acthub.beta

The Consumer Composite Investments (Designated Activities) Regulations 2024

Sections40
2024 No. 1198

Financial Services And Markets

The Consumer Composite Investments (Designated Activities) Regulations 2024

Made21st November 2024
Coming into force in accordance with regulation 2

The Treasury make the following Regulations in exercise of the powers conferred by sections 71K, 71M, 71N(2) and (5), 71O(2), (10) and (11), 71P, 71Q, 71R and 428(3) of the Financial Services and Markets Act 20001 and section 83(1) of the Financial Services and Markets Act 20232.

In accordance with sections 71S(2) and 429(9) of the Financial Services and Markets Act 20003 and sections 83(3) and 84(5) of the Financial Services and Markets Act 2023, a draft of this instrument has been laid before, and approved by resolution of, each House of Parliament4.

PART 1 Introductory

I11 Citation and extent

1 These Regulations may be cited as the Consumer Composite Investments (Designated Activities) Regulations 2024.
2 These Regulations extend to England and Wales, Scotland and Northern Ireland.

I22 Commencement

1 The following provisions come into force on the day after that on which these Regulations are made—
a this Part,
b Part 2 (designated activities and FCA powers), and
c the remaining provisions, for the purposes only of enabling the FCA to—
i make rules,
ii give directions or guidance, or
iii issue statements of policy.
2 So far as not already in force by virtue of paragraph (1), these Regulations come into force on the day on which the revocation of the PRIIPs Regulation5 by section 1(1) of, and Schedule 1 to, the Financial Services and Markets Act 2023 comes into force (“main commencement day”).

I33 Interpretation

1 In these Regulations—
  • “2017 Regulations” means the Packaged Retail and Insurance-based Investment Products Regulations 20176;
  • “buying” includes acquiring for valuable consideration;
  • “consumer composite investment” has the meaning given in regulation 4;
  • “FSMA 2000” means the Financial Services and Markets Act 2000;
  • “main commencement day” has the meaning given in regulation 2(2);
  • “markets in financial instruments regulation” 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 648/20127;
  • “PRIIPs Regulation” means 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 products8;
  • “retail investor” means a person, other than a professional client (as defined in Article 2(1)(8) of the markets in financial instruments regulation9), who is using, or is or may be contemplating using, any of the services provided by a person in the course of carrying on an activity specified in regulation 5.
2 In these Regulations, references to rules made by the FCA are to those rules as they have effect from time to time.

I44 “Consumer composite investment”

1 Subject to paragraph (2), “consumer composite investment” means—
a an investment,
b a contract of insurance, or
c any right to or interest in anything listed in sub-paragraphs (a) or (b),
where the value or amount payable to the investor is subject to fluctuations because of exposure to reference values or to the performance of one or more assets which are not directly purchased by the investor.
2 The following are excluded from the definition of consumer composite investment—
a a contract of long-term insurance where the benefits under the contract are payable only on death or in respect of incapacity due to injury, sickness or infirmity;
b deposits other than structured deposits (as defined in Article 2(1)(23) of the markets in financial instruments regulation10);
c non-equity transferable securities issued by—
i the government of any country or territory,
ii a local or regional authority of any country or territory,
iii any public international body of which the United Kingdom or any other State is a member, or
iv the European Central Bank or the central bank of any State;
d non-equity transferable securities issued in at least two separate issues of a similar type or class over a 12-month period by credit institutions provided that these securities—
i are not subordinated, convertible or exchangeable,
ii do not give a right to subscribe for or acquire other types of securities,
iii are not linked to a derivative instrument,
iv materialise reception of repayable deposits, and
v are covered by the compensation scheme (within the meaning of section 213(2) of FSMA 200011) or by a similar scheme in a country or territory outside the United Kingdom;
e non-equity transferable securities issued in at least two separate issues of a similar type or class over a 12-month period by credit institutions where the total consideration for the offers within that period in the United Kingdom is less than £64 million, or an equivalent amount, provided that those securities—
i are not subordinated, convertible or exchangeable,
ii do not give a right to subscribe for or acquire other types of securities, and
iii are not linked to a derivative instrument;
f non-fungible shares of capital whose main purpose is to provide the holder with a right to occupy any immovable property or a part thereof and where the shares cannot be sold without this right being given up;
g occupational pension schemes;
h personal pension schemes;
i shares in the capital of any central bank;
j debt securities specified by the FCA in designated activity rules12 made by virtue of regulation 6;
k stakeholder pension schemes;
l transferable securities unconditionally and irrevocably guaranteed by the government or a local or regional authority of any country or territory;
m transferable securities issued by associations with legal status or non-profit-making bodies recognised by any country or territory with a view to their obtaining the funds necessary to achieve their non-profit-making objectives.
3 In this regulation—
a “contract of insurance”, “contract of long-term insurance”, “occupational pension scheme”, “personal pension scheme” and “stakeholder pension scheme” have the meanings given in article 3 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 200113;
b “credit institution” has the meaning given in section 417 of FSMA 200014;
c “debt securities”, “non-equity transferable securities”, “securities” and “transferable securities” have the meanings given in section 102A of FSMA 200015;
d “deposit” has the meaning given in Article 2(1)(23A) of the markets in financial instruments regulation16;
e “equivalent amount” means an amount of equal value denominated wholly or partly in another currency or unit of account which is to be calculated by reference to the exchange rates prevailing at the time of issue.

