Where an institution has an interest—
in a specified description of collective investment scheme (within the meaning of the Financial Services and Markets Act 2000 (c. 8)), or
in any other specified description of scheme or collective investment vehicle,
it is taken to have an interest in any shares in which that scheme or vehicle has or is taken to have an interest.
For this purpose a scheme or vehicle is taken to have an interest in shares if it would be regarded as having such an interest in accordance with subsection (2) if it was an institution to which section 1277 applied.