The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003

PART 4 Miscellaneous

Open-ended investment companies incorporated in Northern Ireland

10.  In Schedule 5 to the Act—

(a) after paragraph 1(3) (authorised open-ended investment company to be an authorised person), insert—

“(4) A body—

(a) incorporated by virtue of regulations made under section 1 of the Open-Ended Investment Companies Act (Northern Ireland) 2002(1) in respect of which an authorisation order is in force, and

(b) to which the UCITS directive applies,

is an authorised person.

(5) “Authorisation order” means an order made under (or having effect as made under) any provision of those regulations which is made by virtue of section 1(2)(1) of that Act (provision corresponding to Chapter 3 of Part 17 of the Act).”; and

(b) in paragraph 2(2), after “paragraph 1(3)”, insert “or (4)”.

Regulations made under section 264 of the Act

11.  In the Financial Services and Markets Act 2000 (Collective Investment Schemes Constituted in Other EEA States) Regulations 2001(2)—

(a) in regulation 2, omit the definition of “the UCITS Directive”;

(b) in regulation 3—

(i) for “the UCITS Directive”, substitute “the UCITS directive”;

(ii) for “that Directive”, substitute “that directive”;

(c) in regulation 4, for paragraph (b), substitute—

“(b) its full and simplified prospectus (within the meaning of Section VI of the UCITS directive); and”.

Disclosure of information

12.  In the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001(3)—

(a) in regulation 2 (interpretation)—

(i) in the definition of “EEA competent authority”, omit “, the UCITS directive”;

(ii) omit the definitions of “the UCITS directive” and “UCITS directive information”;

(b) in the heading to Part 3, omit “and UCITS directive information”;

(c) in regulation 8 (application of Part 3), omit “and UCITS directive information”;

(d) in regulation 11 (application of Part 4), omit paragraph (b);

(e) in regulation 15 (disclosure of transitional information), in paragraph (4), omit “or the UCITS directive”, and “or UCITS directive information respectively”.

References to the UCITS Directive

13.—(1) In section 199(8) of the Companies Act 1985(4) (definition of “UCITS”), for the words from “Council Directive 85/611/EEC” to “transferable securities”, substitute “Council Directive 85/611/EEC on the co-ordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities, as last amended by European Parliament and Council Directive 2001/108/EC”.(5)

(2) In regulation 2(1)(b) of the Personal Equity Plan Regulations 1989(6) (interpretation), in the definition of “UCITS”, for “Council Directive 85/611”, substitute “Council Directive 85/611/EEC, as last amended by European Parliament and Council Directive 2001/108/EC”.

(3) In Part 3 of Schedule 1 to the Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998(7) (interpretation), in the definition of “open-ended investment company”, for the words from “Council Directive No. 85/611/EEC” to “as amended” substitute “Council Directive No. 85/611/EEC co-ordinating the laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities, as last amended by European Parliament and Council Directive No. 2001/108/EC”.

(4) In regulation 2(1)(b) of the Individual Savings Account Regulations 1998(8) (interpretation), in the definition of “UCITS”, for “Council Directive 85/611”, substitute “Council Directive 85/611/EEC, as last amended by European Parliament and Council Directive 2001/108/EC”.

(5) In the Schedule to the Cross-Border Credit Transfer Regulations 1999(9), for “Directive 85/611/EEC”, substitute “Directive 85/611/EEC, as last amended by Directive 2001/108/EC”.

(6) In regulation 2(1) of the Personal Pension Schemes (Restriction on Discretion to Approve) (Permitted Investments) Regulations 2001(10) (interpretation), in the definition of “UCITS”, for “Council Directive 85/611”, substitute “Council Directive 85/611/EEC, as last amended by European Parliament and Council Directive 2001/108/EC”.

(7) In the Open-Ended Investment Companies Regulations 2001(11)—

(a) in regulation 2(1) (interpretation), omit the definition of “the UCITS Directive”; and

(b) in regulation 17(1) (certificates), for “the UCITS Directive”, substitute “the UCITS directive”.

(1)

Act of the Northern Ireland Assembly; 2002 c. 13.

(2)

S.I. 2001/2383.

(3)

S.I. 2001/2188; amended by S.I. 2001/3437, S.I. 2001/3624, S.I. 2001/3648 and S.I. 2002/1775.

(4)

1985 c. 6. Subsection (8) was inserted by S.I. 1993/1819 and amended by S.I. 2001/3649.

(5)

OJ L41, 13.2.2002, p. 35.

(6)

S.I. 1989/469; amended by S.I. 2001/923.

(7)

S.I. 1998/1831; amended by S.I. 1999/3259 and by S.I. 2001/3649.

(8)

S.I. 1998/1870.

(9)

S.I. 1999/1876.

(10)

S.I. 2001/117; amended by S.I. 2001/3629.

(11)

S.I. 2001/1228; amended by S.I. 2001/3755.