The appropriate conditionsU.K.
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
[F2(d)if—
(i)the new sub-fund is not an MMF (subject to paragraph (4)), that the notification is given before the start of the period specified by the FCA with regards to sub-funds that are not MMFs, under regulation 67A or 68 (as applicable), in relation to the new sub-fund’s umbrella scheme, or
(ii)the new sub-fund is an MMF (subject to paragraph (5)), that the notification is given before the start of the period specified by the FCA with regards to sub-funds that are MMFs, under regulation 67A or 68 (as applicable), in relation to the new sub-fund’s umbrella scheme.]
[F3(4) Where the existing sub-funds of an umbrella scheme are all MMFs, then the condition in paragraph (3)(d)(i) is incapable of being satisfied in any event.
(5) Where the sub-funds of an umbrella scheme are all not MMFs at the start of the period specified by the FCA under regulation 67A or 68 (as applicable), in relation to that umbrella scheme, then the condition in paragraph (3)(d)(ii) is incapable of being satisfied in any event.]
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)
F2Reg. 63(3)(d) substituted (26.11.2024) by The Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024 (S.I. 2024/1215), regs. 1(2), 2(4)(a)
F3Reg. 63(4)(5) inserted (26.11.2024) by The Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024 (S.I. 2024/1215), regs. 1(2), 2(4)(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.