PART 8REVIEW
Review
25.—(1) Before the end of each review period, the Treasury must—
(a)carry out a review of regulations 2 to 24,
(b)set out the conclusions of the review in a report, and
(c)publish the report.
(2) In carrying out the review, the Treasury must, so far as is reasonable, have regard to how in relation to the constitution of UCITS in accordance with contract law (as common funds managed by management companies) the UCITS Directive is implemented in other Member States.
(3) The report must in particular—
(a)set out the objectives intended to be achieved by the regulatory system established or applied in relation to a contractual scheme by regulations 2 to 24,
(b)assess the extent to which those objectives are achieved, and
(c)assess whether those objectives remain appropriate and, if so, the extent to which they could be achieved with a system that imposes less regulation.
(4) If a report under this regulation is published before the last day of the review period to which it relates, the following review period is to begin with the day on which that report is published.
(5) In this regulation—
“contractual scheme” has the meaning given in section 235A(1) of FSMA;
“review period” means—
the period of five years beginning with the day on which these Regulations come into force, and
subject to paragraph (4), each successive period of five years;
“the UCITS Directive” means the Directive of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (No. 2009/65/EC)(1); and
“UCITS” has the meaning given in Article 1.2 of the UCITS Directive.
OJ No. L 302, 17.11.2009, p.32. The Directive has been implemented by the Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613).