http://www.legislation.gov.uk/uksi/2014/2080/part/1The Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014texttext/xmlenStatute Law DatabaseBANKS AND BANKING2023-04-26Expert Participation2023-03-13 This Order defines the circumstances in which ring-fenced bodies will be able to deal with investments as principal by providing for exceptions to the excluded activity set out in section 142D of the Financial Services and Markets Act 2000 in relation to the management by the ring-fenced body of its own risks or of its liquid assets or the provision of derivatives to its clients. The Order also imposes prohibitions on ring-fenced bodies under section 142E, which (with the exceptions provided for) limit the way in which a ring-fenced body may have access to clearing and settlement services provided by a recognised inter-bank payment system, restrict the exposures a ring-fenced body may have to relevant financial institutions, and ensure that a ring-fenced body may not have a subsidiary or branch in any country outside the EEA (other than operational subsidiaries which do not provide banking services). PART 1GENERALCitation, commencement and interpretation11This Order may be cited as the Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014.2This article, articles 2 and 3 and the Schedule to this Order come into force on 1st January 2015.3The other provisions of this Order come into force on 1st January 2019.4In this Order—account holder” means any person, other than a relevant financial institution, who has an account with a ring-fenced body ;the Act” means the Financial Services and Markets Act 2000; alternative investment fund” has the meaning given in regulation 3 of the Alternative Investment Fund Managers Regulations 2013, but as if in paragraph (1)(b) of that regulation for “UK UCITS” there were substituted “UCITS; alternative investment fund manager” means a legal person whose regular business is managing one or more alternative investment funds; Annex 1 activities” has the meaning given in article 4.1(26A) of the prudential requirements regulation; building society” means a building society incorporated (or deemed to be incorporated) under the Building Societies Act 1986 ;capital market arrangement” has the meaning given in paragraph 1 of Schedule 2A to the Insolvency Act 1986 ; “charity” has the meaning given in section 1 of the Charities Act 2011, section 1 of the Charities Act (Northern Ireland) 2008 or section 106 of the Charities and Trustee Investment (Scotland) Act 2005;CIO” means a body constituted and registered as a charitable incorporated organisation under Part 11 of the Charities Act 2011 or Part 11 of the Charities Act (Northern Ireland) 2008, or as a Scottish charitable incorporated organisation under Part 1 of the Charities and Trustee Investment (Scotland) Act 2005; commodity” means any goods of a fungible nature that are capable of being delivered including metals and their ores and alloys, agricultural products, and energy such as electricity;“conduit vehicle” of a ring-fenced body means an undertaking which satisfies the conditions set out in article 17(2) for the relevant financial institution described as D; “core deposit” has the meaning given in article 2(2) of the Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014; correspondent banking” means an arrangement between two credit institutions pursuant to which one credit institution provides payment services to the clients of the other credit institution on behalf of that credit institution;covered bond vehicle” means a body corporate, partnership or unincorporated association—which is a party to a capital market arrangement, or a transaction in pursuance of a capital market arrangement, andwhose business consists (apart from incidental activities) only of—providing guarantees, andacquiring, owning and managing assets directly or indirectly forming the whole or part of the security for a capital market arrangement;credit institution” has the meaning given in Article 4.1(1) of the prudential requirements regulation;credit institutions directive” means the Directive of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC ;credit union” means a credit union as defined by section 31 of the Credit Unions Act 1979 or a credit union as defined by Article 2(2) of the Credit Unions (Northern Ireland) Order 1985 ;“debentures” include any investment of the kind specified by article 77 of the Regulated Activities Order 2001 ;default risk”, in relation to a ring-fenced body, means the risk that—one or more persons will default under a transaction with a ring-fenced body or with a subsidiary undertaking of the ring-fenced body or will become unlikely, unwilling or unable to pay or repay sums owing at law or in equity to the ring-fenced body or to a subsidiary undertaking of the ring-fenced body,an obligation to pay or repay sums owing at law or in equity to the ring-fenced body or to a subsidiary undertaking of the ring-fenced body will be restructured so as to reduce or postpone the payments due as principal, interest or fees resulting in a loss to the ring-fenced body or to its subsidiary undertaking, orthe value of any security or collateral taken by the ring-fenced body or a subsidiary undertaking of the ring-fenced body in connection with one or more transactions entered into by the ring-fenced body or its subsidiary undertaking will be insufficient to meet the obligations of the counterparty to the transaction when the security is enforced or the collateral is sold;and for the purposes of paragraph (b), “restructuring” includes restructuring through a voluntary arrangement made with creditors, by court order or through the exercise of powers under the Banking Act 2009 or in equivalent legislation in other countries) derivative instrument” includes any instruments within the meaning of article 2.1(29) of the markets in financial instruments regulation; exposure” means—an asset referred to in Part Three, Title II, Chapter 2 of the prudential requirements regulation, oran off-balance sheet item listed in Annex I to the prudential requirements regulation ,without applying the risk weights or degrees of risk set out in the prudential requirements regulation; financial conglomerate” means— a financial conglomerate within the meaning of regulation 1(2) of the Financial Conglomerates and Other Financial Groups Regulations 2004 (but disregarding any decision taken under Article 3(3) of the conglomerates directive as applied and modified by those Regulations), ora financial conglomerate within the meaning of Article 2.14 of Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate (but disregarding any decision taken under Article 3(3) of that directive);financial holding company” means a financial institution which is not a mixed financial holding company, the subsidiary undertakings of which are either exclusively or mainly credit institutions, investment firms or financial institutions and which has at least one subsidiary undertaking which is a credit institution or investment firm, and for the purposes of this definition, a financial institution is an undertaking other than a credit institution, the principal activity of which is to acquire holdings or to pursue one or more of the activities listed in points 2 to 12 and 15 of the Annex 1 activities; financial institution exposure” means an exposure to a relevant financial institution or an exposure to securities or other financial instruments issued by a relevant financial institution, but does not include an exposure where the sole or main purpose for which the ring-fenced body incurs the exposure to the relevant financial institution is to provide for—the safeguarding and administration of assets of the ring-fenced body by that financial institution, orclient money or client assets to be held for the ring-fenced body by that relevant financial institution;global systemically important insurer” means an insurance undertaking, third country insurance undertaking, reinsurance undertaking or third country reinsurance undertaking which is included on the list of global systemically important insurers published by the Financial Stability Board on 18 July 2013, or on any updated version of that list or supplementary list of such undertakings published by the Financial Stability Board, and any subsidiary undertaking of any such undertaking provided that the subsidiary undertaking is also an insurance undertaking, third country insurance undertaking, reinsurance undertaking or third country reinsurance undertaking;instruments giving an entitlement to shares or debentures” includes any instrument of the kind specified by article 79 (instruments giving entitlements to investments) of the Regulated Activities Order 2001 which relates to shares or, as the case may be, debentures;... “inter-bank payment system” means arrangements which are—a payment system as defined in section 182 of the Banking Act 2009, anddesigned to facilitate or control the transfer of money between banks and building societies which participate in the arrangements, (and see article 13(11) for further provision as to the meaning of inter-bank payment system in that article);interest rate swap” has the meaning given in article 10(2)(c); liquid assets” means assets which qualify towards the liquidity coverage requirement provided for in Article 412 of Chapter 4 (Liquidity (Part Six CRR)) of the Liquidity (CRR) Part of the PRA Rulebook as further specified in Chapter 2 (Rules on standards for the liquidity coverage requirement for credit institutions) of the Liquidity Coverage Ratio (CRR) Part of the PRA Rulebook; liquidity risk” means the risk that the undertaking does not have, or is unable to obtain, sufficient financial resources to enable it to meet its financial obligations as they fall due; management company” means— an undertaking, within the meaning of section 1161 of the Companies Act 2006, whose regular business is the management of UK UCITS, ora company within the meaning of Article 2.1(b) of the UCITS directive; mixed financial holding company” means an undertaking which is not a credit institution, an insurance undertaking a third country insurance undertaking whose head office is located in an EEA state or an investment firm, which has at least one subsidiary undertaking which is a credit institution, an insurance undertaking a third country insurance undertaking whose head office is located in an EEA state or an investment firm and which, together with its subsidiary undertakings, constitutes a financial conglomerate ...own funds” means own funds as defined in Article 4.1(118) of the prudential requirements regulation;payment exposures” means—in the case of foreign exchange transactions, exposures incurred in the ordinary course of settlement;in the case of transactions for the purchase or sale of securities, exposures incurred in the ordinary course of settlement;exposures arising from the provision of money transmission including—the execution of payment services,clearing and settlement in any currency, andcorrespondent banking; andexposures incurred by the ring-fenced body to satisfy a condition required for participation by it in an inter-bank payment system ... or in the services provided by a recognised clearing house ... , a third country central counterparty, a recognised CSD... or a third country CSD provided that such exposures are only to a relevant financial institution which is ... a member or operator of the inter-bank payment system or a member of the relevant recognised clearing house..., third country central counterparty, recognised CSD... or third country CSD;payment services” has the same meaning as in regulation 2(1) of the Payment Services Regulations 2017;prudential requirements regulation” means the Regulation of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms ;Regulated Activities Order 2001” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ; “related undertaking” means any subsidiary undertaking of a parent undertaking where the parent undertaking is subject to rules made by the appropriate regulator pursuant to section 192JA of the Act, but does not include a subsidiary undertaking that is a ring-fenced body; ...relevant financial institution” has the meaning given in article 2;securitisation undertaking” has the meaning given in article 3(1)(a);securities” means, any investments of the kind specified by any of articles 76 to 82 of the Regulated Activities Order 2001 , or so far as relevant to any such investment, article 89 of that Order ;security interest” means any legal or equitable interest created or otherwise arising by way of security including—a pledge,a mortgage,a fixed charge,a floating charge,a lien;sell”, in relation to any investment, includes disposing of the investment for valuable consideration, and for these purposes “disposing of” includes—in the case of an investment consisting of rights under a contract—surrendering, assigning or converting those rights, orassuming the corresponding liabilities under the contract,in the case of an investment consisting of other arrangements, assuming the corresponding liabilities under the arrangements,in the case of any other investment, issuing or creating the investment or granting the rights or interests of which it consists;“shares” include any investment of the kind specified by article 76 of the Regulated Activities Order 2001;...sponsored structured finance vehicle” means a structured finance vehicle which satisfies the conditions in article 3(2);structured finance vehicle” means a securitisation undertaking or a covered bond vehicle;third country insurance undertaking” has the meaning given in regulation 2(1) of the Solvency 2 Regulations 2015;third country reinsurance undertaking” has the meaning given in regulation 2(1) of the Solvency 2 Regulations 2015;title transfer collateral arrangement” means an agreement or arrangement, including a repurchase agreement, evidenced in writing, where—the collateral provider transfers legal and beneficial ownership in the collateral to a collateral-taker on terms that when the relevant financial obligations are discharged the collateral-taker must transfer legal and beneficial ownership of the collateral (or equivalent collateral) to the collateral provider, andthe purpose of the agreement or arrangement is to secure or otherwise cover the relevant financial obligations owed to the collateral-taker;UCITS” has the meaning given in section 236A of the Act; UK deposit-taker” means a body corporate incorporated in the United Kingdom which carries on the regulated activity of accepting deposits in relation to which it has a permission under Part 4A of the 2000 Act; UK UCITS” has the meaning given in section 237(3) of the Act;undertaking” includes a company, body corporate, partnership or unincorporated association.5For the purposes of the definition of “liquid assets” in paragraph (4), “PRA Rulebook” means the rulebook published by the PRA containing rules made by that Authority under the Act as that rulebook has effect on 1 January 2022. Relevant financial institution21For the purposes of this Order, a “relevant financial institution” is an institution which falls within one of the classes listed in paragraph (2), and which is not within one of the exceptions set out in paragraph (3).2The classes are—acredit institutions;binvestment firms;cstructured finance vehicles;dglobal systemically important insurers;eUCITS (wherever established) and alternative investment funds;fmanagement companies or alternative investment fund managers; andgfinancial holding companies and mixed financial holding companies.3The exceptions are—aring-fenced bodies;bbuilding societies;cbodies corporate—iwhose purpose, or principal purpose, is that of making loans which are secured on residential property and which are funded substantially by their members, andiiwhich are incorporated under the law of an EEA state ...dcredit unions and other institutions referred to in Article 2.5 of the credit institutions directive (other than investment firms);erecognised clearing houses ... and third country central counterparties ;earecognised CSDs... and third country CSDs;finvestment firms which are not authorised to carry on by way of business (in the United Kingdom or the EEA) the activities specified by either article 14 (dealing in investments as principal) or article 21 (dealing in investments as agent) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ;ga credit institution which is a UK institution or an undertaking located in an EEA state, and which is not permitted—ito carry on any excluded activities (and for these purposes “excluded activities” do not include anything which does not fall within the definition of excluded activities in relation to a ring-fenced body by virtue of articles 4 to 12 of this Order) oriito do anything that a ring-fenced body is prohibited from doing under articles 14 to 20 of this Order,by reason of requirements, limitations or other conditions imposed on the credit institution by the FCA or the PRA or (in the case of an undertaking located in an EEA state) by its home state regulator; or by EU law or the national law to which the credit institution is subject;heach of the institutions listed in the Schedule to this Order.Securitisation companies and structured finance vehicles: definitions31In this Order—asecuritisation undertaking” means—ian asset holding company,iia commercial paper funded company,iiian intermediate borrowing company,iva note-issuing company, orva warehouse company; andb“asset holding company”, “commercial paper funded company”, “intermediate borrowing company”, “note-issuing company” and “warehouse company” means a company of the kind mentioned in paragraph (a), (b), (c), (d) or (e) of section 83(2) of the Finance Act 2005 or in paragraph (a), (b), (c), (d) or (e) of regulation 4(2) of the Taxation of Securitisation Companies Regulations 2006 , except that for these purposes—icompany” includes any body corporate, partnership