- Latest available (Revised)
- Point in Time (23/02/2022)
- Original (As made)
Point in time view as at 23/02/2022.
The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019, Section 59 is up to date with all changes known to be in force on or before 24 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
59.—(1) 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 is amended as follows.
(2) For “UCITS”, in each place where it appears, except in Articles 19(1)(b), 28, 31, 32, 33, 34 and 35, substitute “ UK UCITS ”.
(3) In Article 1, for “for the implementation of Articles 75(2), 78(2) to (5) and 81(1) of Directive 2009/65/EC” substitute “ 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 ”.
(4) After Article 1 insert—
For the purposes of this Regulation, the following definitions shall apply:
(a)‘Collective Investment Schemes sourcebook’ means the Collective Investment Schemes sourcebook made under the Financial Services and Markets Act 2000 by the Financial Conduct Authority, as it has effect on [F1IP completion day];
(b)‘feeder UCITS’ has the meaning given in section 237(3) of the Financial Services and Markets Act 2000 M1;
(c)‘management company’ has the meaning given in section 237(2) of the Financial Services and Markets Act 2000 M2;
(d)‘master UCITS’ has the meaning given in section 237(3) of the Financial Services and Markets Act 2000 M3;
(e)‘UCITS’ has the meaning given in section 236A of the Financial Services and Markets Act 2000 M4;
(f)‘UK UCITS’ has the meaning given in section 237(3) of the Financial Services and Markets Act 2000.”.
(5) In Article 2, in paragraph 2, for “authorised pursuant to Directive 2009/65/EC” substitute “ that has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on the regulated activity specified in article 51ZA of the Regulated Activities Order 2001 M5 ”.
(6) In Article 4, in paragraph 12—
(a)for “[name of Member State] and regulated by [identity of competent authority]” substitute “ the United Kingdom and regulated by the Financial Conduct Authority ”;
(b)for “exercising rights under Article 16 of Directive 2009/65/EC” substitute “ that is a qualifying EEA firm for the purposes of regulation 73 of the Collective Investment Schemes (EU Exit) (Amendment etc.) Regulations 2019 ”.
(7) In Article 8(5)(e), for “Article 50(1)(g) of Directive 2009/65/EC” substitute “ rule 5.2.19 of the Collective Investment Schemes sourcebook ”.
(8) In Article 9, for “Directive 2010/43/EU” substitute “ section 6.12 of the Collective Investment Schemes sourcebook ”.
(9) In Article 19—
(a)in paragraph 3—
(i)omit “but remaining established in the same Member State”;
(ii)for “competent authority of the Member State” substitute “ Financial Conduct Authority ”;
(b)in paragraph 4, for “mergers referred to in Article 2(1)(p)(i) and (iii) of Directive 2009/65/EC” substitute “ a merger, as defined in regulation 7 of the Undertakings for Collective Investment in Transferable Securities Regulations 2011 ”.
(10) In Article 20, in paragraph 1—
(a)in the opening words, for “every Member State in which the UCITS is marketed” substitute “ the United Kingdom ”;
(b)in point (d)—
(i)for “UCITS' home Member State” substitute “ United Kingdom ”;
(11) In Article 27, in the second paragraph, for “their own Member State” substitute “ the United Kingdom ”.
(12) In Article 28—
(a)after “Where the” insert “ UK ”;
(b)for “Article 50(1)(e) of Directive 2009/65/EC” substitute “ rule 5.2.13 of the Collective Investment Schemes sourcebook ”;
(13) In Article 31(1), omit “, as defined in Article 58 of Directive 2009/65/EC,”.
(14) In Article 34, in paragraph 2(b), for “Article 63(5) of Directive 2009/65/EC” substitute “ rules 4.2.3A and 4.5.15 of the Collective Investment Schemes sourcebook ”.
(15) In Article 38(1) omit “, for the purposes of Directive 2009/65/EC,”.
(16) After Article 39 omit “This Regulation shall be binding in its entirety and directly applicable in all Member States.”.
Textual Amendments
F1Words in reg. 59(4) 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(e)
Commencement Information
I1Reg. 59 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
M1The definition of ‘feeder UCITS’ in section 237(3) of the Financial Services and Markets Act 2000 is substituted by regulation 7(3)(b) of these regulations.
M2The definition of ‘management company’ in section 237(2) of the Financial Services and Markets Act 2000 is substituted by regulation 7(2)(a) of these regulations.
M3The definition of ‘master UCITS’ in section 237(3) of the Financial Services and Markets Act 2000 is substituted by regulation 7(3)(b) of these regulations.
M4The definition of ‘UCITS’ is inserted at section 236A of the Financial Services and Markets Act 2000 by regulation 6 of these regulations.
M5S.I. 2001/544. Article 51ZA is substituted for Article 51 as originally enacted by S.I. 2013/1773.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: