Draft versions of the Collective Investment Scheme (Amendment etc.) (EU Exit) Regulations 2019 and its accompanying explanatory memorandum, as laid before Parliament, have been published. The Regulations will come into force on exit day, except for certain provisions specified in Regulation 1(3). The SI will make amendments to retained EU law related to the UCITS Directive for investment funds and their managers to ensure it continues to operate effectively after Brexit. See our Update of 24 October 2018 for discussion on the SI.