PART 2 Designated Activities and FCA Powers

I55 Activities specified as designated activities for the purposes of FSMA 2000

1 The following activities are specified under section 71K of FSMA 2000 as designated activities for the purposes of that Act—
a manufacturing a consumer composite investment which is, or is proposed to be, made available to a retail investor located in the United Kingdom;
b advising on a consumer composite investment if the advice is given to—
i a retail investor located in the United Kingdom, or
ii an agent for that investor;
c offering a consumer composite investment to a retail investor located in the United Kingdom;
d selling a consumer composite investment to a retail investor located in the United Kingdom.
2 In this regulation—
a “advising on a consumer composite investment” means giving advice on the merits of—
i buying, selling, subscribing for, exchanging, holding or redeeming a consumer composite investment,
ii exercising, or not exercising, any right conferred by a consumer composite investment to buy, sell, subscribe for, exchange or redeem a consumer composite investment, or
iii entering into an agreement relating to a consumer composite investment;
b “made available” has the meaning given in designated activity rules made by virtue of regulation 6;
c “manufacturing a consumer composite investment” means—
i creating, developing, designing, issuing, managing, operating or carrying out a consumer composite investment, or
ii making changes to a term, condition or feature of a consumer composite investment;
d “offering a consumer composite investment” means communicating sufficient information on—
i the consumer composite investment, and
ii the terms on which it is offered,
to enable a person to decide to buy, subscribe for or enter into an agreement relating to the consumer composite investment;
e “selling a consumer composite investment” includes disposing of the consumer composite investment for valuable consideration, and for these purposes “disposing” includes—
i in the case of a consumer composite investment consisting of rights under a contract—
aa surrendering, assigning or converting those rights, or
bb assuming the corresponding liabilities under the contract,
ii in the case of a consumer composite investment consisting of rights under other arrangements, assuming the corresponding liabilities under the arrangements, and
iii in the case of any other consumer composite investment, granting the rights or interests of which it consists.

I66 FCA rules

1 The FCA may make designated activity rules relating to the activities specified in regulation 5.
2 The FCA may by notice suspend any rules made by virtue of paragraph (1) for such period as it considers appropriate.
3 Rules made by virtue of paragraph (1) may include provision enabling requirements imposed by the rules to be dispensed with, or modified, in such cases or circumstances as may be determined by the FCA under the rules.
4 The FCA may publish any decision made by virtue of paragraph (3) in the way appearing to the FCA to be best calculated to bring it to the attention of persons likely to be affected by it.

I77 Power of the FCA to give directions

1 The FCA may give a direction under section 71O of FSMA 200017 imposing on a person or a description of persons such requirements as the FCA considers appropriate in relation to the carrying on of an activity specified in regulation 5.
2 In the following provisions of this regulation “a direction” means a direction given under section 71O of FSMA 2000 by virtue of paragraph (1).
3 The FCA may give a direction only if it appears to the FCA—
a in the case of a direction given to a person, that in carrying on the activity the person is failing, or is likely to fail, to comply with a requirement imposed on the person by designated activity rules made by virtue of regulation 6, or
b in the case of a direction given to a person or a description of persons, that it is desirable to exercise the power for the purposes of advancing any of the FCA’s operational objectives set out in section 1B(3) of FSMA 2000.
4 Before giving, varying or revoking a direction, where the exercise of the power relates to a PRA-authorised person (as defined in section 2B(5) of FSMA 200018), the FCA must consult the PRA.

