Regulatory Alerts2012-01-01
Collective Investment Schemes (Recognised Schemes) (United Kingdom) Order 2012
The Financial Supervision Commission issued this Order under the Collective Investment Schemes Act 2008 to designate the United Kingdom as a recognized jurisdiction for specific investment schemes. It formally recognizes UK retail authorised schemes, including unit trusts and open-ended investment companies authorized under the Financial Services and Markets Act 2000, as recognised schemes. The Order came into operation on 1 July 2012 and revoked the previous Financial Supervision (Recognised Schemes) (United Kingdom) Order 2006.
Collective Investment Schemes (Recognised Schemes) (United Kingdom) Order 2012 Article 1 c SD No.2012/0275 Page 1 Statutory Document No. 2012/0275 Collective Investment Schemes Ac c t 2008 COLLECTIVE INVESTMENT SCHEMES (RECOGNISED SCHEMES) (UNITED KINGDOM) ORDER 20121 Approved by Tynwald: 20 June 2012 Coming into Operation: 1 July 2012 The Financial Supervision Commission, after carrying out the consultations required by section 24(13) of the Collective Investment Schemes Act 20081 , makes this Order under section 24(1) of, and paragraph 1 of Schedule 4 to, that Act. 1 Title This Order is the Collective Investment Schemes (Recognised Schemes) (United Kingdom) Order 2012. 2 Commencement This Order comes into operation on 1 July 2012. 3 Interpretation In this Order — “the Act” means the Collective Investment Schemes Act 2008; “FSMA” means the Financial Services and Markets Act 20002 (an Act of Parliament); and “UK retail authorised scheme” means a scheme which is not prevented from being sold directly to the general public in the United Kingdom and which is: — (a) a unit trust that holds an authorisation order which is in force and issued under section 243 of FSMA; or (b) an open-ended investment company that is authorised under regulations made under section 262 of FSMA and that holds an authorisation order which is in force.
1 2008 c.7 2 2000 c.8
Article 4 Collective Investment Schemes (Recognised Schemes) (United Kingdom) Order 2012 Page 2 SD No.2012/0275 c 4 Recognition of certain United Kingdom schemes (1) The United Kingdom is designated for the purposes of paragraph 1 of Schedule 4 to the Act. (2) Collective investment schemes which are UK retail authorised schemes are recognised schemes for the purposes of paragraph 1 of Schedule 4 to the Act. 5 Revocation The Financial Supervision (Recognised Schemes) (United Kingdom) Order 20063 is revoked. MADE 26 APRIL 2012
3 SD 664/06
Collective Investment Schemes (Recognised Schemes) (United Kingdom) Order 2012 Endnotes c SD No.2012/0275 Page 3 ENDNOTES Table of Endnote References 1 The format of this legislation has been changed as provided for under section 75 of, and paragraph 2 of Schedule 1 to, the Legislation Act 2015. The changes have been approved by the Attorney General after consultation with the Clerk of Tynwald as required by section 76 of the Legislation Act 2015.