S.I. 2017/692.

S.I. 2001/544.

S.I. 2017/1301.

Reg. 2 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Reg. 3 in force on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Reg. 4 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Reg. 5 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Reg. 6 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Reg. 7 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Reg. 8 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Reg. 9 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Reg. 10 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Reg. 11 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Reg. 12 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Reg. 13 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)

Words in reg. 3(f)(i) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 14(a)

Words in reg. 3(f)(ii) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 14(b)

Reg. 3(b) omitted (31.12.2020 immediately before IP completion day) by virtue of The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628), regs. 1(3), 8(2)(a)

Words in reg. 3(f)(i) substituted (31.12.2020 immediately before IP completion day) by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628), regs. 1(3), 8(2)(b)

http://www.legislation.gov.uk/uksi/2019/253/part/2The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019texttext/xmlenEXITING THE EUROPEAN UNIONFINANCIAL SERVICESStatute Law Database2021-06-17Expert Participation2020-12-31These Regulations are made in exercise of the powers in section 8(1) of the European Union (Withdrawal) Act 2018 in order to address failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the United Kingdom from the European Union (and in particular the deficiencies referred to in paragraphs (a), (b), (c) and (f) of subsection (2)). They amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, the Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017 and Regulation (EU) 2015/847 of the European Union and of the Council on information accompanying transfers of funds and repealing Regulation (EC) No 178/2006 (OJ L141, 5.6.2015, p.1). They also revoke Commission Delegated Regulation (EU) 2018/1108 of 7th May 2018 supplementing Directive (EU) 2015/849 of the European Parliament and of the Council with regulatory technical standards on the criteria for the appointment of central contact points for electronic money issuers and payment service providers and with rules on their functions.PART 2AMENDMENT OF SECONDARY LEGISLATION2Money Laundering Amendments

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 are amended in accordance with regulations 3 to 12.

3Part 1: introduction

In regulation 3(1)—

a

omit the definition of “European Supervisory Authorities”;

b

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

c

after the definition of “markets in financial instruments directive”, insert—

markets in financial instruments regulation” means Regulation (EU) 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (as that Regulation forms part of domestic law under section 3 of the European Union (Withdrawal) Act 2018);

;

d

in the definition of “regulated market”—

i

for paragraph (a), substitute—

a

within the United Kingdom, means a UK regulated market, as defined by Article 2(1)(13A) of the markets in financial instruments regulation;

;

ii

for paragraph (b), substitute—

b

outside the United Kingdom, means—

i

within the EEA, an EU regulated market, as defined by Article 2(1)(13B) of the markets in financial instruments regulation; or

ii

outside the EEA, a regulated financial market which subjects companies whose securities are admitted to trading to disclosure obligations which are equivalent to the specified disclosure obligations;

;

e

omit the definition of “the Solvency 2 directive”;

f

in the definition of “specified disclosure obligations”—

i

for paragraph (b), substitute—

b

disclosure obligations consistent with the requirements in—

i

sections 85, 87A and 87G of FSMA;

ii

prospectus rules within the meaning of Part 6 of FSMA (see section 73A(4) of FSMA) as those rules have effect on IP completion day;

iii

Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market; and

iv

Articles 6 to 10 of Commission Delegated Regulation (EU) 2016/301 of 30 November 2015 supplementing Directive 2003/71/EC of the European Parliament and of the Council with regard to regulatory technical standards for approval and publication of the prospectus and dissemination of advertisements and amending Commission Regulation (EC) No 809/2004; and

;

ii

for paragraph (c), substitute—

c

disclosure obligations consistent with the requirements in sections 4 and 5.5 of, and rules 6.1.1 to 6.1.15 in, the Disclosure Guidance and Transparency Rules source book made by the FCA under section 89A of FSMA as those rules have effect on IP completion day;

;

iii

omit paragraph (d);

g

in the definition of “third country” for “an EEA state” substitute “ the United Kingdom ”;

h

after the definition of “trust or company service provider” insert—

UK regulated market” means a recognised investment exchange within the meaning of section 285(1)(a) of FSMA, which is not an overseas investment exchange within the meaning of section 313(1) of FSMA.

.

4Part 2: money laundering and terrorist financing - application1

In regulation 9—

a

omit paragraph (2);

b

in paragraph (5)—

i

for “paragraphs (2) and (3)” substitute “ paragraph (3) ”;

ii

omit sub-paragraph (a).

2

In regulation 10—

a

in paragraph (1)(b), for “an EEA state” substitute “ the United Kingdom ”;

b

for paragraph (2)(b), substitute—

b

an authorised person (within the meaning of section 31 of FSMA), who has permission under Part 4A of FSMA to carry out or effect contracts of insurance, when carrying out or effecting any contract of long-term insurance (an “insurance undertaking”);

;

c

in paragraph (2)(c)—

i

for “a person falling within Article 2 of the markets in financial instruments directive” substitute “ a person falling within one of the exclusions to the definition of “investment firm” in article 3(1) of the Regulated Activities Order ”;

ii

for “within the meaning of that directive” substitute “ within the meaning of that article ”;

d

in paragraph (2)(f) after “that Directive” insert “ (and for this purpose, Article 2.7 is to be read as if “insurance undertaking” has the meaning given in sub-paragraph (b)) ”;

e

in paragraph (2)(g), for “an EEA state” substitute “ the United Kingdom ”;

f

in paragraph (3)(c), after “capital requirements directive” insert “ as set out in Schedule 2 ”;

g

for paragraph (4), substitute—

4

For the purposes of this regulation—

a

a “listed activity” means an activity listed in points 2 to 12, 14 and 15 of Annex 1 to the capital requirements directive as set out in Schedule 2;

b

Regulated Activities Order” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 .

.

