Meaning of exchange traded fund

5.  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 time(1).

(1)

OJ No L 302, 17.11.2009, p 32.