(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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