5Part 2: Money laundering and terrorist financing - risk assessment and controls1

In regulation 16—

a

paragraph (5) is omitted;

b

in paragraph (7), omit sub-paragraphs (c), (d) and (e).

2

In regulation 17, in paragraph (2), omit sub-paragraphs (a) and (b).

3

In regulation 20—

a

omit paragraph (2);

b

after paragraph (5), insert—

6

The FCA may make technical standards specifying—

a

what additional measures are required from credit institutions and financial institutions under paragraph (4); and

b

the minimum action to be taken by credit institutions and financial institutions where paragraph (4) applies.

.

4

Omit regulation 22.

6Part 3: customer due diligence1

In regulation 33—

a

in paragraph (2)—

i

in the opening words, for “an EEA state” substitute “ a third country ”;

ii

for paragraph (a), substitute—

a

the entity is—

i

subject to requirements in national legislation having an equivalent effect to those laid down in the fourth money laundering directive on an obliged entity (within the meaning of that directive); and

ii

supervised for compliance with those requirements in a manner equivalent to section 2 of Chapter VI of the fourth money laundering directive;

;

iii

in paragraph (b), after “under” insert “ requirements equivalent to those laid down in ”;

b

omit paragraph (8).

2

In regulation 37—

a

in paragraph (3)—

i

in sub-paragraph (a)—

aa

for paragraph (iii)(aa), substitute—

aa

subject to requirements in national legislation having an equivalent effect to those laid down in the fourth money laundering directive on an obliged entity (within the meaning of that directive); and

;

bb

in paragraph (iii)(bb), for “in accordance with” substitute “ in a manner equivalent to ”;

ii

in sub-paragraph (b)(iv), for “an EEA state” substitute “ the United Kingdom ”;

iii

in sub-paragraph (c)(i), for “an EEA state” substitute “ the United Kingdom ”;

b

in paragraph (6), for paragraph (b), substitute—

b

a person who carries on business in a third country who is—

i

subject to requirements in national legislation having an equivalent effect to those laid down in the fourth money laundering directive on an obliged entity (within the meaning of that directive); and

ii

supervised for compliance with those requirements in a manner equivalent to section 2 of Chapter VI of the fourth money laundering directive.

;

c

omit paragraph (7).

7Part 4: reliance and record keeping

In regulation 39—

a

in paragraph (3)—

i

omit sub-paragraph (b);

ii

in sub-paragraph (d), omit “, (b)”;

b

in paragraph (5)—

i

in the words before sub-paragraph (a), omit “established in an EEA state”;

ii

for sub-paragraph (a), substitute—

a

the entity is—

i

a person who is subject to the requirements in these Regulations as a relevant person within the meaning of regulation 8 and who is supervised for compliance with them; or

ii

subject to requirements in national legislation having an equivalent effect to those laid down in the fourth money laundering directive on an obliged entity (within the meaning of that directive) and supervised for compliance with those requirements in a manner equivalent to section 2 of Chapter VI of the fourth money laundering directive;

;

iii

for sub-paragraph (b) substitute—

b

the branch or subsidiary complies fully with procedures and policies established for the group under—

i

regulation 20 of these Regulations, or

ii

requirements in national legislation having an equivalent effect to those laid down Article 45 of the fourth money laundering directive.

;

c

in paragraph (6)(c), omit “other than the United Kingdom”.

8Part 5: beneficial ownership information

In regulation 45—

a

in paragraph (7)(e), for “EEA state or third country” substitute “ country ”;

b

in paragraph (13)—

i

in the opening words, for “must” substitute “ may ”;

ii

in sub-paragraph (a), for the words from “provided for” to the end of the sub-paragraph, substitute “ equivalent to those provided for in these Regulations in a third country, or ”;

iii

in sub-paragraph (b), for “an EEA state other than the United Kingdom”, substitute “ a third country ”.

9Part 6: supervision and registration1

In regulation 46, in paragraph (3), omit sub-paragraph (a).

2

In regulation 47, in paragraph (3), omit sub-paragraphs (a) to (e).

3

In regulation 50—

a

in paragraph (4)—

i

in sub-paragraph (a), omit “other than the United Kingdom”;

ii

in sub-paragraph (b), for “a country” substitute “ another country ”;

b

omit paragraph (5).

4

In regulation 51, in paragraph (2), for the words from “comply with” to the end, substitute “ perform its functions under these Regulations ”.

10Part 7: Transfer of Funds (Information on the Payer) Regulations1

In regulation 63—

a

omit paragraph (4);

b

omit paragraph (9);

c

in paragraph (10)—

i

in sub-paragraph (a), omit “other than the United Kingdom”;

ii

in sub-paragraph (b), for “a country” substitute “ another country ”.

2

In regulation 64—

a

omit paragraph (1);

b

in paragraph (2), omit the words from “(whether by” to “or otherwise)”.

11Part 8: information and investigation1

In regulation 67, omit paragraph (5).

2

In regulation 69(1)(b), omit paragraph (i).

3

In Schedule 6, in paragraph 5, omit sub-paragraph (a)(v).

12Part 9: Enforcement1

In regulation 76, in paragraph (6), omit sub-paragraph (a).

2

In regulation 86, in paragraph (2), omit sub-paragraph (a).

13Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017

In the Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017

a

in regulation 2, omit the definition of “The European Supervisory Authorities”;

b

in regulation 14(4), omit sub-paragraph (b);

c

in regulation 16(4), omit sub-paragraph (b);

d

in regulation 17(4), omit sub-paragraph (b).

