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The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019
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- UK Statutory Instruments
- 2019 No. 325
- PART 6
- Regulation 61
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The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019, Section 61 is up to date with all changes known to be in force on or before 30 January 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.
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Changes and effects yet to be applied to Regulation 61:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
Interpretation of this PartU.K.
This section has no associated Explanatory Memorandum
61.—(1) This regulation has effect for the interpretation of this Part.
(2) “Stand-alone scheme” means a collective investment scheme—
(a)which does not have two or more sub-funds, and
(b)whose fund rules or instruments of incorporation do not enable it to have two or more sub-funds.
(3) “Sub-fund” means a sub-fund of a collective investment scheme (its “umbrella scheme”); and for this purpose “sub-fund”—
(a)in relation to a UCITS, has the meaning given by section 237(4) of the 2000 Act, and
(b)in relation to a collective investment scheme that is not a UCITS, has a corresponding meaning.
(4) “Operator”, in relation to a sub-fund, means the operator of its umbrella scheme.
(5) References to the authorisation of a sub-fund by its home state regulator are—
(a)in the case of a sub-fund which was included in its umbrella scheme when the scheme was first established, references to the authorisation of the scheme by its home state regulator in accordance with Article 5(1) of the UCITS directive, and
(b)in the case of a sub-fund which was not so included, references to the approval by the home state regulator, in accordance with Article 5(6) of the UCITS directive, of the amendment of the fund rules, or instruments of incorporation, of the umbrella scheme that related to the establishment of the sub-fund.
(6) “Home state regulator”, in relation to a stand-alone scheme or sub-fund, means the competent authority within the meaning of the UCITS directive in relation to the scheme or sub-fund.
[F1(6A) “MMF” means a sub-fund of an EEA UCITS that is authorised in an EEA state for the purpose of being a money market fund that—
(a)invests in financial assets with a residual maturity not exceeding 2 years, and
(b)has distinct or cumulative objectives offering returns in line with money market rates or preserving the value of the investment.]
(7) Other expressions that are defined for the purposes of Part 17 of the 2000 Act have the same meaning in this Part as in that Part.
Textual Amendments
F1Reg. 61(6A) inserted (26.11.2024) by The Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024 (S.I. 2024/1215), regs. 1(2), 2(2)
Commencement Information
I1Reg. 61 in force at 20.2.2019, see reg. 1(3)
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