The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019

Final provisions U.K.

12.—(1) For Articles 30 and 31 substitute—

“Article 30 U.K.

1.   Any power to make regulations conferred on the Treasury by this Regulation is exercisable by statutory instrument.

2.   Such regulations may—

(a) contain incidental, supplemental, consequential and transitional provision; and

(b) make different provision for different purposes.

3.   A statutory instrument containing regulations made under this Regulation is subject to annulment in pursuance of a resolution of either House of Parliament.”.

(2) In Article 32—

(a) for paragraph 1 substitute—

“1.   The following are exempt from the obligations under this Regulation until [F1 31 December 2021]—

(a) the management company (as defined in section 237(2) of FSMA) of a UK UCITS;

(b) the management company (as defined in point (b) of Article 2(1) of Directive 2009/65/EC) of an EEA UCITS;

(c) an authorised open-ended investment company (as defined in section 237(3) of FSMA) which is a UK UCITS;

(d) an investment company referred to in Article 27 of Directive 2009/65/EC;

(e) a person advising on, or selling, units of UK UCITS or EEA UCITS in the United Kingdom.”;

(b) in paragraph 2—

(i) for “a Member State” substitute “ the United Kingdom ”;

(ii) after “as laid down in” insert “ the provisions of FSMA and any rules or regulations made under FSMA which were relied on immediately before [F2 IP completion day] to implement ”;

(iii) after “investors” insert “ in the United Kingdom ” in both places;

(c) at the end insert—

[F3 “3.— (1) In this Article, “UK UCITS” and “EEA UCITS” have the meanings given in section 237(3) of FSMA.

(2) Where an EEA UCITS is recognised under section 272 of FSMA, the management company referred to in paragraph 1(b) or the investment company referred to in paragraph 1(d) above must comply with duties corresponding to those that, if the United Kingdom were a UCITS host Member State for the purposes of the UCITS Directive, would be imposed on the EEA UCITS in accordance with Article 94 of that Directive, to the extent it applies to key investor information.

(3) For the purposes of this Article, Article 94 is to be read as if—

(a) references to the UCITS host member State, or to a member State where the UCITS markets its units, were references to the United Kingdom;

(b) references to the competent authority of the UCITS host member State or of the member State where the UCITS markets its units were references to the FCA.”].

(3) Omit Article 33.

(4) In the words after Article 34, omit “This Regulation shall be binding in its entirety and directly applicable in all Member States.”.

Textual Amendments

F1 Words in reg. 12(2)(a) substituted (31.12.2020 immediately before IP completion day) by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628), regs. 1(3), 10

F2 Words in reg. 12(2)(b)(ii) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 26(e)

F3 Words in reg. 12(2)(c) substituted (31.12.2020 immediately before IP completiton day) by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 53

Commencement Information

I1 Reg. 12 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)