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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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Regulation 33B Merger or division of a master UCITS

(1) Paragraph (2) applies if a master UCITS -

(a) merges with another UCITS, or

(b) is divided into two or more UCITS.

(2) The Authority must require the directors of any open-ended investment company which is a feeder UCITS of the master UCITS to prepare a proposal to wind up the affairs of the feeder UCITS under regulation 21 unless -

(a) the Authority approves under section 283A of the Act the investment by the company of at least 85% of its assets in the units of -

(i) the master UCITS which results from the merger;

(ii) one of the UCITS resulting from the division; or

(iii) another UCITS or master UCITS; or

(b) the Authority approves under regulation 22A an amendment of the instrument of incorporation of the company which would enable it to convert into a UK UCITS which is not a feeder UCITS.

Comparing proposed amendment...