(This note is not part of the Regulations)

These Regulations implement in part Directive 2009/65/EC of the European Parliament and of the Council on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities ("UCITS") [OJ No L 302, 17.11.2009, p.32.] ("the UCITS directive"), and certain of the obligations in Commission Directives 2010/43/EU [OJ No L 176, 10.7.2010, p.42.] (and 2010/44/EU [OJ No L 176, 10.7.2010, p.28.]). A transposition note setting out how the main elements of these Directives will be transposed into UK law will be available on HM Treasury’s website (www.hm-treasury.gov.uk).

Regulation 2 of these Regulations amends the Financial Services and Markets Act 2000 as it applies to collective investment schemes which are UCITS.

Paragraph (3) inserts a new section limiting the liability which may arise in relation to key investor information (section 90ZA).

Paragraph (8) revises the conditions which must be satisfied before the Financial Services Authority ("FSA") is able to exercise its powers of intervention in relation to a EEA management company or UCITS, by substituting section 195A.

Paragraph (10) inserts section 199A, imposing an obligation on the FSA to take action to safeguard investors in the United Kingdom where the authorisation of an EEA management company is withdrawn.