The Consumer Composite Investments (Designated Activities) Regulations 2024
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Change 1
SCHEDULE 1 Application with modifications of provisions of FSMA 2000 and amendments of secondary legislation
Regulation 10 PART 1 Application with modifications of provisions of FSMA 2000 Temporary CCI intervention rules 1 Sections 138M to 138O of FSMA 2000 (temporary product intervention rules) apply to rules made by virtue of regulation 6 as they apply to product intervention rules made under section 137D of FSMA 2000 as if— (a) each reference to product intervention rules were a reference to rules made by virtue of regulation 6 of these Regulations; (b) in section 138M(1), for the words “advancing” to the end there were substituted “advancing the consumer protection objective”; (c) in section 138O(1), the reference to section 138N were a reference to section 138N as applied by these Regulations. Restitution 2 Section 384 of FSMA 2000 (power of FCA or PRA to require restitution) applies in respect of contraventions of a requirement imposed by virtue of regulation 6 of these Regulations and persons knowingly concerned in the contravention of such a requirement as if, in subsection (1), reference to an authorised person or recognised investment exchange included persons subject to designated activity rules made by virtue of regulation 6 of these Regulations. PART 2 Amendments of secondary legislation The Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 3 In the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001, omit article 31 (communications required by the PRIIPs regulation: key information document). The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 4 In the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, omit article 20C (communications required by the PRIIPs Regulation: key information document).
SCHEDULE 1 Application with modifications of provisions of FSMA 2000 and amendments of secondary legislation
Regulation 10 PART 1 Application with modifications of provisions of FSMA 2000 Temporary CCI intervention rules 1 Sections 138M to 138O of FSMA 2000 (temporary product intervention rules) apply to rules made by virtue of regulation 6 as they apply to product intervention rules made under section 137D of FSMA 2000 as if— (a) each reference to product intervention rules were a reference to rules made by virtue of regulation 6 of these Regulations; (b) in section 138M(1), for the words “advancing” to the end there were substituted “advancing the consumer protection objective”; (c) in section 138O(1), the reference to section 138N were a reference to section 138N as applied by these Regulations. Restitution 2 Section 384 of FSMA 2000 (power of FCA or PRA to require restitution) applies in respect of contraventions of a requirement imposed by virtue of regulation 6 of these Regulations and persons knowingly concerned in the contravention of such a requirement as if, in subsection (1), reference to an authorised person or recognised investment exchange included persons subject to designated activity rules made by virtue of regulation 6 of these Regulations. PART 2 Amendments of secondary legislation The Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001 3 In the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001, omit article 31 (communications required by the PRIIPs regulation: key information document). The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 4 In the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, omit article 20C (communications required by the PRIIPs Regulation: key information document).
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