I88 Temporary exemptions

1 Before 1 January 2027, designated activity rules made by virtue of regulation 6 do not apply to a person listed in paragraph (2) where the conditions in paragraph (3) are met.
2 The persons referred to in paragraph (1) are—
a for UK UCITS—
i the management company (as defined in section 237(2) of FSMA 200019) of a UK UCITS;
ii an authorised open-ended investment company which is a UK UCITS;
iii a person advising on a UK UCITS where the advice is given to—
aa a retail investor located in the United Kingdom, or
bb an agent for that investor;
iv a person offering or selling units of a UK UCITS to a retail investor located in the United Kingdom;
b for EEA UCITS—
i the management company (as defined in point (b) of Article 2(1) of the UCITS Directive) of an EEA UCITS;
ii an investment company referred to in Article 27 of the UCITS Directive (conditions for an investment company);
iii a person advising on an EEA UCITS where the advice is given to—
aa a retail investor located in the United Kingdom, or
bb an agent for that investor;
iv a person offering or selling units of an EEA UCITS to a retail investor located in the United Kingdom;
c for non-UCITS retail schemes—
i the operator or authorised corporate director of a non-UCITS retail scheme;
ii an authorised open-ended investment company which is a non-UCITS retail scheme;
iii a person advising on a non-UCITS retail scheme where the advice is given to—
aa a retail investor located in the United Kingdom, or
bb an agent for that investor;
iv a person offering or selling units of a non-UCITS retail scheme to a retail investor located in the United Kingdom.
3 The conditions referred to in paragraph (1) are—
a for UK UCITS, that the operator complies with:
i rules made by the FCA, to the extent they apply to key investor information provided by, or in relation to, a UK UCITS, and
ii the KII regulation;
b for EEA UCITS recognised by virtue of regulation 62 of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (temporary recognition for EEA UCITS or sub-fund of EEA UCITS)20, that the operator complies with the duties imposed by regulation 66 of those Regulations;
c for EEA UCITS recognised under section 271A or 272 of FSMA 2000 (recognised collective investment schemes)21, that the operator complies with duties corresponding to those that, if the United Kingdom were a UCITS host Member State for the purposes of the UCITS Directive, would be imposed on the operator in accordance with Article 94 of that Directive, to the extent it applies to key investor information (referred to in Article 78 of that Directive);
d for non-UCITS retail schemes, the operator complies with:
i rules made by the FCA, to the extent they apply to key investor information provided by, or in relation to, a non-UCITS retail scheme, and
ii where applicable, the KII regulation.
4 In this regulation—
a “advising on”, in relation to a unit of a UK UCITS, EEA UCITS or non-UCITS retail scheme, means giving advice on the merits of—
i buying, selling, subscribing for, exchanging, holding or redeeming a unit of a UK UCITS, EEA UCITS or non-UCITS retail scheme,
ii exercising, or not exercising, any right conferred by such an investment to buy, sell, subscribe for, exchange or redeem a unit of a UK UCITS, EEA UCITS or non-UCITS retail scheme, or
iii entering into an agreement relating to a UK UCITS, EEA UCITS or non-UCITS retail scheme;
b “authorised corporate director” means a person who meets the requirements set out in regulation 15(6) of the Open-Ended Investment Companies Regulations 2001 (requirements for a sole director)22);
c “key investor information” (other than in paragraph (3)(c)), “long-term asset fund” and “qualified investor scheme” have the meaning given by the Glossary forming part of the Handbook made by the Financial Conduct Authority under FSMA 2000 (as that Handbook has effect from time to time);
d “KII regulation” means Commission Regulation (EU) No 583/2010 of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council as regards key investor information and conditions to be met when providing key investor information or the prospectus in a durable medium other than paper or by means of a website23;
e “non-UCITS retail scheme” means an authorised fund which is not a UK UCITS, a qualified investor scheme or a long-term asset fund, and for these purposes “authorised fund” means—
i an authorised unit trust scheme,
ii an authorised contractual scheme, or
iii an authorised open-ended investment company;
f “an authorised unit trust scheme”, “an authorised contractual scheme”, “an authorised open-ended investment company”, “EEA UCITS” (but see sub-paragraph (k)), “the operator”, “sub-fund”, “UK UCITS” and “units” have the meanings given in section 237 of FSMA 2000 (other definitions)24;
g “offering”, in relation to a unit of a UK UCITS, EEA UCITS or non-UCITS retail scheme, means communicating sufficient information on—
i the unit, and
ii the terms on which it is offered,
to enable a person to decide to buy, subscribe for or enter into an agreement relating to, the unit;
h “selling”, in relation to a unit of a UK UCITS, EEA UCITS or non-UCITS retail scheme, includes disposing of the unit for valuable consideration, and for these purposes “disposing” includes—
i in the case of a unit consisting of rights under a contract—
aa surrendering, assigning or converting those rights, or
bb assuming the corresponding liabilities under the contract,
ii in the case of a unit consisting of rights under other arrangements, assuming the corresponding liabilities under the arrangements, and
iii in the case of any other unit, granting the rights or interests of which it consists;
i “UCITS Directive” means Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities as it had effect immediately before IP completion day25;
j Article 94 of the UCITS Directive is to be read as if—
i references to the UCITS host Member State or such Member State were references to the United Kingdom, and
ii references to the competent authority of the UCITS host Member State were references to the FCA;
k references to an EEA UCITS include a reference to a sub-fund of an EEA UCITS;
l in paragraph (3), references to rules made by the FCA exclude designated activity rules made by virtue of regulation 6.

