The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020

JurisdictionUK Non-devolved
CitationSI 2020/1301
Year2020

2020 No. 1301

Exiting The European Union

Financial Services And Markets

The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020

Made 17th November 2020

Laid before Parliament 18th November 2020

Coming into force 30th December 2020

The Treasury, in exercise of the powers conferred by section 41(1) and (2) of the European Union (Withdrawal Agreement) Act 20201, make the following Regulations:

1 General provision

PART 1

General provision

S-1 Citation and commencement

Citation and commencement

1. These Regulations may be cited as the Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 and come into force on 30th December 2020.

2 Amendment of secondary legislation

PART 2

Amendment of secondary legislation

S-2 The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018

The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018

2. In regulation 70(2)(b) (Financial Services Compensation Scheme: a person to whom regulation 28 or 34 applies) of the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 20182, in new subsection (9C), in the definition of “investment firm”, for “exit” substitute “IP completion day.

S-3 General amendment of secondary legislation (“exit day” references)

General amendment of secondary legislation (“exit day” references)

3.—(1) Subject to paragraph (2), in each of the provisions specified in the Schedule, for the words “exit day”, in each case, substitute “IP completion day”.

(2) The amendment in paragraph (1) applies to “exit day” in each place it occurs within a provision specified in the Schedule, including in the heading for the regulation or Article containing the specified provision (where applicable), unless the contrary intention applies.

James Morris

Michael Tomlinson

Two of the Lords Commissioners of Her Majesty’s Treasury

17th November 2020

SCHEDULE

Regulation 3

Specified provisions for the purposes of regulation 3

SCH-1.1

1 The Friendly Societies (Amendment) (EU Exit) Regulations 2018

In the Friendly Societies (Amendment) (EU Exit) Regulations 20183

SCH-1.a

a in regulation 14(c)(iii) (amendment of Schedule 14A (appointment and removal of auditors: societies to which audit directive applies)), new sub-paragraph (2);

SCH-1.b

b in regulation 15 (amendment of Schedule 15 (amalgamations, transfers of engagements and conversion: supplementary))—

SCH-1.i

i in paragraph (4)(c), new sub-paragraph (1A);

SCH-1.ii

ii in paragraph (5)(c), new sub-paragraph (1A).

SCH-1.2

2 The EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018

In the EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018

SCH-1.a

a in regulation 24(2)(b) (Financial Services Compensation Scheme - modifications of Part 15 of the Financial Services and Markets Act 2000)—

SCH-1.i

i new sub-section (9B);

SCH-1.ii

ii in new sub-section (9C), the definitions of “AIFM”, “credit institution”, “ELTIF”, “insurance intermediary”, “management company”, “mortgage intermediary” and “UCITS”;

SCH-1.b

b in regulation 70(2)(b)—

SCH-1.i

i new subsection (9B);

SCH-1.ii

ii new subsection (9C), the definitions of “credit institution”, “insurance intermediary” and “mortgage intermediary”.

SCH-1.3

3 The Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018

In the Central Counterparties (Amendment, etc, and Transitional Provision) (EU Exit) Regulations 20184

SCH-1.a

a regulation 9 (revocation of implementing acts made under Article 25.6 of the EMIR Regulation);

SCH-1.b

b regulation 10 (disapplication of ESMA recognition decisions).

SCH-1.4

4 The Building Societies Legislation (Amendment) (EU Exit) Regulations 2018

In the Building Societies Legislation (Amendment) (EU Exit) Regulations 20185

SCH-1.a

a in regulation 3(1)(b) (Part 2: Constitution of building societies), new sub-section (1A)(a);

SCH-1.b

b in regulation 6(b) (Schedule 2: Establishment, incorporation and constitution of building societies), new sub-paragraph (5BA);

SCH-1.c

c in regulation 7(b) (Schedule 11: Auditors: appointment, tenure), new sub-paragraph (1A).

SCH-1.5

5 The Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018

In the Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 20186

SCH-1.a

a in regulation 6(5) (terms defined for purposes of Regulation), new point 8B(b);

SCH-1.b

b regulation 15(2)(b) (power of Treasury to revoke legislation).

SCH-1.6

6 The Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018

In Schedule 2 (amendments of subordinate legislation) to the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 20187

SCH-1.a

a in paragraph 22—

SCH-1.i

i in sub-paragraph (3)(c), new sub-paragraphs (2), (2A) and (3)(e);

SCH-1.ii

ii sub-paragraph (5)(a);

SCH-1.iii

iii in sub-paragraph (5)(b), new sub-paragraph (1A);

SCH-1.b

b in paragraph 73—

SCH-1.i

i in sub-paragraph (3)(b), new sub-paragraphs (2), (2A) and (3)(e);

SCH-1.ii

ii sub-paragraph (5)(a);

SCH-1.iii

iii in sub-paragraph (5)(b), new paragraph (1A).

SCH-1.7

7 The Bank of England (Amendment) (EU Exit) Regulations 2018

In the Bank of England (Amendment) (EU Exit) Regulations 20188

SCH-1.a

a in regulation 8(5) (Financial Services Act 2012), new subsection (8B);

SCH-1.b

b regulation 11(2)(f) (the Bank of England Act 1998 (Macro-prudential Measures) Order 2013).