or unincorporated association, andiithe requirements in section 83(3)(b) of the Finance Act 2005 and regulation 5(3) of the Taxation of Securitisation Companies Regulations 2006 shall not apply.2For the purposes of this Order, a structured finance vehicle is a sponsored structured finance vehicle of a ring-fenced body where the only assets held by the structured finance vehicle consist of any of—amoney provided by the ring-fenced body or a subsidiary of the ring-fenced body;bassets, or an interest in assets, created by, ... or comprising claims against, any one or more of the following—ithe ring-fenced body,iia securitisation undertaking, provided that the only assets held by the securitisation undertaking are assets created ...by the ring-fenced body or any of its subsidiary undertakings (provided that the assets concerned are assets that the ring-fenced body itself could hold), and assets within sub-paragraphs (c) to (h) below,...iiia subsidiary undertaking of the ring-fenced body, provided that the assets concerned are assets which the ring-fenced body itself could hold, or iva member of the group of companies to which the ring-fenced body (“A”) belongs (other than one falling within paragraph (i), (ii) or (iii)) provided that—aathe assets concerned were created no later than two years before A became a ring-fenced body,bbthe assets were transferred to the structured finance vehicle before A became a ring-fenced body, andccthe assets concerned are assets that A itself could hold;cliquid assets, investments or facilities acquired by or made available to the structured finance vehicle to enable it to limit the extent to which its business may be adversely affected by any of the factors referred to in article 6(2);dsums lent by the structured finance vehicle in connection with a capital market arrangement;erights arising under derivative instruments entered into with any person for the purpose of the protection of the structured finance vehicle against any difference between any rate, index or price and any other rate, index or price;frights arising under contracts with the ring-fenced body or with any other person for the provision of services to, or in connection with the transfer of assets to, the structured finance vehicle;grights arising under a contract with another sponsored structured finance vehicle of the ring-fenced body;gaassets, or an interest in assets, that—iwere created by, or comprised of claims against, a company outside the group of companies to which the ring-fenced body (“B”) belongs,iiwere transferred to the structured finance vehicle from—aaB,bba subsidiary undertaking of B, orccany other member of the group of companies to which B belongs,iiiwere acquired by the company from which the transfer was made no later than two years before B became a ring-fenced body,ivin the case of assets transferred by a company falling within paragraph (ii)(cc), were transferred to the structured finance vehicle before B became a ring-fenced body, andvare assets that B itself could hold;gbassets that—ihave at any time been transferred to the ring-fenced body pursuant to a ring-fencing transfer scheme within the meaning of section 106B of the Act, andiiare assets that the ring-fenced body itself could hold;gcassets, or an interest in assets, that were—icreated or owned at any time by—aaa company (“C”) in respect of which an order has been made under the Banking (Special Provisions) Act 2008, orbba subsidiary undertaking of C (“D”), andiitransferred to the structured finance vehicle from C or D pursuant to any agreement for that purpose, whether directly or through an intermediary—aaat a time when all of the shares in C were owned by a nominee of the Treasury or a company wholly owned by the Treasury,bbin the case of assets created or owned by D, at a time when D was a subsidiary undertaking of C,ccin connection with a capital market arrangement to which the structured finance vehicle was a party, andddwhere the capital market arrangement referred to in sub-paragraph (cc) was established to finance, wholly or in part, the consideration payable to C or D in connection with the transfer of the relevant assets;gdassets, or an interest in assets, that—ihave at any time been subject to any transfer effected pursuant to Part 1 of the Banking Act 2009, andiiare assets that the ring-fenced body itself could hold;hsums derived from any of the assets referred to in sub-paragraphs (a) to (gd) above, including rights in relation to any current account, payment account or deposit account to which such sums are credited or paid.“Ring-fenced body” is defined in section 142A of the Act.1986 c. 53.1986 c.45. Schedule 2A was inserted by the Enterprise Act 2002 (c.40) s. 250(2) and Schedule 18. Paragraph 1 of that Schedule was amended by SI 2003/1468.Directive 2013/36/EU, OJ L 174 27.6.2013, p338.1979 c. 34. Section 31 has been amended by the Co-operative and Community Benefit Societies and Credit Unions Act 2010 (c.7), section 2.S.I. 1985/1205 (N.I. 12).SI 2001/544. Article 77 was amended by S.I. 2010/86; 2011/133.OJ L 176, 27.6.2013, p1.Article 79 of the Regulated Activities Order 2001 was amended by S.I. 2010/86.Defined in section 285(1)(b) of the Act. Paragraphs (b) to (d) of section 285(1) were substituted for the original paragraphs by S.I. 2013/504.Regulation (EU) No 575/2013/EU, OJ L 176, 27.6.2013, p1.S.I. 2001/544.These articles were amended by S.I 2006/1969; 2010/86; 2011/133; 2011/2687, and article 77A was inserted by S.I. 2010/86.Article 89 was amended by S.I. 2006/2383.Defined in section 285(1)(d) of the Act.S.I. 2001/544. Article 14 was amended by S.I. 2006/3384. Article 21 was amended by S.I. 2003/1476; 2006/3384.2005 c. 7. Section 83 has been amended by the Finance Act 2006 (c.25), s.101; the Finance 2007 (c.11), s. 59 and the Corporation Tax Act 2009 (c.4), schedule 1, Part 2, paragraphs 648, 662.S.I. 2006/3296.Words in art. 1 inserted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(2)(a)Words in art. 1 inserted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(2)(b)Words in art. 1 inserted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(2)(c)Words in art. 1 substituted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(2)(d)Word in art. 1 omitted (1.12.2016) by virtue of The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(2)(e)Words in art. 1 inserted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(2)(f)Words in art. 1 inserted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(2)(g)Words in art. 3(2)(b) omitted (1.12.2016) by virtue of The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(3)(a)(i)Words in art. 3(2)(b)(ii) omitted (1.12.2016) by virtue of The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(3)(a)(ii)(aa)Words in art. 3(2)(b)(ii) inserted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(3)(a)(ii)(bb)Word in art. 3(2)(b)(ii) omitted (1.12.2016) by virtue of The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(3)(a)(ii)(cc)Word in art. 3(2)(b)(iii) inserted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(3)(a)(iii)Art. 3(2)(b)(iv) inserted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(3)(a)(iv)Words in art. 3(2)(f) inserted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(3)(b)Art. 3(2)(ga)-(gd) inserted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(3)(c)Words in art. 3(2)(h) substituted (1.12.2016) by The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032), arts. 1(2), 3(3)(d)Words in art. 1(4) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 41(2)(a) (with regs. 7(4), 9(1))Words in art. 1(4) substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 41(2)(b) (with regs. 7(4), 9(1))Art. 2(3)(ea) inserted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), reg. 1, Sch. para. 41(3) (with regs. 7(4), 9(1))Words in art. 1(4) inserted (30.11.2017) by The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 5(2)(a)Words in art. 1(4) omitted (30.11.2017) by virtue of The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167), arts. 1(2), 5(2)(b)Year in art. 1(4) substituted (13.1.2018) by The Payment Services Regulations 2017 (S.I. 2017/752), reg. 1(6), Sch. 8 para. 18 (with reg. 3)Words in art. 2(3)(ea) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(3)(c) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 2(3)(c)(ii) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(3)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 2(3)(e) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(3)(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 2(3)(g) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(3)(d) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 1(4) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(2)(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 1(4) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(2)(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 1(4) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(2)(c) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 1(4) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(2)(d) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 1(4) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(2)(e) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 1(4) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(2)(f) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 1(4) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(2)(g) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 1(4) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(2)(i) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 1(4) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(2)(j)(i) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 1(4) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(2)(j)(ii) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 1(4) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(2)(k)(i) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 1(4) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(2)(k)(ii) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 1(4) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(2)(k)(iii) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 1(4) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(2)(k)(iv) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 1(4) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(2)(l) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 1(4) omitted (31.12.2020) by virtue of The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(2)(m) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 1(4) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(2)(n) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 1(4) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(2)(o) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 1(4) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(2)(p) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Words in art. 1(4) inserted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 192(2)(q) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1212, regs. 1(3), 22(3)); 2020 c. 1, Sch. 5 para. 1(1)Art. 1(5) inserted (1.1.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 18(3)Words in art. 1(4) substituted (1.1.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 18(2)
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<dc:identifier>http://www.legislation.gov.uk/uksi/2014/2080/part/1</dc:identifier>
<dc:title>The Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014</dc:title>
<dc:type>text</dc:type>
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<dc:publisher>Statute Law Database</dc:publisher>
<dc:subject scheme="SIheading">BANKS AND BANKING</dc:subject>
<dc:modified>2023-04-26</dc:modified>
<dc:contributor>Expert Participation</dc:contributor>
<dct:valid>2023-03-13</dct:valid>
<dc:description>This Order defines the circumstances in which ring-fenced bodies will be able to deal with investments as principal by providing for exceptions to the excluded activity set out in section 142D of the Financial Services and Markets Act 2000 in relation to the management by the ring-fenced body of its own risks or of its liquid assets or the provision of derivatives to its clients. The Order also imposes prohibitions on ring-fenced bodies under section 142E, which (with the exceptions provided for) limit the way in which a ring-fenced body may have access to clearing and settlement services provided by a recognised inter-bank payment system, restrict the exposures a ring-fenced body may have to relevant financial institutions, and ensure that a ring-fenced body may not have a subsidiary or branch in any country outside the EEA (other than operational subsidiaries which do not provide banking services).</dc:description>
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<Number>
<Strong>PART 1</Strong>
</Number>
<Title>GENERAL</Title>
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<Title>Citation, commencement and interpretation</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/1" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1" id="article-1">
<Pnumber>1</Pnumber>
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<Pnumber>1</Pnumber>
<P2para>
<Text>This Order may be cited as the Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014.</Text>
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<Pnumber>2</Pnumber>
<P2para>
<Text>This article, articles 2 and 3 and the Schedule to this Order come into force on 1st January 2015.</Text>
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<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/1/3" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/3" id="article-1-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>The other provisions of this Order come into force on 1st January 2019.</Text>
</P2para>
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<Pnumber>4</Pnumber>
<P2para>
<Text>In this Order—</Text>
<UnorderedList Decoration="none" Class="Definition">
<ListItem>
<Para>
<Text>
<Term id="term-account-holder">account holder</Term>
” means any person, other than a relevant financial institution, who has an account with a ring-fenced body
<CommentaryRef Ref="c22188661"/>
;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-the-act">the Act</Term>
” means the Financial Services and Markets Act 2000;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Substitution ChangeId="key-65bc0cc3f4c2fdcc2cfb3a3712162467-1648411533890" CommentaryRef="key-65bc0cc3f4c2fdcc2cfb3a3712162467"></Substitution>
<Term>
<Substitution ChangeId="key-65bc0cc3f4c2fdcc2cfb3a3712162467-1648411533890" CommentaryRef="key-65bc0cc3f4c2fdcc2cfb3a3712162467">alternative investment fund</Substitution>
</Term>
<Substitution ChangeId="key-65bc0cc3f4c2fdcc2cfb3a3712162467-1648411533890" CommentaryRef="key-65bc0cc3f4c2fdcc2cfb3a3712162467">” has the meaning given in regulation 3 of the Alternative Investment Fund Managers Regulations 2013, but as if in paragraph (1)(b) of that regulation for “UK UCITS” there were substituted “UCITS;</Substitution>
</Text>
</Para>
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<Para>
<Text>
<Substitution ChangeId="key-cbd42c359d96a5d081b93719cf23b8a2-1648411581012" CommentaryRef="key-cbd42c359d96a5d081b93719cf23b8a2"></Substitution>
<Term>
<Substitution ChangeId="key-cbd42c359d96a5d081b93719cf23b8a2-1648411581012" CommentaryRef="key-cbd42c359d96a5d081b93719cf23b8a2">alternative investment fund manager</Substitution>
</Term>
<Substitution ChangeId="key-cbd42c359d96a5d081b93719cf23b8a2-1648411581012" CommentaryRef="key-cbd42c359d96a5d081b93719cf23b8a2">” means a legal person whose regular business is managing one or more alternative investment funds;</Substitution>
</Text>
</Para>
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<ListItem>
<Para>
<Text>
<Addition ChangeId="key-56af73744bd5bac45d83972e92983aa1-1648411636143" CommentaryRef="key-56af73744bd5bac45d83972e92983aa1"></Addition>
<Term>
<Addition ChangeId="key-56af73744bd5bac45d83972e92983aa1-1648411636143" CommentaryRef="key-56af73744bd5bac45d83972e92983aa1">Annex 1 activities</Addition>
</Term>
<Addition ChangeId="key-56af73744bd5bac45d83972e92983aa1-1648411636143" CommentaryRef="key-56af73744bd5bac45d83972e92983aa1">” has the meaning given in article 4.1(26A) of the prudential requirements regulation;</Addition>
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-building-society">building society</Term>
” means a building society incorporated (or deemed to be incorporated) under the Building Societies Act 1986
<CommentaryRef Ref="c22188681"/>
;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-capital-market-arrangement">capital market arrangement</Term>
” has the meaning given in paragraph 1 of Schedule 2A to the Insolvency Act 1986
<CommentaryRef Ref="c22188691"/>
;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Addition ChangeId="key-e71e440ce1c88a5fcd6579700d1791cb-1579600594604" CommentaryRef="key-e71e440ce1c88a5fcd6579700d1791cb">“charity” has the meaning given in section 1 of the Charities Act 2011, section 1 of the Charities Act (Northern Ireland) 2008 or section 106 of the Charities and Trustee Investment (Scotland) Act 2005;</Addition>
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Addition ChangeId="key-e71e440ce1c88a5fcd6579700d1791cb-1579600594604" CommentaryRef="key-e71e440ce1c88a5fcd6579700d1791cb"></Addition>
<Acronym Expansion="Charitable Incorporated Organisation">
<Addition ChangeId="key-e71e440ce1c88a5fcd6579700d1791cb-1579600594604" CommentaryRef="key-e71e440ce1c88a5fcd6579700d1791cb">CIO</Addition>
</Acronym>
<Addition ChangeId="key-e71e440ce1c88a5fcd6579700d1791cb-1579600594604" CommentaryRef="key-e71e440ce1c88a5fcd6579700d1791cb">” means a body constituted and registered as a charitable incorporated organisation under Part 11 of the Charities Act 2011 or Part 11 of the Charities Act (Northern Ireland) 2008, or as a Scottish charitable incorporated organisation under Part 1 of the Charities and Trustee Investment (Scotland) Act 2005;</Addition>
