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The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019

Consolidated Text As Enacted Cited authorities 56 Cited in Amendments 4 Related
Vincent
JurisdictionUK Non-devolved
CitationSI 2019/542
Year2019
  • These Regulations may be cited as the Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 and come into force on exit day.
  • In these Regulations “
    • (1) The Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (2) In regulation 2, in paragraph (2) , omit “or 16”.(3) In regulation 28, omit paragraph (3) .
  • The SFT regulation is amended as follows.
    • (1) In Articles 2 to 20, for “Union” in each place it occurs substitute “ United Kingdom ”.(2) In Articles 4 to 20, for “ESMA” in each place it occurs substitute “ the FCA ”.(3) The amendments made by paragraph (1) do not apply to occurrences of “Union” or “ESMA” amended by another provision within these Regulations.
  • for point (b) substitute—
    • management companies, managers and operators of UCITS and UCITS investment companies;
  • in point (c) , for “in accordance with Directive 2011/61/EU” substitute
  • in paragraph (2) , for point (a) substitute—
    • the Bank of England and other United Kingdom bodies charged with, or intervening in, the management of the public debt;
  • in paragraph (3) , for “to which a member of the ESCB is a counterparty” substitute—
    • the Bank of England; oranother United Kingdom body charged with, or intervening in, the management of the public debt,
  • for paragraph (4) substitute—
    • The Treasury may by statutory instrument amend the list set out in paragraph (2) of this Article.
  • in paragraph (3) , for points (a) to (h) substitute—
    • (a) an investment firm within the meaning given in Article 2(1A) of MIFIR which:(i) has its registered office or head office in the United Kingdom;(ii) has permission under Part 4A of the FSMA to carry on regulated activities relating to investment services and activities (as defined in Article 2(1) (2) of the MIFIR) in the United Kingdom;(iii) would require authorisation under Directive 2014/65/EU (as it had effect immediately before F19IP completion day) if it had its registered office (or if it does not have a registered office, its head offices) in an EEA state; and(iv) is not a firm which has permission under Part 4A of the FSMA to carry on regulated activities as an exempt investment firm, within the meaning of regulation 8 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 ;
    • has its registered office or head office in the United Kingdom;has permission under Part 4A of the FSMA to carry on regulated activities relating to investment services and activities (as defined in Article 2(1) (2) of the MIFIR) in the United Kingdom;would require authorisation under Directive 2014/65/EU (as it had effect immediately before F19IP completion day) if it had its registered office (or if it does not have a registered office, its head offices) in an EEA state; andis not a firm which has permission under Part 4A of the FSMA to carry on regulated activities as an exempt investment firm, within the meaning of regulation 8 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 a credit institution which is a CRR firm (within the definition in Article 4(1) (2A) an insurance undertaking or a reinsurance undertaking;a UK UCITS (within the definition in section 237(3) an occupational pension scheme within the meaning of section 1(1) of the Pension Schemes Act 1993 an AIF managed by AIFMs (within the definition in regulation 4 of the Alternative Investment Fund Managers Regulations 2013) authorised or registered in accordance with those Regulations;a CCP authorised in accordance with Regulation (EU) No 648/2012 F18as F22it forms part of retained EU law;
  • in paragraph (12) , for “Article 5 of Directive
  • in paragraph (13) , for “point (b) of Article 2(1) of Directive
  • in paragraph (14) , for “point (c) of Article 2(1) of Directive
  • in paragraph (16) , for “point (15) of Article 4(1) of Directive 2014/65/EU” substitute
  • after paragraph (18) insert—
    • (19) “AIF” has the meaning given in the definition in regulation 3 of the Alternative Investment Fund Managers Regulations 2013;
    • (20) “Capital Requirements Regulation” means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) 648/2012;
    • (21) “CCP” has the meaning given in Article 2(1) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories;
    • (22) “CRR firm” has the meaning given in Article 4.1(2A) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26th June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012;
    • (23) “FCA” means the Financial Conduct Authority;
    • (24) “the FSMA” means the Financial Services and Markets Act 2000;
    • (25) “insurance undertaking” and “reinsurance undertaking” have the meanings given in section 417(1) of the FSMA;
    • “AIF” has the meaning given in the definition in regulation 3 of the Alternative Investment Fund Managers Regulations 2013;“Capital Requirements Regulation” means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) 648/2012;“CCP” has the meaning given in Article 2(1) of Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories;“CRR firm” has the meaning given in Article 4.1(2A) of Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26th June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012;“FCA” means the Financial Conduct Authority;“the FSMA” means the Financial Services and Markets Act 2000;“insurance undertaking” and “reinsurance undertaking” have the meanings given in section 417(1) “investment firm” has the meaning given 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;“management company” and “the operator” have the meanings given in section 237(2) “MIFIR” means 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) 648/2012;“open ended investment company” has the meaning given by section 236 of the FSMA;any reference in this Regulation to a sourcebook is to a sourcebook in the Handbook of Rules and Guidance published by the FCA under FSMA as in force on F20IP completion day;“UCITS” has the meaning given in section 236A of the FSMA;“UK law in relation to collective investment undertakings” means the law of any part of the United Kingdom which was relied on by the United Kingdom immediately before F20IP completion day to implement Directives 2009/65/EC and 2011/61/EU.
  • for paragraph (5) substitute—
    • (5) Where a trade repository is not available to record the details of SFTs:
    • (a) except where the FCA has suspended the reporting obligation under point (b) , counterparties shall ensure that such details are reported to the FCA. In this case the FCA shall...
    • except where the FCA has suspended the reporting obligation under point (b) , counterparties shall ensure that such details are reported to the FCA. In this case the FCA shall

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