PART 3Amendments to subordinate legislation

The Stamp Duty and Stamp Duty Reserve Tax (Definition of Unit Trust Scheme and Open-ended Investment Company) Regulations 2001I126

1

The Stamp Duty and Stamp Duty Reserve Tax (Definition of Unit Trust Scheme and Open-ended Investment Company) Regulations 2001111 are amended as follows.

2

In regulation 2(1)—

a

in the definition of “qualifying EEA investment company”, in paragraph (b) after “public” insert “in the UK or”;

b

in the definition of “qualifying EEA open-ended investment company”, in paragraph (c) after “public” insert “in the UK or”;

c

omit the definition of “recognised scheme”;

d

insert at the appropriate place—

  • “relevant authority” means—

    1. a

      the government of the United Kingdom, of Northern Ireland, or of any country outside the United Kingdom,

    2. b

      a local authority in the United Kingdom or elsewhere,

    3. c

      any international organisation the members of which include the United Kingdom or a member State;

e

for the definition of “UCITS” substitute—

  • “UCITS” means—

    1. a

      a UCITS within the meaning given by section 236A of the Financial Services and Markets Act 2000, or

    2. b

      an undertaking established in Gibraltar which is a UCITS under the law of Gibraltar which implemented Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities112,

3

In regulation 2(2), in Condition 5—

a

in paragraph (a) for “recognised scheme” substitute “UCITS and is a recognised scheme for the purposes of Part 17 of the Financial Services and Markets Act 2000113”;

b

for paragraph (c) substitute—

c

units in a UCITS formed under the laws of a member State which has been authorised by the competent authorities of that member State and is a recognised scheme for the purposes of Part 17 of the Financial Services and Markets Act 2000,

c

for paragraph (g) substitute—

g

loan stock, bonds and other instruments—

i

creating or acknowledging indebtedness, and

ii

issued by or on behalf of a relevant authority.