The Financial Services and Markets Act 2000 (Collective Investment Schemes Constituted in Other EEA States) Regulations 2001

Statutory Instruments

2001 No. 2383

FINANCIAL SERVICES AND MARKETS

The Financial Services and Markets Act 2000 (Collective Investment Schemes Constituted in Other EEA States) Regulations 2001

Made

4th July 2001

Laid before Parliament

4th July 2001

Coming into force in accordance with regulation 1

The Treasury, in exercise of the powers conferred on them by sections 264 and 417(1)(1) of the Financial Services and Markets Act 2000(2), hereby make the following Regulations:

1.  These Regulations may be cited as the Financial Services and Markets Act 2000 (Collective Investment Schemes Constituted in Other EEA States) Regulations 2001 and come into force on the day on which section 19 of the Act comes into force. U.K.

Commencement Information

I1 Reg. 1 in force at 1.12.2001 in accordance with reg. 1

2.  In these Regulations— U.K.

“the Act” means the Financial Services and Markets Act 2000;

[F1 “the UCITS 1985 directive” means the Council Directive of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (No 85/61/EEC).]

F2 ...

Textual Amendments

F1 Words in reg. 2 inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), regs. 1, 6(2)

F2 Words in reg. 2 omitted (13.2.2004) by virtue of The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 11(a)

Commencement Information

I2 Reg. 2 in force at 1.12.2001 in accordance with reg. 1

3.  The requirements prescribed for the purposes of section 264 of the Act are that a collective investment scheme is one which, in accordance with [F3 the UCITS directive], is an undertaking for collective investment in transferable securities subject to [F4 that directive] (“the undertaking”). U.K.

Textual Amendments

F3 Words in reg. 3 substituted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 11(b)(i)

F4 Words in reg. 3 substituted (13.2.2004) by The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066), regs. 1(1), 11(b)(ii)

Commencement Information

I3 Reg. 3 in force at 1.12.2001 in accordance with reg. 1

4.  The notice to be given to the Authority under section 264(1) of the Act must contain or be accompanied by— U.K.

(a) the undertaking’s fund rules or instrument of incorporation;

[F5 (b) its prospectus and, subject to regulation 5, the key investor information referred to in Article 78 of the UCITS directive; and]

(c) where appropriate, its latest annual report and any subsequent half-yearly report.

Textual Amendments

F5 Reg. 4(b) substituted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), regs. 1, 6(3)

Commencement Information

I4 Reg. 4 in force at 1.12.2001 in accordance with reg. 1

[F6 5.   The notice to be given to the Authority under section 264(1) may be submitted with the simplified prospectus (within the meaning of Section VI of the UCITS 1985 directive) until 30 June 2012.] U.K.

Textual Amendments

F6 Reg. 5 inserted (1.7.2011) by The Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613), regs. 1, 6(4)

Tony McNulty

Anne McGuire

Two of the Lords Commissioners of Her Majesty’s Treasury

Explanatory Note

(This note is not part of the Regulations)

These Regulations prescribe the requirements which a collective investment scheme must satisfy if it is to be a recognised scheme under section 264 of the Financial Services and Markets Act 2000 (and can therefore be marketed in the United Kingdom in accordance with section 238). The requirements are set out in regulation 3. Regulation 4 prescribes the documents which must accompany a notice given to the Financial Services Authority by the operator of a collective investment scheme which is seeking to be a recognised scheme.

(1)

See the definition of “prescribed” in section 417(1).

(2)

2000 c. 8.