The Financial Services (Distance Marketing) (Amendment and Savings Provisions) (EU Exit) Regulations 2019 No. 574

PART 3 U.K. European Union (Withdrawal) Act 2018: amendment of the 2004 Regulations

Amendment of the 2004 Regulations U.K.

4.  The 2004 Regulations are amended as follows.

Commencement Information

I1 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(3)

Amendment of regulation 2 U.K.

5.  In regulation 2(1) (interpretation)—

(a) omit the definition of “the European Consumer Credit Information form”M1 ;

(b) after the definition of “means of distance communication”, insert—

““the Pre-Contract Credit Information (Overdrafts) form” means the form set out in Schedule 3 to the Disclosure of Information Regulations;”.

Commencement Information

I2 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(3)

Marginal Citations

M1 The definition of “the European Consumer Credit Information form” was inserted by S.I. 2010/1010.

Amendment of regulation 4 U.K.

6.  In regulation 4 (scope)—

(a) for paragraph (1) substitute—

“(1) Regulations 7 to 11 do not apply in relation to any contract made between an EEA supplier contracting from an establishment in an EEA State and a consumer in the United Kingdom unless the EEA supplier is—

(a) a payments supplier,

(b) a relevant EEA AIFM, or

(c) the operator, trustee or depositary of a relevant recognised scheme.

(1A) Regulations 12 and 13 do not apply in relation to any contract made between an EEA supplier contracting from an establishment in an EEA State and a consumer in the United Kingdom unless the EEA supplier is—

(a) an authorised person, or

(b) a payments supplier.

(1B) Regulation 15 does not apply in relation to any supply of financial services by an EEA supplier from an establishment in an EEA State to a consumer in the United Kingdom unless the EEA supplier is—

(a) a payments supplier,

(b) a relevant EEA AIFM, or

(c) the operator, trustee or depositary of a relevant recognised scheme

(1C) For the purposes of paragraphs (1) to (1B)—

“payments supplier” means an EEA supplier to whom paragraph 2 or 14 of Schedule 3 to the Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 applies;

“relevant EEA AIFM” means an EEA AIFM (within the meaning given in regulation 78A(1)(b) of the Alternative Investment Fund Managers Regulations 2013) to whom regulation 78B of those Regulations applies.”M2 .

(b) in paragraph (6), for “paragraph (5)” substitute “ paragraphs (1), (1B) and (5) ”.

Commencement Information

I3 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(3)

Marginal Citations

M2 S.I. 2018/1201 and S.I. 2013/1773. Regulations 78A and 78B of the 2013 Regulations were inserted by the Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328).

Amendment of regulation 7 U.K.

7.  In regulation 7 (information required prior to the conclusion of the contract)—

(a) in paragraph (1A) M3 , omit “, 17”;

(b) in paragraph (7)(a) for “European Consumer Credit Information form” substitute “ Pre-contract Credit Information (Overdrafts) form ”.

Commencement Information

I4 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(3)

Marginal Citations

M3 Paragraph (1A) of regulation 7 was inserted by S.I. 2009/209 and amended by S.I. 2017/752.

Amendment of regulation 8 U.K.

8.  In regulation 8 (written and additional information)—

(a) in paragraph (1A) M4 , omit “, 17”;

(b) in paragraph (1C)(a)(i) M5 , for “European Consumer Credit Information form” substitute “ Pre-contract Credit Information (Overdrafts) form ”.

Commencement Information

I5 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(3)

Marginal Citations

M4 Paragraph (1A) of regulation 8 was inserted by S.I. 2009/209 and amended by S.I. 2017/752

M5 Paragraph (1C) of regulation 8 was inserted by S.I. 2010/1010.

Amendment of regulation 16 U.K.

9.  In regulation 16 (prevention of contracting-out), for paragraph (3) substitute—

“(3) These Regulations apply despite any contract term which applies or purports to apply the law of a country other than the United Kingdom, if the contract or supply has a close connection with the United Kingdom or any part of the United Kingdom.”.

Commencement Information

I6 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(3)

Amendment of Schedule 1 U.K.

10.  In Schedule 1 (information required prior to the conclusion of the contract)—

(a) in paragraph 2, for “consumer's State of residence” substitute “ United Kingdom ”;

(b) omit paragraph 17;

(c) in paragraph 21, for “except to” to the end substitute “ as applicable to the contract ”.

Commencement Information

I7 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(3)