With the advent of a single regulator, the FSA, the previous regulations were replaced by the Open-Ended Investment Companies Regulations 2001 under the Financial Services and Markets Act 2000 section 262. These changes brought the formation of ICVCs under control of the FSA and removed the automatic inclusion of an ICVC under the UCITS directive allowing scope for non-UCITS investments (e.g., money market funds, property funds and funds of funds). The changes ensure a level playing field for unit trusts and ICVCs.