Regulation 66 Other duties of operatorI1

United Kingdom

(1)

F1Subject to paragraph (1A), the operator of a stand-alone scheme or sub-fund that is a recognised scheme by virtue of regulation 62 must comply with duties corresponding to those that, if the United Kingdom were a UCITS host Member State for the purposes of the UCITS directive, would be imposed on the operator in accordance with the following provisions of that directive—

(a)

Article 43(4);

(b)

Article 64(2);

(c)

Article 84(3);

(d)

the final sentence of Article 93(7);

(e)

Article 93(8);

(f)

Article 94.

F2(1A)

The requirements imposed by paragraph (1) do not apply to the operator of a stand-alone scheme or sub-fund that is a recognised scheme by virtue of regulation 62 who complies with requirements imposed by designated activity rules made under section 71N of the Financial Services and Markets Act 2000 by virtue of regulation 6 of the Consumer Composite Investments (Designated Activities) Regulations 2024.

(2)

For the purposes of this regulation, those provisions are to be read as if—

(a)

references to the UCITS host member State, or to a member State where the UCITS markets its units, were references to the United Kingdom;

(b)

references to the competent authority of the UCITS host member State or of the member State where the UCITS markets its units were references to the FCA.

Annotations

Textual amendments

F1: Words in reg. 66(1) substituted (22.11.2024 for specified purposes, 6.4.2026 in so far as not already in force) by The Consumer Composite Investments (Designated Activities) Regulations 2024 (S.I. 2024/1198), reg. 2(1)(c)(2), Sch. 2 para. 8(2); S.I. 2025/1078, reg. 7(b)
F2: Reg. 66(1A) inserted (22.11.2024 for specified purposes, 6.4.2026 in so far as not already in force) by The Consumer Composite Investments (Designated Activities) Regulations 2024 (S.I. 2024/1198), reg. 2(1)(c)(2), Sch. 2 para. 8(3); S.I. 2025/1078, reg. 7(b)

Commencement

I1: Reg. 66 in force at 20.2.2019, see reg. 1(3)