PART 3Amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

Article 51ZA (managing a UCITS)132

1

Article 51ZA226 (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 UKUCITS”.

3

For paragraph (2) substitute—

2

A person manages a UKUCITS 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 UKUCITS”.

5

In consequence of the amendments made by paragraphs (2) to (4)—

a

in article 72H227, in paragraph (2)(m), for “a UCITS” substitute “a UKUCITS”;

b

omit Schedule 6.