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<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/692">S.I. 2017/692</ref>
.
</p>
</note>
<note class="commentary M" eId="c23564751">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2001/544">S.I. 2001/544</ref>
.
</p>
</note>
<note class="commentary M" eId="c23564761">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2017/1301">S.I. 2017/1301</ref>
.
</p>
</note>
<note class="commentary I" eId="key-62d144cfe6bdf74e736aef5b3f132a1f">
<p>
Reg. 2 in force at 31.12.2020 on IP completion day (in accordance with
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
), see reg. 1(2)
</p>
</note>
<note class="commentary I" eId="key-23d7c3914cbb659bdd34695137dbc9ee">
<p>
Reg. 3 in force on IP completion day (in accordance with
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
), see reg. 1(2)
</p>
</note>
<note class="commentary I" eId="key-566897d46a574c4c46dc314b47aa8201">
<p>
Reg. 4 in force at 31.12.2020 on IP completion day (in accordance with
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
), see reg. 1(2)
</p>
</note>
<note class="commentary I" eId="key-107b18f50689a761f4cf3c56c491c4cb">
<p>
Reg. 5 in force at 31.12.2020 on IP completion day (in accordance with
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
), see reg. 1(2)
</p>
</note>
<note class="commentary I" eId="key-81f4b755d143cb4be79183091e420994">
<p>
Reg. 6 in force at 31.12.2020 on IP completion day (in accordance with
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
), see reg. 1(2)
</p>
</note>
<note class="commentary I" eId="key-f15b2b173f43473d0203dd5568d7490e">
<p>
Reg. 7 in force at 31.12.2020 on IP completion day (in accordance with
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
), see reg. 1(2)
</p>
</note>
<note class="commentary I" eId="key-778065d1667c3819770171c15dca66f4">
<p>
Reg. 8 in force at 31.12.2020 on IP completion day (in accordance with
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
), see reg. 1(2)
</p>
</note>
<note class="commentary I" eId="key-8644fd91fa8d0cd1b24a6f3c25af676a">
<p>
Reg. 9 in force at 31.12.2020 on IP completion day (in accordance with
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
), see reg. 1(2)
</p>
</note>
<note class="commentary I" eId="key-66e81c486eb372b659de532ecf4696da">
<p>
Reg. 10 in force at 31.12.2020 on IP completion day (in accordance with
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
), see reg. 1(2)
</p>
</note>
<note class="commentary I" eId="key-24bcc7737f595aff5838cef1e34d26d9">
<p>
Reg. 11 in force at 31.12.2020 on IP completion day (in accordance with
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
), see reg. 1(2)
</p>
</note>
<note class="commentary I" eId="key-eb4b8b71f95389cbea1c8a8e18679da7">
<p>
Reg. 12 in force at 31.12.2020 on IP completion day (in accordance with
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
), see reg. 1(2)
</p>
</note>
<note class="commentary I" eId="key-eb34d8da1f3bc4926caa63b77f6c439b">
<p>
Reg. 13 in force at 31.12.2020 on IP completion day (in accordance with
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1">2020 c. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/ukpga/2020/1/schedule/5/paragraph/1/1">Sch. 5 para. 1(1)</ref>
), see reg. 1(2)
</p>
</note>
<note class="commentary F" eId="key-2bfe54d89726ac6fa56cc93490b39c70">
<p>
Words in reg. 3(f)(i) substituted (30.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/14/a">Sch. para. 14(a)</ref>
</p>
</note>
<note class="commentary F" eId="key-1d74c1ec0b47291b2a093e0e77da889e">
<p>
Words in reg. 3(f)(ii) substituted (30.12.2020) by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301">The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/1">regs. 1</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/regulation/3">3</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/1301/schedule/paragraph/14/b">Sch. para. 14(b)</ref>
</p>
</note>
<note class="commentary F" eId="key-a0d9d226b8c3cb1d820e5aa7bc33b320">
<p>
<ref href="http://www.legislation.gov.uk/id/uksi/2019/253/regulation/3/b">Reg. 3(b)</ref>
omitted (31.12.2020 immediately before IP completion day) by virtue of
<ref href="http://www.legislation.gov.uk/id/uksi/2020/628">The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/628/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/628/regulation/8/2/a">8(2)(a)</ref>
</p>
</note>
<note class="commentary F" eId="key-c31a345ebba902c854206347c3002ea0">
<p>
Words in
<ref href="http://www.legislation.gov.uk/id/uksi/2019/253/regulation/3/f/i">reg. 3(f)(i)</ref>
substituted (31.12.2020 immediately before IP completion day) by
<ref href="http://www.legislation.gov.uk/id/uksi/2020/628">The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/628/regulation/1/3">regs. 1(3)</ref>
,
<ref href="http://www.legislation.gov.uk/id/uksi/2020/628/regulation/8/2/b">8(2)(b)</ref>
</p>
</note>
</notes>
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<dc:identifier>http://www.legislation.gov.uk/uksi/2019/253/part/2</dc:identifier>
<dc:title>The Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019</dc:title>
<dc:type>text</dc:type>
<dc:format>text/xml</dc:format>
<dc:language>en</dc:language>
<dc:subject scheme="SIheading">EXITING THE EUROPEAN UNION</dc:subject>
<dc:subject scheme="SIheading">FINANCIAL SERVICES</dc:subject>
<dc:publisher>Statute Law Database</dc:publisher>
<dc:modified>2021-06-17</dc:modified>
<dc:contributor>Expert Participation</dc:contributor>
