Regulation (EU) No 1286/2014 of the European Parliament and of the CouncilDangos y teitl llawn

CHAPTER VI U.K. FINAL PROVISIONS

[F1 Article 30 U.K.

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.]

Textual Amendments

F1 Art. 30 substituted for Arts. 30, 31 (31.12.2020) by The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/403), regs. 1(2), 12(1) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F1 Article 31 U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F1 Art. 30 substituted for Arts. 30, 31 (31.12.2020) by The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/403), regs. 1(2), 12(1) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Article 32 U.K.

[F2 1. The following are exempt from the obligations under this Regulation until [F3 31 December 2026]—

(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.]

2. When [F4 the United Kingdom] applies rules on the format and content of the key information document, as laid down in [F5 the provisions of FSMA and any rules or regulations made under FSMA which were relied on immediately before IP completion day to implement] Articles 78 to 81 of Directive 2009/65/EC, to non-UCITS funds offered to retail investors [F6 in the United Kingdom], the exemption laid down in paragraph 1 of this Article shall apply to management companies, investment companies and persons advising on, or selling, units of such funds to retail investors [F6 in the United Kingdom].

[F7 3. —

(1) In this Article, “UK UCITS” and “EEA UCITS” have the meanings given in section 237(3) of FSMA.

(2) Where an EEA UCITS is recognised under [F8 section 271A or] section 272 of FSMA, the management company referred to in paragraph 1(b) or the investment company referred to in paragraph 1(d) above must comply with duties corresponding to those that, if the United Kingdom were a UCITS host Member State for the purposes of the UCITS Directive, would be imposed on the EEA UCITS in accordance with Article 94 of that Directive, to the extent it applies to key investor information.

(3) For the purposes of this Article, Article 94 is to be read as if—

(a)

references to the UCITS host member State, or to a member State where the UCITS markets its units, were references to the United Kingdom;

(b)

references to the competent authority of the UCITS host member State or of the member State where the UCITS markets its units were references to the FCA.]

Textual Amendments

F2 Art. 32(1) substituted (31.12.2020) by The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/403), regs. 1(2), 12(2)(a) (as amended by S.I. 2020/628, regs. 1(3), 10) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F3 Words in Art. 32(1) substituted (31.12.2021) by The Packaged Retail and Insurance-based Investment Products (UCITS Exemption) (Amendment) Regulations 2021 (S.I. 2021/1149), regs. 1, 2(2)

F4 Words in Art. 32(2) substituted (31.12.2020) by The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/403), regs. 1(2), 12(2)(b)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F5 Words in Art. 32(2) inserted (31.12.2020) by The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/403), regs. 1(2), 12(2)(b)(ii) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 26(e)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F6 Words in Art. 32(2) inserted (31.12.2020) by The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/403), regs. 1(2), 12(2)(b)(iii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F7 Art. 32(3) inserted (31.12.2020) by The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/403), regs. 1(2), 12(2)(c) (as amended by S.I. 2020/1385, regs. 1(4), 53) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F8 Words in Art. 32(3) inserted (26.2.2024) by The Financial Services Act 2021 (Overseas Funds Regime and Recognition of Parts of Schemes) (Amendment and Modification) Regulations 2024 (S.I. 2024/114), regs. 2, 14

F9 Article 33 U.K.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F9 Art. 33 omitted (31.12.2020) by virtue of The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/403), regs. 1(2), 12(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

Article 34 U.K.

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

[F10 It shall apply from 1 January 2018.]

Textual Amendments

F10 Substituted by Regulation (EU) 2016/2340 of the European Parliament and of the Council of 14 December 2016 amending Regulation (EU) No 1286/2014 on key information documents for packaged retail and insurance-based investment products as regards the date of its application (Text with EEA relevance).