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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2020 - onwards
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Article 51ZA Managing a UK UCITS

(1)Managing a UK UCITS is a specified kind of activity.

(2) A person manages a UCITS when the person carries on collective portfolio management of the UCITS within the meaning of the UCITS directive, which includes the functions referred to in Annex 2 to that directive (the text of which is set out in Schedule 6) in relation to a UCITS.

(2A) In paragraph (2) "collective portfolio management" includes investment management, administration and marketing; and "administration" here means -

(a) legal and fund management accounting services;

(b) customer inquiries;

(c) valuation and pricing (including tax returns);

(d) regulatory compliance monitoring;

(e) maintenance of unit-holder register;

(f) distribution of income;

(g) unit issues and redemptions;

(h) contract settlements (including certificate dispatch);

(i) record keeping.

(3) If a person manages a UK UCITS and also carries on other activities in connection with or for the purposes of the management of that UCITS, such other activitie

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