Financial Services Act 2021 (c. 22)

SCHEDULES

SCHEDULE 9 U.K. Collective investment schemes authorised in approved countries

PART 2 U.K. Minor and consequential amendments

The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325) U.K.

13 U.K. Part 6 of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (temporary recognition of collective investment schemes) is amended as follows.

Commencement Information

I1 Sch. 9 para. 13 in force at 23.2.2022 by S.I. 2022/163, reg. 2(a)

14 U.K. In regulation 62(3) (end of temporary recognition)—

(a) in sub-paragraph (a)(i)—

(i) before “275(3)” insert “ 271H(1) or ”, and

(ii) for “section 272 of that Act” substitute “ section 271A or 272 of that Act (as applicable) ”,

(b) in sub-paragraph (a)(ii)—

(i) before “276(2)(a)” insert “ 271H(3) or ”, and

(ii) for “section 272 of that Act” substitute “ section 271A or 272 of that Act (as applicable) ”,

(c) in sub-paragraph (b)(ii), after “section” insert “ 271A or ”,

(d) in sub-paragraph (c)(i), after “section” insert “ 271A or ”,

(e) in sub-paragraph (c)(ii), for “that section” substitute “ either of those sections ”, and

(f) in sub-paragraph (d), for “3” substitute “ 5 ”.

Commencement Information

I2 Sch. 9 para. 14 in force at 23.2.2022 by S.I. 2022/163, reg. 2(a)

15 U.K. In regulation 67 (power to extend the period for temporary recognition), omit paragraph (2).

Commencement Information

I3 Sch. 9 para. 15 in force at 23.2.2022 by S.I. 2022/163, reg. 2(a)

16 U.K. After regulation 67 insert—

“Applications under section 271A of the 2000 Act U.K.

67A (1) In relation to—

(a) an application under section 271A of the 2000 Act relating to a stand-alone scheme that is a recognised scheme by virtue of regulation 62, or

(b) an application under that section relating to the umbrella scheme of one or more sub-funds that are recognised schemes by virtue of that regulation, whether or not relating to those sub-funds,

sections 271F and 271G of the 2000 Act are subject to paragraphs (2) and (3).

(2) The FCA may direct that the application must be made during a period specified in the direction.

(3) Section 271G(5) of the 2000 Act does not apply in relation to the application, but the application must be determined by the FCA before the end of the period for the time being specified in regulation 62(3)(d).”

Commencement Information

I4 Sch. 9 para. 16 in force at 23.2.2022 by S.I. 2022/163, reg. 2(a)