The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019
| Jurisdiction | UK Non-devolved |
| Citation | SI 2019/341 |
(1) These Regulations may be cited as the Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019.(2) This regulation and Part 4 come into force on the day after the day on which these Regulations are made.(3) The other provisions of these Regulations come into force on exit day.(4) In these Regulations—“ Third ” ;omit paragraphs (b) and (c) ;in paragraph (e) , for “an EEA central counterparty or” substitute “ a ” ;in subsection (2) , omit “an EEA central counterparty or”;in subsection (1) of the substituted section 157 (change in default rules) , for “ An EEA central counterparty or a ” substitute “A”;in subsection (3) of the substituted section 157, for “ an EEA central counterparty or ” substitute “, a”;in subsection (4) , omit “an EEA central counterparty or”;in subsection (5) , for “an EEA central counterparty or” substitute “ a ” .in the heading, for “EEA central counterparties and third” substitute “ Third ” ;in subsection (1) , for “An EEA central counterparty or” substitute “ A ” ;in subsections (5) , (9) , and (10) omit “EEA central counterparty or” in each place it occurs;in subsection (11) , omit “, the EBA or ESMA”.in the heading, for “EEA CSDs and third” substitute “ Third ” ;omit “an EEA CSD or ” in each place it occurs.(5) In section 176(2) (aa) (6) In section 183(3) omit “ “EEA CSD”,”;before “and” insert “ , “third country central counterparty” ” .omit the entry for “EEA CSD”;insert at the appropriate place—“ doing things done or purported to be done by the Financial Collateral Arrangements (No. 2) Regulations 2003 (S.I. 2003/3226) , but ” ;in subsection (4) (h) , for “Directive” substitute “ Financial Collateral Arrangements (No. 2) Regulations 2003 ” .
The 1999 Regulations are amended in accordance with regulations 5 to 10. (1) Regulation 2 (interpretation) is amended as follows.for the definition of “central bank” substitute—
- “the 2000 Act” means the Financial Services and Markets Act 2000 ;
- “the 1999 Regulations” means the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 .
| third country central counterparty | Section 190(1) |
- “central bank” means–
- (a) the Bank of England; or
- (b) any central bank (or other monetary authority) of a country or territory outside the United Kingdom that is a central bank (or other monetary authority) of an EEA state (including the European Central Bank) or a member of the Bank for International Settlements (including the Bank for International Settlements) , as may be notified by the Bank of England to the Treasury from time to time;
- “credit institution” means a body corporate or unincorporated association whose head office is in the United Kingdom and whose business is to take deposits or other repayable funds from the public and to grant credits for its own account;
- “designated system” means—
- (a) a system which is declared by a designation order for the time being in force to be a designated system for the purposes of these Regulations; or
- (b) a system which has temporary designation in accordance with Part 4 of the Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019;
- (aa) an electronic money institution within the meaning of regulation 2(1) of the Electronic Money Regulations 2011 ;
- (b) an investment firm as defined in Article 2.1A of Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012;
- (d) any undertaking whose head office, registered office or place of residence is outside the United Kingdom and whose functions correspond to those of a credit institution, an electronic money institution, an authorised payment institution, a small payment institution, or an investment firm as defined in sub-paragraphs (a)...
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