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-commodity">commodity</Term>
” means any goods of a fungible nature that are capable of being delivered including metals and their ores and alloys, agricultural products, and energy such as electricity;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>“conduit vehicle” of a ring-fenced body means an undertaking which satisfies the conditions set out in article 17(2) for the relevant financial institution described as D;</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Addition ChangeId="key-1870cc853e8b4cac79f3f694811c957c-1579600627253" CommentaryRef="key-1870cc853e8b4cac79f3f694811c957c">“core deposit” has the meaning given in article 2(2) of the Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014;</Addition>
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-correspondent-banking">correspondent banking</Term>
” means an arrangement between two credit institutions pursuant to which one credit institution provides payment services to the clients of the other credit institution on behalf of that credit institution;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-covered-bond-vehicle">covered bond vehicle</Term>
” means a body corporate, partnership or unincorporated association—
</Text>
</Para>
<OrderedList Type="alpha" Decoration="parens">
<ListItem NumberOverride="a">
<Para>
<Text>which is a party to a capital market arrangement, or a transaction in pursuance of a capital market arrangement, and</Text>
</Para>
</ListItem>
<ListItem NumberOverride="b">
<Para>
<Text>whose business consists (apart from incidental activities) only of—</Text>
</Para>
<OrderedList Type="roman" Decoration="parens">
<ListItem NumberOverride="i">
<Para>
<Text>providing guarantees, and</Text>
</Para>
</ListItem>
<ListItem NumberOverride="ii">
<Para>
<Text>acquiring, owning and managing assets directly or indirectly forming the whole or part of the security for a capital market arrangement;</Text>
</Para>
</ListItem>
</OrderedList>
</ListItem>
</OrderedList>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-credit-institution">credit institution</Term>
” has the meaning given in Article 4.1(1) of the prudential requirements regulation;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-credit-institutions-directive">credit institutions directive</Term>
” means the Directive of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive
<Citation URI="http://www.legislation.gov.uk/id/eudr/2002/87" id="c00001" Class="EuropeanUnionDirective" Year="2002" Number="87">2002/87/EC</Citation>
and repealing Directives
<Citation URI="http://www.legislation.gov.uk/id/eudr/2006/48" id="c00002" Class="EuropeanUnionDirective" Year="2006" Number="48">2006/48/EC</Citation>
and
<Citation URI="http://www.legislation.gov.uk/id/eudr/2006/49" id="c00003" Class="EuropeanUnionDirective" Year="2006" Number="49">2006/49/EC</Citation>
<CommentaryRef Ref="c22188701"/>
;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-credit-union">credit union</Term>
” means a credit union as defined by section 31 of the Credit Unions Act 1979
<CommentaryRef Ref="c22188711"/>
or a credit union as defined by Article 2(2) of the Credit Unions (Northern Ireland) Order 1985
<CommentaryRef Ref="c22188721"/>
;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
“debentures” include any investment of the kind specified by article 77 of the Regulated Activities Order 2001
<CommentaryRef Ref="c22188731"/>
;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-default-risk">default risk</Term>
”, in relation to a ring-fenced body, means the risk that—
</Text>
</Para>
<OrderedList Type="alpha" Decoration="parens">
<ListItem NumberOverride="a">
<Para>
<Text>one or more persons will default under a transaction with a ring-fenced body or with a subsidiary undertaking of the ring-fenced body or will become unlikely, unwilling or unable to pay or repay sums owing at law or in equity to the ring-fenced body or to a subsidiary undertaking of the ring-fenced body,</Text>
</Para>
</ListItem>
<ListItem NumberOverride="b">
<Para>
<Text>an obligation to pay or repay sums owing at law or in equity to the ring-fenced body or to a subsidiary undertaking of the ring-fenced body will be restructured so as to reduce or postpone the payments due as principal, interest or fees resulting in a loss to the ring-fenced body or to its subsidiary undertaking, or</Text>
</Para>
</ListItem>
<ListItem NumberOverride="c">
<Para>
<Text>the value of any security or collateral taken by the ring-fenced body or a subsidiary undertaking of the ring-fenced body in connection with one or more transactions entered into by the ring-fenced body or its subsidiary undertaking will be insufficient to meet the obligations of the counterparty to the transaction when the security is enforced or the collateral is sold;</Text>
</Para>
</ListItem>
</OrderedList>
<Para>
<Text>
and for the purposes of paragraph (b), “
<Term id="term-restructuring">restructuring</Term>
” includes restructuring through a voluntary arrangement made with creditors, by court order or through the exercise of powers under the Banking Act 2009 or in equivalent legislation in other countries)
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Substitution ChangeId="key-6800369538b9f741b1f04c62852f6ce6-1648411716556" CommentaryRef="key-6800369538b9f741b1f04c62852f6ce6"></Substitution>
<Term>
<Substitution ChangeId="key-6800369538b9f741b1f04c62852f6ce6-1648411716556" CommentaryRef="key-6800369538b9f741b1f04c62852f6ce6">derivative instrument</Substitution>
</Term>
<Substitution ChangeId="key-6800369538b9f741b1f04c62852f6ce6-1648411716556" CommentaryRef="key-6800369538b9f741b1f04c62852f6ce6">” includes any instruments within the meaning of article 2.1(29) of the markets in financial instruments regulation;</Substitution>
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-exposure">exposure</Term>
” means—
</Text>
</Para>
<OrderedList Type="alpha" Decoration="parens">
<ListItem NumberOverride="a">
<Para>
<Text>an asset referred to in Part Three, Title II, Chapter 2 of the prudential requirements regulation, or</Text>
</Para>
</ListItem>
<ListItem NumberOverride="b">
<Para>
<Text>
an off-balance sheet item listed in Annex I to the prudential requirements regulation
<CommentaryRef Ref="c22188741"/>
,
</Text>
</Para>
</ListItem>
</OrderedList>
<Para>
<Text>without applying the risk weights or degrees of risk set out in the prudential requirements regulation;</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Addition ChangeId="key-689d028ea5c96fa254c923d7da945a28-1648411995635" CommentaryRef="key-689d028ea5c96fa254c923d7da945a28"></Addition>
<Term>
<Addition ChangeId="key-689d028ea5c96fa254c923d7da945a28-1648411995635" CommentaryRef="key-689d028ea5c96fa254c923d7da945a28">financial conglomerate</Addition>
</Term>
<Addition ChangeId="key-689d028ea5c96fa254c923d7da945a28-1648411995635" CommentaryRef="key-689d028ea5c96fa254c923d7da945a28">” means— </Addition>
</Text>
</Para>
<OrderedList Type="alpha" Decoration="parens">
<ListItem NumberOverride="a">
<Para>
<Text>
<Addition ChangeId="key-689d028ea5c96fa254c923d7da945a28-1648411995635" CommentaryRef="key-689d028ea5c96fa254c923d7da945a28">a financial conglomerate within the meaning of regulation 1(2) of the Financial Conglomerates and Other Financial Groups Regulations 2004 (but disregarding any decision taken under Article 3(3) of the conglomerates directive as applied and modified by those Regulations), or</Addition>
</Text>
</Para>
</ListItem>
<ListItem NumberOverride="b">
<Para>
<Text>
<Addition ChangeId="key-689d028ea5c96fa254c923d7da945a28-1648411995635" CommentaryRef="key-689d028ea5c96fa254c923d7da945a28">a financial conglomerate within the meaning of Article 2.14 of Directive </Addition>
<Citation URI="http://www.legislation.gov.uk/id/eudr/2002/87" id="c00006" Class="EuropeanUnionDirective" Year="2002" Number="87">
<Addition ChangeId="key-689d028ea5c96fa254c923d7da945a28-1648411995635" CommentaryRef="key-689d028ea5c96fa254c923d7da945a28">2002/87/EC</Addition>
</Citation>
<Addition ChangeId="key-689d028ea5c96fa254c923d7da945a28-1648411995635" CommentaryRef="key-689d028ea5c96fa254c923d7da945a28"> of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate (but disregarding any decision taken under Article 3(3) of that directive);</Addition>
</Text>
</Para>
</ListItem>
</OrderedList>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-financial-holding-company">financial holding company</Term>
” means a financial institution which is not a mixed financial holding company, the subsidiary undertakings of which are either exclusively or mainly credit institutions, investment firms or financial institutions and which has at least one subsidiary undertaking which is a credit institution or investment firm, and for the purposes of this definition, a financial institution is an undertaking other than a credit institution, the principal activity of which is to acquire holdings or to pursue one or more of the activities listed in points 2 to 12 and 15 of
<Substitution ChangeId="key-262f7c923a895affe12bbcb61516a726-1648412084022" CommentaryRef="key-262f7c923a895affe12bbcb61516a726">the Annex 1 activities</Substitution>
;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-financial-institution-exposure">financial institution exposure</Term>
” means an exposure to a relevant financial institution or an exposure to securities or other financial instruments issued by a relevant financial institution, but does not include an exposure where the sole or main purpose for which the ring-fenced body incurs the exposure to the relevant financial institution is to provide for—
</Text>
</Para>
<OrderedList Type="alpha" Decoration="parens">
<ListItem NumberOverride="a">
<Para>
<Text>the safeguarding and administration of assets of the ring-fenced body by that financial institution, or</Text>
</Para>
</ListItem>
<ListItem NumberOverride="b">
<Para>
<Text>client money or client assets to be held for the ring-fenced body by that relevant financial institution;</Text>
</Para>
</ListItem>
</OrderedList>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-global-systemically-important-insurer">global systemically important insurer</Term>
” means an insurance undertaking, third country insurance undertaking, reinsurance undertaking or third country reinsurance undertaking which is included on the list of global systemically important insurers published by the Financial Stability Board on 18 July 2013, or on any updated version of that list or supplementary list of such undertakings published by the Financial Stability Board
<Addition ChangeId="key-0da68ecda5bcd00be360aac829d605dc-1579600675021" CommentaryRef="key-0da68ecda5bcd00be360aac829d605dc">, and any subsidiary undertaking of any such undertaking provided that the subsidiary undertaking is also an insurance undertaking, third country insurance undertaking, reinsurance undertaking or third country reinsurance undertaking</Addition>
;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-instruments-giving-an-entitlement-to-shares-or-debentures">instruments giving an entitlement to shares or debentures</Term>
” includes any instrument of the kind specified by article 79 (instruments giving entitlements to investments) of the Regulated Activities Order 2001
<CommentaryRef Ref="c22188751"/>
which relates to shares or, as the case may be, debentures;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<CommentaryRef Ref="key-d3e874e470384d786e28d240210ece31"/>
...
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Addition ChangeId="key-4778e9159239c7d2fa51cf5180d0f7b5-1579618651996" CommentaryRef="key-4778e9159239c7d2fa51cf5180d0f7b5">“inter-bank payment system” means arrangements which are—</Addition>
</Text>
<OrderedList Decoration="parens" Type="alpha">
<ListItem>
<Para>
<Text>
<Addition ChangeId="key-4778e9159239c7d2fa51cf5180d0f7b5-1579618651996" CommentaryRef="key-4778e9159239c7d2fa51cf5180d0f7b5">a payment system as defined in section 182 of the Banking Act 2009, and</Addition>
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Addition ChangeId="key-4778e9159239c7d2fa51cf5180d0f7b5-1579618651996" CommentaryRef="key-4778e9159239c7d2fa51cf5180d0f7b5">designed to facilitate or control the transfer of money between banks and building societies which participate in the arrangements, </Addition>
</Text>
</Para>
</ListItem>
</OrderedList>
<Text>
<Addition ChangeId="key-4778e9159239c7d2fa51cf5180d0f7b5-1579618651996" CommentaryRef="key-4778e9159239c7d2fa51cf5180d0f7b5">(and see article 13(11) for further provision as to the meaning of inter-bank payment system in that article);</Addition>
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-interest-rate-swap">interest rate swap</Term>
” has the meaning given in article 10(2)(c);
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Substitution ChangeId="key-c873dc79b50448dd4fa3f1d9d43fe89a-1650615812433" CommentaryRef="key-c873dc79b50448dd4fa3f1d9d43fe89a"></Substitution>
<Term>
<Substitution ChangeId="key-c873dc79b50448dd4fa3f1d9d43fe89a-1650615812433" CommentaryRef="key-c873dc79b50448dd4fa3f1d9d43fe89a">liquid assets</Substitution>
</Term>
<Substitution ChangeId="key-c873dc79b50448dd4fa3f1d9d43fe89a-1650615812433" CommentaryRef="key-c873dc79b50448dd4fa3f1d9d43fe89a">” means assets which qualify towards the liquidity coverage requirement provided for in Article 412 of Chapter 4 (Liquidity (Part Six CRR)) of the Liquidity (CRR) Part of the PRA Rulebook as further specified in Chapter 2 (Rules on standards for the liquidity coverage requirement for credit institutions) of the Liquidity Coverage Ratio (CRR) Part of the PRA Rulebook;</Substitution>
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-liquidity-risk">liquidity risk</Term>
” means the risk that
<Substitution ChangeId="key-e710e61c5fa06b044a50cf4867ebef3d-1579601276046" CommentaryRef="key-e710e61c5fa06b044a50cf4867ebef3d">the undertaking</Substitution>
does not have, or is unable to obtain, sufficient financial resources to enable it to meet its financial obligations as they fall due;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Substitution ChangeId="key-452f41e6abf875ba72c2ee56ba415223-1648412242357" CommentaryRef="key-452f41e6abf875ba72c2ee56ba415223"></Substitution>
<Term>
<Substitution ChangeId="key-452f41e6abf875ba72c2ee56ba415223-1648412242357" CommentaryRef="key-452f41e6abf875ba72c2ee56ba415223">management company</Substitution>
</Term>
<Substitution ChangeId="key-452f41e6abf875ba72c2ee56ba415223-1648412242357" CommentaryRef="key-452f41e6abf875ba72c2ee56ba415223">” means— </Substitution>
</Text>
</Para>
<OrderedList Decoration="parens" Type="alpha">
<ListItem>
<Para>
<Text>
<Substitution ChangeId="key-452f41e6abf875ba72c2ee56ba415223-1648412242357" CommentaryRef="key-452f41e6abf875ba72c2ee56ba415223">an undertaking, within the meaning of section 1161 of the Companies Act 2006, whose regular business is the management of UK UCITS, or</Substitution>
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Substitution ChangeId="key-452f41e6abf875ba72c2ee56ba415223-1648412242357" CommentaryRef="key-452f41e6abf875ba72c2ee56ba415223">a company within the meaning of Article 2.1(b) of the UCITS directive; </Substitution>
</Text>
</Para>
</ListItem>
</OrderedList>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-mixed-financial-holding-company">mixed financial holding company</Term>
” means an undertaking which is not a credit institution, an insurance undertaking
<Addition ChangeId="key-3e86385fc1a0c8e65a5f31137117c48f-1648412461488" CommentaryRef="key-3e86385fc1a0c8e65a5f31137117c48f">a third country insurance undertaking whose head office is located in an EEA state</Addition>
or an investment firm, which has at least one subsidiary undertaking which is a credit institution, an insurance undertaking
<Addition ChangeId="key-3e86385fc1a0c8e65a5f31137117c48f-1648412519057" CommentaryRef="key-3e86385fc1a0c8e65a5f31137117c48f">a third country insurance undertaking whose head office is located in an EEA state</Addition>
or an investment firm and which, together with its subsidiary undertakings, constitutes a financial conglomerate
<CommentaryRef Ref="key-4e7eb12319c89aa68818619ee85d1e3d"/>
...
<Citation URI="http://www.legislation.gov.uk/id/eudr/2002/87" id="c00004" Class="EuropeanUnionDirective" Year="2002" Number="87"/>
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-own-funds">own funds</Term>
” means own funds as defined in Article 4.1(118) of the prudential requirements regulation;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-payment-exposures">payment exposures</Term>
” means—
</Text>
</Para>
<OrderedList Type="alpha" Decoration="parens">
<ListItem NumberOverride="a">
<Para>
<Text>in the case of foreign exchange transactions, exposures incurred in the ordinary course of settlement;</Text>
</Para>
</ListItem>
<ListItem NumberOverride="b">
<Para>
<Text>in the case of transactions for the purchase or sale of securities, exposures incurred in the ordinary course of settlement;</Text>
</Para>
</ListItem>
<ListItem NumberOverride="c">
<Para>
<Text>exposures arising from the provision of money transmission including—</Text>
</Para>
<OrderedList Type="roman" Decoration="parens">
<ListItem NumberOverride="i">
<Para>
<Text>the execution of payment services,</Text>
</Para>
</ListItem>
<ListItem NumberOverride="ii">
<Para>
<Text>clearing and settlement in any currency, and</Text>
</Para>
</ListItem>
<ListItem NumberOverride="iii">
<Para>
<Text>correspondent banking; and</Text>
</Para>
</ListItem>
</OrderedList>
</ListItem>
<ListItem NumberOverride="d">
<Para>
<Text>
exposures incurred by the ring-fenced body to satisfy a condition required for participation by it in an inter-bank payment system
<CommentaryRef Ref="key-4d7597952e13b8e614c3b3bedcef8dcb"/>
... or in the services provided by a recognised clearing house
<CommentaryRef Ref="c22188801"/>
<CommentaryRef Ref="key-e46dd9f1f8c79cd19d54631b4c8f46c9"/>
...
