(1) In this Part "unit trust scheme" means a collective investment scheme under which the property is held on trust for the participants, except that it does not include a contractual scheme.
"trustee", in relation to a unit trust scheme, means the person holding the property in question on trust for the participants;
"depositary", in relation to - (a) a collective investment scheme which is constituted by a body incorporated by virtue of regulations under section 262, or (b) any other collective investment scheme which is not a unit trust scheme, means any person to whom the property subject to the scheme is entrusted for safekeeping;
"management company" means an undertaking, as defined in section 1161 of the Companies Act 2006 [2006 c. 46.], whose regular business is the management of UK UCITS;
"the operator" - (a) in relation to a unit trust scheme with a separate trustee, means the manager; (aa) in relation to a co-ownership scheme, means the operato
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