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The changes to this defined term are effective from 23:00 on 31/12/2020.
(1) an undertaking:
(a) with the sole object of collective investment in transferable securities or in other liquid financial instruments of capital raised from the public and which operate on the principle of risk-spreading; and
(b) with units which are, at the request of holders, repurchased or redeemed, directly or indirectly, out of those undertakings' assets (and for these purposes, action taken by the undertaking to ensure that the stock exchange value of its units does not significantly vary from their asset value is to be regarded as equivalent to such repurchase or redemption).
(2) undertakings for collective investment in transferable securities that are established in the European Economic Area in accordance with the UCITS Directive.
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has the meaning given in Insurance General Application 2.
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The changes to this defined term are effective from 23:00 on 31/12/2020.
(1) has the meaning given in paragraph 10 of Schedule 3 to FSMA (EEA Passport Rights);
(2) in the Depositor Protection part and Policyholder Protection part, means an authorised person who:
(a) has permission given under Part 4A of FSMA to carry on regulated activities that consist of or include one or more PRA-regulated activities; and
(b) is incorporated in the UK.
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means the European Parliament and Council Directive of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (No 2009/65/EC) as amended.
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means a UK undertaking that is a designated investment firm.