187. The UCITS Regulations are amended—

(a) in Regulation 3(1) —

(i) by inserting the following definitions:

“ ‘Act of 2015’ means the Irish Collective Asset-management Vehicles Act 2015;”, and

“ ‘ICAV’ means an ICAV within the meaning of the Act of 2015;”,

(ii) in the definition of “articles”, by inserting “and, in relation to an ICAV, means its instrument of incorporation within the meaning of the Act of 2015” at the end,

(iii) in the definition of “directors”, by inserting “and includes directors and shadow directors of an ICAV” at the end, and

(iv) by substituting for the definition of “investment company” the following:

“ ‘investment company’ means—

(a) an investment company with fixed capital,

(b) an investment company with variable capital, or

(c) except in Regulations 45, 89(4)(a) and 107, an ICAV;”,

and

(b) in Regulation 4(6) by—

(i) deleting “or” after subparagraph (c), and

(ii) substituting the following for subparagraph (d):

“(d) common contractual funds, or

(e) Irish collective asset-management vehicles.”.