On August 26, 2023, the Financial Services and Markets Act 2023 (Commencement No. 3) (Amendment) Regulations 2023 was published on legislation.gov.uk, the official UK website for publicizing legal documents.
The regulations correct an error in the Financial Services and Markets Act 2023 (Commencement No. 1) Regulations 2023 (SI 2023/779) which repealed numerous retained EU regulations and directives (REUL) on August 29, 2023 to path the way towards new UK regulations following BREXIT. Specifically, the commencement regulations also repealed the Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (SI 2013/1388), a regulation to create a new fund vehicle for the UK investment management industry, namely „contractual schemes“, to make the UK UCITS market more competitive. This repeal was an error and is now being corrected. Specifically, SI 2013/1388 will be repealed at some future date and is, so to speak, being reinstalled. The schedule in the Financial Services and Markets Act 2023 (Commencement No. 1) Regulations 2023 (SI 2023/779) is corrected accordingly.
The Financial Services and Markets Act 2023 (Commencement No. 3) (Amendment) Regulations 2023
ID
24741
Other Features
CIS
custodian
disclosure
reporting
risk management
transparency
UCITS
UCITS Management Company
valuation
Date Published: 2023-08-26
Date Taking Effect: 2023-08-26
Regulatory Framework: Financial Services and Markets Act 2023
Regulatory Type: regulation
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