(1) The Open-Ended Investment Companies Regulations 2001 [S.I. 2001/1228. There have been amendments to this instrument but none is relevant.] are amended as follows.

(2) In regulation 14 -

(a) in paragraph (4) insert at the beginning "Subject to paragraph (4A)";

(b) after paragraph (4) insert -

"(4A) Where the application relates to an open-ended investment company which is a UCITS, it must be determined by the Authority before the end of two months beginning with the date on which it receives the application."

(3) In regulation 21 -

(a) in paragraph (1)(a), insert at the end "other than one to which regulation 22A applies"

(b) in paragraph (1)(c), insert at the end "other than a proposed merger to which Part 4 of the Undertakings for Collective Investment in Transferable Securities Regulations 2010 applies";

(4) After regulation 22, insert -

"22A. The Authority’s approval for conversion of a feeder UCITS