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The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003

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GeneralF4F5F6F7U.K.

2.—(1) For paragraph (a) of subsection (1) of section 425 of the Act (definitions in relation to the single market directives) F1, substitute—

(a)“banking consolidation directive”, “EEA authorisation”, “EEA firm”, “EEA right”, “EEA State”, “first life insurance directive”, “first non-life insurance directive”, “insurance directives”, “insurance mediation directive”, “investment services directive”, “single market directives” and “UCITS directive” have the meaning given in Schedule 3; and.

(2) In Part 1 of Schedule 3 to the Act (EEA passport rights—defined terms) F2

(a)in paragraph 1 (the single market directives)—

(i)at the end of sub-paragraph (d), omit “and”; and

(ii)at the end of sub-paragraph (e), insert—

; and

(f)the UCITS directive.;

(b)after paragraph 4A, insert—

The UCITS directiveF4F5F6F7U.K.

4B.  The UCITS directive” means the Council Directive of 20 December 1985 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (No. 85/611/EEC).F3;

(c)in paragraph 5 (EEA firm)—

(i)at the end of sub-paragraph (d), omit “or”; and

(ii)at the end of sub-paragraph (e), insert—

; or

(f)a management company (as defined in Article 1a.2 of the UCITS directive) which is authorised (within the meaning of Article 5) by its home state regulator..

(3) In regulation 1(2) (interpretation) of the Passport Rights Regulations, after the definition of the “ISD Regulations”, insert—

management company” means an EEA firm falling within paragraph 5(f) of Schedule 3;.

F2Amended by S.I. 2000/2952, S.I. 2001/1376 and S.I. 2003/1473.

F3OJ L375, 31.12.85, p. 3; amended by Council Directive 88/220/EEC, European Parliament and Council Directive 95/26/EC, European Parliament and Council Directive 2001/107/EC and European Parliament and Council Directive 2001/108/EC.

F51972 c. 68. By virtue of the amendment of section 1(2) made by section 1 of the European Economic Area Act 1993 (c. 51), regulations may be made under section 2(2) to implement obligations of the United Kingdom created by or arising under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting that Agreement signed at Brussels on 17th March 1993 (Cm 2183).

F6See the definition of “prescribed”.

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