- Latest available (Revised)
- Original (As made)
The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019
You are here:
- UK Statutory Instruments
- 2019 No. 325
- PART 7
- Regulation 72
What Version
Advanced Features
- Show Geographical Extent(e.g. England, Wales, Scotland and Northern Ireland)
- Show Timeline of Changes
Opening Options
More Resources
Changes to legislation:
The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019, Section 72 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.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to Regulation 72:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
Temporary authorisation of operator, trustee or depositary of recognised schemeU.K.
This section has no associated Explanatory Memorandum
72.—(1) Paragraph (2) applies to a person who—
(a)is on [F1IP completion day] the operator, trustee or depositary of a collective investment scheme that—
(i)is a stand-alone scheme and is a recognised scheme by virtue of regulation 62, or
(ii)is the umbrella scheme in relation to one or more sub-funds that are recognised schemes by virtue of that regulation, or
(b)at any time after [F1IP completion day] becomes the operator, trustee or depositary of such a scheme.
(2) The person is to be treated on and after [F1IP completion day] or, as the case may be, from the time mentioned in paragraph (1)(b), as if the person has permission to carry on a regulated activity in the United Kingdom under Part 4A of the 2000 Act, so long as the scheme remains a recognised scheme by virtue of regulation 62.
(3) The permission is to be taken to relate to the following activities so far as they are regulated activities for the purposes of the 2000 Act—
(a)any activity, appropriate to the capacity in which the person acts in relation to the scheme, of the kind described in paragraph 8 of Schedule 2 to the 2000 Act;
(b)any activity in connection with, or for the purposes of, the scheme.
(4) References in an enactment to a person with permission under Part 4A of the 2000 Act (however expressed) are to be read, unless the contrary intention appears, as including a person treated by virtue of this regulation as having permission under that Part to carry on a regulated activity.
(5) Accordingly, a power of the FCA under the 2000 Act is exercisable in respect of such a person and the regulated activities the person is permitted to carry on by virtue of this regulation as it is exercisable in respect of a person with a Part 4A permission and the regulated activities the person is permitted to carry on by virtue of Part 4A of the 2000 Act.
(6) Such a power is exercisable, in particular, in relation to—
(a)the variation or cancellation of permission to carry on a regulated activity, or
(b)the imposition of requirements, prohibitions or restrictions on a person who has permission to carry on such an activity.
(7) Paragraphs (1) to (4) have effect subject to the powers of the FCA by virtue of paragraphs (5) and (6).
(8) In this regulation expressions that are defined for the purposes of Part 17 of the 2000 Act have the same meaning as in that Part.
Textual Amendments
F1Words in reg. 72(1)(2) 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(g)
Commencement Information
I1Reg. 72 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)
Options/Help
Print Options
PrintThe Whole Instrument
PrintThe Whole Part
PrintThis Section only
Legislation is available in different versions:
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.
See additional information alongside the content
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.
Opening Options
Different options to open legislation in order to view more content on screen at once
Explanatory Memorandum
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.
More Resources
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as enacted version that was used for the print copy
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- correction slips
- links to related legislation and further information resources
Impact Assessments
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:
- Why the government is proposing to intervene;
- The main options the government is considering, and which one is preferred;
- How and to what extent new policies may impact on them; and,
- The estimated costs and benefits of proposed measures.
Timeline of Changes
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.
More Resources
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
- the original print PDF of the as made version that was used for the print copy
- correction slips
Click 'View More' or select 'More Resources' tab for additional information including:
- lists of changes made by and/or affecting this legislation item
- confers power and blanket amendment details
- all formats of all associated documents
- links to related legislation and further information resources
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.