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The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020

Consolidated Text As Enacted Cited authorities 96 Cited in Related
Vincent
JurisdictionUK Non-devolved
(1) These Regulations may be cited as the Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020.(2) This regulation and regulations 2, 3, 5, 6, 11 and 16 come into force on the day after the day on which these Regulations are made.(3) Regulations 7 to 10, 12 to 14 and 17 come into force immediately before IP completion day.(4) Regulations 4, 15 and Part 3 come into force on IP completion day.
  • In article 1 (citation, commencement and interpretation) of the Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013
    • Any reference in this Order to an EU Regulation, or part of an EU Regulation, is to be read as a reference to that EU Regulation, or that part of that EU Regulation, as amended from time to time.
  • In article 1 (citation, commencement and interpretation) of the Financial Services and Markets Act 2000 (Qualifying EU Provisions) (No. 2) Order 2013
    • Any reference in this Order to an EU Regulation, or part of an EU Regulation, is to be read as a reference to that EU Regulation, or that part of that EU Regulation, as amended from time to time.(1) The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 for “an EEA state” substitute “ a state ”;for “that EEA state” substitute “ that state ”.in paragraph (1) , omit sub-paragraph (c) ;after paragraph (1) , insert—
    • (1A) A supervisory authority may take such steps as it considers appropriate to co-operate with overseas authorities—
    • (a) for the purposes of these Regulations, and
    • (b) to ensure the effective supervision of a relevant person to which paragraph (2) applies.
    for the purposes of these Regulations, andto ensure the effective supervision of a relevant person to which paragraph (2) applies.in paragraph (3) (b) , in the opening words, for “an EEA state” substitute “ a third country ”.(4) For regulation 52A(4) (b) (obligation of confidentiality) substitute—
    • (b) a UK authority and a competent authority in a third country supervising any credit or financial institution in accordance with—(i) the fourth money laundering directive or other legislative acts relating to credit institutions or financial institutions;(ii) laws imposing requirements on credit institutions or financial institutions which have an equivalent effect to those laid down in the fourth money laundering directive.
    .    the fourth money laundering directive or other legislative acts relating to credit institutions or financial institutions;laws imposing requirements on credit institutions or financial institutions which have an equivalent effect to those laid down in the fourth money laundering directive.(1) The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (2) After regulation 2 (interpretation) insert—
      (2A) References to EU RegulationsIn these Regulations, references to EU Regulations are to those EU Regulations as they have effect from time to time.
    .    In these Regulations, references to EU Regulations are to those EU Regulations as they have effect from time to time.after paragraph 69F, insert—
      (69G) Commission Delegated Regulation (EU) 2019/1851 of 28 May 2019 supplementing Regulation (EU) 2017/2402 of the European Parliament and of the Council with regard to regulatory technical standards on the homogeneity of the underlying exposures in securitisation.
    ;    Commission Delegated Regulation (EU) 2019/1851 of 28 May 2019 supplementing Regulation (EU) 2017/2402 of the European Parliament and of the Council with regard to regulatory technical standards on the homogeneity of the underlying exposures in securitisation.after paragraph 74, insert—
      (74A) Commission Delegated Regulation (EU) 2019/815 of 17 December 2018 supplementing Directive 2004/109/EC of the European Parliament and of the Council with regard to regulatory technical standards on the specification of a single electronic reporting format.
    ;    Commission Delegated Regulation (EU) 2019/815 of 17 December 2018 supplementing Directive 2004/109/EC of the European Parliament and of the Council with regard to regulatory technical standards on the specification of a single electronic reporting format.in Part 5, before paragraph 175, insert— .Commission Delegated Regulation (EU) 2016/2021 of 2 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on access in respect of benchmarks.
  • In regulation 14 (power to make regulations in respect of third countries' regulatory frameworks before IP completion day) of the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018
    • Regulations made under paragraph (1) may contain such conditions for and limitations on the applicability of the regulations as the Treasury considers appropriate.(1) The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (2) Omit regulation 7(3) (c) (interpretation) .for paragraph (3) substitute—
    • (3) In Article 37—
    • (a) in the second subparagraph of paragraph 2, omit “and, in particular, Article 101 and 102 TFEU”;
    • (b) in paragraph 4—(i) in the first subparagraph, for “ESMA shall develop draft regulatory” substitute “ The FCA and the Bank of England may make ”,(ii) omit the second and third subparagraphs.
    in the second subparagraph of paragraph 2, omit “and, in particular, Article 101 and 102 TFEU”;in the first subparagraph, for “ESMA shall develop draft regulatory” substitute “ The FCA and the Bank of England may make ”,omit the second and third subparagraphs.for paragraph (4) (b) substitute—
    • (b) in paragraph 2, in the first subparagraph, for “the Commission has adopted a decision in accordance with paragraph 3 of this Article” substitute “ the Treasury has made regulations under paragraph 3 of this Article determining ”;
    ;    in paragraph 2, in the first subparagraph, for “the Commission has adopted a decision in accordance with paragraph 3 of this Article” substitute “ the Treasury has made regulations under paragraph 3 of this Article determining ”;for paragraph (4) (c) substitute—
    • (c) in paragraph 3, in the first subparagraph, for “The Commission may, in accordance with the examination procedure referred to in Article 51, adopt decisions determining” substitute “ The Treasury may by regulations determine ”.
    .    in paragraph 3, in the first subparagraph, for “The Commission may, in accordance with the examination procedure referred to in Article 51, adopt decisions determining” substitute “ The Treasury may by regulations determine ”.(1) The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019 omit paragraph (b) ;in paragraph (f) (i) , in new paragraph (b) , for sub-paragraph (iii) , substitute—
      (iii) Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market; and
    .    Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market; and(3) In regulation 17(2) (a) (i) (information, data protection and record-retention) , for “Directive 95/46/EC, as transposed into national law” substitute “ Regulation (EU) 2016/679 of the European Parliament and of the Council ”.(1) The Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (2) In regulation 56(e) , for sub-paragraphs (i) to (iii) substitute—
      (i) in subparagraph 1, for “The Commission may adopt an equivalence decision in accordance with the regulatory procedure referred to in Article 38(3) , stating” substitute “ The Treasury may specify by regulations ”;(ii) in subparagraph 3, for “the Commission shall adopt, by means of delegated acts in accordance with Article 38a, and subject to the conditions of Articles 38b and 38c, measures” substitute “ The Treasury may make regulations ”;
    .    in subparagraph 1, for “The Commission may adopt an equivalence decision in accordance with the regulatory procedure referred to in Article 38(3) , stating” substitute “ The Treasury may specify by regulations ”;in subparagraph 3, for “the Commission shall adopt, by means of delegated acts in accordance with Article 38a, and subject to the conditions of Articles 38b and 38c, measures” substitute “ The Treasury may make regulations ”;

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