[F1258AWinding up or merger of master UCITSU.K.
(1)Subsection (2) applies if a master UCITS which has one or more feeder UCITS which are authorised unit trust schemes is wound up, whether as a result of a direction given by the [F2FCA] under section 257 [F3or 261X], an order of the court under section 258 [F4or 261Y], rules made by the [F2FCA] or otherwise.
(2)The [F2FCA] must direct the manager and trustee of any authorised unit trust scheme which is a feeder UCITS of the master UCITS to wind up the feeder UCITS unless—
(a)the [F2FCA] approves under section 283A the investment by the feeder UCITS of at least 85% of the total property which is subject to the collective investment scheme constituted by the feeder UCITS in units of another UCITS or master UCITS; or
(b)the [F2FCA] approves under section 252A an amendment of the trust deed of the feeder UCITS which would enable it to convert into a [F5UK] UCITS which is not a feeder UCITS.
(3)Subsection (4) applies if a master UCITS which has one or more feeder UCITS which are authorised unit trust schemes—
(a)merges with another UCITS, or
(b)is divided into two or more UCITS.
(4)The [F2FCA] must direct the manager and trustee of any authorised unit trust scheme which is a feeder UCITS of the master UCITS to wind up the scheme unless—
(a)the [F2FCA] approves under section 283A the investment by the scheme of at least 85% of the total property which is subject to the collective investment scheme constituted by the feeder UCITS in the units of—
(i)the master UCITS which results from the merger;
(ii)one of the UCITS resulting from the division; or
(iii)another UCITS or master UCITS;
(b)the [F2FCA] approves under section 252A an amendment of the trust deed of the scheme which would enable it to convert into a [F6UK] UCITS which is not a feeder UCITS.]
Textual Amendments
F1S. 258A inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), reg. 2(21)
F2Word in ss. 254-262 substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 18 para. 9(1)(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3Words in s. 258A(1) inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(9)(a) (with reg. 24)
F4Words in s. 258A(1) inserted (6.6.2013) by The Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388), regs. 1, 3(9)(b) (with reg. 24)
F5Word in s. 258A(2)(b) inserted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 13(2) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F6Word in s. 258A(4)(b) inserted (31.12.2020) by The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325), regs. 1(2), 13(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)