SCH-1.8

8 The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018

In the Central Securities Depositories (Amendment) (EU Exit) Regulations 20189

SCH-1.a

a regulation 3(3)(c) (amendment of the Central Securities Depositories Regulations 2017);

SCH-1.b

b in regulation 6(2)(v) (definitions), new point (54).

SCH-1.9

9 The Short Selling (Amendment) (EU Exit) Regulations 2018

In the Short Selling (Amendment) (EU Exit) Regulations 201810

SCH-1.a

a in regulation 5(2) (interpretation)—

SCH-1.i

i sub-paragraph (d)(ii);

SCH-1.ii

ii in sub-paragraph (i), new point (s)(ii) and (iii);

SCH-1.b

b regulation 8(3)(b)(ii) (transparency of Net Short Positions);

SCH-1.c

c in regulation 10 (exemptions)—

SCH-1.i

i in paragraph (1)(b)(ii), new sub-paragraph;

SCH-1.ii

ii in paragraph (2)(e), new paragraph 6A.

SCH-1.10

10 The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018

In the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 201811

SCH-1.a

a regulation 8(1) (transitional provisions: pre-exit EEA resolution action);

SCH-1.b

b in Schedule 1 (amendments of the Banking Act 2009)

SCH-1.i

i in paragraph 6, new subsection (4);

SCH-1.ii

ii paragraph 35;

SCH-1.iii

iii paragraph 38;

SCH-1.c

c in Schedule 3 (amendments of the Bank Recovery and Resolution (No. 2) Order 2014)

SCH-1.i

i paragraph 1(6);

SCH-1.ii

ii paragraph 47(3)(b);

SCH-1.iii

iii paragraph 83(2)(a);

SCH-1.iv

iv paragraph 103(3).

SCH-1.11

11 The Capital Requirements (Amendment) (EU Exit) Regulations 2018

In the Capital Requirements (Amendment) (EU Exit) Regulations 201812

SCH-1.a

a in regulation 12 (regulation 2A (insertion of new paragraph)), new regulation 2A;

SCH-1.b

b in regulation 35(3) (regulation 2 (interpretation)), new paragraph (2A);

SCH-1.c

c in regulation 44 (regulation 14 (buffer rates for EEA exposures)), new regulation 14;

SCH-1.d

d in regulation 60 (Part 5A (Systemic Risk Buffer)), in new Part 5A—

SCH-1.i

i new regulation 34F(1)(e);

SCH-1.ii

ii new regulation 34U;

SCH-1.e

e in regulation 64 (Article 4(1) (definitions))—

SCH-1.i

i in paragraph (21), new point (26A);

SCH-1.ii

ii in paragraph (52), new point (128B);

SCH-1.f

f in regulation 66 (Article 4A and 4B (insertion of new paragraphs)), new Article 4A;

SCH-1.g

g regulation 86(a) (Article 31 (capital instruments subscribed by public authorities in emergency situations));

SCH-1.h

h in regulation 216 (Article 522 (insertion of new paragraph)), in new Article 522, paragraphs 1 and 3;

SCH-1.i

i regulation 221(3)(b) (specific transfer of powers to the Treasury);

SCH-1.j

j in regulation 228(g) (Article 3 (definitions)), new points (13)(b) and (14)(b);

SCH-1.k

k in regulation 247(c) (Article 33 (cap on inflows)), new paragraph (4)(b).

SCH-1.12

12 The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018

In the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 201813

SCH-1.a

a in regulation 4(8) (amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001), in new Schedule 3, paragraph 1(o);

SCH-1.b

b in regulation 7(2) (interpretation), new paragraph (5);

SCH-1.c

c in regulation 8 (exempt and third country investment firms)—

SCH-1.i

i in paragraph (5)(d), new paragraph (2);

SCH-1.ii

ii in paragraph (6)(b)(ii), new sub-paragraphs (ii)(aa) and (bb);

SCH-1.iii

iii paragraph (6)(c)(ii);

SCH-1.iv

iv in paragraph (7)(c)(i), new sub-paragraphs (a)(i) and (ii);

SCH-1.d

d in regulation 10(1)(f) (direct electronic access), new paragraph (11);

SCH-1.e

e in regulation 19(1)(b) (authorisation of data reporting services), new sub-paragraph (e);

SCH-1.f

f in regulation 25 (subject matter and scope)—

SCH-1.i

i in paragraph (3), new paragraph 2(a)(ii);

SCH-1.ii

ii in paragraph (5), new paragraph 5za;

SCH-1.g

g in regulation 26(2)(h) (definitions), new points (64) and (65);

SCH-1.h

h in regulation 27 (transparency for trading venues)—

SCH-1.i

i in paragraph (2)(d), new paragraphs 3A(a) and 3D(a)(iii);

SCH-1.ii

ii in paragraph (4)(f), new paragraph 4B(a)(ii);

SCH-1.iii

iii in paragraph (5)(c), new paragraph 2B(a)(ii);

SCH-1.i

i in regulation 28 (transparency for systematic internalisers and investment firms trading OTC)—

SCH-1.i

i...

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