<dct:valid>2020-12-31</dct:valid>
<dc:description>These Regulations are made in exercise of the powers in section 8(1) of the European Union (Withdrawal) Act 2018 in order to address failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the United Kingdom from the European Union (and in particular the deficiencies referred to in paragraphs (a), (b), (c) and (f) of subsection (2)). They amend the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017, the Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017 and Regulation (EU) 2015/847 of the European Union and of the Council on information accompanying transfers of funds and repealing Regulation (EC) No 178/2006 (OJ L141, 5.6.2015, p.1). They also revoke Commission Delegated Regulation (EU) 2018/1108 of 7th May 2018 supplementing Directive (EU) 2015/849 of the European Parliament and of the Council with regulatory technical standards on the criteria for the appointment of central contact points for electronic money issuers and payment service providers and with rules on their functions.</dc:description>
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<portionBody eId="body" period="#period1">
<part eId="part-2" period="#period1">
<num>
<strong>PART 2</strong>
</num>
<heading>AMENDMENT OF SECONDARY LEGISLATION</heading>
<hcontainer name="regulation" eId="regulation-2" period="#period1">
<num>
<noteRef href="#key-62d144cfe6bdf74e736aef5b3f132a1f" marker="I1" class="commentary I"/>
2
</num>
<heading>Money Laundering Amendments</heading>
<content>
<p>
The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017
<noteRef href="#c23564741" marker="M1" class="commentary M"/>
are amended in accordance with regulations 3 to 12.
</p>
</content>
</hcontainer>
<hcontainer name="regulation" eId="regulation-3" period="#period1">
<num>
<noteRef href="#key-23d7c3914cbb659bdd34695137dbc9ee" marker="I2" class="commentary I"/>
3
</num>
<heading>Part 1: introduction</heading>
<intro>
<p>In regulation 3(1)—</p>
</intro>
<subparagraph eId="regulation-3-a">
<num>a</num>
<content>
<p>omit the definition of “European Supervisory Authorities”;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-3-b">
<num>
<noteRef href="#key-a0d9d226b8c3cb1d820e5aa7bc33b320" marker="F3" class="commentary F"/>
b
</num>
<content>
<p>. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .</p>
</content>
</subparagraph>
<subparagraph eId="regulation-3-c">
<num>c</num>
<content>
<p>after the definition of “markets in financial instruments directive”, insert—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<p>
<term refersTo="#term-markets-in-financial-instruments-regulation">markets in financial instruments regulation</term>
” means Regulation (EU) 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (as that Regulation forms part of domestic law under section 3 of the European Union (Withdrawal) Act 2018);
</p>
</quotedStructure>
</mod>
<inline name="AppendText">;</inline>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-3-d">
<num>d</num>
<intro>
<p>in the definition of “regulated market”—</p>
</intro>
<clause eId="regulation-3-d-i">
<num>i</num>
<content>
<p>for paragraph (a), substitute—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<subparagraph eId="d4e154">
<num>a</num>
<content>
<p>within the United Kingdom, means a UK regulated market, as defined by Article 2(1)(13A) of the markets in financial instruments regulation;</p>
</content>
</subparagraph>
</quotedStructure>
</mod>
<inline name="AppendText">;</inline>
</p>
</content>
</clause>
<clause eId="regulation-3-d-ii">
<num>ii</num>
<content>
<p>for paragraph (b), substitute—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<subparagraph eId="d4e169">
<num>b</num>
<intro>
<p>outside the United Kingdom, means—</p>
</intro>
<clause eId="d4e175">
<num>i</num>
<content>
<p>within the EEA, an EU regulated market, as defined by Article 2(1)(13B) of the markets in financial instruments regulation; or</p>
</content>
</clause>
<clause eId="d4e181">
<num>ii</num>
<content>
<p>outside the EEA, a regulated financial market which subjects companies whose securities are admitted to trading to disclosure obligations which are equivalent to the specified disclosure obligations;</p>
</content>
</clause>
</subparagraph>
</quotedStructure>
</mod>
<inline name="AppendText">;</inline>
</p>
</content>
</clause>
</subparagraph>
<subparagraph eId="regulation-3-e">
<num>e</num>
<content>
<p>omit the definition of “the Solvency 2 directive”;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-3-f">
<num>f</num>
<intro>
<p>in the definition of “specified disclosure obligations”—</p>
</intro>
<clause eId="regulation-3-f-i">
<num>i</num>
<content>
<p>for paragraph (b), substitute—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<subparagraph eId="d4e208">
<num>b</num>
<intro>
<p>disclosure obligations consistent with the requirements in—</p>
</intro>
<clause eId="d4e214">
<num>i</num>
<content>
<p>sections 85, 87A and 87G of FSMA;</p>
</content>
</clause>
<clause eId="d4e220">
<num>ii</num>
<content>
<p>
prospectus rules within the meaning of Part 6 of FSMA (see section 73A(4) of FSMA) as those rules have effect on
<ins class="substitution key-2bfe54d89726ac6fa56cc93490b39c70-1623838901673 first last">
<noteRef href="#key-2bfe54d89726ac6fa56cc93490b39c70" marker="F1" class="commentary attribute F"/>
IP completion day
</ins>
;
</p>
</content>
</clause>
<clause eId="d4e229">
<num>
<ins class="substitution key-c31a345ebba902c854206347c3002ea0-1623844941456 first">