<Substitution ChangeId="key-31a2c0657b2ca7ae526521194ef1d026-1579617652029" CommentaryRef="key-31a2c0657b2ca7ae526521194ef1d026">, a third country central counterparty, a recognised CSD</Substitution>
<CommentaryRef Ref="key-f3092d45f49a08181e393bda6d1f4610"/>
<Substitution ChangeId="key-31a2c0657b2ca7ae526521194ef1d026-1579617652029" CommentaryRef="key-31a2c0657b2ca7ae526521194ef1d026">... or a third country CSD</Substitution>
provided that such exposures are only to a relevant financial institution which is
<CommentaryRef Ref="key-4f565ab57f72bc388f72485ef3c37b8c"/>
... a member or operator of the inter-bank payment system or a member of the relevant recognised clearing house
<CommentaryRef Ref="key-e1e1829288617d775e0deaef7bd2dc7e"/>
...
<Substitution ChangeId="key-576dab0712facc261c6a5779331dbf8c-1579617719551" CommentaryRef="key-576dab0712facc261c6a5779331dbf8c">, third country central counterparty, recognised CSD</Substitution>
<CommentaryRef Ref="key-494942a375c4baf7e8543e0bcecaff8b"/>
<Substitution ChangeId="key-576dab0712facc261c6a5779331dbf8c-1579617719551" CommentaryRef="key-576dab0712facc261c6a5779331dbf8c">... or third country CSD</Substitution>
;
</Text>
</Para>
</ListItem>
</OrderedList>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-payment-services">payment services</Term>
” has the same meaning as in regulation 2(1) of the Payment Services Regulations
<Substitution ChangeId="M_F_e7404e2d-d8ed-4a00-d47a-bb3b63b91e71-1579620277860" CommentaryRef="M_F_e7404e2d-d8ed-4a00-d47a-bb3b63b91e71">2017</Substitution>
;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-prudential-requirements-regulation">prudential requirements regulation</Term>
” means the Regulation of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms
<CommentaryRef Ref="c22188841"/>
;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-regulated-activities-order-2001">Regulated Activities Order 2001</Term>
” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
<CommentaryRef Ref="c22188851"/>
;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Addition ChangeId="key-f564f0cb6b47af7ecfc57552ab1991cc-1579601362866" CommentaryRef="key-f564f0cb6b47af7ecfc57552ab1991cc">“related undertaking” means any subsidiary undertaking of a parent undertaking where the parent undertaking is subject to rules made by the appropriate regulator pursuant to section 192JA of the Act, but does not include a subsidiary undertaking that is a ring-fenced body;</Addition>
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<CommentaryRef Ref="key-5ac2f667fd20b9c075be3c3fdec3ae96"/>
...
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-relevant-financial-institution">relevant financial institution</Term>
” has the meaning given in article 2;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-securitisation-undertaking">securitisation undertaking</Term>
” has the meaning given in article 3(1)(a);
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-securities">securities</Term>
” means, any investments of the kind specified by any of articles 76 to 82 of the Regulated Activities Order 2001
<CommentaryRef Ref="c22188861"/>
, or so far as relevant to any such investment, article 89 of that Order
<CommentaryRef Ref="c22188871"/>
;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-security-interest">security interest</Term>
” means any legal or equitable interest created or otherwise arising by way of security including—
</Text>
</Para>
<OrderedList Type="alpha" Decoration="parens">
<ListItem NumberOverride="a">
<Para>
<Text>a pledge,</Text>
</Para>
</ListItem>
<ListItem NumberOverride="b">
<Para>
<Text>a mortgage,</Text>
</Para>
</ListItem>
<ListItem NumberOverride="c">
<Para>
<Text>a fixed charge,</Text>
</Para>
</ListItem>
<ListItem NumberOverride="d">
<Para>
<Text>a floating charge,</Text>
</Para>
</ListItem>
<ListItem NumberOverride="e">
<Para>
<Text>a lien;</Text>
</Para>
</ListItem>
</OrderedList>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-sell">sell</Term>
”, in relation to any investment, includes disposing of the investment for valuable consideration, and for these purposes “
<Term id="term-disposing-of">disposing of</Term>
” includes—
</Text>
</Para>
<OrderedList Type="alpha" Decoration="parens">
<ListItem NumberOverride="a">
<Para>
<Text>in the case of an investment consisting of rights under a contract—</Text>
</Para>
<OrderedList Type="roman" Decoration="parens">
<ListItem NumberOverride="i">
<Para>
<Text>surrendering, assigning or converting those rights, or</Text>
</Para>
</ListItem>
<ListItem NumberOverride="ii">
<Para>
<Text>assuming the corresponding liabilities under the contract,</Text>
</Para>
</ListItem>
</OrderedList>
</ListItem>
<ListItem NumberOverride="b">
<Para>
<Text>in the case of an investment consisting of other arrangements, assuming the corresponding liabilities under the arrangements,</Text>
</Para>
</ListItem>
<ListItem NumberOverride="c">
<Para>
<Text>in the case of any other investment, issuing or creating the investment or granting the rights or interests of which it consists;</Text>
</Para>
</ListItem>
</OrderedList>
</ListItem>
<ListItem>
<Para>
<Text>“shares” include any investment of the kind specified by article 76 of the Regulated Activities Order 2001;</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<CommentaryRef Ref="key-2d1e246ab036d58be58ac0eb0a9fad71"/>
...
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-sponsored-structured-finance-vehicle">sponsored structured finance vehicle</Term>
” means a structured finance vehicle which satisfies the conditions in article 3(2);
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-structured-finance-vehicle">structured finance vehicle</Term>
” means a securitisation undertaking or a covered bond vehicle;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-third-country-insurance-undertaking">third country insurance undertaking</Term>
” has the meaning given in
<Substitution ChangeId="key-02a8d6a507dad08dab8f3265f3867cba-1648465613555" CommentaryRef="key-02a8d6a507dad08dab8f3265f3867cba">regulation 2(1) of the Solvency 2 Regulations 2015</Substitution>
;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-third-country-reinsurance-undertaking">third country reinsurance undertaking</Term>
” has the meaning given in
<Substitution ChangeId="key-760358090f9148cdd4773a1277c3bb67-1648465669300" CommentaryRef="key-760358090f9148cdd4773a1277c3bb67">regulation 2(1) of the Solvency 2 Regulations 2015</Substitution>
;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-title-transfer-collateral-arrangement">title transfer collateral arrangement</Term>
” means an agreement or arrangement, including a repurchase agreement, evidenced in writing, where—
</Text>
</Para>
<OrderedList Type="alpha" Decoration="parens">
<ListItem NumberOverride="a">
<Para>
<Text>the collateral provider transfers legal and beneficial ownership in the collateral to a collateral-taker on terms that when the relevant financial obligations are discharged the collateral-taker must transfer legal and beneficial ownership of the collateral (or equivalent collateral) to the collateral provider, and</Text>
</Para>
</ListItem>
<ListItem NumberOverride="b">
<Para>
<Text>the purpose of the agreement or arrangement is to secure or otherwise cover the relevant financial obligations owed to the collateral-taker;</Text>
</Para>
</ListItem>
</OrderedList>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-ucits">UCITS</Term>
” has the meaning given in
<Substitution ChangeId="key-7c10acdf4f4839e59fd7aa4ddd8d304c-1648465739176" CommentaryRef="key-7c10acdf4f4839e59fd7aa4ddd8d304c">section 236A of the Act</Substitution>
;
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Addition ChangeId="key-0e56e3b61c9772aa4905f038724cafbb-1579601389229" CommentaryRef="key-0e56e3b61c9772aa4905f038724cafbb"></Addition>
<Acronym Expansion="United Kingdom">
<Addition ChangeId="key-0e56e3b61c9772aa4905f038724cafbb-1579601389229" CommentaryRef="key-0e56e3b61c9772aa4905f038724cafbb">UK</Addition>
</Acronym>
<Addition ChangeId="key-0e56e3b61c9772aa4905f038724cafbb-1579601389229" CommentaryRef="key-0e56e3b61c9772aa4905f038724cafbb"> deposit-taker” means a body corporate incorporated in the United Kingdom which carries on the regulated activity of accepting deposits in relation to which it has a permission under Part 4A of the 2000 Act;</Addition>
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Addition ChangeId="key-4b407f33ad69a44c90ed576147bbf67f-1648470906833" CommentaryRef="key-4b407f33ad69a44c90ed576147bbf67f"></Addition>
<Term>
<Addition ChangeId="key-4b407f33ad69a44c90ed576147bbf67f-1648470906833" CommentaryRef="key-4b407f33ad69a44c90ed576147bbf67f">UK UCITS</Addition>
</Term>
<Addition ChangeId="key-4b407f33ad69a44c90ed576147bbf67f-1648470906833" CommentaryRef="key-4b407f33ad69a44c90ed576147bbf67f">” has the meaning given in section 237(3) of the Act;</Addition>
</Text>
</Para>
</ListItem>
<ListItem>
<Para>
<Text>
<Term id="term-undertaking">undertaking</Term>
” includes a company, body corporate, partnership or unincorporated association.
</Text>
</Para>
</ListItem>
</UnorderedList>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/1/5" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/5" id="article-1-5">
<Pnumber>
<Addition ChangeId="key-4ed07014fefe8eb303944c0ae2bd8bbd-1650615779232" CommentaryRef="key-4ed07014fefe8eb303944c0ae2bd8bbd">5</Addition>
</Pnumber>
<P2para>
<Text>
<Addition ChangeId="key-4ed07014fefe8eb303944c0ae2bd8bbd-1650615779232" CommentaryRef="key-4ed07014fefe8eb303944c0ae2bd8bbd">For the purposes of the definition of “liquid assets” in paragraph (4), “</Addition>
<Term>
<Addition ChangeId="key-4ed07014fefe8eb303944c0ae2bd8bbd-1650615779232" CommentaryRef="key-4ed07014fefe8eb303944c0ae2bd8bbd">PRA Rulebook</Addition>
</Term>
<Addition ChangeId="key-4ed07014fefe8eb303944c0ae2bd8bbd-1650615779232" CommentaryRef="key-4ed07014fefe8eb303944c0ae2bd8bbd">” means the rulebook published by the PRA containing rules made by that Authority under the Act as that rulebook has effect on 1 January 2022. </Addition>
</Text>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="2020-12-31">
<Title>Relevant financial institution</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2" id="article-2">
<Pnumber>2</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/1" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/1" id="article-2-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>For the purposes of this Order, a “relevant financial institution” is an institution which falls within one of the classes listed in paragraph (2), and which is not within one of the exceptions set out in paragraph (3).</Text>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/2" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/2" id="article-2-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>The classes are—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/2/a" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/2/a" id="article-2-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>credit institutions;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/2/b" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/2/b" id="article-2-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>investment firms;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/2/c" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/2/c" id="article-2-2-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>structured finance vehicles;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/2/d" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/2/d" id="article-2-2-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>global systemically important insurers;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/2/e" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/2/e" id="article-2-2-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>UCITS (wherever established) and alternative investment funds;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/2/f" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/2/f" id="article-2-2-f">
<Pnumber>f</Pnumber>
<P3para>
<Text>management companies or alternative investment fund managers; and</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/2/g" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/2/g" id="article-2-2-g">
<Pnumber>g</Pnumber>
<P3para>
<Text>financial holding companies and mixed financial holding companies.</Text>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/3" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/3" id="article-2-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>The exceptions are—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/3/a" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/3/a" id="article-2-3-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>ring-fenced bodies;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/3/b" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/3/b" id="article-2-3-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>building societies;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/3/c" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/3/c" id="article-2-3-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>bodies corporate—</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/3/c/i" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/3/c/i" id="article-2-3-c-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>whose purpose, or principal purpose, is that of making loans which are secured on residential property and which are funded substantially by their members, and</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/3/c/ii" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/3/c/ii" id="article-2-3-c-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>
which are incorporated under the law of an EEA state
<CommentaryRef Ref="key-eb7c877821fa987aeee35f72f5104ebe"/>
...
