Amendment of Regulation 2(1)
1. Regulation 2(1) is amended -
(a) by inserting the following before "transferable securities":
"'sub-fund' means a separate portfolio of assets maintained by a UCITS in accordance with its trust deed, deed of constitution or articles;", and
(b) by substituting the following for the definition of "umbrella fund":
"'umbrella fund' means a UCITS which is divided into a number of sub-funds, and each sub-fund shall be treated as a separate UCITS for the purposes of the application of Part VII of these Regulations;".
Addition of new Regulation 32A
2. The following is inserted after Regulation 32:
"Cross investment by sub-funds of an umbrella fund.
(1) A company to which this chapter applies and which is established as an umbrella fund may acquire by way of subscription or transfer for consideration shares in one sub-fund of the company for the account of another sub-fund of the company in accordance with Regulation 51.
(2) Shares acquired unde
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