Section 237(2)

In this Part— “trustee”, in relation to a unit trust scheme, means the person holding the property in question on trust for the participants; “depositary”, in relation to— means any person to whom the property subject to the scheme is entrusted for safekeeping; a collective investment scheme which is constituted by a body incorporated by virtue of regulations under section 262, or any other collective investment scheme which is not a unit trust scheme, “management company” means an undertaking, as defined in section 1161 of the Companies Act 2006, whose regular business is the management of UK UCITS; “the operator”— in relation to a unit trust scheme with a separate trustee, means the manager; in relation to a co-ownership scheme, means the operator appointed under the terms of the contractual scheme deed; in relation to a partnership scheme, means the general partner; ... in relation to an open-ended investment company, means that company; ... , and in relation to a recognised scheme, means the legal entity with overall responsibility for the management and performance of the functions of the scheme. ... “units” means the rights or interests (however described) of the participants in a collective investment scheme. “working day” has the meaning given in section 191G(2).

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Source: legislation.gov.uk · retrieved 2026-09-04