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The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019
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The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019,
PART 4
is up to date with all changes known to be in force on or before 03 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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PART 4 U.K.Other amendments of subordinate legislation
Yn ddilys o 31/12/2020
Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975U.K.
48. In the Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975 M1, in article 2(1), in the definition of “relevant collective investment scheme”M2 omit “264 (schemes constituted in other EEA States) or”.
Commencement Information
I1Reg. 48 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M2The definition of “relevant collective investment scheme” was inserted by S.I. 2001/3816 and amended by S.I. 2013/1773.
Yn ddilys o 31/12/2020
Rehabilitation of Offenders (Exceptions) Order (Northern Ireland) 1979U.K.
49. In the Rehabilitation of Offenders (Exceptions) Order (Northern Ireland) 1979 M3, article 1(2), in the definition of “relevant collective investment scheme” omit “264 (schemes constituted in other EEA States),”.
Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001U.K.
50.—(1) The Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 M4 is amended as follows.
(2) In article 3 omit paragraphs (f), (g) and (h) M5.
(3) Omit article 5A M6.
(4) In article 8—
(a)in paragraph (1) M7, for “paragraphs (2) and (7)” substitute “ paragraph (2) ”.
(b)omit paragraph 7 M8.
(5) Omit article10A M9.
(6) In article 16(3) M10—
(a)after “European venture capital funds” insert “ as it had effect on the day on which the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 were made ”;
(b)after “European social entrepreneurship funds” insert “ as it had effect on the day on which the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 were made ”.
(7) Omit article 30.
Commencement Information
I3Reg. 50(1)-(5)(7) in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
I4Reg. 50(6) in force at 20.2.2019, see reg. 1(3)
Marginal Citations
M5Paragraphs (f), (g) and (h) were inserted by S.I. 2002/2157.
M6Article 5A was inserted by S.I. 2002/2157 and amended by S.I. 2011/1265.
M7Paragraph (1) was amended by S.I. 2002/2157.
M8Paragraph (7) was inserted by S.I. 2002/2157.
M9Article 10A was inserted by S.I. 2002/2157 and amended by S.I. 2003/2067 and S.I. 2011/1613.
M10Article 16(3) was inserted by S.i. 2013/1773.
Yn ddilys o 31/12/2020
Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001U.K.
51. In the Financial Services and Markets Act 2000 (Collective Investment Schemes) Order 2001 M11, in the Schedule—
(a)in paragraph 2(1)(c)(i), after “official listing in” insert “ the United Kingdom or ”;
(b)in paragraph 5(2)(a) M12—
(i)after “51ZA (managing a” insert “ UK ”;
(ii)after “51ZB (acting as a trustee or depositary of a” insert “ UK ”.
Commencement Information
I5Reg. 51 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M12Paragraph 5(2)(a) was amended by S.I. 2006/3384, S.I. 2013/1773 and S.I. 2017/488.
Yn ddilys o 31/12/2020
Open-Ended Investment Companies Regulations 2001U.K.
52.—(1) The Open-Ended Investment Companies Regulations 2001 M13 are amended as follows.
(2) After regulation 2(3) M14 insert—
“(4) Any reference in these Regulations to the Collective Investment Schemes sourcebook is a reference to the Collective Investment Schemes sourcebook made under the Act by the Authority, as it has effect on exit day.”.
(3) In regulation 15(6) M15—
(a)after “body corporate which” insert “ is incorporated in the UK, ”;
(b)after “managing a” insert “ UK ”;
(4) In regulation 15(8)(a) M16, omit “or another EEA State”.
(5) In regulation 17(1) M17, for “enjoy the rights conferred by the UCITS directive” substitute “ be a UCITS ”.
(6) In regulation 19(1)(a)—
(a)in paragraph (i), omit “or”;
(b)in paragraph (ii) after “Regulations 1989;” insert “ or ”;
(c)after regulation 19(1)(a)(ii), insert—
“(iii)UK Economic Interest Grouping;”.
(7) In regulation 22A M18, in paragraph (9), for sub-paragraphs (a) and (b) substitute—
“(a)rule 11.6.3R(2) of the Collective Investment Schemes sourcebook, or
(b)UCITS-related direct EU legislation as defined in section 237(3) M19 of the Act”.
(8) Omit regulation 29A M20.
(9) In regulation 29B M21—
(a)in paragraph (1), in sub-paragraph (a), after “made” insert “ by or under any enactment ”;
(b)omit paragraphs (2) and (3).
