The Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019

The Risk Transformation Regulations 2017

2.—(1) The Risk Transformation Regulations 2017(1) are amended as follows.

(2) In regulation 2, insert at the end—

“(4) Any reference in these Regulations to any EU regulation, EU decision or EU tertiary legislation (within the meaning of section 20 of the European Union (Withdrawal) Act 2018 (“the 2018 Act”)), is, unless the contrary intention appears, to be treated as a reference to that EU regulation, EU decision or EU tertiary legislation as it forms part of domestic law by virtue of section 3 of the 2018 Act.”.

(3) Omit regulation 9.

(4) In regulation 10—

(a) in paragraph (1)—

(i) for sub-paragraph (a), substitute—

“(a) described in paragraph 3(a) of Schedule 1 to MIFIR;”;

(ii) for sub-paragraph (b), substitute—

“(b) recognised by the Financial Conduct Authority (“FCA”) as an eligible counterparty for the purposes of Section 6 of Chapter 3 of the Conduct of Business sourcebook in the Handbook of Rules and Guidance published by the FCA containing rules made by the FCA under FSMA, as the sourcebook has effect on exit day; or”;

(b) omit paragraph (3);

(c) in paragraph (4)—

(i) in sub-paragraph (a) for “Section C of Annex I to MIFID 2 (Financial instruments)” substitute “Part 1 of Schedule 2 to the Regulated Activities Order”;

(ii) omit sub-paragraphs (b), (c) and (d);

(iii) before sub-paragraph (e), insert—

“(da) “MIFIR” means Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments; and”.

(5) In regulation 37(7), for “falling within the meaning” to the end substitute “which meets the requirements set out in Article 26 of Regulation (EU) No 910/2014 of the European Parliament and of the Council of 23 July 2014 on electronic identification and trust services for the electronic transactions in the internal market and repealing Directive 1999/93/EC”.

(6) Omit regulation 38.

(1)

S.I. 2017/1212.