C1PART 3Amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
C1Article 51ZA (managing a UCITS)I1C1132
1
Article 51ZA M1 (managing a UCITS) is amended as set out in paragraphs (2) to (4).
2
In the heading and in paragraph (1), for “a UCITS” substitute “
a UK UCITS
”
.
3
For paragraph (2) substitute—
2
A person manages a UK UCITS when the person carries on collective portfolio management of it.
2A
In paragraph (2) “collective portfolio management” includes investment management, administration and marketing; and “administration” here means—
a
legal and fund management accounting services;
b
customer inquiries;
c
valuation and pricing (including tax returns);
d
regulatory compliance monitoring;
e
maintenance of unit-holder register;
f
distribution of income;
g
unit issues and redemptions;
h
contract settlements (including certificate dispatch);
i
record keeping.”.
4
In paragraph (3), for “a UCITS” substitute “
a UK UCITS
”
.
5
In consequence of the amendments made by paragraphs (2) to (4)—
a
in article 72H M2, in paragraph (2)(m), for “a UCITS” substitute “
a UK UCITS
”
;
b
omit Schedule 6.
Pts. 3-6 modified in part (31.12.2020) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(2), 11(1)(4)(5) (with reg. 11(8)-(10)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1)