(10) In regulation 33A(4)(b) M22, after “convert into a” insert “ UK ”.
(11) In regulation 33B(2)(b) M23, after “convert into a” insert “ UK ”.
(12) In regulation 70 M24, for “within the meaning of Article 2.1(p) of the UCITS directive” substitute “ to which Part 4 of the Undertakings for Collective Investment in Transferable Securities Regulations 2011 applies ”.
(13) In Schedule 5, in paragraph 4(5A) M25 for “for the purpose of implementing the UCITS directive or any commission directive made under the UCITS directive” substitute “ that are UCITS ”.
Commencement Information
I6Reg. 52 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M14Regulation 2(3) was amended by S.I. 2008/948.
M15Regulation 15(6) was substituted by S.I. 2013/1773.
M16Article 15(8) was amended by S.I. 2013/472 and S.I. 2013/1773.
M17Regulation 17(1) was amended by S.I. 2003/2066.
M18Regulation 22A was inserted by S.I. 2011/1613.
M19The definition of “UCITS-related direct EU legislation” is inserted into section 237(3) of the Financial Services and Markets Act 2000 by regulation 7(3)(d) of these Regulations.
M20Regulation 29A was inserted by S.I. 2011/1613.
M21Regulation 29B was inserted by S.I. 2011/1613.
M22Regulation 33A was inserted by S.I. 2011/1613.
M23Regulation 33B was inserted by S.I. 2011/1613.
M24Regulation 70 was amended by S.I. 2011/1613.
M25Sub-paragraph (5A) was substituted for sub-paragraph (5) as originally enacted in S.I. 2011/1613; there are other amendments to paragraph 4 but none is relevant.
Yn ddilys o 31/12/2020
Financial Services and Markets Act 2000 (Collective Investment Schemes Constituted in Other EEA States) Regulations 2001U.K.
53. The Financial Services and Markets Act 2000 (Collective Investment Schemes Constituted in Other EEA States) Regulations 2001 M26 are revoked.
Commencement Information
I7Reg. 53 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
Yn ddilys o 31/12/2020
Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc.) Order 2001U.K.
54. In the Financial Services and Markets Act 2000 (Transitional Provisions) (Authorised Persons etc.) Order 2001 M27 omit article 66.
Commencement Information
I8Reg. 54 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
Yn ddilys o 31/12/2020
Financial Services and Markets Act 2000 (Transitional Provisions) (Partly Completed Procedures) Order 2001U.K.
55. In the Financial Services and Markets Act 2000 (Transitional Provisions) (Partly Completed Procedures) Order 2001 M28 omit article 42, paragraphs (1), (3) and (4).
Commencement Information
I9Reg. 55 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
Yn ddilys o 31/12/2020
Financial Services (Distance Marketing) Regulations 2004U.K.
56. In the Financial Services (Distance Marketing) Regulations 2004 M29, in regulation 4—
(a)in paragraph (5)—
(i)for the words from “recognised scheme” to “EEA States)” substitute “ relevant recognised scheme ”;
(ii)after “capacity” insert “ , by virtue of regulation 72(2) of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulation 2019 (“the 2019 Regulations”) (temporary authorisation of operator, trustee or depositary of recognised scheme) ”;
(b)for paragraph (6) substitute—
“(6) In paragraph (5)—
“operator”, “trustee” and “depositary” have the same meanings as in Part 17 of the 2000 Act (see section 237 of that Act);
“relevant recognised scheme” means a stand-alone scheme or sub-fund (within the meaning of Part 6 of the 2019 Regulations) that is a recognised scheme by virtue of regulation 62 of the 2019 Regulations (temporary recognition for EEA UCITS or sub-fund of EEA UCITS).”.
Commencement Information
I10Reg. 56 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
Yn ddilys o 31/12/2020
Rehabilitation of Offenders Act 1974 (Exclusions and Exceptions) (Scotland) Order 2013U.K.
57. In the Rehabilitation of Offenders Act 1974 (Exclusions and Exceptions) (Scotland) Order 2013 M30, article 2(1), in the definition of “relevant collective investment scheme” omit “264 (schemes constituted in other EEA States),”.
Commencement Information
I11Reg. 57 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019U.K.
58. In regulation 1 of the Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019, for paragraph (2), substitute—
“(2) Regulations 1 and 14 of these Regulations come into force on the day after the day on which the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 are made.
(3) The other provisions in these Regulations come into force on exit day.”
Commencement Information
I12Reg. 58 in force at 20.2.2019, see reg. 1(3)
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