PART 2Amendments of the Financial Services and Markets Act 2000

Other definitions for Part 17I17

1

Section 237 (other definitions for Part 17) is amended as follows.

2

In subsection (2)—

a

for the definition of “management company” substitute—

“management company” means an undertaking, as defined in section 1161 of the Companies Act 2006 M1, whose regular business is the management of UK UCITS;

b

in the definition of “the operator”M2—

i

at the end of paragraph (ab), insert “ and ”;

ii

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

iii

omit paragraph (c).

3

In subsection (3)—

a

after the definition of “an authorised open-ended investment company”M3 insert—

“the Collective Investment Schemes sourcebook” means the Collective Investment Schemes sourcebook made under this Act by the FCA, as it has effect on F1IP completion day;

“EEA UCITS” means a UCITS which is authorised pursuant to Article 5 of the UCITS directive in an EEA State;

b

for the definition of “feeder UCITS”M4 substitute—

“feeder UCITS” means—

a

a UK UCITS which has been approved by the FCA to invest 85% or more of the total property which is subject to the collective investment scheme constituted by the UK UCITS in units of—

i

another UK UCITS,

ii

a sub-fund of another UK UCITS,

iii

an EEA UCITS, or

iv

a sub-fund of an EEA UCITS, or

b

a sub-fund of a UK UCITS which has been approved by the FCA to invest 85% or more of the sub-fund's separate pool of the property of the UK UCITS in units of—

i

another UK UCITS,

ii

another sub-fund of a UK UCITS,

iii

an EEA UCITS, or

iv

a sub-fund of an EEA UCITS;

“master UCITS”, in relation to a feeder UCITS, means (as the case may be)—

a

the other UK UCITS mentioned in paragraph (a)(i) or (b)(i) of the definition of “feeder UCITS”,

b

the EEA UCITS mentioned in paragraph (a)(iii) or (b)(iii) of that definition, or

c

the sub-fund mentioned in paragraph (a)(ii) or (iv) or (b)(ii) or (iv) of that definition;

c

in the definition of “a recognised scheme”M5, omit “264 or”;

d

before the definition of “UK UCITS” insert—

“UCITS-related direct EU legislation” means—

a

Commission Regulation (EU) 2010/583 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website, or

b

Commission Delegated Regulation (EU) 2016/438 of 17 December 2015 supplementing Directive 2009/65/EC of the European Parliament and of the Council with regard to obligations of depositaries;