<noteRef href="#key-c31a345ebba902c854206347c3002ea0" marker="F4" class="commentary attribute F"/>
iii
</ins>
</num>
<content>
<p>
<ins class="substitution key-c31a345ebba902c854206347c3002ea0-1623844941456 last"> Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market; and</ins>
</p>
</content>
</clause>
<clause eId="d4e237">
<num>iv</num>
<content>
<p>
Articles 6 to 10 of Commission Delegated Regulation (EU) 2016/301 of 30 November 2015 supplementing Directive
<ref href="http://www.legislation.gov.uk/id/eudr/2003/71">2003/71/EC</ref>
of the European Parliament and of the Council with regard to regulatory technical standards for approval and publication of the prospectus and dissemination of advertisements and amending Commission Regulation
<ref href="http://www.legislation.gov.uk/id/eur/2004/809">(EC) No 809/2004</ref>
; and
</p>
</content>
</clause>
</subparagraph>
</quotedStructure>
</mod>
<inline name="AppendText">;</inline>
</p>
</content>
</clause>
<clause eId="regulation-3-f-ii">
<num>ii</num>
<content>
<p>for paragraph (c), substitute—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<subparagraph eId="d4e258">
<num>c</num>
<content>
<p>
disclosure obligations consistent with the requirements in sections 4 and 5.5 of, and rules 6.1.1 to 6.1.15 in, the Disclosure Guidance and Transparency Rules source book made by the FCA under section 89A of FSMA as those rules have effect on
<ins class="substitution key-1d74c1ec0b47291b2a093e0e77da889e-1623838943138 first last">
<noteRef href="#key-1d74c1ec0b47291b2a093e0e77da889e" marker="F2" class="commentary attribute F"/>
IP completion day
</ins>
;
</p>
</content>
</subparagraph>
</quotedStructure>
</mod>
<inline name="AppendText">;</inline>
</p>
</content>
</clause>
<clause eId="regulation-3-f-iii">
<num>iii</num>
<content>
<p>omit paragraph (d);</p>
</content>
</clause>
</subparagraph>
<subparagraph eId="regulation-3-g">
<num>g</num>
<content>
<p>
in the definition of “third country” for “an EEA state” substitute
<mod>
<quotedText>“ the United Kingdom ”</quotedText>
</mod>
;
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-3-h">
<num>h</num>
<content>
<p>after the definition of “trust or company service provider” insert—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<p>
<term refersTo="#term-uk-regulated-market">UK regulated market</term>
” means a recognised investment exchange within the meaning of section 285(1)(a) of FSMA, which is not an overseas investment exchange within the meaning of section 313(1) of FSMA.
</p>
</quotedStructure>
</mod>
<inline name="AppendText">.</inline>
</p>
</content>
</subparagraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-4" period="#period1">
<num>
<noteRef href="#key-566897d46a574c4c46dc314b47aa8201" marker="I3" class="commentary I"/>
4
</num>
<heading>Part 2: money laundering and terrorist financing - application</heading>
<paragraph eId="regulation-4-1">
<num>1</num>
<intro>
<p>In regulation 9—</p>
</intro>
<subparagraph eId="regulation-4-1-a">
<num>a</num>
<content>
<p>omit paragraph (2);</p>
</content>
</subparagraph>
<subparagraph eId="regulation-4-1-b">
<num>b</num>
<intro>
<p>in paragraph (5)—</p>
</intro>
<clause eId="regulation-4-1-b-i">
<num>i</num>
<content>
<p>
for “paragraphs (2) and (3)” substitute
<mod>
<quotedText>“ paragraph (3) ”</quotedText>
</mod>
;
</p>
</content>
</clause>
<clause eId="regulation-4-1-b-ii">
<num>ii</num>
<content>
<p>omit sub-paragraph (a).</p>
</content>
</clause>
</subparagraph>
</paragraph>
<paragraph eId="regulation-4-2">
<num>2</num>
<intro>
<p>In regulation 10—</p>
</intro>
<subparagraph eId="regulation-4-2-a">
<num>a</num>
<content>
<p>
in paragraph (1)(b), for “an EEA state” substitute
<mod>
<quotedText>“ the United Kingdom ”</quotedText>
</mod>
;
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-4-2-b">
<num>b</num>
<content>
<p>for paragraph (2)(b), substitute—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<subparagraph eId="d4e362">
<num>b</num>
<content>
<p>an authorised person (within the meaning of section 31 of FSMA), who has permission under Part 4A of FSMA to carry out or effect contracts of insurance, when carrying out or effecting any contract of long-term insurance (an “insurance undertaking”);</p>
</content>
</subparagraph>
</quotedStructure>
</mod>
<inline name="AppendText">;</inline>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-4-2-c">
<num>c</num>
<intro>
<p>in paragraph (2)(c)—</p>
</intro>
<clause eId="regulation-4-2-c-i">
<num>i</num>
<content>
<p>
for “a person falling within Article 2 of the markets in financial instruments directive” substitute
<mod>
<quotedText>“ a person falling within one of the exclusions to the definition of “investment firm” in article 3(1) of the Regulated Activities Order ”</quotedText>
</mod>
;
</p>
</content>
</clause>
<clause eId="regulation-4-2-c-ii">
<num>ii</num>
<content>
<p>
for “within the meaning of that directive” substitute
<mod>
<quotedText>“ within the meaning of that article ”</quotedText>
</mod>
;
</p>
</content>
</clause>
</subparagraph>
<subparagraph eId="regulation-4-2-d">
<num>d</num>
<content>
<p>
in paragraph (2)(f) after “that Directive” insert
<mod>
<quotedText>
“ (and for this purpose, Article 2.7 is to be read as if “
<term refersTo="#term-insurance-undertaking">insurance undertaking</term>
” has the meaning given in sub-paragraph (b)) ”
</quotedText>
</mod>
;
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-4-2-e">
<num>e</num>
