(1) This regulation has effect for the interpretation of this Part.

(2) "Stand-alone scheme" means a collective investment scheme - (a) which does not have two or more sub-funds, and (b) whose fund rules or instruments of incorporation do not enable it to have two or more sub-funds.

(3) "Sub-fund" means a sub-fund of a collective investment scheme (its "umbrella scheme"); and for this purpose "sub-fund" - (a) in relation to a UCITS, has the meaning given by section 237(4) of the 2000 Act, and (b) in relation to a collective investment scheme that is not a UCITS, has a corresponding meaning.

(4) "Operator" in relation to a sub-fund, means the operator of its umbrella scheme.