Companies Act 2014 section 1389

Adaptation of certain provisions of UCITS Regulations

Section 1389 applies certain provisions of the UCITS Regulations to investment companies, with modifications to terminology so that the regulations read appropriately in the context of an investment company rather than a UCITS fund.

• Specified regulations from the UCITS Regulations (including regulations on matters such as repurchase of units, disclosure, and reporting) are applied to investment companies as if they were the bodies originally covered by those regulations.
• Key terminology is substituted: "repurchase" becomes "purchase", "UCITS" becomes "investment company", "unit" becomes "share", "unit-holder" becomes "shareholder", and references to "these Regulations" become references to "Part 24 of the Companies Act 2014".
• These word substitutions apply wherever the context permits, and any related or derived forms of those terms are to be read in the same adapted way.
• The section derives from section 258 of the Companies Act 1990, updated to reference the current UCITS Regulations of 2011.