Meaning of exchange traded fund5

In these Regulations an “exchange traded fund” means a collective investment scheme which—

a

is an open-ended investment company, units in which are admitted to trading on—

i

a regulated market, or

ii

a multilateral trading facility, and

b

is authorised as a UCITS within the meaning of and pursuant to Directive 2009/65/EC of the European Parliament and of the Council on the co-ordination of laws, regulations and administrative provisions relating to undertakings for collective investments in transferable securities (UCITS), as amended from time to time5.