8A Temporary exemptions for promotions previously subject to the PRIIPS Regulation

1 The financial promotion restriction and the scheme promotion restriction do not apply to any communication produced during the CCI transitional period where—
a the communication is of a kind that would have been required by Article 13 of the PRIIPs Regulation as it had effect immediately before 6th April 2026, and
b it complies with the requirements in the FCA CCI transitional provisions relating to that kind of communication.
2 For the purposes of this regulation—
  • “the CCI transitional period” means the transitional period specified in the FCA CCI transitional provisions;
  • “the FCA CCI transitional provisions” means the FCA rules in DISC TP2 of the Product Disclosure Sourcebook of the FCA Handbook;
  • “the financial promotion restriction” means the restriction imposed by section 21(1) of FSMA 2000;
  • “the scheme promotion restriction” means the restriction imposed by section 238(1) of FSMA 2000.
3 Paragraph (1) ceases to have effect on 8th December 2027.

PART 3 Civil Liability

I9I469 Civil liability for breaches of designated activity rules

1 A contravention of a designated activity rule made by virtue of regulation 6 is actionable at the suit of a retail investor who suffers loss as a result of the contravention, subject to the defences and other incidents applying to actions for breach of statutory duty.
2 If designated activity rules made by virtue of regulation 6 so provide, paragraph (1) does not apply to a contravention of a specified provision of the rules.

PART 4 Application with modifications of FSMA 2000 etc and consequential amendments

I10I4710 Application with modifications of provisions of FSMA 2000 and amendments of secondary legislation

In Schedule 1—
a Part 1 applies provisions of FSMA 2000 to these Regulations with modifications, and
b Part 2 contains amendments of secondary legislation.

I11I4811 Consequential amendments

In Schedule 2—
a Part 1 contains an amendment of FSMA 2000,
b Part 2 contains amendments of secondary legislation, and
c Part 3 contains amendments of assimilated direct legislation.

SCHEDULE 1 

Application with modifications of provisions of FSMA 2000 and amendments of secondary legislation

Regulation 10

PART 1 Application with modifications of provisions of FSMA 2000

I12I291 Temporary CCI intervention rules

Sections 138M to 138O of FSMA 2000 (temporary product intervention rules)26 apply to rules made by virtue of regulation 6 as they apply to product intervention rules made under section 137D of FSMA 2000 as if—
a each reference to product intervention rules were a reference to rules made by virtue of regulation 6 of these Regulations;
b in section 138M(1), for the words “advancing” to the end there were substituted “advancing the consumer protection objective”;
c in section 138O(1), the reference to section 138N were a reference to section 138N as applied by these Regulations.

I13I302 Restitution

Section 384 of FSMA 2000 (power of FCA or PRA to require restitution)27 applies in respect of contraventions of a requirement imposed by virtue of regulation 6 of these Regulations and persons knowingly concerned in the contravention of such a requirement as if, in subsection (1), reference to an authorised person or recognised investment exchange included persons subject to designated activity rules made by virtue of regulation 6 of these Regulations.

PART 2 Amendments of secondary legislation

I14I323 The Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001

In the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 200128, omit article 31 (communications required by the PRIIPs regulation: key information document).

