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

Interpretation of Part 4 (mergers)34

1

Regulation 735 is amended as follows.

2

In paragraph (1)—

a

omit the definition of “cross-border merger”;

b

in the definition of “depositary”36—

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”37;

e

for the definition of “EEAUCITS” substitute—

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

f

in the definition of “implementing provision”38, in paragraph (b), for “implements” substitute “implemented”;

g

in the definition of “manager”39 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 UKUCITS, or sub-funds (otherwise referred to as investment compartments) of UKUCITS ((the “merging UCITS”) (which continue to exist until the liabilities have been discharged)) transfer their net assets to—

    1. a

      another sub-fund of the same UKUCITS;

    2. b

      a UKUCITS which they form;

    3. c

      another existing UKUCITS; or

    4. d

      a sub-fund of another existing UKUCITS;

      (the “receiving UCITS”);

i

omit the definition of “UK management company”40;

j

for the definition of “UKUCITS” substitute—

  • “UKUCITS” has the meaning given in section 237(3) of the Act;

k

in the definition of “unit-holders”41 in sub-paragraph (b) omit—

i

“or an EEAUCITS”;

ii

“or EEAUCITS”;

l

in the definition of “units”42—

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)43 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 exit day.