The Social Entrepreneurship Funds (Amendment) (EU Exit) Regulations 2019
| Jurisdiction | UK Non-devolved |
| Citation | SI 2019/343 |
| Year | 2019 |
(1) These Regulations may be cited as the Social Entrepreneurship Funds (Amendment) (EU Exit) Regulations 2019 and come into force on exit day.(2) For the purposes of these Regulations, “the EuSEF Regulation” means Regulation (EU) No 346/2013 of the European Parliament and the Council on European social entrepreneurship funds, as it forms part of domestic law and as modified by domestic law from time to time.The EuSEF Regulation is amended in accordance with this Part. for “EuSEF” substitute “ SEF ” ;for “Union, thereby contributing to the smooth functioning of the internal market” substitute “ United Kingdom ” ;omit “uniform”;for “across the Union”, in both places it occurs, substitute “ in the United Kingdom ” .in point (a) , for “point (b) of Article 3(2) of Directive 2011/61/EU” substitute “ sub-paragraph (a) of regulation 9(1) of the AIFM Regulations ”;in point (b) , for “Union” substitute “ United Kingdom ” ;in point (c) , for “competent authorities of their home Member State in accordance with point (a) of Article 3(3) of Directive 2011/61/EU” substitute “ FCA in accordance with regulation 10 of the AIFM Regulations ” ;for “to 20” substitute “ , 18 and 19 ” ;omit “, the second subparagraph of Article 21(3) and Articles”;for “authorised under Article 6 of Directive 2011/61/EU” substitute “ who have permission under Part 4A of FSMA to carry on the regulated activity specified by article 51ZC of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (managing an AIF) ”;for “that manage” substitute “ and who manage ” ;for “EuSEF” substitute “ SEF ” ;for “Union” substitute “ United Kingdom ” ;in paragraph 3, for the words from “undertakings” to the end substitute “ UK UCITS (which has the meaning given in section 237 of FSMA) ” .in point (a) (definition of “collective investment undertaking”) for “point (a) of Article 4(1) of Directive 2011/61/EU” substitute “ regulation 3 of the AIFM Regulations ” ;in the opening words, before “means” insert “ , unless the contrary intention appears, ” ;in point (iii) , for “territory of a Member State” substitute “ United Kingdom ” ;in point (i) , for the words “regulated market” to the end, substitute “ UK regulated market, an EU regulated market, a UK multilateral trading facility or an EU multilateral trading facility (as defined by points (13A) , (13B) , (14A) and (14B) of Article 2 of the Markets in Financial Instruments Regulation 2014) ; ” in point (v) , in the opening words, for “a Member State” substitute “ the United Kingdom, ” ;in point (v) , in the second indent, for “home Member State of the manager of a qualifying social entrepreneurship fund and with each other Member State in which the units or shares of the qualifying social entrepreneurship funds are intended to be marketed” substitute “ United Kingdom ” ;in point (iii) , for “in qualifying social entrepreneurship funds” substitute—“ United Kingdom ” ;omit points (k) , (l) , (m) and (n) (definition of “home Member State”, “host Member State”, “competent authority” and “competent authority of the host Member State”) ;after point (j) , insert—“ Treasury may by regulations specify ” .for “EuSEF” substitute “ SEF ” ;for “across the Union” substitute “ in the United Kingdom ” .for “Section 1 of Annex II to Directive 2004/39/EC” substitute “ Part 2 of Schedule 1 to the Markets in Financial Instruments Regulation 2014 ”;for “Section II of Annex II of Directive 2004/39/EC” substitute “ Part 3 of Schedule 1 to the Markets in Financial Instruments Regulation 2014 ” .(3) In Article 9, in paragraph 5, for “Commission shall be empowered to adopt delegated acts in accordance with Article 26 specifying” substitute “ Treasury may by regulations specify ” .(4) In Article 10, in paragraph 2, for “Commission shall be empowered to adopt delegated acts in accordance with Article 26 specifying” substitute “ Treasury may by regulations specify ” .in paragraphs 3 and 5 (in each place it occurs) for “competent authority of the home Member State”, substitute “ FCA ” ;for “a Member State” substitute “ the United Kingdom ” ;for “Union law” substitute “ the law of the United Kingdom ” .(6) In Article 12, omit paragraph 3.in paragraph 1, for “competent authority of the home Member State” substitute “ FCA ” ;in paragraph 4, for the words from “Article 4” to “market” substitute “ rule 4.1.3 of the Disclosure Guidance and Transparency Rules sourcebook ” ;omit paragraph 5.in paragraph 3, for the words from “Directive” to “trading” substitute “ Part 6 of FSMA ” ;in paragraph 4, for “Commission shall be empowered to adopt delegated acts in accordance with Article 26 specifying” substitute “ Treasury may by regulations specify ” .for “EuSEF” substitute “ SEF ” ;for “competent authority of their home Member State” substitute “ FCA ” ;omit point (d) ;in paragraphs 2, 4 and 6, for “competent authority of the home Member State” substitute “ FCA ” , in each place it occurs;for “entire territory of the Union” substitute “ United Kingdom ” ;
- in—
- (o) ‘the FCA’ means the Financial Conduct Authority;
- (p) ‘FSMA’ means the Financial Services and Markets Act 2000;
- (q) ‘the AIFM Regulations’ means the Alternative Investment Fund Managers Regulations 2013;
- (r) ‘the Markets in Financial Instruments Regulation 2014’ means Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 as that Regulation forms part of domestic law and has effect from time to time. Any reference in this Regulation to a sourcebook is to a sourcebook in the Handbook of Rules and Guidance published by the FCA containing rules made and guidance issued by the FCA under FSMA as the sourcebook has effect on F7IP completion day.
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