Financial Services and Markets Act 2000

[F1 [F2 138P. Technical standards U.K.

(1) This Chapter applies where a power for the FCA, the PRA, the Bank of England, or any combination of them to make technical standards is substituted for the power of an EU entity to make EU tertiary legislation (“the original EU power”) by regulations made under section 8 of the European Union (Withdrawal) Act 2018.

(2) The power to make technical standards includes power to modify, amend or revoke—

(a) any technical standards made by the regulator under that power;

(b) any EU tertiary legislation made by an EU entity under the original EU power which forms part of retained EU law.

(3) Where power to make a technical standard for the same purposes (as set out in the provision creating the power) and applying to the same persons or class of persons has been given to more than one regulator, no regulator may exercise the power without the consent of the other regulator or regulators.

(4) Before a regulator makes a technical standard in which another regulator has an interest, it must consult the other regulator.

(5) For the purposes of subsection (4)—

(a) the PRA has an interest in a technical standard which—

(i) applies to PRA-authorised persons or other persons connected to them, or

(ii) may affect the exercise of the PRA’s functions under or by virtue of this Act or under retained EU law;

(b) the FCA has an interest in all technical standards which a regulator or the Payment Systems Regulator has power to amend;

(c) the Bank of England has an interest in technical standards which—

(i) apply to central counterparties, to financial counterparties or non-financial counterparties within the meaning of the EMIR regulation or to central securities depositories, or

(ii) may affect the exercise of the Bank’s functions under or by virtue of this Act, the Banking Act 2009 or retained EU law.

(6) For the purposes of this Chapter—

(a) “EU tertiary legislation” has the meaning given in section 20 of the European Union (Withdrawal) Act 2018;

(b) “regulator” means the FCA, the PRA or the Bank of England;

(c) a person is connected with another person in the circumstances set out in section 165(11).

[F3 (d) “the EMIR regulation” has the meaning given in section 313.]]]

Textual Amendments

F1 Pt. 9A substituted for ss. 138-164 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 24(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F2 Pt. 9A Ch. 2A inserted (26.10.2018) by The Financial Regulators Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 1(2), 7(8)

F3 S. 138P(6)(d) inserted (25.6.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646), regs. 1(2)(b), 2(2)