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In force since 2024-07-16, as the publisher states.
Copy read on 2026-11-10. The page it was read from
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
2024 No. 635
FINANCIAL SERVICES AND MARKETS
The Financial Services and Markets Act 2000 (Overseas Funds Regime) (Equivalence) (European Economic Area) Regulations 2024
Made
13th May 2024
Laid before Parliament
14th May 2024
Coming into force
16th July 2024
The Treasury make these Regulations in exercise of the powers conferred by section 271A(1) of the Financial Services and Markets Act 2000 (“the Act”).
In accordance with sections 271B and 271C of the Act, the Treasury are satisfied that the equivalent protection test (within the meaning of section 271B of the Act) is met in relation to each EEA state and that adequate arrangements exist, or will exist, for co-operation between the Financial Conduct Authority and the overseas regulator (within the meaning of section 271C of the Act) in each EEA state.
Propose a change1 Citation, commencement and extent
(1) These Regulations may be cited as the Financial Services and Markets Act 2000 (Overseas Funds Regime) (Equivalence) (European Economic Area) Regulations 2024.
(2) These Regulations come into force on 16th July 2024.
(3) These Regulations extend to England and Wales, Scotland and Northern Ireland.
Propose a change2 Interpretation
In these Regulations—
“the Act” means the Financial Services and Markets Act 2000;
“MMF” means an EEA UCITS, or a sub-fund of an EEA UCITS, that is authorised in an EEA state for the purpose of being a money market fund that—
invests in financial assets with a residual maturity not exceeding 2 years, and
has distinct or cumulative objectives offering returns in line with money market rates or preserving the value of the investment;
“stand-alone scheme” means a collective investment scheme—
which does not have two or more sub-funds, and
whose fund rules or instruments of incorporation do not enable it to have two or more sub-funds.
Propose a change3 Approval of countries
The Treasury approve each EEA state for the purposes of section 271A of the Act in relation to—
(a) stand-alone schemes that are EEA UCITS, except for schemes that are MMFs, and
(b) sub-funds of EEA UCITS, except for sub-funds that are MMFs.
Propose a change