I15I334 The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005

In the Financial Services and Markets Act 2000 (Financial Promotion) Order 200529, omit article 20C (communications required by the PRIIPs Regulation: key information document).

SCHEDULE 2 

Consequential amendments

Regulation 11

PART 1 Amendment of FSMA 2000

I16I311 In section 391 (publication) of FSMA 2000 omit subsection (8D)30.

PART 2 Amendments of secondary legislation

I17I342 The Financial Services and Markets Act 2000 (Qualifying Provisions) Order 2013

1 The Financial Services and Markets Act 2000 (Qualifying Provisions) Order 201331 is amended as follows.
2 In article 1 (citation, commencement and interpretation)—
a in paragraph (2), omit the definition of “PRIIPs regulation”;
b in paragraph (5A), omit “the PRIIPs regulation,”;
3 In article 2 (qualifying provisions: general), in paragraph (2), omit sub-paragraph (k);
4 In article 3 (qualifying provisions: disciplinary measures)—
a in paragraph (2), omit sub-paragraph (m);
b in paragraph (3), omit sub-paragraph (k);
5 In article 5 (qualifying provisions: injunctions and restitution)—
a in paragraph (2), omit sub-paragraph (m);
b in paragraph (5), omit sub-paragraph (l);
6 In article 6 (qualifying provisions: fees), in paragraph (2), omit sub-paragraph (o).

I18I353 The Payment to Treasury of Penalties (Enforcement Costs) Order 2013

In article 2(1) of the Payment to Treasury of Penalties (Enforcement Costs) Order 201332, omit sub-paragraph (n).

I19I364 The Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) Order 2014

In article 2 of the Financial Services Act 2012 (Relevant Functions in relation to Complaints Scheme) Order 2014 (relevant functions of the FCA)33, omit paragraph (g).

I20I375 The Public Interest Disclosure (Prescribed Persons) Order 2014

In the Schedule to the Public Interest Disclosure (Prescribed Persons) Order 2014 (persons and descriptions of persons specified as prescribed for the purposes of section 43F of the Employment Rights Act 1996)34, in the entry relating to the Financial Conduct Authority, in the second column, for paragraph (n) substitute—
.

I21I386 The Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018

In the Schedule to the Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (EU Regulations for which the FCA is the appropriate regulator)35, omit paragraph 65, including the heading immediately before that paragraph.

I22I397 The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018

In regulation 59 of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (product intervention rules)36 omit paragraph (3).

I23I408 The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019

1 Regulation 66 of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (other duties of operator)37 is amended as follows.
2 In paragraph (1), at the beginning, for “The” substitute “Subject to paragraph (1A), the”, and
3 After paragraph (1) insert—
.

I24I419 The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019

In regulation 11(5) of the Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (saving for certain financial services legislation relating to Gibraltar)38, omit sub-paragraph (w).

I25I4210 The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019

In regulation 19 of the Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (product intervention rules)39 omit paragraph (3).

PART 3 Amendments of assimilated direct legislation

I26I4311 Regulation (EU) 2017/1129

In Article 7(5) of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (the prospectus summary: introduction)40, for point (f) substitute—
.

I27I4412 Commission Delegated Regulation (EU) 2019/979

In Article 14(1) of Commission Delegated Regulation (EU) 2019/979 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council with regard to regulatory technical standards on key financial information in the summary of a prospectus, the publication and classification of prospectuses, advertisements for securities, supplements to a prospectus, and the notification portal, and repealing Commission Delegated Regulation (EU) No 382/2014 and Commission Delegated Regulation (EU) 2016/301 (required content of advertisements to potential retail investors)41, in point (d), for the opening words substitute “a comprehension alert which must read ‘You are about to purchase a product that is not simple and may be difficult to understand.’ where:”.

