# The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019, Regulation 63: The appropriate conditions


(1) In relation to a stand-alone scheme, the appropriate conditions referred to in paragraph 62 are—
(a) that the operator of the stand-alone scheme has before exit day notified the FCA in accordance with regulation 64 that it wishes the scheme to be treated in accordance with regulation 62, and
(b) that immediately before exit day the stand-alone scheme is an EEA UCITS which is a recognised scheme by virtue of section 264 of the 2000 Act.
(2) In relation to a sub-fund which is authorised by its home state regulator before exit day, the appropriate conditions referred to in paragraph 62 are—
(a) that the operator of the sub-fund has before exit day notified the FCA in accordance with regulation 64 that it wishes the sub-fund to be treated in accordance with regulation 62, and
(b) that immediately before exit day the sub-fund is the sub-fund of a EEA UCITS and is a recognised scheme by virtue of section 264 of the 2000 Act.
(3) In relation to a sub-fund not falling within paragraph (2), the appropriate conditions referred to in paragraph 62 are—
(a) that the sub-fund (“the new sub-fund”) becomes authorised by its home state regulator on or after exit day,
(b) that at the time when the new sub-fund becomes authorised by its home state regulator at least one other sub-fund of the new sub-fund’s umbrella scheme is a recognised scheme by virtue of regulation 62,
(c) that, after the new sub-fund becomes authorised by its home state regulator and while at least one other sub-fund of the umbrella scheme continues to be so authorised, the operator of the new sub-fund has notified the FCA in accordance with regulation 64 that it wishes the new sub-fund also to be treated in accordance with regulation 62, and
(d) that the notification is given before the start of the period specified by the FCA under regulation 68 in relation to the new sub-fund’s umbrella scheme.

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Source: https://www.legislation.gov.uk/ukdsi/2019/9780111177259/regulation/63 (the official version)
Page: https://openlegislation.uk/draft-collective-investment-schemes-amendment-etc-eu-exit-regulations-2019/regulation-63
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.