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The Child Trust Funds (Amendment) Regulations 2024
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Statutory Instruments
2024 No. 349
CHILD TRUST FUNDS
The Child Trust Funds (Amendment) Regulations 2024
Made
11th March 2024
Laid before Parliament
12th March 2024
Coming into force
6th April 2024
The Treasury make these Regulations in exercise of the powers conferred by sections 3(5) and 28(2) and (3) of the Child Trust Funds Act 2004(1).
Citation and commencement
1. These Regulations may be cited as the Child Trust Funds (Amendment) Regulations 2024 and come into force on 6th April 2024.
Amendment of the Child Trust Funds Regulations 2004
2.—(1) The Child Trust Funds Regulations 2004(2) are amended as follows.
(2) In regulation 2 (interpretation), in paragraph (1)—
(a)in sub-paragraph (b), in the definition of “non-UCITS retail scheme”, in paragraph (b) after “by virtue of section” insert “271A(3) or”;
(b)in sub-paragraph (c), in the definition of “recognised UCITS”—
(i)omit paragraph (a);
(ii)for paragraph (c) substitute—
“(c)a recognised scheme by virtue of section 271A or 272 of FISMA 2000(4) that is a UCITS within the meaning given by section 236A(5) of that Act;”.
(3) In regulation 14 (account provider - qualifications and Board’s approval), in paragraph (2)(f) omit paragraph (i).
Joy Morrissey
Scott Mann
Two of the Lords Commissioners of His Majesty's Treasury
11th March 2024
Explanatory Note
(This note is not part of the Regulations)
These Regulations amend the Child Trust Funds Regulations 2004 by:
updating definitions relating to certain investment funds (regulation 2(2)), and
removing a provision which allowed certain institutions based in EU member states to conduct business without being present in the United Kingdom (regulation 2(3)).
A Tax Information and Impact Note covering this instrument will be published on the website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.
(1)
2004 c. 6; section 3 was amended by sections 60 to 62 of the Deregulation Act 2015 (c. 20).
(2)
S.I. 2004/1450 (“the Principal Regulations”); relevant amending instruments are S.I. 2005/3349, 2010/582, 2013/472, 2013/1773, 2020/29 and 2023/269.
(3)
Section 271A of the Financial Services and Markets Act 2000 (c. 8) was inserted by paragraph 1 of Schedule 9 to the Financial Services Act 2021 (c. 22).
(4)
“FISMA 2000” is defined as the Financial Services and Markets Act 2000 in regulation 2(1)(b) of the Principal Regulations. Section 272 was amended by paragraph 9 of Schedule 18 to the Financial Services Act 2012 (c. 21), section 25(3) of the Financial Services Act 2021 and S.I. 2013/1773, 2013/1388 and 2019/325.
(5)
Section 236A was inserted by S.I. 2019/325.
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