<content>
<p>
in paragraph (2)(g), for “an EEA state” substitute
<mod>
<quotedText>“ the United Kingdom ”</quotedText>
</mod>
;
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-4-2-f">
<num>f</num>
<content>
<p>
in paragraph (3)(c), after “capital requirements directive” insert
<mod>
<quotedText>“ as set out in Schedule 2 ”</quotedText>
</mod>
;
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-4-2-g">
<num>g</num>
<content>
<p>for paragraph (4), substitute—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<paragraph eId="d4e431">
<num>4</num>
<intro>
<p>For the purposes of this regulation—</p>
</intro>
<subparagraph eId="d4e437">
<num>a</num>
<content>
<p>
a “
<term refersTo="#term-listed-activity">listed activity</term>
” means an activity listed in points 2 to 12, 14 and 15 of Annex 1 to the capital requirements directive as set out in Schedule 2;
</p>
</content>
</subparagraph>
<subparagraph eId="d4e446">
<num>b</num>
<content>
<p>
<term refersTo="#term-regulated-activities-order">Regulated Activities Order</term>
” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
<noteRef href="#c23564751" marker="M2" class="commentary M"/>
.
</p>
</content>
</subparagraph>
</paragraph>
</quotedStructure>
</mod>
<inline name="AppendText">.</inline>
</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-5" period="#period1">
<num>
<noteRef href="#key-107b18f50689a761f4cf3c56c491c4cb" marker="I4" class="commentary I"/>
5
</num>
<heading>Part 2: Money laundering and terrorist financing - risk assessment and controls</heading>
<paragraph eId="regulation-5-1">
<num>1</num>
<intro>
<p>In regulation 16—</p>
</intro>
<subparagraph eId="regulation-5-1-a">
<num>a</num>
<content>
<p>paragraph (5) is omitted;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-5-1-b">
<num>b</num>
<content>
<p>in paragraph (7), omit sub-paragraphs (c), (d) and (e).</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-5-2">
<num>2</num>
<content>
<p>In regulation 17, in paragraph (2), omit sub-paragraphs (a) and (b).</p>
</content>
</paragraph>
<paragraph eId="regulation-5-3">
<num>3</num>
<intro>
<p>In regulation 20—</p>
</intro>
<subparagraph eId="regulation-5-3-a">
<num>a</num>
<content>
<p>omit paragraph (2);</p>
</content>
</subparagraph>
<subparagraph eId="regulation-5-3-b">
<num>b</num>
<content>
<p>after paragraph (5), insert—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<paragraph eId="d4e510">
<num>6</num>
<intro>
<p>The FCA may make technical standards specifying—</p>
</intro>
<subparagraph eId="d4e516">
<num>a</num>
<content>
<p>what additional measures are required from credit institutions and financial institutions under paragraph (4); and</p>
</content>
</subparagraph>
<subparagraph eId="d4e522">
<num>b</num>
<content>
<p>the minimum action to be taken by credit institutions and financial institutions where paragraph (4) applies.</p>
</content>
</subparagraph>
</paragraph>
</quotedStructure>
</mod>
<inline name="AppendText">.</inline>
</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-5-4">
<num>4</num>
<content>
<p>Omit regulation 22.</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-6" period="#period1">
<num>
<noteRef href="#key-81f4b755d143cb4be79183091e420994" marker="I5" class="commentary I"/>
6
</num>
<heading>Part 3: customer due diligence</heading>
<paragraph eId="regulation-6-1">
<num>1</num>
<intro>
<p>In regulation 33—</p>
</intro>
<subparagraph eId="regulation-6-1-a">
<num>a</num>
<intro>
<p>in paragraph (2)—</p>
</intro>
<clause eId="regulation-6-1-a-i">
<num>i</num>
<content>
<p>
in the opening words, for “an EEA state” substitute
<mod>
<quotedText>“ a third country ”</quotedText>
</mod>
;
</p>
</content>
</clause>
<clause eId="regulation-6-1-a-ii">
<num>ii</num>
<content>
<p>for paragraph (a), substitute—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<subparagraph eId="d4e572">
<num>a</num>
<intro>
<p>the entity is—</p>
</intro>
<clause eId="d4e578">
<num>i</num>
<content>
<p>subject to requirements in national legislation having an equivalent effect to those laid down in the fourth money laundering directive on an obliged entity (within the meaning of that directive); and</p>
</content>
</clause>
<clause eId="d4e584">
<num>ii</num>
<content>
<p>supervised for compliance with those requirements in a manner equivalent to section 2 of Chapter VI of the fourth money laundering directive;</p>
</content>
</clause>
</subparagraph>
</quotedStructure>
</mod>
<inline name="AppendText">;</inline>
</p>
</content>
</clause>
<clause eId="regulation-6-1-a-iii">
<num>iii</num>
<content>
<p>
in paragraph (b), after “under” insert
<mod>
<quotedText>“ requirements equivalent to those laid down in ”</quotedText>
</mod>
;
</p>
</content>
</clause>
</subparagraph>
<subparagraph eId="regulation-6-1-b">
<num>b</num>
<content>
<p>omit paragraph (8).</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-6-2">
<num>2</num>
<intro>
<p>In regulation 37—</p>
</intro>
<subparagraph eId="regulation-6-2-a">
<num>a</num>
<intro>
<p>in paragraph (3)—</p>
</intro>
<clause eId="regulation-6-2-a-i">
<num>i</num>
<intro>
<p>in sub-paragraph (a)—</p>
</intro>
<subclause eId="regulation-6-2-a-i-aa">
<num>aa</num>
<content>
<p>for paragraph (iii)(aa), substitute—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<subclause eId="d4e632">
<num>aa</num>
<content>
<p>subject to requirements in national legislation having an equivalent effect to those laid down in the fourth money laundering directive on an obliged entity (within the meaning of that directive); and</p>
