14.—(1) Part 4 of the Undertakings for Collective Investment in Transferable Securities Regulations 2011 M1 (mergers) is amended as follows.
(2) In regulation 7 (interpretation), in paragraph (1)—
(a)in the definition of “depositary”—
(i)omit the word “means” immediately after “depositary”;
(ii)after paragraph (a) insert—
“(aa)in relation to an authorised contractual scheme means the person by whom, or to whose order, the property subject to the scheme is held;”;
(b)in the definition of “managers”—
(i)for “managers” substitute “ manager ”;
(ii)after paragraph (a) insert—
“(aa)in relation to an authorised contractual scheme, the operator of that scheme,”;
(c)in the definition of “UCITS”, after “open-ended investment company,” insert “ an authorised contractual scheme ”;
(d)in the definition of “unit-holders”—
(i)in paragraph (a) for “UCITS” substitute “ company ”;
(ii)after paragraph (a) insert—
“(aa)in the case of an authorised contractual scheme, the unit-holders in that scheme; and”; and
(e)in the definition of “units”, in paragraph (b), after “authorised unit trust scheme” insert “ or an authorised contractual scheme ”.
(3) In regulation 8, in paragraph (1), after “new company” insert “ , contractual scheme ”.
Marginal Citations
M1S.I. 2011/1613 as amended by S.I. 2013/472.