</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/3/d" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/3/d" id="article-2-3-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>credit unions and other institutions referred to in Article 2.5 of the credit institutions directive (other than investment firms);</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/3/e" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/3/e" id="article-2-3-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>
recognised clearing houses
<CommentaryRef Ref="key-e32b1fc0b00c687bf34338162599db1b"/>
... and third country central counterparties
<CommentaryRef Ref="c22188911"/>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/3/ea" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/3/ea" id="article-2-3-ea">
<Pnumber>
<Addition ChangeId="key-d26724798d0014a9e6f7063cd39af21d-1579618000408" CommentaryRef="key-d26724798d0014a9e6f7063cd39af21d">ea</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="key-d26724798d0014a9e6f7063cd39af21d-1579618000408" CommentaryRef="key-d26724798d0014a9e6f7063cd39af21d">recognised CSDs</Addition>
<CommentaryRef Ref="key-7eb7b56ea2544fe6f595d8c19633ce3d"/>
<Addition ChangeId="key-d26724798d0014a9e6f7063cd39af21d-1579618000408" CommentaryRef="key-d26724798d0014a9e6f7063cd39af21d">... and third country CSDs;</Addition>
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/3/f" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/3/f" id="article-2-3-f">
<Pnumber>f</Pnumber>
<P3para>
<Text>
investment firms which are not authorised to carry on by way of business (in the United Kingdom or the EEA) the activities specified by either article 14 (dealing in investments as principal) or article 21 (dealing in investments as agent) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
<CommentaryRef Ref="c22188921"/>
;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/3/g" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/3/g" id="article-2-3-g">
<Pnumber>g</Pnumber>
<P3para>
<Text>
a credit institution which is a UK institution or an
<Substitution ChangeId="key-a6138f6735c02138506b8577e064f168-1648405126587" CommentaryRef="key-a6138f6735c02138506b8577e064f168">undertaking located in an EEA state</Substitution>
, and which is not permitted—
</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/3/g/i" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/3/g/i" id="article-2-3-g-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>to carry on any excluded activities (and for these purposes “excluded activities” do not include anything which does not fall within the definition of excluded activities in relation to a ring-fenced body by virtue of articles 4 to 12 of this Order) or</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/3/g/ii" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/3/g/ii" id="article-2-3-g-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>to do anything that a ring-fenced body is prohibited from doing under articles 14 to 20 of this Order,</Text>
</P4para>
</P4>
<Text>
by reason of requirements, limitations or other conditions imposed on the credit institution by the FCA or the PRA or (in the case of an
<Substitution ChangeId="key-a6138f6735c02138506b8577e064f168-1649345208206" CommentaryRef="key-a6138f6735c02138506b8577e064f168">undertaking located in an EEA state</Substitution>
) by its home state regulator; or by EU law or the national law to which the credit institution is subject;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/2/3/h" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/3/h" id="article-2-3-h">
<Pnumber>h</Pnumber>
<P3para>
<Text>each of the institutions listed in the Schedule to this Order.</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
<P1group RestrictExtent="E+W+S+N.I." RestrictStartDate="2016-12-01">
<Title>Securitisation companies and structured finance vehicles: definitions</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3" id="article-3">
<Pnumber>3</Pnumber>
<P1para>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/1" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/1" id="article-3-1">
<Pnumber>1</Pnumber>
<P2para>
<Text>In this Order—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/1/a" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/1/a" id="article-3-1-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>
<Term id="term-securitisation-undertaking">securitisation undertaking</Term>
” means—
</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/1/a/i" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/1/a/i" id="article-3-1-a-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>an asset holding company,</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/1/a/ii" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/1/a/ii" id="article-3-1-a-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>a commercial paper funded company,</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/1/a/iii" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/1/a/iii" id="article-3-1-a-iii">
<Pnumber>iii</Pnumber>
<P4para>
<Text>an intermediate borrowing company,</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/1/a/iv" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/1/a/iv" id="article-3-1-a-iv">
<Pnumber>iv</Pnumber>
<P4para>
<Text>a note-issuing company, or</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/1/a/v" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/1/a/v" id="article-3-1-a-v">
<Pnumber>v</Pnumber>
<P4para>
<Text>a warehouse company; and</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/1/b" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/1/b" id="article-3-1-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
“asset holding company”, “commercial paper funded company”, “intermediate borrowing company”, “note-issuing company” and “
<Term id="term-warehouse-company">warehouse company</Term>
” means a company of the kind mentioned in paragraph (a), (b), (c), (d) or (e) of section 83(2) of the Finance Act 2005
<CommentaryRef Ref="c22188941"/>
or in paragraph (a), (b), (c), (d) or (e) of regulation 4(2) of the Taxation of Securitisation Companies Regulations 2006
<CommentaryRef Ref="c22188951"/>
, except that for these purposes—
</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/1/b/i" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/1/b/i" id="article-3-1-b-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>
<Term id="term-company">company</Term>
” includes any body corporate, partnership or unincorporated association, and
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/1/b/ii" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/1/b/ii" id="article-3-1-b-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>the requirements in section 83(3)(b) of the Finance Act 2005 and regulation 5(3) of the Taxation of Securitisation Companies Regulations 2006 shall not apply.</Text>
</P4para>
</P4>
</P3para>
</P3>
</P2para>
</P2>
<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2" id="article-3-2">
<Pnumber>2</Pnumber>
<P2para>
<Text>For the purposes of this Order, a structured finance vehicle is a sponsored structured finance vehicle of a ring-fenced body where the only assets held by the structured finance vehicle consist of any of—</Text>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/a" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/a" id="article-3-2-a">
<Pnumber>a</Pnumber>
<P3para>
<Text>money provided by the ring-fenced body or a subsidiary of the ring-fenced body;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/b" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/b" id="article-3-2-b">
<Pnumber>b</Pnumber>
<P3para>
<Text>
assets, or an interest in assets, created by,
<CommentaryRef Ref="key-edc06e1e6486c73b74d2d0ec74cc8af1"/>
... or comprising claims against, any one or more of the following—
</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/b/i" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/b/i" id="article-3-2-b-i">
<Pnumber>i</Pnumber>
<P4para>
<Text>the ring-fenced body,</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/b/ii" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/b/ii" id="article-3-2-b-ii">
<Pnumber>ii</Pnumber>
<P4para>
<Text>
a securitisation undertaking, provided that the only assets held by the securitisation undertaking are assets created
<CommentaryRef Ref="key-e3f8b4832d7f835ad3ad733132b77e49"/>
...by the ring-fenced body or any of its subsidiary undertakings
<Addition ChangeId="key-12bb9cd6fba24a8dbdf64bff846aafeb-1579602164455" CommentaryRef="key-12bb9cd6fba24a8dbdf64bff846aafeb">(provided that the assets concerned are assets that the ring-fenced body itself could hold)</Addition>
, and assets within sub-paragraphs (c) to (h) below,
<CommentaryRef Ref="key-414f02f9647ccf2f0b06cc02d46eafb4"/>
...
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/b/iii" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/b/iii" id="article-3-2-b-iii">
<Pnumber>iii</Pnumber>
<P4para>
<Text>
a subsidiary undertaking of the ring-fenced body, provided that the assets concerned are assets which the ring-fenced body itself could hold
<Addition ChangeId="key-ddc58ad108cdbf6ce74b3ef3f1e2235c-1579602330848" CommentaryRef="key-ddc58ad108cdbf6ce74b3ef3f1e2235c">, or</Addition>
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/b/iv" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/b/iv" id="article-3-2-b-iv">
<Pnumber>
<Addition ChangeId="key-2138830fb761a36bcfb15ec7a648a748-1579602423905" CommentaryRef="key-2138830fb761a36bcfb15ec7a648a748">iv</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="key-2138830fb761a36bcfb15ec7a648a748-1579602423905" CommentaryRef="key-2138830fb761a36bcfb15ec7a648a748">a member of the group of companies to which the ring-fenced body (“A”) belongs (other than one falling within paragraph (i), (ii) or (iii)) provided that—</Addition>
</Text>
<P5 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/b/iv/aa" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/b/iv/aa" id="article-3-2-b-iv-aa">
<Pnumber>
<Addition ChangeId="key-2138830fb761a36bcfb15ec7a648a748-1579602423905" CommentaryRef="key-2138830fb761a36bcfb15ec7a648a748">aa</Addition>
</Pnumber>
<P5para>
<Text>
<Addition ChangeId="key-2138830fb761a36bcfb15ec7a648a748-1579602423905" CommentaryRef="key-2138830fb761a36bcfb15ec7a648a748">the assets concerned were created no later than two years before A became a ring-fenced body,</Addition>
</Text>
</P5para>
</P5>
<P5 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/b/iv/bb" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/b/iv/bb" id="article-3-2-b-iv-bb">
<Pnumber>
<Addition ChangeId="key-2138830fb761a36bcfb15ec7a648a748-1579602423905" CommentaryRef="key-2138830fb761a36bcfb15ec7a648a748">bb</Addition>
</Pnumber>
<P5para>
<Text>
<Addition ChangeId="key-2138830fb761a36bcfb15ec7a648a748-1579602423905" CommentaryRef="key-2138830fb761a36bcfb15ec7a648a748">the assets were transferred to the structured finance vehicle before A became a ring-fenced body, and</Addition>
</Text>
</P5para>
</P5>
<P5 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/b/iv/cc" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/b/iv/cc" id="article-3-2-b-iv-cc">
<Pnumber>
<Addition ChangeId="key-2138830fb761a36bcfb15ec7a648a748-1579602423905" CommentaryRef="key-2138830fb761a36bcfb15ec7a648a748">cc</Addition>
</Pnumber>
<P5para>
<Text>
<Addition ChangeId="key-2138830fb761a36bcfb15ec7a648a748-1579602423905" CommentaryRef="key-2138830fb761a36bcfb15ec7a648a748">the assets concerned are assets that A itself could hold;</Addition>
</Text>
</P5para>
</P5>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/c" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/c" id="article-3-2-c">
<Pnumber>c</Pnumber>
<P3para>
<Text>liquid assets, investments or facilities acquired by or made available to the structured finance vehicle to enable it to limit the extent to which its business may be adversely affected by any of the factors referred to in article 6(2);</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/d" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/d" id="article-3-2-d">
<Pnumber>d</Pnumber>
<P3para>
<Text>sums lent by the structured finance vehicle in connection with a capital market arrangement;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/e" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/e" id="article-3-2-e">
<Pnumber>e</Pnumber>
<P3para>
<Text>rights arising under derivative instruments entered into with any person for the purpose of the protection of the structured finance vehicle against any difference between any rate, index or price and any other rate, index or price;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/f" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/f" id="article-3-2-f">
<Pnumber>f</Pnumber>
<P3para>
<Text>
rights arising under contracts with the ring-fenced body or with any other person for the provision of services to
<Addition ChangeId="key-7d57fda66d51a11c5e762118adcf4fa4-1579602494583" CommentaryRef="key-7d57fda66d51a11c5e762118adcf4fa4">, or in connection with the transfer of assets to,</Addition>
the structured finance vehicle;
</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/g" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/g" id="article-3-2-g">
<Pnumber>g</Pnumber>
<P3para>
<Text>rights arising under a contract with another sponsored structured finance vehicle of the ring-fenced body;</Text>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/ga" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/ga" id="article-3-2-ga">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">ga</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">assets, or an interest in assets, that—</Addition>
</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/ga/i" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/ga/i" id="article-3-2-ga-i">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">i</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">were created by, or comprised of claims against, a company outside the group of companies to which the ring-fenced body (“B”) belongs,</Addition>
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/ga/ii" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/ga/ii" id="article-3-2-ga-ii">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">ii</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">were transferred to the structured finance vehicle from—</Addition>
</Text>
<P5 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/ga/ii/aa" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/ga/ii/aa" id="article-3-2-ga-ii-aa">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">aa</Addition>
</Pnumber>
<P5para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">B,</Addition>
</Text>
</P5para>
</P5>
<P5 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/ga/ii/bb" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/ga/ii/bb" id="article-3-2-ga-ii-bb">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">bb</Addition>
</Pnumber>
<P5para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">a subsidiary undertaking of B, or</Addition>
</Text>
</P5para>
</P5>
<P5 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/ga/ii/cc" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/ga/ii/cc" id="article-3-2-ga-ii-cc">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">cc</Addition>
</Pnumber>
<P5para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">any other member of the group of companies to which B belongs,</Addition>
</Text>
</P5para>
</P5>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/ga/iii" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/ga/iii" id="article-3-2-ga-iii">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">iii</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">were acquired by the company from which the transfer was made no later than two years before B became a ring-fenced body,</Addition>
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/ga/iv" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/ga/iv" id="article-3-2-ga-iv">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">iv</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">in the case of assets transferred by a company falling within paragraph (ii)(cc), were transferred to the structured finance vehicle before B became a ring-fenced body, and</Addition>
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/ga/v" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/ga/v" id="article-3-2-ga-v">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">v</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">are assets that B itself could hold;</Addition>
</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/gb" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/gb" id="article-3-2-gb">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">gb</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">assets that—</Addition>
</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/gb/i" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/gb/i" id="article-3-2-gb-i">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">i</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">have at any time been transferred to the ring-fenced body pursuant to a ring-fencing transfer scheme within the meaning of section 106B of the Act, and</Addition>
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/gb/ii" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/gb/ii" id="article-3-2-gb-ii">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">ii</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">are assets that the ring-fenced body itself could hold;</Addition>
</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/gc" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/gc" id="article-3-2-gc">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">gc</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">assets, or an interest in assets, that were—</Addition>
</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/gc/i" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/gc/i" id="article-3-2-gc-i">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">i</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">created or owned at any time by—</Addition>
</Text>
<P5 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/gc/i/aa" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/gc/i/aa" id="article-3-2-gc-i-aa">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">aa</Addition>
</Pnumber>
<P5para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">a company (“C”) in respect of which an order has been made under the Banking (Special Provisions) Act 2008, or</Addition>
</Text>
</P5para>
</P5>
<P5 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/gc/i/bb" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/gc/i/bb" id="article-3-2-gc-i-bb">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">bb</Addition>
</Pnumber>
<P5para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">a subsidiary undertaking of C (“D”), and</Addition>
</Text>
</P5para>
</P5>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/gc/ii" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/gc/ii" id="article-3-2-gc-ii">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">ii</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">transferred to the structured finance vehicle from C or D pursuant to any agreement for that purpose, whether directly or through an intermediary—</Addition>
</Text>
<P5 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/gc/ii/aa" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/gc/ii/aa" id="article-3-2-gc-ii-aa">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">aa</Addition>
</Pnumber>
<P5para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">at a time when all of the shares in C were owned by a nominee of the Treasury or a company wholly owned by the Treasury,</Addition>
</Text>
</P5para>
</P5>
<P5 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/gc/ii/bb" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/gc/ii/bb" id="article-3-2-gc-ii-bb">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">bb</Addition>
</Pnumber>
<P5para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">in the case of assets created or owned by D, at a time when D was a subsidiary undertaking of C,</Addition>
</Text>
</P5para>
</P5>
<P5 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/gc/ii/cc" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/gc/ii/cc" id="article-3-2-gc-ii-cc">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">cc</Addition>
</Pnumber>
<P5para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">in connection with a capital market arrangement to which the structured finance vehicle was a party, and</Addition>
</Text>
</P5para>
</P5>
<P5 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/gc/ii/dd" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/gc/ii/dd" id="article-3-2-gc-ii-dd">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">dd</Addition>
</Pnumber>
<P5para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">where the capital market arrangement referred to in sub-paragraph (cc) was established to finance, wholly or in part, the consideration payable to C or D in connection with the transfer of the relevant assets;</Addition>
</Text>
</P5para>
</P5>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/gd" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/gd" id="article-3-2-gd">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">gd</Addition>
</Pnumber>
<P3para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">assets, or an interest in assets, that—</Addition>
</Text>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/gc/in1" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/gc/in1" id="article-3-2-gc-in1">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">i</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">have at any time been subject to any transfer effected pursuant to Part 1 of the Banking Act 2009, and</Addition>
</Text>
</P4para>
</P4>
<P4 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/gc/iin1" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/gc/iin1" id="article-3-2-gc-iin1">
<Pnumber>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">ii</Addition>
</Pnumber>
<P4para>
<Text>
<Addition ChangeId="key-b7c270c1d45b3e0cdc6274b009a79f48-1579602654439" CommentaryRef="key-b7c270c1d45b3e0cdc6274b009a79f48">are assets that the ring-fenced body itself could hold;</Addition>
</Text>
</P4para>
</P4>
</P3para>
</P3>
<P3 DocumentURI="http://www.legislation.gov.uk/uksi/2014/2080/article/3/2/h" IdURI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/3/2/h" id="article-3-2-h">
<Pnumber>h</Pnumber>
<P3para>
<Text>
sums derived from any of the assets referred to in sub-paragraphs
<Substitution ChangeId="key-88a168adb66032cc7e509fe147ff308f-1579602703000" CommentaryRef="key-88a168adb66032cc7e509fe147ff308f">(a) to (gd)</Substitution>
above, including rights in relation to any current account, payment account or deposit account to which such sums are credited or paid.
</Text>
</P3para>
</P3>
</P2para>
</P2>
</P1para>
</P1>
</P1group>
</Part>
</Body>
</Secondary>
<Commentaries>
<Commentary id="c22188661" Type="M">
<Para>
<Text>“Ring-fenced body” is defined in section 142A of the Act.</Text>
</Para>
</Commentary>
<Commentary id="c22188681" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1986/53" id="c00010" Year="1986" Class="UnitedKingdomPublicGeneralAct" Number="53">1986 c. 53</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c22188691" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1986/45" id="c00011" Year="1986" Class="UnitedKingdomPublicGeneralAct" Number="45">1986 c.45</Citation>
. Schedule 2A was inserted by the
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2002/40" id="c00012" Year="2002" Class="UnitedKingdomPublicGeneralAct" Number="40" Title="Enterprise Act 2002">Enterprise Act 2002 (c.40)</Citation>
s. 250(2) and Schedule 18. Paragraph 1 of that Schedule was amended by SI 2003/1468.
