{
  "url": "https://openlegislation.uk/draft-benchmarks-amendment-and-transitional-provision-eu-exit-regulations-2019/regulation-49",
  "json_url": "https://openlegislation.uk/draft-benchmarks-amendment-and-transitional-provision-eu-exit-regulations-2019/regulation-49.json",
  "legislation": "ukdsi/2019/9780111179208",
  "legislation_title": "The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019",
  "legislation_url": "https://openlegislation.uk/draft-benchmarks-amendment-and-transitional-provision-eu-exit-regulations-2019",
  "path": "regulation/49",
  "kind": "regulation",
  "number": "49",
  "heading": "Amendment of Commission Delegated Regulation (EU) 2018/66",
  "text": "(1) Commission Delegated Regulation (EU) 2018/66 of 29 September 2017 supplementing Regulation (EU) 2016/1011 of the European Parliament and of the Council specifying how the nominal amount of financial instruments other than derivatives, the notional amount of derivatives and the net asset value of investment funds are to be assessed is amended as follows.\n(2) In Article 3 (net asset value of collective investment undertakings)—\n(a) in paragraph (a)—\n(i) for the words from “subject” to “Council” substitute “that are UK UCITS (as defined in section 237(3) of the Financial Services and Markets Act 2000)”;\n(ii) for “Article 68(2) of that Directive” substitute “section 4.5 of the Collective Investment Schemes sourcebook in the Handbook of Rules and Guidance published by the Financial Conduct Authority under the Financial Services and Markets Act 2000 as it has effect on exit day”;\n(b) in paragraph (b), for the words from “subject” to “Council” substitute “that are AIFs (as defined in regulation 3 of the Alternative Investment Fund Managers Regulations 2013)”.\n(3) In Article 4 (use of alternative amounts and values)—\n(a) for “the competent authority” substitute “the FCA”;\n(b) for “that competent authority” substitute “the FCA”.\n(4) Omit the words “This Regulation shall be binding in its entirely and directly applicable in all Member States.” after Article 7.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "2000 c. 16. The definition of “UK UCITS” was inserted by S.I. 2011/1613 and amended by S.I. 2013/1388."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "The Handbook of Rules and Guidance published by the Financial Conduct Authority is available on https://www.handbook.fca.org.uk/handbook and copies of the rules referred to can be obtained from the Financial Conduct Authority, 12 Endeavour Square, London E20 1JN, where they are also available for inspection."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "S.I. 2013/1773."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2019/9780111179208/regulation/49",
    "retrieved_at": "2026-10-30T15:01:29.992538+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}