I28I4513 Commission Delegated Regulation (EU) 2019/980

1 Commission Delegated Regulation (EU) 2019/980 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council as regards the format, content, scrutiny and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Commission Regulation (EC) No 809/200442 is amended as follows.
2 In Article 33 (specific summary for the UK Growth prospectus)—
a for paragraph 9, substitute—
;
b in paragraph 10, for the words “points (c)” to the end, substitute “points (a) to (g) of paragraph 9”;
c for paragraph 11, substitute—
;
3 In Annex 14 (securities note for retail non-equity securities)—
a in item 5.3.1, in point (c), for the words from “Regulation (EU) No 1286/2014” to “Directive 2014/65/EU” substitute “designated activity rules made under section 71N of the Financial Services and Markets Act 2000 by virtue of regulation 6 of the Consumer Composite Investments (Designated Activities) Regulations 2024”;
b in item 7.4, for the words from “points (c)” to “No 1286/2014” substitute “points (a) to (g) of Article 33(9) of this Regulation”;
4 In Annex 16 (securities note for secondary issuances of non-equity securities)—
a in item 5.3.1, in point (c), for the words from “Regulation (EU) No 1286/2014” to “Directive 2014/65/EU” substitute “designated activity rules made under section 71N of the Financial Services and Markets Act 2000 by virtue of regulation 6 of the Consumer Composite Investments (Designated Activities) Regulations 2024”;
b in item 7.3.a, for the words from “points (c)” to “No 1286/2014” substitute “points (a) to (g) of Article 33(9) of this Regulation”;
5 In Annex 23 (specific summary for the UK growth prospectus), in item 1.5.1, for point (e) substitute—
;
6 In Annex 27 (UK growth securities note for non-equity securities)—
a in item 1.8.4, for the words from “points (c)” to “No 1286/2014” substitute “points (a) to (g) of Article 33(9) of this Regulation”;
b in item 4.4.3, for the words from “Regulation (EU) No 1286/2014” to “Directive 2014/65/EU” substitute “designated activity rules made under section 71N of the Financial Services and Markets Act 2000 by virtue of regulation 6 of the Consumer Composite Investments (Designated Activities) Regulations 2024”.