</Text>
</Para>
</Commentary>
<Commentary id="c22188701" Type="M">
<Para>
<Text>Directive 2013/36/EU, OJ L 174 27.6.2013, p338.</Text>
</Para>
</Commentary>
<Commentary id="c22188711" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/1979/34" id="c00013" Year="1979" Class="UnitedKingdomPublicGeneralAct" Number="34">1979 c. 34</Citation>
. Section 31 has been amended by the Co-operative and
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2010/7" id="c00014" Year="2010" Class="UnitedKingdomPublicGeneralAct" Number="7" Title="Community Benefit Societies and Credit Unions Act 2010">Community Benefit Societies and Credit Unions Act 2010 (c.7)</Citation>
,
<CitationSubRef CitationRef="c00014" id="c00015" URI="http://www.legislation.gov.uk/id/ukpga/2010/7/section/2" Operative="true" SectionRef="section-2">section 2</CitationSubRef>
.
</Text>
</Para>
</Commentary>
<Commentary id="c22188721" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/nisi/1985/1205" id="c00016" Class="NorthernIrelandOrderInCouncil" Year="1985" Number="1205">S.I. 1985/1205 (N.I. 12)</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c22188731" Type="M">
<Para>
<Text>
SI 2001/544. Article 77 was amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2010/86" id="c00017" Class="UnitedKingdomStatutoryInstrument" Year="2010" Number="86">S.I. 2010/86</Citation>
; 2011/133.
</Text>
</Para>
</Commentary>
<Commentary id="c22188741" Type="M">
<Para>
<Text>OJ L 176, 27.6.2013, p1.</Text>
</Para>
</Commentary>
<Commentary id="c22188751" Type="M">
<Para>
<Text>
Article 79 of the Regulated Activities Order 2001 was amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2010/86" id="c00019" Class="UnitedKingdomStatutoryInstrument" Year="2010" Number="86">S.I. 2010/86</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c22188801" Type="M">
<Para>
<Text>
Defined in section 285(1)(b) of the Act. Paragraphs (b) to (d) of section 285(1) were substituted for the original paragraphs by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2013/504" id="c00021" Class="UnitedKingdomStatutoryInstrument" Year="2013" Number="504">S.I. 2013/504</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c22188841" Type="M">
<Para>
<Text>Regulation (EU) No 575/2013/EU, OJ L 176, 27.6.2013, p1.</Text>
</Para>
</Commentary>
<Commentary id="c22188851" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/uksi/2001/544" id="c00023" Class="UnitedKingdomStatutoryInstrument" Year="2001" Number="544">S.I. 2001/544</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c22188861" Type="M">
<Para>
<Text>
These articles were amended by S.I 2006/1969; 2010/86; 2011/133; 2011/2687, and article 77A was inserted by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2010/86" id="c00024" Class="UnitedKingdomStatutoryInstrument" Year="2010" Number="86">S.I. 2010/86</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c22188871" Type="M">
<Para>
<Text>
Article 89 was amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2006/2383" id="c00026" Class="UnitedKingdomStatutoryInstrument" Year="2006" Number="2383">S.I. 2006/2383</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="c22188911" Type="M">
<Para>
<Text>Defined in section 285(1)(d) of the Act.</Text>
</Para>
</Commentary>
<Commentary id="c22188921" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/uksi/2001/544" id="c00028" Class="UnitedKingdomStatutoryInstrument" Year="2001" Number="544">S.I. 2001/544</Citation>
. Article 14 was amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2006/3384" id="c00029" Class="UnitedKingdomStatutoryInstrument" Year="2006" Number="3384">S.I. 2006/3384</Citation>
. Article 21 was amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2003/1476" id="c00030" Class="UnitedKingdomStatutoryInstrument" Year="2003" Number="1476">S.I. 2003/1476</Citation>
; 2006/3384.
</Text>
</Para>
</Commentary>
<Commentary id="c22188941" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2005/7" id="c00031" Year="2005" Class="UnitedKingdomPublicGeneralAct" Number="7">2005 c. 7</Citation>
. Section 83 has been amended by the
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2006/25" id="c00032" Year="2006" Class="UnitedKingdomPublicGeneralAct" Number="25" Title="Finance Act 2006">Finance Act 2006 (c.25)</Citation>
,
<CitationSubRef id="c00033" CitationRef="c00032" URI="http://www.legislation.gov.uk/id/ukpga/2006/25/section/101" Operative="true" SectionRef="section-101">s.101</CitationSubRef>
; the Finance 2007 (c.11), s. 59 and the
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2009/4" id="c00034" Year="2009" Class="UnitedKingdomPublicGeneralAct" Number="4" Title="Corporation Tax Act 2009">Corporation Tax Act 2009 (c.4)</Citation>
,
<CitationSubRef id="c00035" CitationRef="c00034" URI="http://www.legislation.gov.uk/id/ukpga/2009/4/schedule/1" Operative="true" SectionRef="schedule-1">schedule 1</CitationSubRef>
,
<CitationSubRef id="c00036" CitationRef="c00034" URI="http://www.legislation.gov.uk/id/ukpga/2009/4/part/2" SectionRef="part-2">Part 2</CitationSubRef>
,
<CitationSubRef id="c00037" CitationRef="c00034" URI="http://www.legislation.gov.uk/id/ukpga/2009/4/paragraph/648" SectionRef="paragraph-648">paragraphs 648</CitationSubRef>
,
<CitationSubRef id="c00038" CitationRef="c00034" URI="http://www.legislation.gov.uk/id/ukpga/2009/4/paragraph/662" SectionRef="paragraph-662">662</CitationSubRef>
.
</Text>
</Para>
</Commentary>
<Commentary id="c22188951" Type="M">
<Para>
<Text>
<Citation URI="http://www.legislation.gov.uk/id/uksi/2006/3296" id="c00039" Class="UnitedKingdomStatutoryInstrument" Year="2006" Number="3296">S.I. 2006/3296</Citation>
.
</Text>
</Para>
</Commentary>
<Commentary id="key-e71e440ce1c88a5fcd6579700d1791cb" Type="F">
<Para>
<Text>
Words in art. 1 inserted (1.12.2016) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2016/1032" id="cn9xmn1m3-00007" Class="UnitedKingdomStatutoryInstrument" Year="2016" Number="1032" Title="The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016">The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032)</Citation>
,
<CitationSubRef CitationRef="cn9xmn1m3-00007" id="cn9xmn1m3-00008" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/1/2" SectionRef="article-1-2">arts. 1(2)</CitationSubRef>
,
<CitationSubRef CitationRef="cn9xmn1m3-00007" id="cn9xmn1m3-00009" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/3/2/a" SectionRef="article-3-2-a" Operative="true">3(2)(a)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-1870cc853e8b4cac79f3f694811c957c" Type="F">
<Para>
<Text>
Words in art. 1 inserted (1.12.2016) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2016/1032" id="cn9xmn1m3-00016" Class="UnitedKingdomStatutoryInstrument" Year="2016" Number="1032" Title="The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016">The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032)</Citation>
,
<CitationSubRef CitationRef="cn9xmn1m3-00016" id="cn9xmn1m3-00017" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/1/2" SectionRef="article-1-2">arts. 1(2)</CitationSubRef>
,
<CitationSubRef CitationRef="cn9xmn1m3-00016" id="cn9xmn1m3-00018" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/3/2/b" SectionRef="article-3-2-b" Operative="true">3(2)(b)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-0da68ecda5bcd00be360aac829d605dc" Type="F">
<Para>
<Text>
Words in art. 1 inserted (1.12.2016) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2016/1032" id="cn9xmn1m3-00025" Class="UnitedKingdomStatutoryInstrument" Year="2016" Number="1032" Title="The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016">The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032)</Citation>
,
<CitationSubRef CitationRef="cn9xmn1m3-00025" id="cn9xmn1m3-00026" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/1/2" SectionRef="article-1-2">arts. 1(2)</CitationSubRef>
,
<CitationSubRef CitationRef="cn9xmn1m3-00025" id="cn9xmn1m3-00027" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/3/2/c" SectionRef="article-3-2-c" Operative="true">3(2)(c)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-e710e61c5fa06b044a50cf4867ebef3d" Type="F">
<Para>
<Text>
Words in art. 1 substituted (1.12.2016) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2016/1032" id="cn9xmn1m3-00034" Class="UnitedKingdomStatutoryInstrument" Year="2016" Number="1032" Title="The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016">The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032)</Citation>
,
<CitationSubRef CitationRef="cn9xmn1m3-00034" id="cn9xmn1m3-00035" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/1/2" SectionRef="article-1-2">arts. 1(2)</CitationSubRef>
,
<CitationSubRef CitationRef="cn9xmn1m3-00034" id="cn9xmn1m3-00036" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/3/2/d" SectionRef="article-3-2-d" Operative="true">3(2)(d)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-4f565ab57f72bc388f72485ef3c37b8c" Type="F">
<Para>
<Text>
Word in art. 1 omitted (1.12.2016) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2016/1032" id="cn9xmn1m3-00043" Class="UnitedKingdomStatutoryInstrument" Year="2016" Number="1032" Title="The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016">The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032)</Citation>
,
<CitationSubRef CitationRef="cn9xmn1m3-00043" id="cn9xmn1m3-00044" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/1/2" SectionRef="article-1-2">arts. 1(2)</CitationSubRef>
,
<CitationSubRef CitationRef="cn9xmn1m3-00043" id="cn9xmn1m3-00045" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/3/2/e" SectionRef="article-3-2-e" Operative="true">3(2)(e)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-f564f0cb6b47af7ecfc57552ab1991cc" Type="F">
<Para>
<Text>
Words in art. 1 inserted (1.12.2016) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2016/1032" id="cn9xmn1m3-00052" Class="UnitedKingdomStatutoryInstrument" Year="2016" Number="1032" Title="The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016">The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032)</Citation>
,
<CitationSubRef CitationRef="cn9xmn1m3-00052" id="cn9xmn1m3-00053" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/1/2" SectionRef="article-1-2">arts. 1(2)</CitationSubRef>
,
<CitationSubRef CitationRef="cn9xmn1m3-00052" id="cn9xmn1m3-00054" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/3/2/f" SectionRef="article-3-2-f" Operative="true">3(2)(f)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-0e56e3b61c9772aa4905f038724cafbb" Type="F">
<Para>
<Text>
Words in art. 1 inserted (1.12.2016) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2016/1032" id="cn9xmn1m3-00061" Class="UnitedKingdomStatutoryInstrument" Year="2016" Number="1032" Title="The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016">The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032)</Citation>
,
<CitationSubRef CitationRef="cn9xmn1m3-00061" id="cn9xmn1m3-00062" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/1/2" SectionRef="article-1-2">arts. 1(2)</CitationSubRef>
,
<CitationSubRef CitationRef="cn9xmn1m3-00061" id="cn9xmn1m3-00063" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/3/2/g" SectionRef="article-3-2-g" Operative="true">3(2)(g)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-edc06e1e6486c73b74d2d0ec74cc8af1" Type="F">
<Para>
<Text>
Words in art. 3(2)(b) omitted (1.12.2016) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2016/1032" id="cn9z9w1x3-00007" Class="UnitedKingdomStatutoryInstrument" Year="2016" Number="1032" Title="The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016">The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032)</Citation>
,
<CitationSubRef id="cn9z9w1x3-00008" CitationRef="cn9z9w1x3-00007" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/1/2" SectionRef="article-1-2">arts. 1(2)</CitationSubRef>
,
<CitationSubRef id="cn9z9w1x3-00009" CitationRef="cn9z9w1x3-00007" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/3/3/a/i" SectionRef="article-3-3-a-i" Operative="true">3(3)(a)(i)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-e3f8b4832d7f835ad3ad733132b77e49" Type="F">
<Para>
<Text>
Words in art. 3(2)(b)(ii) omitted (1.12.2016) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2016/1032" id="cn9z9w1x3-00034" Class="UnitedKingdomStatutoryInstrument" Year="2016" Number="1032" Title="The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016">The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032)</Citation>
,
<CitationSubRef id="cn9z9w1x3-00035" CitationRef="cn9z9w1x3-00034" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/1/2" SectionRef="article-1-2">arts. 1(2)</CitationSubRef>
,
<CitationSubRef id="cn9z9w1x3-00036" CitationRef="cn9z9w1x3-00034" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/3/3/a/ii/aa" SectionRef="article-3-3-a-ii-aa" Operative="true">3(3)(a)(ii)(aa)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-12bb9cd6fba24a8dbdf64bff846aafeb" Type="F">
<Para>
<Text>
Words in art. 3(2)(b)(ii) inserted (1.12.2016) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2016/1032" id="cn9z9w1x3-00043" Class="UnitedKingdomStatutoryInstrument" Year="2016" Number="1032" Title="The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016">The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032)</Citation>
,
<CitationSubRef id="cn9z9w1x3-00044" CitationRef="cn9z9w1x3-00043" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/1/2" SectionRef="article-1-2">arts. 1(2)</CitationSubRef>
,
<CitationSubRef id="cn9z9w1x3-00045" CitationRef="cn9z9w1x3-00043" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/3/3/a/ii/bb" SectionRef="article-3-3-a-ii-bb" Operative="true">3(3)(a)(ii)(bb)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-414f02f9647ccf2f0b06cc02d46eafb4" Type="F">
<Para>
<Text>
Word in art. 3(2)(b)(ii) omitted (1.12.2016) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2016/1032" id="cn9z9w1x3-00052" Class="UnitedKingdomStatutoryInstrument" Year="2016" Number="1032" Title="The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016">The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032)</Citation>
,
<CitationSubRef id="cn9z9w1x3-00053" CitationRef="cn9z9w1x3-00052" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/1/2" SectionRef="article-1-2">arts. 1(2)</CitationSubRef>
,
<CitationSubRef id="cn9z9w1x3-00054" CitationRef="cn9z9w1x3-00052" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/3/3/a/ii/cc" SectionRef="article-3-3-a-ii-cc" Operative="true">3(3)(a)(ii)(cc)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-ddc58ad108cdbf6ce74b3ef3f1e2235c" Type="F">
<Para>
<Text>
Word in art. 3(2)(b)(iii) inserted (1.12.2016) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2016/1032" id="cn9z9w1x3-00061" Class="UnitedKingdomStatutoryInstrument" Year="2016" Number="1032" Title="The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016">The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032)</Citation>
,
<CitationSubRef id="cn9z9w1x3-00062" CitationRef="cn9z9w1x3-00061" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/1/2" SectionRef="article-1-2">arts. 1(2)</CitationSubRef>
,
<CitationSubRef id="cn9z9w1x3-00063" CitationRef="cn9z9w1x3-00061" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/3/3/a/iii" SectionRef="article-3-3-a-iii" Operative="true">3(3)(a)(iii)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-2138830fb761a36bcfb15ec7a648a748" Type="F">
<Para>
<Text>
Art. 3(2)(b)(iv) inserted (1.12.2016) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2016/1032" id="cn9z9w1x3-00016" Class="UnitedKingdomStatutoryInstrument" Year="2016" Number="1032" Title="The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016">The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032)</Citation>
,
<CitationSubRef id="cn9z9w1x3-00017" CitationRef="cn9z9w1x3-00016" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/1/2" SectionRef="article-1-2">arts. 1(2)</CitationSubRef>
,
<CitationSubRef id="cn9z9w1x3-00018" CitationRef="cn9z9w1x3-00016" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/3/3/a/iv" SectionRef="article-3-3-a-iv" Operative="true">3(3)(a)(iv)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-7d57fda66d51a11c5e762118adcf4fa4" Type="F">
<Para>
<Text>
Words in art. 3(2)(f) inserted (1.12.2016) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2016/1032" id="cn9z9w1x3-00070" Class="UnitedKingdomStatutoryInstrument" Year="2016" Number="1032" Title="The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016">The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032)</Citation>
,
<CitationSubRef id="cn9z9w1x3-00071" CitationRef="cn9z9w1x3-00070" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/1/2" SectionRef="article-1-2">arts. 1(2)</CitationSubRef>
,
<CitationSubRef id="cn9z9w1x3-00072" CitationRef="cn9z9w1x3-00070" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/3/3/b" SectionRef="article-3-3-b" Operative="true">3(3)(b)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-b7c270c1d45b3e0cdc6274b009a79f48" Type="F">
<Para>
<Text>
Art. 3(2)(ga)-(gd) inserted (1.12.2016) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2016/1032" id="cn9z9w1x3-00025" Class="UnitedKingdomStatutoryInstrument" Year="2016" Number="1032" Title="The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016">The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032)</Citation>
,
<CitationSubRef id="cn9z9w1x3-00026" CitationRef="cn9z9w1x3-00025" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/1/2" SectionRef="article-1-2">arts. 1(2)</CitationSubRef>
,
<CitationSubRef id="cn9z9w1x3-00027" CitationRef="cn9z9w1x3-00025" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/3/3/c" SectionRef="article-3-3-c" Operative="true">3(3)(c)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-88a168adb66032cc7e509fe147ff308f" Type="F">
<Para>
<Text>
Words in art. 3(2)(h) substituted (1.12.2016) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2016/1032" id="cn9z9w1x3-00079" Class="UnitedKingdomStatutoryInstrument" Year="2016" Number="1032" Title="The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016">The Financial Services and Markets Act 2000 (Ring-fenced Bodies, Core Activities, Excluded Activities and Prohibitions) (Amendment) Order 2016 (S.I. 2016/1032)</Citation>
,
<CitationSubRef id="cn9z9w1x3-00080" CitationRef="cn9z9w1x3-00079" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/1/2" SectionRef="article-1-2">arts. 1(2)</CitationSubRef>
