On February 20, the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 were published on legislation.gov.uk, together with an explanatory memorandum.
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UCITS Regulations
ESMA Issues Opinion on UCITS Share Classes
On January 30, the European Securities and Markets Authority (ESMA) issued an opinion (Opinion) on share classes within Undertakings for Collective Investment in Transferable Securities (UCITS) funds. The Opinion sets out high-level common principles for setting up and operating share classes.
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UK Government Publishes Implementing Regulations for UCITS V
On February 25, the UK government published the Undertakings for Collective Investment in Transferable Securities Regulations 2016 (Regulations) along with an explanatory memorandum and transposition table. The Regulations implement provisions in the EU Undertakings for the Collective Investment of Transferable Securities V Directive (UCITS V) in relation to depositaries and sanctions, among other provisions.The Regulations set out amendments to the Financial Services and Markets Act 2000 (FSMA 2000) and the Undertakings for Collective Investment in Transferable Securities Regulations 2011 (UCITS Regulations), among others.
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