The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019

Other definitions for Part 17 U.K.

7.—(1) Section 237 (other definitions for Part 17) is amended as follows.

(2) In subsection (2)—

(a) for the definition of “management company” substitute—

““management company” means an undertaking, as defined in section 1161 of the Companies Act 2006 M1 , whose regular business is the management of UK UCITS;”;

(b) in the definition of “the operator”M2 —

(i) at the end of paragraph (ab), insert “ and ”;

(ii) omit the “and” at the end of paragraph (b);

(iii) omit paragraph (c).

(3) In subsection (3)—

(a) after the definition of “an authorised open-ended investment company”M3 insert—

““the Collective Investment Schemes sourcebook” means the Collective Investment Schemes sourcebook made under this Act by the FCA, as it has effect on [F1 IP completion day];

“EEA UCITS” means a UCITS which is authorised pursuant to Article 5 of the UCITS directive in an EEA State;”;

(b) for the definition of “feeder UCITS”M4 substitute—

““feeder UCITS” means—

(a) a UK UCITS which has been approved by the FCA to invest 85% or more of the total property which is subject to the collective investment scheme constituted by the UK UCITS in units of—

(i) another UK UCITS,

(ii) a sub-fund of another UK UCITS,

(iii) an EEA UCITS, or

(iv) a sub-fund of an EEA UCITS, or

(b) a sub-fund of a UK UCITS which has been approved by the FCA to invest 85% or more of the sub-fund's separate pool of the property of the UK UCITS in units of—

(i) another UK UCITS,

(ii) another sub-fund of a UK UCITS,

(iii) an EEA UCITS, or

(iv) a sub-fund of an EEA UCITS;

“master UCITS”, in relation to a feeder UCITS, means (as the case may be)—

(a) the other UK UCITS mentioned in paragraph (a)(i) or (b)(i) of the definition of “feeder UCITS”,

(b) the EEA UCITS mentioned in paragraph (a)(iii) or (b)(iii) of that definition, or

(c) the sub-fund mentioned in paragraph (a)(ii) or (iv) or (b)(ii) or (iv) of that definition;”;

(c) in the definition of “a recognised scheme”M5 , omit “264 or”;

(d) before the definition of “UK UCITS” insert—

““UCITS-related direct EU legislation” means—

(a) Commission Regulation (EU) 2010/583 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website, or

(b) Commission Delegated Regulation (EU) 2016/438 of 17 December 2015 supplementing Directive 2009/65/EC of the European Parliament and of the Council with regard to obligations of depositaries;”.

Textual Amendments

F1 Words in reg. 7(3)(a) 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(a)

Commencement Information

I1 Reg. 7 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

M1 2006 c. 46.

M2 The definition of “the operator” was inserted by S.I. 2013/1388.

M3 A previous definition of “EEA UCITS” was inserted by S.I. 2013/1388 and omitted by S.I. 2018/698.

M4 The definition of “feeder UCITS” was inserted by S.I. 2011/1613 and amended by paragraph 9 of Schedule 18 to the Financial Services Act 2012 (c. 21).

M5 In subsection (3), the definition of “recognised scheme” was amended by S.I. 2013/1773.