s 258A Winding up or merger of master UCITS
(1) Subsection (2) applies if a master UCITS which has one or more feeder UCITS which are authorised unit trust schemes is wound up, whether as a result of a direction given by the FCA under section 257 or 261X , an order of the court under section 258 or 261Y , rules made by the FCA or otherwise. (2) The FCA must direct the manager and trustee of any authorised unit trust scheme which is a feeder UCITS of the master UCITS to wind up the feeder UCITS unless— (a) the FCA approves under section 283A the investment by the feeder UCITS of at least 85% of the total property which is subject to the collective investment scheme constituted by the feeder UCITS in units of another UCITS or master UCITS ; or (b) the FCA approves under section 252A an amendment of the trust deed of the feeder UCITS which would enable it to convert into a UK UCITS which is not a feeder UCITS. (3) Subsection (4) applies if a master UCITS which has one or more feeder UCITS which are authorised unit trust schemes— (a) merges with another UCITS , or (b) is divided into two or more UCITS. (4) The FCA must direct the manager and trustee of any authorised unit trust scheme which is a feeder UCITS of the master UCITS to wind up the scheme unless— (a) the FCA approves under section 283A the investment by the scheme of at least 85% of the total property which is subject to the collective investment scheme constituted by the feeder UCITS in the units of— (i) the master UCITS which results from the merger; (ii) one of the UCITS resulting from the division; or (iii) another UCITS or master UCITS ; (b) the FCA approves under section 252A an amendment of the trust deed of the scheme which would enable it to convert into a UK UCITS which is not a feeder UCITS.