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The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019
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- UK Statutory Instruments
- 2019 No. 325
- PART 6
- Regulation 63
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The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019, Section 63 is up to date with all changes known to be in force on or before 03 July 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.
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Changes and effects yet to be applied to Regulation 63:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
The appropriate conditionsU.K.
This section has no associated Explanatory Memorandum
63.—(1) In relation to a stand-alone scheme, the appropriate conditions referred to in paragraph 62 are—
(a)that the operator of the stand-alone scheme has before [F1IP completion day] notified the FCA in accordance with regulation 64 that it wishes the scheme to be treated in accordance with regulation 62, and
(b)that immediately before [F1IP completion day] the stand-alone scheme is an EEA UCITS which is a recognised scheme by virtue of section 264 M1 of the 2000 Act.
(2) In relation to a sub-fund which is authorised by its home state regulator before [F1IP completion day], the appropriate conditions referred to in paragraph 62 are—
(a)that the operator of the sub-fund has before [F1IP completion day] notified the FCA in accordance with regulation 64 that it wishes the sub-fund to be treated in accordance with regulation 62, and
(b)that immediately before [F1IP completion day] the sub-fund is the sub-fund of a EEA UCITS and is a recognised scheme by virtue of section 264 of the 2000 Act.
(3) In relation to a sub-fund not falling within paragraph (2), the appropriate conditions referred to in paragraph 62 are—
(a)that the sub-fund (“the new sub-fund”) becomes authorised by its home state regulator on or after [F1IP completion day],
(b)that at the time when the new sub-fund becomes authorised by its home state regulator at least one other sub-fund of the new sub-fund's umbrella scheme is a recognised scheme by virtue of regulation 62,
(c)that, after the new sub-fund becomes authorised by its home state regulator and while at least one other sub-fund of the umbrella scheme continues to be so authorised, the operator of the new sub-fund has notified the FCA in accordance with regulation 64 that it wishes the new sub-fund also to be treated in accordance with regulation 62, and
(d)that the notification is given before the start of the period specified by the FCA under regulation 68 in relation to the new sub-fund's umbrella scheme.
Textual Amendments
F1Words in reg. 63 substituted (31.1.2020 immediately before exit day) by The Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56), regs. 1, 12(b)
Commencement Information
I1Reg. 63 in force at 20.2.2019, see reg. 1(3)
Marginal Citations
M1Section 264 was amended by S.I. 2011/1613, S.I. 2012/2015 and Schedule 18 to the Financial Services Act 2012.
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