The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019, Section 52 is up to date with all changes known to be in force on or before 09 March 2025. 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.
52.—(1) The Open-Ended Investment Companies Regulations 2001 M1 are amended as follows.
(2) After regulation 2(3) M2 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 [F1IP completion day].”.
(3) In regulation 15(6) M3—
(a)after “body corporate which” insert “ is incorporated in the UK, ”;
(b)after “managing a” insert “ UK ”;
(4) In regulation 15(8)(a) M4, omit “or another EEA State”.
(5) In regulation 17(1) M5, 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 M6, 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) M7 of the Act”.
(8) Omit regulation 29A M8.
(9) In regulation 29B M9—
(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) M10, after “convert into a” insert “ UK ”.
(11) In regulation 33B(2)(b) M11, after “convert into a” insert “ UK ”.
(12) In regulation 70 M12, 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) M13 for “for the purpose of implementing the UCITS directive or any commission directive made under the UCITS directive” substitute “ that are UCITS ”.
Textual Amendments
F1Words in reg. 52(2) 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. 18(d)
Commencement Information
I1Reg. 52 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
M2Regulation 2(3) was amended by S.I. 2008/948.
M3Regulation 15(6) was substituted by S.I. 2013/1773.
M4Article 15(8) was amended by S.I. 2013/472 and S.I. 2013/1773.
M5Regulation 17(1) was amended by S.I. 2003/2066.
M6Regulation 22A was inserted by S.I. 2011/1613.
M7The 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.
M8Regulation 29A was inserted by S.I. 2011/1613.
M9Regulation 29B was inserted by S.I. 2011/1613.
M10Regulation 33A was inserted by S.I. 2011/1613.
M11Regulation 33B was inserted by S.I. 2011/1613.
M12Regulation 70 was amended by S.I. 2011/1613.
M13Sub-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.
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