</content>
</subclause>
</quotedStructure>
</mod>
<inline name="AppendText">;</inline>
</p>
</content>
</subclause>
<subclause eId="regulation-6-2-a-i-bb">
<num>bb</num>
<content>
<p>
in paragraph (iii)(bb), for “in accordance with” substitute
<mod>
<quotedText>“ in a manner equivalent to ”</quotedText>
</mod>
;
</p>
</content>
</subclause>
</clause>
<clause eId="regulation-6-2-a-ii">
<num>ii</num>
<content>
<p>
in sub-paragraph (b)(iv), for “an EEA state” substitute
<mod>
<quotedText>“ the United Kingdom ”</quotedText>
</mod>
;
</p>
</content>
</clause>
<clause eId="regulation-6-2-a-iii">
<num>iii</num>
<content>
<p>
in sub-paragraph (c)(i), for “an EEA state” substitute
<mod>
<quotedText>“ the United Kingdom ”</quotedText>
</mod>
;
</p>
</content>
</clause>
</subparagraph>
<subparagraph eId="regulation-6-2-b">
<num>b</num>
<content>
<p>in paragraph (6), for paragraph (b), substitute—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<subparagraph eId="d4e674">
<num>b</num>
<intro>
<p>a person who carries on business in a third country who is—</p>
</intro>
<clause eId="d4e680">
<num>i</num>
<content>
<p>subject to requirements in national legislation having an equivalent effect to those laid down in the fourth money laundering directive on an obliged entity (within the meaning of that directive); and</p>
</content>
</clause>
<clause eId="d4e686">
<num>ii</num>
<content>
<p>supervised for compliance with those requirements in a manner equivalent to section 2 of Chapter VI of the fourth money laundering directive.</p>
</content>
</clause>
</subparagraph>
</quotedStructure>
</mod>
<inline name="AppendText">;</inline>
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-6-2-c">
<num>c</num>
<content>
<p>omit paragraph (7).</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-7" period="#period1">
<num>
<noteRef href="#key-f15b2b173f43473d0203dd5568d7490e" marker="I6" class="commentary I"/>
7
</num>
<heading>Part 4: reliance and record keeping</heading>
<intro>
<p>In regulation 39—</p>
</intro>
<subparagraph eId="regulation-7-a">
<num>a</num>
<intro>
<p>in paragraph (3)—</p>
</intro>
<clause eId="regulation-7-a-i">
<num>i</num>
<content>
<p>omit sub-paragraph (b);</p>
</content>
</clause>
<clause eId="regulation-7-a-ii">
<num>ii</num>
<content>
<p>in sub-paragraph (d), omit “, (b)”;</p>
</content>
</clause>
</subparagraph>
<subparagraph eId="regulation-7-b">
<num>b</num>
<intro>
<p>in paragraph (5)—</p>
</intro>
<clause eId="regulation-7-b-i">
<num>i</num>
<content>
<p>in the words before sub-paragraph (a), omit “established in an EEA state”;</p>
</content>
</clause>
<clause eId="regulation-7-b-ii">
<num>ii</num>
<content>
<p>for sub-paragraph (a), substitute—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<subparagraph eId="d4e747">
<num>a</num>
<intro>
<p>the entity is—</p>
</intro>
<clause eId="d4e753">
<num>i</num>
<content>
<p>a person who is subject to the requirements in these Regulations as a relevant person within the meaning of regulation 8 and who is supervised for compliance with them; or</p>
</content>
</clause>
<clause eId="d4e759">
<num>ii</num>
<content>
<p>subject to requirements in national legislation having an equivalent effect to those laid down in the fourth money laundering directive on an obliged entity (within the meaning of that directive) and supervised for compliance with those requirements in a manner equivalent to section 2 of Chapter VI of the fourth money laundering directive;</p>
</content>
</clause>
</subparagraph>
</quotedStructure>
</mod>
<inline name="AppendText">;</inline>
</p>
</content>
</clause>
<clause eId="regulation-7-b-iii">
<num>iii</num>
<content>
<p>for sub-paragraph (b) substitute—</p>
<p class="BlockAmendment">
<mod>
<quotedStructure class="unknown unknown unknown default" startQuote="" endQuote="">
<subparagraph eId="d4e774">
<num>b</num>
<intro>
<p>the branch or subsidiary complies fully with procedures and policies established for the group under—</p>
</intro>
<clause eId="d4e780">
<num>i</num>
<content>
<p>regulation 20 of these Regulations, or</p>
</content>
</clause>
<clause eId="d4e786">
<num>ii</num>
<content>
<p>requirements in national legislation having an equivalent effect to those laid down Article 45 of the fourth money laundering directive.</p>
</content>
</clause>
</subparagraph>
</quotedStructure>
</mod>
<inline name="AppendText">;</inline>
</p>
</content>
</clause>
</subparagraph>
<subparagraph eId="regulation-7-c">
<num>c</num>
<content>
<p>in paragraph (6)(c), omit “other than the United Kingdom”.</p>
</content>
</subparagraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-8" period="#period1">
<num>
<noteRef href="#key-778065d1667c3819770171c15dca66f4" marker="I7" class="commentary I"/>
8
</num>
<heading>Part 5: beneficial ownership information</heading>
<intro>
<p>In regulation 45—</p>
</intro>
<subparagraph eId="regulation-8-a">
<num>a</num>
<content>
<p>
in paragraph (7)(e), for “EEA state or third country” substitute
<mod>
<quotedText>“ country ”</quotedText>
</mod>
;
</p>
</content>
</subparagraph>
<subparagraph eId="regulation-8-b">
<num>b</num>
<intro>
<p>in paragraph (13)—</p>
</intro>
<clause eId="regulation-8-b-i">
<num>i</num>
<content>
<p>
in the opening words, for “must” substitute
<mod>
<quotedText>“ may ”</quotedText>
</mod>
;
</p>
</content>
</clause>
<clause eId="regulation-8-b-ii">
<num>ii</num>
<content>
<p>
