On February 20, the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 were published on legislation.gov.uk, together with an explanatory memorandum.
The Regulations are designed to ensure that the regime established under the UCITS IV Directive for investment funds and their managers continues to operate effectively after the United Kingdom’s withdrawal from the European Union (Brexit) on March 29 (Exit Day). It includes amendments to the retained provisions of delegated acts made under UCITS IV and relevant UK financial services legislation such as the Financial Services and Markets Act 2000.
The Regulations were laid before Parliament in December 2018 (for more information, see the December 14, 2018 edition of Corporate & Financial Weekly Digest). No changes appear to have been made.
The Regulations will go into effect on Exit Day, except for certain provisions, such as those relating to temporary recognition, which is effective immediately.