(1) Section 5 of the Act of 2015 is amended by the substitution of the following subsections for subsection (2):
"(2) The sole object of an ICAV shall be the collective investment of its funds in property and giving members the benefit of the results of the management of its funds, but this is subject to subsection (2A).
(2A) Where an ICAV is authorised under the UCITS Regulations, the sole object of the ICAV shall be as set out in Regulation 4(3)(a) of those Regulations.
(2B) Section 6(6) makes provision, consequent on the enactment of subsection (2A), in relation to an ICAV formed before the commencement of section 44 of the Investment Limited Partnerships (Amendment) Act 2020 and which is authorised under the UCITS Regulations.".
(2) Section 6 of the Act of 2015 is amended -
(a) in subsection (3), by the substitution of the following paragraph for paragraph (a):
"(a) the sole object of the ICAV -
(i) shall, subject to subparagraph (ii), be the collective investment of its funds in p
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