(This note is not part of the Regulations)
These Regulations further implement Directive 2009/65/EC of the European Parliament and Council (O.J. L 302, 17.11.09, page 32) (“the recast UCITS directive”), which was originally implemented by the Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613) (“the implementing Regulations”).
Regulation 3 corrects an amendment made by the implementing Regulations to subsection (3B) of section 199 of the Financial Services and Markets Act 2000 (c. 8) (“FSMA”), to ensure that the requirements set out in subsections (4) to (8) apply in the case of a management company authorised in another Member State in accordance with Article 6 of the recast UCITS directive.
Regulation 4 amends section 264 of FSMA to ensure that a collective investment scheme constituted in another EEA State, which is managed by a body corporate incorporated in a different EEA State, can qualify as a recognised scheme in the United Kingdom in accordance with Article 16 of the recast UCITS directive.
Regulation 5 corrects an inconsistency of terminology between paragraphs (1) and (4) of regulation 8 of the implementing Regulations.
A full impact assessment has not been published for this instrument as it has no impact on the costs of business or the voluntary sector.