Glossary

(in relation to a person) an undertaking in the same group as that person.

(for the purpose of ELM and PRU 8 (Group risk)and in accordance with Article 2(5) of the Financial Groups Directive (Definitions)) a management company within the meaning of Article 1a(2) of the UCITS Directive, as well as an undertaking the registered office of which is outside the EEA and which would require authorisation in accordance with Article 5(1) of the UCITS Directive if it had its registered office within the EEA.

the regulated activity, specified in article 51(1)(c) of the Regulated Activities Order (Establishing etc a collective investment scheme), of acting as the depositary or sole director of an open-ended investment company.