237 Other definitions
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;] [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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