PART 3Amendments to subordinate legislation

The Offshore Funds (Tax) Regulations 2009I130

1

The Offshore Funds (Tax) Regulations 2009120 are amended as follows.

2

In regulation 12—

a

for the definition of “regulated market” substitute—

  • “regulated market” means—

    1. a

      a UK regulated market within the meaning given by Article 2.1(13A) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments,

    2. b

      an EU regulated market within the meaning given by Article 2.1(13B) of that Regulation, and

    3. c

      a regulated market within the meaning given by Article 2.1(13) of that Regulation which is authorised and functions regularly and in accordance with Part 3 of the Financial Services (Markets in Financial Instruments) Act 2018 of Gibraltar;

b

for the definition of “UCITS fund” substitute—

  • “UCITS fund” 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 securities121.

3

In regulation 74(2) omit “264 or”.