The Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024
On November 25th, 2024, the UK government published the Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024. This new piece of legislation is an amendment to the existing regulations and aims to ensure that the UK has a robust regulatory framework in place for collective investment schemes and central counterparties.
The main changes introduced by the new regulations include:
- Extending the temporary recognition period for certain EU collective investment schemes and central counterparties (CCPs) until 2027
- Providing a transitional period for CCPs that are not recognized under the UK’s new regime
- Amending the definition of a “qualifying CCP” to include CCPs that are recognized under the EU’s new regime
- Making consequential amendments to the existing regulations
The new regulations are intended to provide the necessary legal certainty for collective investment schemes and CCPs operating in the UK. They will also help to ensure that the UK remains an attractive destination for investment and that the financial system remains stable.
Key Points
Key points of the regulations include:
- The temporary recognition period for certain EU collective investment schemes and CCPs is extended until December 31, 2027.
- CCPs that are not recognized under the UK’s new regime will have a transitional period until December 31, 2025, to comply with the new requirements.
- The definition of a “qualifying CCP” is amended to include CCPs that are recognized under the EU’s new regime.
- Consequential amendments are made to the existing regulations to reflect the changes made by the new regulations.
Summary
The Collective Investment Schemes (Temporary Recognition) and Central Counterparties (Transitional Provision) (Amendment) Regulations 2024 are an important piece of legislation that will help to ensure that the UK has a robust regulatory framework in place for collective investment schemes and CCPs. The new regulations will provide legal certainty for these entities and will help to maintain the stability of the UK financial system.
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