PART 3Amendments to subordinate legislation

The Individual Savings Account Regulations 1998I124

1

The Individual Savings Account Regulations 1998104 are amended as follows.

2

In regulation 2(1)—

a

in sub-paragraph (a)—

i

omit the definition of “EEA Agreement”;

ii

for the definition of “EEA State” substitute—

  • “EEA State” has the meaning given in Schedule 1 to the Interpretation Act 1978105;

iii

for the definition of “European institution” substitute—

  • “European institution” means a person who is treated as having permission to carry on a regulated activity in the United Kingdom under Part 4A of the Financial Services and Markets Act 2000106 by virtue of regulations 8, 11, 28 or 34 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018107;

b

in sub-paragraph (b), for the definition of “recognised UCITS” substitute—

  • “recognised UCITS” means—

    1. a

      a UCITS within the meaning given by section 236A of the Financial Services and Markets Act 2000108; or

    2. b

      an undertaking established in Gibraltar which is a UCITS under the law of Gibraltar which implemented Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities109;

3

In regulation 7—

a

in paragraph (2)—

i

in sub-paragraph (a)(ii) after “in” insert “the United Kingdom or”;

ii

in sub-paragraph (ca) after “behalf of” insert “the government of the United Kingdom or”;

b

in paragraph (5)(d) after “exchange in” insert “the United Kingdom or”.

4

In regulation 8A(4)(b) after “person in” insert “the United Kingdom or”.

5

In regulation 31(4)(a)(ia) and (iiaa) after “in” insert “the United Kingdom or”.