,
<CitationSubRef id="cn9z9w1x3-00081" CitationRef="cn9z9w1x3-00079" URI="http://www.legislation.gov.uk/id/uksi/2016/1032/article/3/3/d" SectionRef="article-3-3-d" Operative="true">3(3)(d)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-31a2c0657b2ca7ae526521194ef1d026" Type="F">
<Para>
<Text>
Words in art. 1(4) substituted (28.11.2017) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2017/1064" id="cna8jztr3-00007" Class="UnitedKingdomStatutoryInstrument" Year="2017" Number="1064" Title="The Central Securities Depositories Regulations 2017">The Central Securities Depositories Regulations 2017 (S.I. 2017/1064)</Citation>
,
<CitationSubRef CitationRef="cna8jztr3-00007" id="cna8jztr3-00008" URI="http://www.legislation.gov.uk/id/uksi/2017/1064/regulation/1" SectionRef="regulation-1">reg. 1</CitationSubRef>
,
<CitationSubRef CitationRef="cna8jztr3-00007" id="cna8jztr3-00009" URI="http://www.legislation.gov.uk/id/uksi/2017/1064/schedule/paragraph/41/2/a" SectionRef="schedule-paragraph-41-2-a" Operative="true">Sch. para. 41(2)(a)</CitationSubRef>
(with
<CitationSubRef CitationRef="cna8jztr3-00007" id="cna8jztr3-00010" URI="http://www.legislation.gov.uk/id/uksi/2017/1064/regulation/7/4" SectionRef="regulation-7-4">regs. 7(4)</CitationSubRef>
,
<CitationSubRef CitationRef="cna8jztr3-00007" id="cna8jztr3-00011" URI="http://www.legislation.gov.uk/id/uksi/2017/1064/regulation/9/1" SectionRef="regulation-9-1">9(1)</CitationSubRef>
)
</Text>
</Para>
</Commentary>
<Commentary id="key-576dab0712facc261c6a5779331dbf8c" Type="F">
<Para>
<Text>
Words in art. 1(4) substituted (28.11.2017) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2017/1064" id="cna8jztr3-00018" Class="UnitedKingdomStatutoryInstrument" Year="2017" Number="1064" Title="The Central Securities Depositories Regulations 2017">The Central Securities Depositories Regulations 2017 (S.I. 2017/1064)</Citation>
,
<CitationSubRef CitationRef="cna8jztr3-00018" id="cna8jztr3-00019" URI="http://www.legislation.gov.uk/id/uksi/2017/1064/regulation/1" SectionRef="regulation-1">reg. 1</CitationSubRef>
,
<CitationSubRef CitationRef="cna8jztr3-00018" id="cna8jztr3-00020" URI="http://www.legislation.gov.uk/id/uksi/2017/1064/schedule/paragraph/41/2/b" SectionRef="schedule-paragraph-41-2-b" Operative="true">Sch. para. 41(2)(b)</CitationSubRef>
(with
<CitationSubRef CitationRef="cna8jztr3-00018" id="cna8jztr3-00021" URI="http://www.legislation.gov.uk/id/uksi/2017/1064/regulation/7/4" SectionRef="regulation-7-4">regs. 7(4)</CitationSubRef>
,
<CitationSubRef CitationRef="cna8jztr3-00018" id="cna8jztr3-00022" URI="http://www.legislation.gov.uk/id/uksi/2017/1064/regulation/9/1" SectionRef="regulation-9-1">9(1)</CitationSubRef>
)
</Text>
</Para>
</Commentary>
<Commentary id="key-d26724798d0014a9e6f7063cd39af21d" Type="F">
<Para>
<Text>
Art. 2(3)(ea) inserted (28.11.2017) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2017/1064" id="cna8qp9m3-00007" Class="UnitedKingdomStatutoryInstrument" Year="2017" Number="1064" Title="The Central Securities Depositories Regulations 2017">The Central Securities Depositories Regulations 2017 (S.I. 2017/1064)</Citation>
,
<CitationSubRef CitationRef="cna8qp9m3-00007" id="cna8qp9m3-00008" URI="http://www.legislation.gov.uk/id/uksi/2017/1064/regulation/1" SectionRef="regulation-1">reg. 1</CitationSubRef>
,
<CitationSubRef CitationRef="cna8qp9m3-00007" id="cna8qp9m3-00009" URI="http://www.legislation.gov.uk/id/uksi/2017/1064/schedule/paragraph/41/3" SectionRef="schedule-paragraph-41-3" Operative="true">Sch. para. 41(3)</CitationSubRef>
(with
<CitationSubRef CitationRef="cna8qp9m3-00007" id="cna8qp9m3-00010" URI="http://www.legislation.gov.uk/id/uksi/2017/1064/regulation/7/4" SectionRef="regulation-7-4">regs. 7(4)</CitationSubRef>
,
<CitationSubRef CitationRef="cna8qp9m3-00007" id="cna8qp9m3-00011" URI="http://www.legislation.gov.uk/id/uksi/2017/1064/regulation/9/1" SectionRef="regulation-9-1">9(1)</CitationSubRef>
)
</Text>
</Para>
</Commentary>
<Commentary id="key-4778e9159239c7d2fa51cf5180d0f7b5" Type="F">
<Para>
<Text>
Words in art. 1(4) inserted (30.11.2017) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2017/1167" id="cna96g5r3-00007" Class="UnitedKingdomStatutoryInstrument" Year="2017" Number="1167" Title="The Banking Act 2009 (Service Providers to Payment Systems) Order 2017">The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167)</Citation>
,
<CitationSubRef CitationRef="cna96g5r3-00007" id="cna96g5r3-00008" URI="http://www.legislation.gov.uk/id/uksi/2017/1167/article/1/2" SectionRef="article-1-2">arts. 1(2)</CitationSubRef>
,
<CitationSubRef CitationRef="cna96g5r3-00007" id="cna96g5r3-00009" URI="http://www.legislation.gov.uk/id/uksi/2017/1167/article/5/2/a" SectionRef="article-5-2-a" Operative="true">5(2)(a)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-4d7597952e13b8e614c3b3bedcef8dcb" Type="F">
<Para>
<Text>
Words in art. 1(4) omitted (30.11.2017) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2017/1167" id="cna96g5r3-00016" Class="UnitedKingdomStatutoryInstrument" Year="2017" Number="1167" Title="The Banking Act 2009 (Service Providers to Payment Systems) Order 2017">The Banking Act 2009 (Service Providers to Payment Systems) Order 2017 (S.I. 2017/1167)</Citation>
,
<CitationSubRef CitationRef="cna96g5r3-00016" id="cna96g5r3-00017" URI="http://www.legislation.gov.uk/id/uksi/2017/1167/article/1/2" SectionRef="article-1-2">arts. 1(2)</CitationSubRef>
,
<CitationSubRef CitationRef="cna96g5r3-00016" id="cna96g5r3-00018" URI="http://www.legislation.gov.uk/id/uksi/2017/1167/article/5/2/b" SectionRef="article-5-2-b" Operative="true">5(2)(b)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="M_F_e7404e2d-d8ed-4a00-d47a-bb3b63b91e71" Type="F">
<Para>
<Text>
Year in art. 1(4) substituted (13.1.2018) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2017/752" id="d33e2" Class="UnitedKingdomStatutoryInstrument" Year="2017" Number="752" Title="The Payment Services Regulations 2017">The Payment Services Regulations 2017 (S.I. 2017/752)</Citation>
,
<CitationSubRef CitationRef="d33e2" id="cc00056" URI="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/1/6" SectionRef="regulation-1-6">reg. 1(6)</CitationSubRef>
,
<CitationSubRef CitationRef="d33e2" id="cc00057" URI="http://www.legislation.gov.uk/id/uksi/2017/752/schedule/8/paragraph/18" Operative="true" SectionRef="schedule-8-paragraph-18">Sch. 8 para. 18</CitationSubRef>
(with
<CitationSubRef CitationRef="d33e2" id="cc00058" URI="http://www.legislation.gov.uk/id/uksi/2017/752/regulation/3" SectionRef="regulation-3">reg. 3</CitationSubRef>
)
</Text>
</Para>
</Commentary>
<Commentary id="key-7eb7b56ea2544fe6f595d8c19633ce3d" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="civwvkml4-00006" SectionRef="article-2-3-ea" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/3/ea">art. 2(3)(ea)</CitationSubRef>
omitted (31.12.2020) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="civwvkml4-00007" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="civwvkml4-00007" id="civwvkml4-00008" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="civwvkml4-00007" id="civwvkml4-00009" SectionRef="regulation-192-3-c" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/3/c" Operative="true">192(3)(c)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="civwvkml4-00010" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="civwvkml4-00010" id="civwvkml4-00011" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="civwvkml4-00012" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="civwvkml4-00012" id="civwvkml4-00013" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="civwvkml4-00012" id="civwvkml4-00014" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="civwvkml4-00015" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="civwvkml4-00015" id="civwvkml4-00016" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-eb7c877821fa987aeee35f72f5104ebe" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="civwvkml4-00022" SectionRef="article-2-3-c-ii" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/3/c/ii">art. 2(3)(c)(ii)</CitationSubRef>
omitted (31.12.2020) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="civwvkml4-00023" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="civwvkml4-00023" id="civwvkml4-00024" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="civwvkml4-00023" id="civwvkml4-00025" SectionRef="regulation-192-3-a" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/3/a" Operative="true">192(3)(a)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="civwvkml4-00026" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="civwvkml4-00026" id="civwvkml4-00027" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="civwvkml4-00028" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="civwvkml4-00028" id="civwvkml4-00029" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="civwvkml4-00028" id="civwvkml4-00030" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="civwvkml4-00031" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="civwvkml4-00031" id="civwvkml4-00032" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-e32b1fc0b00c687bf34338162599db1b" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="civwvkml4-00038" SectionRef="article-2-3-e" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/3/e">art. 2(3)(e)</CitationSubRef>
omitted (31.12.2020) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="civwvkml4-00039" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="civwvkml4-00039" id="civwvkml4-00040" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="civwvkml4-00039" id="civwvkml4-00041" SectionRef="regulation-192-3-b" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/3/b" Operative="true">192(3)(b)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="civwvkml4-00042" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="civwvkml4-00042" id="civwvkml4-00043" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="civwvkml4-00044" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="civwvkml4-00044" id="civwvkml4-00045" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="civwvkml4-00044" id="civwvkml4-00046" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="civwvkml4-00047" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="civwvkml4-00047" id="civwvkml4-00048" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-a6138f6735c02138506b8577e064f168" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="civwvkml4-00054" SectionRef="article-2-3-g" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/2/3/g">art. 2(3)(g)</CitationSubRef>
substituted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="civwvkml4-00055" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="civwvkml4-00055" id="civwvkml4-00056" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="civwvkml4-00055" id="civwvkml4-00057" SectionRef="regulation-192-3-d" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/3/d" Operative="true">192(3)(d)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="civwvkml4-00058" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="civwvkml4-00058" id="civwvkml4-00059" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="civwvkml4-00060" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="civwvkml4-00060" id="civwvkml4-00061" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="civwvkml4-00060" id="civwvkml4-00062" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="civwvkml4-00063" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="civwvkml4-00063" id="civwvkml4-00064" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-65bc0cc3f4c2fdcc2cfb3a3712162467" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ciw0tabr4-00006" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
substituted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="ciw0tabr4-00007" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00007" id="ciw0tabr4-00008" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00007" id="ciw0tabr4-00009" SectionRef="regulation-192-2-a" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/2/a" Operative="true">192(2)(a)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ciw0tabr4-00010" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00010" id="ciw0tabr4-00011" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="ciw0tabr4-00012" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00012" id="ciw0tabr4-00013" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00012" id="ciw0tabr4-00014" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ciw0tabr4-00015" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00015" id="ciw0tabr4-00016" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-cbd42c359d96a5d081b93719cf23b8a2" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ciw0tabr4-00022" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
substituted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="ciw0tabr4-00023" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00023" id="ciw0tabr4-00024" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00023" id="ciw0tabr4-00025" SectionRef="regulation-192-2-b" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/2/b" Operative="true">192(2)(b)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ciw0tabr4-00026" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00026" id="ciw0tabr4-00027" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="ciw0tabr4-00028" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00028" id="ciw0tabr4-00029" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00028" id="ciw0tabr4-00030" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ciw0tabr4-00031" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00031" id="ciw0tabr4-00032" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-56af73744bd5bac45d83972e92983aa1" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ciw0tabr4-00038" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
inserted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="ciw0tabr4-00039" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00039" id="ciw0tabr4-00040" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00039" id="ciw0tabr4-00041" SectionRef="regulation-192-2-c" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/2/c" Operative="true">192(2)(c)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ciw0tabr4-00042" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00042" id="ciw0tabr4-00043" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="ciw0tabr4-00044" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00044" id="ciw0tabr4-00045" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00044" id="ciw0tabr4-00046" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ciw0tabr4-00047" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00047" id="ciw0tabr4-00048" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-6800369538b9f741b1f04c62852f6ce6" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ciw0tabr4-00054" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
substituted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="ciw0tabr4-00055" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00055" id="ciw0tabr4-00056" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00055" id="ciw0tabr4-00057" SectionRef="regulation-192-2-d" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/2/d" Operative="true">192(2)(d)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ciw0tabr4-00058" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00058" id="ciw0tabr4-00059" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="ciw0tabr4-00060" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00060" id="ciw0tabr4-00061" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00060" id="ciw0tabr4-00062" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ciw0tabr4-00063" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00063" id="ciw0tabr4-00064" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-689d028ea5c96fa254c923d7da945a28" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ciw0tabr4-00070" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
inserted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="ciw0tabr4-00071" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00071" id="ciw0tabr4-00072" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00071" id="ciw0tabr4-00073" SectionRef="regulation-192-2-e" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/2/e" Operative="true">192(2)(e)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ciw0tabr4-00074" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00074" id="ciw0tabr4-00075" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="ciw0tabr4-00076" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00076" id="ciw0tabr4-00077" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00076" id="ciw0tabr4-00078" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ciw0tabr4-00079" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00079" id="ciw0tabr4-00080" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-262f7c923a895affe12bbcb61516a726" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ciw0tabr4-00086" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
substituted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="ciw0tabr4-00087" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00087" id="ciw0tabr4-00088" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00087" id="ciw0tabr4-00089" SectionRef="regulation-192-2-f" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/2/f" Operative="true">192(2)(f)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ciw0tabr4-00090" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00090" id="ciw0tabr4-00091" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="ciw0tabr4-00092" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00092" id="ciw0tabr4-00093" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00092" id="ciw0tabr4-00094" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ciw0tabr4-00095" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00095" id="ciw0tabr4-00096" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-d3e874e470384d786e28d240210ece31" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ciw0tabr4-00102" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
