scheme of arrangement” means an operation in which—
(a)there are one or more transferor UCITS or sub-funds of a UCITS (“the merging UCITS”);
(b)the transferor UCITS or sub-funds continue to exist until their liabilities have been discharged, but transfer their net assets to—
(i)a sub-fund of the same UCITS;
(ii)another existing UCITS or a sub-fund of that UCITS; or
(iii)a UCITS formed for the purposes of the operation
(“the receiving UCITS”).
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: