intermediate Unitholder
- (a) does not manage investments on behalf of the relevant beneficial owner of the unit; or
- (b) does not act as a depositary of a collective investment scheme or on behalf of such a depositary in connection with its role in holding property subject to the scheme.
117100107120a firm whose name is entered in the register of a non-UCITS retail scheme or a UCITS scheme, or which holds units in a non-UCITS retail scheme or a UCITS scheme indirectly through a third party acting as a nominee, and which is not the beneficial owner of the relevant unit, and:
For the purposes of this definition, "register" has the meaning set out in paragraph (3) of the Glossary definition of "register".