(1) Subject to paragraph (9), these Regulations apply to UCITS deemed to be established in the State as specified in Regulation 6.
(2) Subject to paragraph (9), Part 12 applies to UCITS authorised in another Member State which proposes to market units in the State.
(3) Subject to paragraph (9), for the purposes of these Regulations, UCITS are undertakings -
(a) the sole object of which is the collective investment in either or both -
(ii) other liquid financial assets referred to in Regulation 68,
of capital raised from the public and which operate on the principle of risk-spreading,
and
(b) the units of which are, at the request of holders, repurchased or redeemed, directly or indirectly, out of those undertakings' assets.
(4) Action taken by a UCITS to ensure that the stock exchange value of its units does not vary significantly from their net asset value shall be regarded as equivalent to repurchase or redemption referred to in paragraph (3) (b).
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