Section 261Z(4)

The FCA must direct the operator and depositary of any authorised contractual scheme which is a feeder UCITS of the master UCITS to wind up the scheme unless— the FCA approves under section 283A the investment by the scheme of at least 85% of the total property which is subject to the collective investment scheme constituted by the feeder UCITS in the units of— the master UCITS which results from the merger; one of the UCITS resulting from the division; or another UCITS or master UCITS; the FCA approves under section 261S an amendment of the contractual scheme deed of the scheme concerned which would enable it to convert into a UK UCITS which is not a feeder UCITS.

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