Footnotes

  1. I1
    Reg. 1 in force at 22.11.2024, see reg. 2(1)(a)
  2. I2
    Reg. 2 in force at 22.11.2024, see reg. 2(1)(a)
  3. I3
    Reg. 3 in force at 22.11.2024, see reg. 2(1)(a)
  4. I4
    Reg. 4 in force at 22.11.2024, see reg. 2(1)(a)
  5. I5
    Reg. 5 in force at 22.11.2024, see reg. 2(1)(b)
  6. I6
    Reg. 6 in force at 22.11.2024, see reg. 2(1)(b)
  7. I7
    Reg. 7 in force at 22.11.2024, see reg. 2(1)(b)
  8. I8
    Reg. 8 in force at 22.11.2024, see reg. 2(1)(b)
  9. I9
    Reg. 9 in force at 22.11.2024 for specified purposes, see reg. 2(1)(c)
  10. I10
    Reg. 10 in force at 22.11.2024 for specified purposes, see reg. 2(1)(c)
  11. I11
    Reg. 11 in force at 22.11.2024 for specified purposes, see reg. 2(1)(c)
  12. I12
    Sch. 1 para. 1 in force at 22.11.2024 for specified purposes, see reg. 2(1)(c)
  13. I13
    Sch. 1 para. 2 in force at 22.11.2024 for specified purposes, see reg. 2(1)(c)
  14. I14
    Sch. 1 para. 3 in force at 22.11.2024 for specified purposes, see reg. 2(1)(c)
  15. I15
    Sch. 1 para. 4 in force at 22.11.2024 for specified purposes, see reg. 2(1)(c)
  16. I16
    Sch. 2 para. 1 in force at 22.11.2024 for specified purposes, see reg. 2(1)(c)
  17. I17
    Sch. 2 para. 2 in force at 22.11.2024 for specified purposes, see reg. 2(1)(c)
  18. I18
    Sch. 2 para. 3 in force at 22.11.2024 for specified purposes, see reg. 2(1)(c)
  19. I19
    Sch. 2 para. 4 in force at 22.11.2024 for specified purposes, see reg. 2(1)(c)
  20. I20
    Sch. 2 para. 5 in force at 22.11.2024 for specified purposes, see reg. 2(1)(c)
  21. I21
    Sch. 2 para. 6 in force at 22.11.2024 for specified purposes, see reg. 2(1)(c)
  22. I22
    Sch. 2 para. 7 in force at 22.11.2024 for specified purposes, see reg. 2(1)(c)
  23. I23
    Sch. 2 para. 8 in force at 22.11.2024 for specified purposes, see reg. 2(1)(c)
  24. I24
    Sch. 2 para. 9 in force at 22.11.2024 for specified purposes, see reg. 2(1)(c)
  25. I25
    Sch. 2 para. 10 in force at 22.11.2024 for specified purposes, see reg. 2(1)(c)
  26. I26
    Sch. 2 para. 11 in force at 22.11.2024 for specified purposes, see reg. 2(1)(c)
  27. I27
    Sch. 2 para. 12 in force at 22.11.2024 for specified purposes, see reg. 2(1)(c)
  28. I28
    Sch. 2 para. 13 in force at 22.11.2024 for specified purposes, see reg. 2(1)(c)
  29. I29
    Sch. 1 para. 1 in force at 6.4.2026 in so far as not already in force, see reg. 2(2)
  30. I30
    Sch. 1 para. 2 in force at 6.4.2026 in so far as not already in force, see reg. 2(2)
  31. I31
    Sch. 2 para. 1 in force at 6.4.2026 in so far as not already in force, see reg. 2(2)
  32. I32
    Sch. 1 para. 3 in force at 6.4.2026 in so far as not already in force, see reg. 2(2)
  33. I33
    Sch. 1 para. 4 in force at 6.4.2026 in so far as not already in force, see reg. 2(2)
  34. I34
    Sch. 2 para. 2 in force at 6.4.2026 in so far as not already in force, see reg. 2(2)
  35. I35
    Sch. 2 para. 3 in force at 6.4.2026 in so far as not already in force, see reg. 2(2)
  36. I36
    Sch. 2 para. 4 in force at 6.4.2026 in so far as not already in force, see reg. 2(2)
  37. I37
    Sch. 2 para. 5 in force at 6.4.2026 in so far as not already in force, see reg. 2(2)
  38. I38
    Sch. 2 para. 6 in force at 6.4.2026 in so far as not already in force, see reg. 2(2)
  39. I39
    Sch. 2 para. 7 in force at 6.4.2026 in so far as not already in force, see reg. 2(2)
  40. I40
    Sch. 2 para. 8 in force at 6.4.2026 in so far as not already in force, see reg. 2(c)
  41. I41
    Sch. 2 para. 9 in force at 6.4.2026 in so far as not already in force, see reg. 2(2)
  42. I42
    Sch. 2 para. 10 in force at 6.4.2026 in so far as not already in force, see reg. 2(2)
  43. I43
    Sch. 2 para. 11 in force at 6.4.2026 in so far as not already in force, see reg. 2(2)
  44. I44
    Sch. 2 para. 12 in force at 6.4.2026 in so far as not already in force, see reg. 2(2)
  45. I45
    Sch. 2 para. 13 in force at 6.4.2026 in so far as not already in force, see reg. 2(2)
  46. I46
    Reg. 9 in force at 6.4.2026 in so far as not already in force, see reg. 2(2)
  47. I47
    Reg. 10 in force at 6.4.2026 in so far as not already in force, see reg. 2(2)
  48. I48
    Reg. 11 in force at 6.4.2026 in so far as not already in force, see reg. 2(2)
  49. F1
    Reg. 8A inserted (6.4.2026) by The Consumer Composite Investments (Designated Activities) (Amendment) Order 2025 (S.I. 2025/1347), art. 1(1), reg. 2(2)
  50. 1
    2000 c. 8. Sections 71K and 71M to 71R were inserted by section 8(2) of the Financial Services and Markets Act 2023 (c. 29). Section 428(3) was amended by section 66(3)(a) of that Act.
  51. 2
    2023 c. 29.
  52. 3
