The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019

Article 51ZA (managing a UCITS) U.K.

132.—(1) Article 51ZA M1 (managing a UCITS) is amended as set out in paragraphs (2) to (4).

(2) In the heading and in paragraph (1), for “a UCITS” substitute “ a UK UCITS ”.

(3) For paragraph (2) substitute—

“(2) A person manages a UK UCITS when the person carries on collective portfolio management of it.

(2A) In paragraph (2) “collective portfolio management” includes investment management, administration and marketing; and “administration” here means—

(a) legal and fund management accounting services;

(b) customer inquiries;

(c) valuation and pricing (including tax returns);

(d) regulatory compliance monitoring;

(e) maintenance of unit-holder register;

(f) distribution of income;

(g) unit issues and redemptions;

(h) contract settlements (including certificate dispatch);

(i) record keeping.”.”

(4) In paragraph (3), for “a UCITS” substitute “ a UK UCITS ”.

(5) In consequence of the amendments made by paragraphs (2) to (4)—

(a) in article 72H M2 , in paragraph (2)(m), for “a UCITS” substitute “ a UK UCITS ”;

(b) omit Schedule 6.

Modifications etc. (not altering text)

C1 Pts. 3-6 modified in part (31.12.2020) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(2), 11(1)(4)(5) (with reg. 11(8)-(10)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1)

Commencement Information

I1 Reg. 132 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Marginal Citations

M1 Article 51ZA was inserted by S.I. 2013/1773.

M2 Article 72H was inserted by S.I. 2014/366.