# The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019, Regulation 12: Final provisions


(1) For Articles 30 and 31 substitute—
“Article 30
1. Any power to make regulations conferred on the Treasury by this Regulation is exercisable by statutory instrument.
2. Such regulations may—
(a) contain incidental, supplemental, consequential and transitional provision; and
(b) make different provision for different purposes.
3. A statutory instrument containing regulations made under this Regulation is subject to annulment in pursuance of a resolution of either House of Parliament.”.
(2) In Article 32—
(a) for paragraph 1 substitute—
“1. The following are exempt from the obligations under this Regulation until 31 December 2019—
(a) the management company (as defined in section 237(2) of FSMA) of a UK UCITS;
(b) the management company (as defined in point (b) of Article 2(1) of Directive 2009/65/EC) of an EEA UCITS;
(c) an authorised open-ended investment company (as defined in section 237(3) of FSMA) which is a UK UCITS;
(d) an investment company referred to in Article 27 of Directive 2009/65/EC;
(e) a person advising on, or selling, units of UK UCITS or EEA UCITS in the United Kingdom.”;
(b) in paragraph 2—
(i) for “a Member State” substitute “the United Kingdom”;
(ii) after “as laid down in” insert “the provisions of FSMA and any rules or regulations made under FSMA which were relied on immediately before exit day to implement”;
(iii) after “investors” insert “in the United Kingdom” in both places;
(c) at the end insert—
“3. In this Article, “UK UCITS” and “EEA UCITS” have the meanings given in section 237(3) of FSMA.”.
(3) Omit Article 33.
(4) In the words after Article 34, omit “This Regulation shall be binding in its entirety and directly applicable in all Member States.”.

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Source: https://www.legislation.gov.uk/ukdsi/2019/9780111178003/regulation/12 (the official version)
Page: https://openlegislation.uk/draft-packaged-retail-and-insurance-based-investment-products-amendment-eu-exit-regulations-2019/regulation-12
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.