Draft Regulations laid before Parliament under paragraph 1(1) of Schedule 7 to the European Union (Withdrawal) Act 2018, for approval by resolution of each House of Parliament.
2022 No.
The Financial Services (Miscellaneous Amendments) Regulations 2022
Made
Coming into force
The Treasury make the following Regulations in exercise of the powers conferred by section 8(1) of, and paragraph 21 of Schedule 7 to, the European Union (Withdrawal) Act 20181.
A draft of these Regulations has been approved by a resolution of each House of Parliament in accordance with paragraph 1(1) of Schedule 7 to that Act.
Citation, commencement and extent1
1
These Regulations may be cited as the Financial Services (Miscellaneous Amendments) Regulations 2022.
2
These Regulations come into force at 11.00 p.m. on 31st December 2022.
3
These Regulations extend to England and Wales, Scotland and Northern Ireland.
Amendment of the Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 20192
Regulation 11(5) (saving for certain financial services legislation relating to Gibraltar) of the Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 20192 is amended as follows—
a
in sub-paragraph (d)3, at the end insert “(except for regulation 8(1))”
;
b
in sub-paragraph (f)4, for “28(10)” substitute “28(7), (8)(a) and (c), and (10),”
;
c
in sub-paragraph (w)5, at the end insert “(except for regulations 7(2) and (3), and 8)”
.
Amendment of Regulation (EU) No 648/20123
1
Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories6 is amended as follows.
2
In Article 4(5A)(a) (clearing obligation), for “two years” substitute “four years”
.
Amendment of Regulation (EU) 2017/24024
1
Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/20127 is amended as follows.
2
In Article 5(3)(d)(i) (due-diligence requirements for institutional investors), for “two years” substitute “four years”
.
(This note is not part of the Regulations)