    Section 71S was inserted by section 8(2) of the Financial Services and Markets Act 2023.
  53. 4
    For the meaning of “the affirmative procedure”, see section 84(3) of the Financial Services and Markets Act 2023 (c. 29).
  54. 5
    For the meaning of “PRIIPs Regulation” see regulation 3(1).
  55. 6
    S.I. 2017/1127.
  56. 7
    EUR 2014/600.
  57. 8
    EUR 2014/1286.
  58. 9
    The definition of “retail investor” was substituted by S.I. 2018/1403.
  59. 10
    The definition of “structured deposit” was substituted by S.I. 2018/1403.
  60. 11
    Section 213(2) was amended by paragraph 3(5) of Schedule 10 to the Financial Services Act 2012 (c. 21).
  61. 12
    For the meaning of “designated activity rules”, see section 71L(3) of the Financial Services and Markets Act 2000.
  62. 13
    S.I. 2001/544. Relevant amendments were made to the definition of “contract of insurance” by S.I. 2015/575, 2019/632 and 2021/90. Relevant amendments were made to the definition of “stakeholder pension scheme” by S.I. 2005/593. The definitions of “occupational pension scheme” and “personal pension scheme” were substituted and inserted respectively by S.I. 2006/1969.
  63. 14
    The definition of “credit institution” was inserted by S.I. 2019/632.
  64. 15
    The definition of “transferable securities” was amended by S.I. 2017/701 and 2019/707. The definitions of “debt securities” and “non-equity transferable securities” were inserted and substituted respectively by S.I. 2019/707.
  65. 16
    The definition of “deposit” was inserted by S.I. 2018/1403.
  66. 17
    Section 71O was inserted by section 8(2) of the Financial Services and Markets Act 2023.
  67. 18
    Section 2B was substituted by section 6(1) of the Financial Services Act 2012 (c. 21).
  68. 19
    The definition of “management company” was substituted by S.I. 2019/325.
  69. 20
    S.I. 2019/325. Regulation 62 was amended by paragraph 14 of Schedule 9 to the Financial Services Act 2021 (c. 22) and S.I. 2020/56.
  70. 21
    Section 271A was inserted by paragraph 1 of Schedule 9 to the Financial Services Act 2021 (c. 22). Section 272 was amended by paragraph 9(2)(f) of Schedule 18 to the Financial Services Act 2012 (c. 21), section 25(3) of the Financial Services Act 2021 (c. 22) and S.I. 2013/1388, 2013/1773 and 2019/325.
  71. 22
    S.I. 2001/1228. Paragraph (6) was substituted by S.I. 2013/1773 and amended by S.I. 2019/325.
  72. 23
    EUR 2010/583.
  73. 24
    The definition of “the operator” was substituted by S.I. 2011/1613 and relevant amendments were made by paragraph 5 of Schedule 9 to the Financial Services Act 2021 (c.22) and S.I. 2013/1388, and 2019/325. The definition of “an authorised contractual scheme” was inserted by S.I. 2013/1388. The definition of UK UCITS was inserted by S.I. 2011/1613 and amended by S.I. 2013/1388. The definition of “EEA UCITS” was inserted by S.I. 2019/325. Section 237(4), which deals with the meaning of “sub-fund”, was inserted by S.I. 2011/1613.
  74. 25
    OJ L 302 17.11.2009, p. 32.
  75. 26
    Sections 138M to 138O were substituted by section 24(1) of the Financial Services Act 2012 (c. 21).
  76. 27
    Relevant amendments were made by paragraphs 23(2)(a), (b), 23(4)(a), (b) and 23(5) of Schedule 9 to the Financial Services Act 2012 and S.I. 2016/680. There are other amendments which are not relevant.
  77. 28
    S.I. 2001/1060. Article 31 was inserted by S.I. 2017/1127.
  78. 29
    S.I. 2005/1529. Article 20C was inserted by S.I. 2017/1127.
  79. 30
    Subsection (8D) was inserted by S.I. 2017/1127.
  80. 31
    S.I. 2013/419. Relevant insertions were made by S.I. 2017/1127 and S.I. 2022/1252.
  81. 32
    S.I. 2013/418. Sub-paragraph (n) was inserted by S.I. 2017/1127.
  82. 33
    S.I. 2014/1195. Paragraph (g) inserted by S.I. 2017/1127.
  83. 34
    S.I. 2014/2418. Paragraph (n) inserted by S.I. 2017/1127.
  84. 35
    S.I. 2018/1115.
  85. 36
    S.I. 2018/1149. Regulation 59 was inserted by S.I. 2019/405.
  86. 37
    S.I. 2019/325.
  87. 38
    S.I. 2019/680. Relevant amendments were made by S.I. 2020/1301 and 2022/1223.
  88. 39
    S.I. 2019/1361.
  89. 40
    EUR 2017/1129. Article 7 was amended by S.I. 2019/1234.
  90. 41
    EUR 2019/979. Relevant amendments were made by the Technical Standards (Prospectus Regulation) (EU Exit) Instrument 2020/50 (Financial Conduct Authority). A copy of this instrument is available at https://www.handbook.fca.org.uk/instrument/2020/FCA_2020_50.pdf and may be obtained from the Financial Conduct Authority, 12 Endeavour Square, London E20 1JN.
  91. 42
    EUR 2019/980. Relevant amendments were made by S.I. 2019/1234. There are other amendments which are not relevant.