(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;]
(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;] [and]
(b) in relation to an open-ended investment company, means that company; . . .
(c) . . .]
“units” means the rights or interests (however describe
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