The Child Trust Funds (Amendment) Regulations 2024

Made: 11th March 2024

Laid before Parliament: 12th March 2024

Coming into force: 6th April 2024

The Treasury make these Regulations in exercise of the powers conferred by sections 3(5) and 28(2) and (3) of the Child Trust Funds Act 2004[^f00001].

Citation and commencement

1

These Regulations may be cited as the Child Trust Funds (Amendment) Regulations 2024 and come into force on 6th April 2024.

Amendment of the Child Trust Funds Regulations 2004

2

• (1) The Child Trust Funds Regulations 2004[^f00002] are amended as follows.

• (2) In regulation 2 (interpretation), in paragraph (1)—

• (a) in sub-paragraph (b), in the definition of “non-UCITS retail scheme”, in paragraph (b) after “by virtue of section” insert “271A[^f00003] or”;

• (b) in sub-paragraph (c), in the definition of “recognised UCITS”—

• (i) omit paragraph (a);

• (ii) for paragraph (c) substitute—

(c) a recognised scheme by virtue of section 271A or 272 of FISMA 2000[^f00004] that is a UCITS within the meaning given by section 236A[^f00005] of that Act;

• (3) In regulation 14 (account provider - qualifications and Board’s approval), in paragraph (2)(f) omit paragraph (i).

Signed

Joy Morrissey — Scott Mann — Two of the Lords Commissioners of His Majesty's Treasury — 11th March 2024

Explanatory note

(This note is not part of the Regulations)

Explanatory Note

These Regulations amend the Child Trust Funds Regulations 2004 by:

• updating definitions relating to certain investment funds (regulation 2(2)), and

• removing a provision which allowed certain institutions based in EU member states to conduct business without being present in the United Kingdom (regulation 2(3)).

A Tax Information and Impact Note covering this instrument will be published on the website at https://www.gov.uk/government/collections/tax-information-and-impact-notes-tiins.

Footnotes

[^f00001]: 2004 c. 6; section 3 was amended by sections 60 to 62 of the Deregulation Act 2015 (c. 20).

[^f00002]: S.I. 2004/1450 (“the Principal Regulations”); relevant amending instruments are S.I. 2005/3349, 2010/582, 2013/472, 2013/1773, 2020/29 and 2023/269.

[^f00003]: Section 271A of the Financial Services and Markets Act 2000 (c. 8) was inserted by paragraph 1 of Schedule 9 to the Financial Services Act 2021 (c. 22).

[^f00004]: “FISMA 2000” is defined as the Financial Services and Markets Act 2000 in regulation 2(1)(b) of the Principal Regulations. Section 272 was amended by paragraph 9 of Schedule 18 to the Financial Services Act 2012 (c. 21), section 25(3) of the Financial Services Act 2021 and S.I. 2013/1773, 2013/1388 and 2019/325.

[^f00005]: Section 236A was inserted by S.I. 2019/325.