In these Regulations—

• “the Act” means the Financial Services and Markets Act 2000 M1;

• “collective investment scheme” has the meaning given in section 235 of the Act;

• “multilateral trading facility” and “regulated market” have the same meaning as they have for the purposes of F1Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets and financial instruments, as amended from time to time M2;

• “open-ended investment company” has the meaning given in section 236 of the Act M3;

• “units” has the meaning given in section 237(2) of the Act.