The Financial Services Act 2021 (Overseas Funds Regime and Recognition of Parts of Schemes) (Amendment and Modification) Regulations 2024

• Citation: S.I. 2024/114
• Sections: 14

Section 1 Citation

These Regulations may be cited as the Financial Services Act 2021 (Overseas Funds Regime and Recognition of Parts of Schemes) (Amendment and Modification) Regulations 2024.

Section 2 Commencement

These Regulations come into force on 26th February 2024.

Section 3 Extent

Any amendment or modification made by these Regulations has the same extent as the provision amended or modified.

Section 4 Interpretation

In these Regulations, “ the Act ” means the Financial Services and Markets Act 2000.

Section 5 Amendment of the Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975

(1) The Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975 is amended as follows.

(2) In article 2(1) (interpretation), in the definition of “relevant collective investment scheme”, after “which is recognised under” insert “section 271A (schemes authorised in approved countries) or” .

(3) In article 4(1)(d)(ix) (exceptions), after “a recognised scheme under” insert “section 271A or” .

Section 6 Further Modification to the Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975

(1) The Rehabilitation of Offenders Act 1974 (Exceptions) Order 1975 (as amended by regulation 5) is further modified as follows.

(2) In article 2(1), the definition of “relevant collective investment scheme” is to be read as if it also includes a part of a collective investment scheme, provided that part is recognised under section 271A(1) or 272(1) of the Act.

(3) Article 4(1)(d)(ix) is to be read as if it also refers to a decision to refuse to make, or to revoke, an order declaring a part of a collective investment scheme to be recognised under section 271A(1) or 272(1) of the Act.

Section 7 Amendment of the Rehabilitation of Offenders (Exceptions) Order (Northern Ireland) 1979

(1) The Rehabilitation of Offenders (Exceptions) Order (Northern Ireland) 1979 is amended as follows.

(2) In article 1(2) (citation, commencement and interpretation), in the definition of “relevant collective investment scheme”, for “(schemes authorised in designated countries or territories) or 272 (individually recognised overseas schemes)” substitute “(schemes authorised in designated countries or territories), 271A (schemes authorised in approved countries) or 272 (individually recognised overseas schemes)” .

(3) In article 3(1)(d)(ix) (exceptions from article 5(3)(b) of the Order in relation to certain professions, offices, employments, etc.), after “a recognised scheme under” insert “section 271A or” .

Section 8 Further Modification to the Rehabilitation of Offenders (Exceptions) Order (Northern Ireland) 1979

(1) The Rehabilitation of Offenders (Exceptions) Order (Northern Ireland) 1979 (as amended by regulation 7) is further modified as follows.

(2) In article 1(2), the definition of “relevant collective investment scheme” is to be read as if it also includes a part of a collective investment scheme, provided that part is recognised under section 271A(1) or 272(1) of the Act.

(3) Article 3(1)(d)(ix) is to be read as if it also refers to a decision to refuse to make, or to revoke, an order declaring a part of a collective investment scheme to be recognised under section 271A(1) or 272(1) of the Act.

Section 9 Modification to the Local Authorities (Capital Finance and Accounting) (Wales) Regulations 2003

(1) The Local Authorities (Capital Finance and Accounting) (Wales) Regulations 2003 , are modified as follows.

(2) In regulation 1(4) (name, commencement, application and interpretation), the definition of “money market fund” is to be read as if it also includes a part of a collective investment scheme, provided that part is recognised under section 271A(1) or 272(1) of the Act.

Section 10 Amendment of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005

In article 40(a) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (participants in certain recognised collective investment schemes), after “a scheme recognised under” insert “section 271A or” .

Section 11 Further Modification to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005

(1) The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended by regulation 10) is further modified as follows.

(2) In article 40—

(a) the words “a scheme recognised under section 271A or section 272 of the Act”, in paragraph (a), are to be read as if they also refer to a part of a collective investment scheme, provided that part is recognised under section 271A(1) or 272(1) of the Act, and

(b) the following words are to be read accordingly—

(i) “such recognised scheme” in paragraph (b), and

(ii) “such recognised schemes” and “such schemes” in the words after paragraph (b).

Section 12 Amendment of the Rehabilitation of Offenders Act 1974 (Exclusions and Exceptions) (Scotland) Order 2013

(1) The Rehabilitation of Offenders Act 1974 (Exclusions and Exceptions) (Scotland) Order 2013 is amended as follows.

(2) In article 2(1) (interpretation), in the definition of “relevant collective investment scheme”, for “(schemes authorised in designated countries or territories) or 272 (individually recognised overseas schemes)” substitute “(schemes authorised in designated countries or territories), 271A (schemes authorised in approved countries) or 272 (individually recognised overseas schemes)” .

(3) In Schedule 2 (financial services), in Part 1, in paragraph 1(i), after “a recognised scheme under” insert “section 271A or” .

Section 13 Further Modification to the Rehabilitation of Offenders Act 1974 (Exclusions and Exceptions) (Scotland) Order 2013

(1) The Rehabilitation of Offenders Act 1974 (Exclusions and Exceptions) (Scotland) Order 2013 (as amended by regulation 12) is further modified as follows.

(2) In article 2(1), the definition of “relevant collective investment scheme” is to be read as if it also includes a part of a collective investment scheme, provided that part is recognised under section 271A(1) or 272(1) of the Act.

(3) Schedule 2, Part 1, paragraph 1(i) is to be read as if it also refers to a decision to refuse to make, or to revoke, an order declaring a part of a collective investment scheme to be recognised under section 271A(1) or 272(1) of the Act.

Section 14 Amendment of Regulation (EU) No 1286/2014

In Article 32(3)(2) of the Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPS) , after “is recognised under” insert “section 271A or” .