PART 3Amendments of the Undertakings for Collective Investment in Transferable Securities Regulations 2011

Interpretation of Part 4 (mergers)I134

1

Regulation 7 M1 is amended as follows.

2

In paragraph (1)—

a

omit the definition of “cross-border merger”;

b

in the definition of “depositary”M2—

i

at the end of sub-paragraph (aa), insert “ and ”;

ii

at the end of sub-paragraph (b), omit “and”;

iii

omit sub-paragraph (c);

c

omit the definition of “domestic merger”;

d

omit the definition of “EEA management company”M3;

e

for the definition of “EEA UCITS” substitute—

“feeder UCITS” has the meaning given in section 237(3) of the Act;

f

in the definition of “implementing provision”M4, in paragraph (b), for “implements” substitute “ implemented ”;

g

in the definition of “manager”M5 omit sub-paragraph (c);

h

after the definition of “manager” insert—

“master UCITS” has the meaning given in section 237(3) of the Act;

“merger” means an operation whereby one or more UK UCITS, or sub-funds (otherwise referred to as investment compartments) of UK UCITS ((the “merging UCITS”) (which continue to exist until the liabilities have been discharged)) transfer their net assets to—

a

another sub-fund of the same UK UCITS;

b

a UK UCITS which they form;

c

another existing UK UCITS; or

d

a sub-fund of another existing UK UCITS; (the “receiving UCITS”);

i

omit the definition of “UK management company”M6;

j

for the definition of “UK UCITS” substitute—

“UK UCITS” has the meaning given in section 237(3) of the Act;

k

in the definition of “unit-holders”M7 in sub-paragraph (b) omit—

i

“or an EEA UCITS”;

ii

“or EEA UCITS”;

l

in the definition of “units”M8—

i

at the end of sub-paragraph (a) insert “ and ”;

ii

at the end of sub-paragraph (b) omit “and”;

iii

omit sub-paragraph (c).

3

In paragraph (2) M9 omit the words from “Expressions used in this Part” to “as in the UCITS directive and,”.

4

After paragraph (2), insert—

3

Any reference in these Regulations to the Collective Investment Schemes sourcebook is a reference to the Collective Investment Schemes sourcebook made under the Act by the Authority, as it has effect on F1IP completion day.