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the investment, specified in article 81 of the Regulated Activities Order (Units in a collective investment scheme) and defined in section 237(2) of the Act (Other definitions)), which is the right or interest (however described) of the participants in a collective investment scheme; this includes:(a) (in relation to an AUT) a unit representing the rights or interests of the unitholders in the AUT;
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(as defined in section 237(1) of the Act (Other definitions)) a collective investment scheme under which the property in question is held on trust for the participants.
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England and Wales, Scotland and Northern Ireland (but not the Channel Islands or the Isle of Man).
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(in CIS) (in relation to an AUT, and subject to CIS 11.3.2 R (Special meaning of unitholder)):(a) (in relation to a unit represented by a bearer certificate) the person who holds the bearer certificate;(b) (in relation to a unit that is not represented by a bearer certificate) the person whose name is entered on the register in relation to that unit.(in COLL)(a) (in relation to an ICVC or an AUT as appropriate, and subject to COLL 4.4.4 R (Special meaning of unitholder in COLL 4.4)):(i) (in relation a unit which is represented by a bearer certificate) the person who holds that certificate; or(ii) (in relation to a unit that is not represented by a bearer certificate) the person whose name is entered on the register in relation to that unit; or(b) (in relation to a unit in collective investment scheme not within (a)):
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arrangements for a newly formed dual-priced AUT under which:(a) the whole or part of the property of a body corporate (or a collective investment scheme) becomes the first property to be held on the trusts of the AUT; and(b) the holders of shares (or units) in the body corporate (or collective investment scheme) being wound up or property of which is being transferred become the first participants in the AUT.