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In force since 2024-11-26, as the publisher states.
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Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.
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4 provisions
Title and introductory text
This Statutory Instrument has been made in consequence of a defect in S.I. 2019/325 and is being issued free of charge to all known recipients of that Statutory Instrument.
2024 No. 1215
FINANCIAL SERVICES
The Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024
Made
25th November 2024
Coming into force
26th November 2024
The Treasury, in exercise of the powers conferred by sections 3(1) and 83 of the Financial Services and Markets Act 2023 (“the Act”) and regulation 67(1) of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 make these Regulations.
The Treasury have consulted the Financial Conduct Authority and Prudential Regulation Authority in accordance with section 3(6) of the Act.
In accordance with sections 3(10) and 84(5) of the Act, a draft of these Regulations was laid before Parliament and approved by a resolution of each House of Parliament.
Propose a change1 Citation, commencement and extent
(1) These Regulations may be cited as the Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024.
(2) These Regulations come into force on the day after the day on which they are made.
(3) These Regulations extend to England and Wales, Scotland and Northern Ireland.
Propose a change2 Amendment of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019
(1) The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 are amended as follows.
(2) In regulation 61 (interpretation), after paragraph (6) insert—
(6A) “MMF” means a sub-fund of an EEA UCITS that is authorised in an EEA state for the purpose of being a money market fund that—
(a) invests in financial assets with a residual maturity not exceeding 2 years, and
(b) has distinct or cumulative objectives offering returns in line with money market rates or preserving the value of the investment.
.
(3) Regulation 62(3) (temporary recognition for EEA UCITS or sub-funds of EEA UCITS) is amended as follows—
(a) in sub-paragraph (c), for “paragraph 68(2)” substitute “regulation 67A(2) or 68(2) (as applicable)”;
(b) in sub-paragraph (d), for “5” substitute “6”.
(4) Regulation 63 (the appropriate conditions) is amended as follows—
(a) in paragraph (3), for sub-paragraph (d) substitute—
(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.
;
(b) after paragraph (3) insert—
(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.
.
Propose a change3 Amendment of the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018
(1) The Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 are amended as follows.
(2) In regulation 19 (cessation of temporary deemed recognition)—
(a) omit paragraphs (2) and (3),
(b) in paragraph (4), for “second” substitute “first”,
(c) in paragraph (5), for “third” substitute “second”, and
(d) in paragraph (6), for “fourth” substitute “third”.
(3) In regulation 19A(2)(a) (eligibility for run-off regime), omit “19(2),”.
Propose a change