in sub-paragraph (a), for the words from “provided for” to the end of the sub-paragraph, substitute
<mod>
<quotedText>“ equivalent to those provided for in these Regulations in a third country, or ”</quotedText>
</mod>
;
</p>
</content>
</clause>
<clause eId="regulation-8-b-iii">
<num>iii</num>
<content>
<p>
in sub-paragraph (b), for “an EEA state other than the United Kingdom”, substitute
<mod>
<quotedText>“ a third country ”</quotedText>
</mod>
.
</p>
</content>
</clause>
</subparagraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-9" period="#period1">
<num>
<noteRef href="#key-8644fd91fa8d0cd1b24a6f3c25af676a" marker="I8" class="commentary I"/>
9
</num>
<heading>Part 6: supervision and registration</heading>
<paragraph eId="regulation-9-1">
<num>1</num>
<content>
<p>In regulation 46, in paragraph (3), omit sub-paragraph (a).</p>
</content>
</paragraph>
<paragraph eId="regulation-9-2">
<num>2</num>
<content>
<p>In regulation 47, in paragraph (3), omit sub-paragraphs (a) to (e).</p>
</content>
</paragraph>
<paragraph eId="regulation-9-3">
<num>3</num>
<intro>
<p>In regulation 50—</p>
</intro>
<subparagraph eId="regulation-9-3-a">
<num>a</num>
<intro>
<p>in paragraph (4)—</p>
</intro>
<clause eId="regulation-9-3-a-i">
<num>i</num>
<content>
<p>in sub-paragraph (a), omit “other than the United Kingdom”;</p>
</content>
</clause>
<clause eId="regulation-9-3-a-ii">
<num>ii</num>
<content>
<p>
in sub-paragraph (b), for “a country” substitute
<mod>
<quotedText>“ another country ”</quotedText>
</mod>
;
</p>
</content>
</clause>
</subparagraph>
<subparagraph eId="regulation-9-3-b">
<num>b</num>
<content>
<p>omit paragraph (5).</p>
</content>
</subparagraph>
</paragraph>
<paragraph eId="regulation-9-4">
<num>4</num>
<content>
<p>
In regulation 51, in paragraph (2), for the words from “comply with” to the end, substitute
<mod>
<quotedText>“ perform its functions under these Regulations ”</quotedText>
</mod>
.
</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-10" period="#period1">
<num>
<noteRef href="#key-66e81c486eb372b659de532ecf4696da" marker="I9" class="commentary I"/>
10
</num>
<heading>Part 7: Transfer of Funds (Information on the Payer) Regulations</heading>
<paragraph eId="regulation-10-1">
<num>1</num>
<intro>
<p>In regulation 63—</p>
</intro>
<subparagraph eId="regulation-10-1-a">
<num>a</num>
<content>
<p>omit paragraph (4);</p>
</content>
</subparagraph>
<subparagraph eId="regulation-10-1-b">
<num>b</num>
<content>
<p>omit paragraph (9);</p>
</content>
</subparagraph>
<subparagraph eId="regulation-10-1-c">
<num>c</num>
<intro>
<p>in paragraph (10)—</p>
</intro>
<clause eId="regulation-10-1-c-i">
<num>i</num>
<content>
<p>in sub-paragraph (a), omit “other than the United Kingdom”;</p>
</content>
</clause>
<clause eId="regulation-10-1-c-ii">
<num>ii</num>
<content>
<p>
in sub-paragraph (b), for “a country” substitute
<mod>
<quotedText>“ another country ”</quotedText>
</mod>
.
</p>
</content>
</clause>
</subparagraph>
</paragraph>
<paragraph eId="regulation-10-2">
<num>2</num>
<intro>
<p>In regulation 64—</p>
</intro>
<subparagraph eId="regulation-10-2-a">
<num>a</num>
<content>
<p>omit paragraph (1);</p>
</content>
</subparagraph>
<subparagraph eId="regulation-10-2-b">
<num>b</num>
<content>
<p>in paragraph (2), omit the words from “(whether by” to “or otherwise)”.</p>
</content>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-11" period="#period1">
<num>
<noteRef href="#key-24bcc7737f595aff5838cef1e34d26d9" marker="I10" class="commentary I"/>
11
</num>
<heading>Part 8: information and investigation</heading>
<paragraph eId="regulation-11-1">
<num>1</num>
<content>
<p>In regulation 67, omit paragraph (5).</p>
</content>
</paragraph>
<paragraph eId="regulation-11-2">
<num>2</num>
<content>
<p>In regulation 69(1)(b), omit paragraph (i).</p>
</content>
</paragraph>
<paragraph eId="regulation-11-3">
<num>3</num>
<content>
<p>In Schedule 6, in paragraph 5, omit sub-paragraph (a)(v).</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-12" period="#period1">
<num>
<noteRef href="#key-eb4b8b71f95389cbea1c8a8e18679da7" marker="I11" class="commentary I"/>
12
</num>
<heading>Part 9: Enforcement</heading>
<paragraph eId="regulation-12-1">
<num>1</num>
<content>
<p>In regulation 76, in paragraph (6), omit sub-paragraph (a).</p>
</content>
</paragraph>
<paragraph eId="regulation-12-2">
<num>2</num>
<content>
<p>In regulation 86, in paragraph (2), omit sub-paragraph (a).</p>
</content>
</paragraph>
</hcontainer>
<hcontainer name="regulation" eId="regulation-13" period="#period1">
<num>
<noteRef href="#key-eb34d8da1f3bc4926caa63b77f6c439b" marker="I12" class="commentary I"/>
13
</num>
<heading>Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017</heading>
<intro>
<p>
In the Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017
<noteRef href="#c23564761" marker="M3" class="commentary M"/>
</p>
</intro>
<subparagraph eId="regulation-13-a">
<num>a</num>
<content>
<p>in regulation 2, omit the definition of “The European Supervisory Authorities”;</p>
</content>
</subparagraph>
<subparagraph eId="regulation-13-b">
<num>b</num>
<content>
<p>in regulation 14(4), omit sub-paragraph (b);</p>
</content>
</subparagraph>
<subparagraph eId="regulation-13-c">
<num>c</num>
<content>
<p>in regulation 16(4), omit sub-paragraph (b);</p>
</content>
</subparagraph>
<subparagraph eId="regulation-13-d">
<num>d</num>
<content>
<p>in regulation 17(4), omit sub-paragraph (b).</p>
</content>
</subparagraph>
</hcontainer>
</part>
</portionBody>
</portion>
</akomaNtoso>