Investment Funds, Companies and Miscellaneous Provisions Act 2005

Interpretation ( Part 2).

6

6.—(1) In this Part, unless the context otherwise requires—

“Bank” means the F1 [ Central Bank of Ireland ];

“common contractual fund” means a collective investment undertaking, being an unincorporated body established by a management company, under which the participants by contractual arrangement participate and share in the property of the collective investment undertaking as co-owners, provided—

( a) it is expressly stated in its deed of constitution to be established pursuant to this Act,

( b) it holds an authorisation issued in accordance with this Act, and

( c) it is not established pursuant to Council Directive No. 85/611/EEC of 20 December 1985 1, as amended from time to time.

“debentures” means any debentures, debenture stock or bonds of any body corporate, incorporated in or outside the State, whether constituting a charge on the assets of the body or not;

“deed of constitution” or “deed” means the deed under which the common contractual fund is constituted, and references to the deed of constitution of a common contractual fund shall be construed accordingly;

“holding company” has the same meaning as in the Act of 1963;

“sub-fund” means a separate portfolio of assets maintained by a common contractual fund in accordance with its deed of constitution;

“subsidiary” has the same meaning as in the Act of 1963;

“UCITS Regulations” means the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2003 ( S.I. No. 211 of 2003) as amended;

“unit-holder” means the holder of one or more units of a common contractual fund and references to a unit-holder in such a common contractual fund shall be construed accordingly;

“units” means instruments granting an entitlement to share in the investments and relevant income of a common contractual fund;

“umbrella fund” means a common contractual fund which is divided into a number of sub-funds.

(2) Any reference in this Part to a management company of a common contractual fund or to a custodian of such a common contractual fund shall be construed as a reference to the person in whom are vested the powers of management relating to property of the fund for the time being or, as the case may be, to the person in whom such property is entrusted for safe-keeping.

(3) Any reference in this Part to an authorisation, in relation to a common contractual fund, standing revoked under this Act shall be construed as a reference to an authorisation standing revoked under Regulation 102 of the UCITS Regulations as applied by section 18 .

(4) For the purposes of the application by section 18 of certain provisions of the UCITS Regulations to common contractual funds, the said provisions shall be construed as one with this Part.