The Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 3) Regulations 2019

The Money Market Funds (Amendment) (EU Exit) Regulations 2019

10.—(1) The Money Market Funds (Amendment) (EU Exit) Regulations 2019(1) are amended as follows.

(2) In regulation 6(a)(iii), in the opening words of the inserted paragraph 1B, for “paragraph 1B” substitute “paragraph 1A”.

(3) In regulation 8—

(a) in paragraph (a)—

(i) in subparagraph (i), in the new substituted text, for subparagraph (b), substitute—

“(b) the UCITS or AIF is an EEA UCITS or EEA AIF which—

(i) is an EU MMF with temporary marketing permission; or

(ii) is a UK-recognised EU MMF;”;

(ii) in subparagraph (ii), in the new substituted text, for subparagraph (b), substitute—

“(b) the UCITS or AIF is an EEA UCITS or EEA AIF which—

(i) is an EU MMF with temporary marketing permission; or

(ii) is a UK-recognised EU MMF;”;

(iii) in subparagraph (iii), in the new substituted text, for subparagraph (b), substitute—

“(b) the UCITS or AIF is an EEA UCITS or EEA AIF which—

(i) is an EU MMF with temporary marketing permission; or

(ii) is a UK-recognised EU MMF;”;

(b) after paragraph (b), insert—

“(c) after paragraph 2, insert—

“3.— (1) For the purposes of this Article, “UK-recognised EU MMF” means an EU MMF which satisfies the condition in subparagraph (2) and—

(a) which is a recognised scheme under section 272 of FSMA(2); or

(b) in relation to which the FCA has received written notification under regulation 57 (subject to paragraph (4)), 58 or 59 of the AIFM Regulations(3).

(2) An EU MMF satisfies the condition in this subparagraph if, immediately before the relevant date, it was—

(a) a recognised scheme under Part 6 of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019(4); or

(b) marketed in the United Kingdom under Part 9A of the AIFM Regulations(5).

(3) For the purposes of subparagraph (2), the “relevant date” is the date on which—

(a) the EU MMF was declared to be a recognised scheme under section 272 of FSMA, or

(b) the FCA received the written notification referred to in subparagraph 1(b).

(4) If an EU MMF was marketed in the United Kingdom by an EEA AIFM before exit day under regulation 57 of the AIFM Regulations, the AIFM must give notice to the FCA for the purposes of subparagraph 1(b) under regulation 58 or 59 of those Regulations.””.

(1)

S.I. 2019/394.

(2)

2000 c.8. Section 272 was amended by paragraph 9 of Schedule 18 to the Financial Services Act 2012 (c. 21), and by S.I. 2013/1773 and 2013/1388.

(3)

S.I. 2013/1773. Regulations 57 to 64 are revoked by S.I. 2013/1797, but that revocation is not yet in force. Regulations 57 and 59 are amended by S.I. 2019/328.

(4)

S.I. 2019/325.

(5)

Part 9A was inserted by S.I. 2019/328.