Regulation 70 Application of repealed or amended provisions

(1)

Despite their repeal by regulations 25 and 29, sections 266 to 269^f1 and 395(13)(e) of the 2000 Act apply during the relevant period in relation to a stand-alone scheme or sub-fund that is a recognised scheme by virtue of regulation 62 as they applied immediately before exit day in relation to a scheme that was recognised under section 264 of that Act, but this is subject to paragraph (2).

(2)

In their application by virtue of this regulation, sections 266 to 269 are to be read as if—

(a)

in section 266(1A)^f2, the reference to an EEA firm falling within paragraph 5(f) of Schedule 3^f3 to the 2000 Act who qualifies for authorisation under that Schedule were a reference to a person who immediately before exit day was such an EEA firm and who is treated by regulation 8 or 11 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018^f4 as having permission under Part 4A to carry on the activities in relation to which the person was previously authorised under Schedule 3,

(b)

in section 267, subsection (7) were omitted,

(c)

in section 268, subsections (3)(b), (7)(b) and (9)(b) were omitted, and

(d)

in section 269, subsection (6) were omitted.

(3)

A stand-alone scheme or sub-fund that is a recognised scheme by virtue of regulation 62 is to be taken to be a relevant collective investment scheme for the purposes of—

(a)

article 2(1) of the Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975,

(b)

article 1(2) of the Rehabilitation of Offenders (Exceptions) (Order) (Northern Ireland) 1979, and

(c)

article 2(1) of the Rehabilitation of Offenders Act 1974 (Exclusions and Exceptions) (Scotland) Order 2013.

Annotations

Footnotes

f1: Sections 266 to 269 were amended by Schedule 18 to the Financial Services Act 2012.
f2: Section 266(1A) was inserted by S.I. 2003/2066.
f3: Paragraph 5(f) of Schedule 3 was amended by S.I. 2011/1613 and S.I. 2013/1773.
f4: S.I. 2018/1149.