(1) Section 264 of the Act applies in relation to a collective investment scheme which is constituted in Gibraltar as it applied immediately before IP completion day in relation to a collective investment scheme constituted in another EEA State, and references in that section to the home state regulator shall include the authority responsible for such regulation in Gibraltar.

(2) The Financial Services and Markets Act 2000 (Collective Investment Schemes Constituted in Other EEA States) Regulations 2001 [S.I. 2001/2383.] are to be read in relation to a collective investment scheme constituted in Gibraltar as if -

(a) in regulation 3, for the words from "in accordance with" to "that directive" there were substituted "immediately before IP completion day would have been a UCITS to which the UCITS directive applied", and

(b) in regulation 4(b) after "referred to in" there were inserted "the law of Gibraltar which implemented".