On 5 July 2024, the FCA published a Direction it had made under regulation 67A(2) of The Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (the Regulations).

The Direction provides that the operator of: (i) a stand-alone scheme that is a recognised scheme by virtue of regulation 62 of the Regulations; or (ii) an umbrella scheme of one or more sub-funds that are recognised schemes under that regulation (whether or not relating to those sub-funds) must not apply to be a recognised scheme under section 271A of the Financial Services and Markets Act 2000 until such period as the FCA may specifically direct.