Regulation 52 Open-Ended Investment Companies Regulations 2001

(1)

The Open-Ended Investment Companies Regulations 2001^f1 are amended as follows.

(2)

After regulation 2(3)^f2 insert—

“(4)
Any reference in these Regulations to the Collective Investment Schemes sourcebook is a reference to the Collective Investment Schemes sourcebook made under the Act by the Authority, as it has effect on exit day.”.

(3)

In regulation 15(6)^f3—

(a)

after “body corporate which” insert “is incorporated in the UK,”;

(b)

after “managing a” insert “UK”;

(4)

In regulation 15(8)(a)^f4, omit “or another EEA State”.

(5)

In regulation 17(1)^f5, for “enjoy the rights conferred by the UCITS directive” substitute “be a UCITS”.

(6)

In regulation 19(1)(a)—

(a)

in paragraph (i), omit “or”;

(b)

in paragraph (ii) after “Regulations 1989;” insert “or”;

(c)

after regulation 19(1)(a)(ii), insert—

“(iii)
UK Economic Interest Grouping;”.

(7)

In regulation 22A^f6, in paragraph (9), for sub-paragraphs (a) and (b) substitute—

“(a)
rule 11.6.3R(2) of the Collective Investment Schemes sourcebook, or

(b)
UCITS-related direct EU legislation as defined in section 237(3)^f7 of the Act”.

(8)

Omit regulation 29A^f8.

(9)

In regulation 29B^f9—

(a)

in paragraph (1), in sub-paragraph (a), after “made” insert “by or under any enactment”;

(b)

omit paragraphs (2) and (3).

(10)

In regulation 33A(4)(b)^f10, after “convert into a” insert “UK”.

(11)

In regulation 33B(2)(b)^f11, after “convert into a” insert “UK”.

(12)

In regulation 70^f12, for “within the meaning of Article 2.1(p) of the UCITS directive” substitute “to which Part 4 of the Undertakings for Collective Investment in Transferable Securities Regulations 2011 applies”.

(13)

In Schedule 5, in paragraph 4(5A)^f13 for “for the purpose of implementing the UCITS directive or any commission directive made under the UCITS directive” substitute “that are UCITS”.

Annotations

Footnotes

f1: S.I. 2001/1228.
f2: Regulation 2(3) was amended by S.I. 2008/948.
f3: Regulation 15(6) was substituted by S.I. 2013/1773.
f4: Article 15(8) was amended by S.I. 2013/472 and S.I. 2013/1773.
f5: Regulation 17(1) was amended by S.I. 2003/2066.
f6: Regulation 22A was inserted by S.I. 2011/1613.
f7: The definition of “UCITS-related direct EU legislation” is inserted into section 237(3) of the Financial Services and Markets Act 2000 by regulation 7(3)(d) of these Regulations.
f8: Regulation 29A was inserted by S.I. 2011/1613.
f9: Regulation 29B was inserted by S.I. 2011/1613.
f10: Regulation 33A was inserted by S.I. 2011/1613.
f11: Regulation 33B was inserted by S.I. 2011/1613.
f12: Regulation 70 was amended by S.I. 2011/1613.
f13: Sub-paragraph (5A) was substituted for sub-paragraph (5) as originally enacted in S.I. 2011/1613; there are other amendments to paragraph 4 but none is relevant.