Citation, commencement and extent

1. —(1) These Regulations may be cited as the Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024.

(2) These Regulations come into force on the day after the day on which they are made.

(3) These Regulations extend to England and Wales, Scotland and Northern Ireland.

Amendment of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019

2. —(1)The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 are amended as follows.

(2) In regulation 61 (interpretation), after paragraph (6) insert—

“ (6A) “ MMF ” means a sub-fund of an EEA UCITS that is authorised in an EEA state for the purpose of being a money market fund that—

(a) invests in financial assets with a residual maturity not exceeding 2 years, and

(b) has distinct or cumulative objectives offering returns in line with money market rates or preserving the value of the investment. ” .

(3)Regulation 62(3) (temporary recognition for EEA UCITS or sub-funds of EEA UCITS) is amended as follows—

(a) in sub-paragraph (c), for “paragraph 68(2)” substitute “regulation 67A(2) or 68(2) (as applicable)” ;

(b) in sub-paragraph (d), for “5” substitute “6” .

(4)Regulation 63 (the appropriate conditions) is amended as follows—

(a) in paragraph (3), for sub-paragraph (d) substitute—

“ (d) if—

(i) the new sub-fund is not an MMF (subject to paragraph (4)), that the notification is given before the start of the period specified by the FCA with regards to sub-funds that are not MMFs, under regulation 67A or 68 (as applicable), in relation to the new sub-fund’s umbrella scheme, or

(ii) the new sub-fund is an MMF (subject to paragraph (5)), that the notification is given before the start of the period specified by the FCA with regards to sub-funds that are MMFs, under regulation 67A or 68 (as applicable), in relation to the new sub-fund’s umbrella scheme. ” ;

(b) after paragraph (3) insert—

“ (4) Where the existing sub-funds of an umbrella scheme are all MMFs, then the condition in paragraph (3)(d)(i) is incapable of being satisfied in any event.

(5) Where the sub-funds of an umbrella scheme are all not MMFs at the start of the period specified by the FCA under regulation 67A or 68 (as applicable), in relation to that umbrella scheme, then the condition in paragraph (3)(d)(ii) is incapable of being satisfied in any event. ” .

Amendment of the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018

3. —(1)The Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018( 3 ) are amended as follows.

(2) In regulation 19( 4 ) (cessation of temporary deemed recognition)—

(a) omit paragraphs (2) and (3),

(b) in paragraph (4), for “second” substitute “first” ,

(c) in paragraph (5), for “third” substitute “second” , and

(d) in paragraph (6), for “fourth” substitute “third” .

(3) In regulation 19A(2)(a)( 5 ) (eligibility for run-off regime), omit “19(2),”.