omitted (31.12.2020) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="ciw0tabr4-00103" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00103" id="ciw0tabr4-00104" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00103" id="ciw0tabr4-00105" SectionRef="regulation-192-2-g" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/2/g" Operative="true">192(2)(g)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ciw0tabr4-00106" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00106" id="ciw0tabr4-00107" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="ciw0tabr4-00108" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00108" id="ciw0tabr4-00109" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00108" id="ciw0tabr4-00110" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ciw0tabr4-00111" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00111" id="ciw0tabr4-00112" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-452f41e6abf875ba72c2ee56ba415223" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ciw0tabr4-00134" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
substituted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="ciw0tabr4-00135" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00135" id="ciw0tabr4-00136" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00135" id="ciw0tabr4-00137" SectionRef="regulation-192-2-i" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/2/i" Operative="true">192(2)(i)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ciw0tabr4-00138" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00138" id="ciw0tabr4-00139" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="ciw0tabr4-00140" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00140" id="ciw0tabr4-00141" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00140" id="ciw0tabr4-00142" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ciw0tabr4-00143" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00143" id="ciw0tabr4-00144" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-3e86385fc1a0c8e65a5f31137117c48f" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ciw0tabr4-00150" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
inserted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="ciw0tabr4-00151" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00151" id="ciw0tabr4-00152" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00151" id="ciw0tabr4-00153" SectionRef="regulation-192-2-j-i" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/2/j/i" Operative="true">192(2)(j)(i)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ciw0tabr4-00154" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00154" id="ciw0tabr4-00155" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="ciw0tabr4-00156" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00156" id="ciw0tabr4-00157" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00156" id="ciw0tabr4-00158" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ciw0tabr4-00159" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00159" id="ciw0tabr4-00160" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-4e7eb12319c89aa68818619ee85d1e3d" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ciw0tabr4-00166" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
omitted (31.12.2020) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="ciw0tabr4-00167" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00167" id="ciw0tabr4-00168" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00167" id="ciw0tabr4-00169" SectionRef="regulation-192-2-j-ii" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/2/j/ii" Operative="true">192(2)(j)(ii)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ciw0tabr4-00170" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00170" id="ciw0tabr4-00171" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="ciw0tabr4-00172" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00172" id="ciw0tabr4-00173" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00172" id="ciw0tabr4-00174" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ciw0tabr4-00175" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00175" id="ciw0tabr4-00176" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-e46dd9f1f8c79cd19d54631b4c8f46c9" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ciw0tabr4-00182" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
omitted (31.12.2020) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="ciw0tabr4-00183" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00183" id="ciw0tabr4-00184" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00183" id="ciw0tabr4-00185" SectionRef="regulation-192-2-k-i" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/2/k/i" Operative="true">192(2)(k)(i)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ciw0tabr4-00186" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00186" id="ciw0tabr4-00187" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="ciw0tabr4-00188" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00188" id="ciw0tabr4-00189" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw0tabr4-00188" id="ciw0tabr4-00190" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ciw0tabr4-00191" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ciw0tabr4-00191" id="ciw0tabr4-00192" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-f3092d45f49a08181e393bda6d1f4610" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ciw1z8814-00198" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
omitted (31.12.2020) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="ciw1z8814-00199" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="ciw1z8814-00199" id="ciw1z8814-00200" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw1z8814-00199" id="ciw1z8814-00201" SectionRef="regulation-192-2-k-ii" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/2/k/ii" Operative="true">192(2)(k)(ii)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ciw1z8814-00202" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ciw1z8814-00202" id="ciw1z8814-00203" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="ciw1z8814-00204" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="ciw1z8814-00204" id="ciw1z8814-00205" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw1z8814-00204" id="ciw1z8814-00206" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ciw1z8814-00207" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ciw1z8814-00207" id="ciw1z8814-00208" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-e1e1829288617d775e0deaef7bd2dc7e" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ciw1z8814-00214" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
omitted (31.12.2020) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="ciw1z8814-00215" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="ciw1z8814-00215" id="ciw1z8814-00216" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw1z8814-00215" id="ciw1z8814-00217" SectionRef="regulation-192-2-k-iii" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/2/k/iii" Operative="true">192(2)(k)(iii)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ciw1z8814-00218" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ciw1z8814-00218" id="ciw1z8814-00219" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="ciw1z8814-00220" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="ciw1z8814-00220" id="ciw1z8814-00221" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw1z8814-00220" id="ciw1z8814-00222" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ciw1z8814-00223" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ciw1z8814-00223" id="ciw1z8814-00224" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-494942a375c4baf7e8543e0bcecaff8b" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ciw2eao04-00230" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
omitted (31.12.2020) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="ciw2eao04-00231" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="ciw2eao04-00231" id="ciw2eao04-00232" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw2eao04-00231" id="ciw2eao04-00233" SectionRef="regulation-192-2-k-iv" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/2/k/iv" Operative="true">192(2)(k)(iv)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ciw2eao04-00234" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ciw2eao04-00234" id="ciw2eao04-00235" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="ciw2eao04-00236" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="ciw2eao04-00236" id="ciw2eao04-00237" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw2eao04-00236" id="ciw2eao04-00238" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ciw2eao04-00239" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ciw2eao04-00239" id="ciw2eao04-00240" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-5ac2f667fd20b9c075be3c3fdec3ae96" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ciw2eao04-00246" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
omitted (31.12.2020) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="ciw2eao04-00247" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="ciw2eao04-00247" id="ciw2eao04-00248" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw2eao04-00247" id="ciw2eao04-00249" SectionRef="regulation-192-2-l" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/2/l" Operative="true">192(2)(l)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ciw2eao04-00250" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ciw2eao04-00250" id="ciw2eao04-00251" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="ciw2eao04-00252" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="ciw2eao04-00252" id="ciw2eao04-00253" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciw2eao04-00252" id="ciw2eao04-00254" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ciw2eao04-00255" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ciw2eao04-00255" id="ciw2eao04-00256" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-2d1e246ab036d58be58ac0eb0a9fad71" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ciwwzvq84-00262" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
omitted (31.12.2020) by virtue of
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="ciwwzvq84-00263" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="ciwwzvq84-00263" id="ciwwzvq84-00264" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciwwzvq84-00263" id="ciwwzvq84-00265" SectionRef="regulation-192-2-m" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/2/m" Operative="true">192(2)(m)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ciwwzvq84-00266" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ciwwzvq84-00266" id="ciwwzvq84-00267" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="ciwwzvq84-00268" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="ciwwzvq84-00268" id="ciwwzvq84-00269" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciwwzvq84-00268" id="ciwwzvq84-00270" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ciwwzvq84-00271" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ciwwzvq84-00271" id="ciwwzvq84-00272" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-02a8d6a507dad08dab8f3265f3867cba" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ciwwzvq84-00278" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
substituted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="ciwwzvq84-00279" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="ciwwzvq84-00279" id="ciwwzvq84-00280" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciwwzvq84-00279" id="ciwwzvq84-00281" SectionRef="regulation-192-2-n" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/2/n" Operative="true">192(2)(n)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ciwwzvq84-00282" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ciwwzvq84-00282" id="ciwwzvq84-00283" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="ciwwzvq84-00284" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="ciwwzvq84-00284" id="ciwwzvq84-00285" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciwwzvq84-00284" id="ciwwzvq84-00286" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ciwwzvq84-00287" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ciwwzvq84-00287" id="ciwwzvq84-00288" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-760358090f9148cdd4773a1277c3bb67" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ciwwzvq84-00294" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
substituted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="ciwwzvq84-00295" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="ciwwzvq84-00295" id="ciwwzvq84-00296" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciwwzvq84-00295" id="ciwwzvq84-00297" SectionRef="regulation-192-2-o" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/2/o" Operative="true">192(2)(o)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ciwwzvq84-00298" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ciwwzvq84-00298" id="ciwwzvq84-00299" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="ciwwzvq84-00300" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="ciwwzvq84-00300" id="ciwwzvq84-00301" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciwwzvq84-00300" id="ciwwzvq84-00302" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ciwwzvq84-00303" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ciwwzvq84-00303" id="ciwwzvq84-00304" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-7c10acdf4f4839e59fd7aa4ddd8d304c" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ciwwzvq84-00310" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
substituted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="ciwwzvq84-00311" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="ciwwzvq84-00311" id="ciwwzvq84-00312" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciwwzvq84-00311" id="ciwwzvq84-00313" SectionRef="regulation-192-2-p" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/2/p" Operative="true">192(2)(p)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ciwwzvq84-00314" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ciwwzvq84-00314" id="ciwwzvq84-00315" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="ciwwzvq84-00316" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="ciwwzvq84-00316" id="ciwwzvq84-00317" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciwwzvq84-00316" id="ciwwzvq84-00318" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ciwwzvq84-00319" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ciwwzvq84-00319" id="ciwwzvq84-00320" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-4b407f33ad69a44c90ed576147bbf67f" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="ciwwzvq84-00326" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
inserted (31.12.2020) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/632" id="ciwwzvq84-00327" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="632" Title="The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019">The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632)</Citation>
,
<CitationSubRef CitationRef="ciwwzvq84-00327" id="ciwwzvq84-00328" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciwwzvq84-00327" id="ciwwzvq84-00329" SectionRef="regulation-192-2-q" URI="http://www.legislation.gov.uk/id/uksi/2019/632/regulation/192/2/q" Operative="true">192(2)(q)</CitationSubRef>
(with savings in
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/680" id="ciwwzvq84-00330" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="680">S.I. 2019/680</Citation>
,
<CitationSubRef CitationRef="ciwwzvq84-00330" id="ciwwzvq84-00331" SectionRef="regulation-11" URI="http://www.legislation.gov.uk/id/uksi/2019/680/regulation/11">reg. 11</CitationSubRef>
(as amended by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2019/1212" id="ciwwzvq84-00332" Class="UnitedKingdomStatutoryInstrument" Year="2019" Number="1212">S.I. 2019/1212</Citation>
,
<CitationSubRef CitationRef="ciwwzvq84-00332" id="ciwwzvq84-00333" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="ciwwzvq84-00332" id="ciwwzvq84-00334" SectionRef="regulation-22-3" URI="http://www.legislation.gov.uk/id/uksi/2019/1212/regulation/22/3">22(3)</CitationSubRef>
);
<Citation URI="http://www.legislation.gov.uk/id/ukpga/2020/1" id="ciwwzvq84-00335" Year="2020" Class="UnitedKingdomPublicGeneralAct" Number="1">2020 c. 1</Citation>
,
<CitationSubRef CitationRef="ciwwzvq84-00335" id="ciwwzvq84-00336" SectionRef="schedule-5-paragraph-1-1" URI="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-4ed07014fefe8eb303944c0ae2bd8bbd" Type="F">
<Para>
<Text>
<CitationSubRef id="cjwh619u4-00006" SectionRef="article-1-5" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/5">Art. 1(5)</CitationSubRef>
inserted (1.1.2022) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2021/1376" id="cjwh619u4-00007" Class="UnitedKingdomStatutoryInstrument" Year="2021" Number="1376" Title="The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021">The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376)</Citation>
,
<CitationSubRef CitationRef="cjwh619u4-00007" id="cjwh619u4-00008" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2021/1376/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="cjwh619u4-00007" id="cjwh619u4-00009" SectionRef="regulation-18-3" URI="http://www.legislation.gov.uk/id/uksi/2021/1376/regulation/18/3" Operative="true">18(3)</CitationSubRef>
</Text>
</Para>
</Commentary>
<Commentary id="key-c873dc79b50448dd4fa3f1d9d43fe89a" Type="F">
<Para>
<Text>
Words in
<CitationSubRef id="cjwh619u4-00015" SectionRef="article-1-4" URI="http://www.legislation.gov.uk/id/uksi/2014/2080/article/1/4">art. 1(4)</CitationSubRef>
substituted (1.1.2022) by
<Citation URI="http://www.legislation.gov.uk/id/uksi/2021/1376" id="cjwh619u4-00016" Class="UnitedKingdomStatutoryInstrument" Year="2021" Number="1376" Title="The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021">The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376)</Citation>
,
<CitationSubRef CitationRef="cjwh619u4-00016" id="cjwh619u4-00017" SectionRef="regulation-1-3" URI="http://www.legislation.gov.uk/id/uksi/2021/1376/regulation/1/3">regs. 1(3)</CitationSubRef>
,
<CitationSubRef CitationRef="cjwh619u4-00016" id="cjwh619u4-00018" SectionRef="regulation-18-2" URI="http://www.legislation.gov.uk/id/uksi/2021/1376/regulation/18/2" Operative="true">18(2)</CitationSubRef>
</Text>
</Para>
</Commentary>
</Commentaries>
</Legislation>