Interpretation

3.  In regulation 1(5)—

(a)after the definition of “dwelling-house”, insert—

““EEA UCITS” has the same meaning as in section 237 of the Financial Services and Markets Act 2000(1)”;

(b)after the definition of “quarter”, insert—

““relevant commencement date” means the time at which regulation 5 of the Local Government (Miscellaneous Amendments) (EU Exit) Regulations 2018(2) comes into force;

“relevant period” means the period beginning with the relevant commencement date and ending immediately before the time at which the three year anniversary of the relevant commencement date falls;”;

(c)after the definition of “relevant quarter”, insert—

““relevant UCITS” means—

(a)

a UK UCITS; or

(b)

during the relevant period, an EEA UCITS which was recognised under section 264 of the Financial Services and Markets Act 2000 immediately prior to the relevant commencement date; or

(c)

during the relevant period, a sub-fund of an EEA UCITS which—

(i)

is a recognised scheme for the purposes of Part 17 of the Financial Services and Markets Act 2000 by virtue of regulation 62(1) of the Collective Investment Schemes (Amendment etc.)(EU Exit) Regulations 2019(3), and

(ii)

meets the conditions in regulation 63(3) of the Collective Investment Schemes (Amendment etc.)(EU Exit) Regulations 2019;”;

(d)after the definition of “specified amount”, insert—

““sub-fund” means a sub-fund of a UCITS within the meaning of section 237(4) of the Financial Services and Markets Act 2000;”

(e)after the definition of “sub-liability”, omit “and”;

(f)after the definition of “the 2011-2012 buy back reduction”, insert—

““UCITS” has the same meaning as in section 236A of the Financial Services and Markets Act 2000; and

“UK UCITS” has the same meaning as in section 237 of the Financial Services and Markets Act 2000.”