Section 237 | Other Definitions | Financial Services And Markets Act 2000 C8

237 Other definitions

Financial Services and Markets Act 2000 (2000 c 8) | Legislation

237 Other definitions

(1) In this Part “unit trust scheme” means a collective investment scheme under which the property is held on trust for the participants[, except that it does not include a contractual scheme].

(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—

(a) a collective investment scheme which is constituted by a body incorporated by virtue of regulations under section 262, or

(b) any other collective investment scheme which is not a unit trust scheme,

means any person to whom the property subject to the scheme is entrusted for safekeeping;

[“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”—

(a) in relation to a unit trust scheme with a separate trustee, means the manager;

[(aa) in relation to a co-ownership scheme, means the operator appointed under the terms of the contractual scheme deed;

(ab) in relation to a partnership scheme, means the general partner;] [. . .]

(b) in relation to an open-ended investment company, means that company; . . . [and

(ba)