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The Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003

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Passporting by UK management companies

4.—(1) In Part 3 of Schedule 3 to the Act (exercise of passport rights by UK firms)—

(a)in paragraph 19 (exercise of rights to establish a branch)—

(i)in sub-paragraph (6), for “the investment services directive or the banking consolidation directive”, substitute “the banking consolidation directive, the investment services directive or the UCITS directive”;

(ii)in sub-paragraph (12)(a), for “within three months beginning with the date when it received the notice of intention”, substitute “within the relevant period”;

(iii)after sub-paragraph (12), insert—

(12A) In sub-paragraph (12), “the relevant period” means—

(a)if the firm’s EEA right derives from the UCITS directive, two months beginning with the date on which the Authority received the notice of intention;

(b)in any other case, three months beginning with that date.; and

(b)in paragraph 20 (exercise of rights to provide services), in sub-paragraph (3)—

(i)for “the investment services directive or the banking consolidation directive”, substitute “the banking consolidation directive, the investment services directive or the UCITS directive”;

(ii)after “host state regulator”, insert “with such other information as may be specified”.

(2) In the Passport Rights Regulations—

(a)in regulation 11 (UK investment firms, credit institutions and financial institutions: changes to branch details)—

(i)in the heading, after “investment firms”, insert “, management companies”; and

(ii)in paragraph (1), after “investment services directive”, insert “, the UCITS directive”; and

(b)in regulation 12 (UK investment firms: changes to services)—

(i)in the heading, after “investment firms”, insert “and management companies”; and

(ii)in paragraph (1), after “investment services directive”, insert “or the UCITS directive”.

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