PART 2Amendments of the Financial Services and Markets Act 2000

Master-feeder structuresI127

1

Section 283A M1 (master-feeder structures) is amended as follows.

2

In subsection (1), for the words from “rules made” to “directive” substitute “ rule 5.2.11(9) of the Collective Investment Schemes sourcebook ”.

3

In subsection (3)(a)—

a

for “that the UCITS” substitute “ that the UK UCITS ”;

b

in sub-paragraph (i) for “Chapter VIII of the UCITS directive,” substitute “ the Chapter 8 provisions, ”.

4

After subsection (3) insert—

3A

In subsection (3)(a)(i) “the Chapter 8 provisions” means—

a

in relation to a UK UCITS or its operator, trustee or depositary, or auditor, any provision made by or under an enactment in implementation of Chapter 8 of the UCITS directive, and

b

in relation to an EEA UCITS or its operator, Chapter 8 of the UCITS directive.