intermediate Unitholder

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:

1. (a) does not manage investments on behalf of the relevant beneficial owner of the unit; or
2. (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.

For the purposes of this definition, "register" has the meaning set out in paragraph (3) of the Glossary definition of "register".