The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 No. 632

PART 2 U.K. Amendments to the Act

CHAPTER 4 U.K. Part 5 of the Act: performance of regulated activities

Introduction U.K.

24.  Part 5 of the Act (performance of regulated activities) is amended as follows.

Commencement Information

I1 Reg. 24 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)

Section 59 (approval for particular arrangements) U.K.

25.  In section 59 (approval for particular arrangements) omit subsection (8) M1 .

Commencement Information

I2 Reg. 25 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 Subsection (8) was amended by S.I. 2012/1906.

Section 63E (certification of employees by relevant authorised persons) U.K.

26.  In section 63E M2 (certification of employees by relevant authorised persons) omit subsection (7).

Commencement Information

I3 Reg. 26 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 Section 63E was inserted by section 29 of the Financial Services (Banking Reform) Act 2013.

Section 66A (misconduct: action by the FCA) U.K.

27.  In section 66A (misconduct: action by the FCA) in subsection (4)(b) M3 for “qualifying EU provision” substitute “ qualifying provision ”.

Commencement Information

I4 Reg. 27 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 Section 66A was inserted by section 32(2) of the Financial Services (Banking Reform) Act 2013.

Section 66B (misconduct: action by the PRA) U.K.

28.  In section 66B (misconduct: action by the PRA) in subsection (4)(b) M4 for “qualifying EU provision” substitute “ qualifying provision ”.

Commencement Information

I5 Reg. 28 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 Section 66B was inserted by section 32(2) of the Financial Services (Banking Reform) Act 2013.

Section 71D (sections 71B and 71C: conditions) U.K.

29.  In section 71D (sections 71B and 71C: conditions) in subsection (2) for “any measure of a kind described in Article 27(1) of the recovery and resolution directive” substitute “ any measure defined as a “relevant measure” by article 107 of the Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348) ”.

Commencement Information

I6 Reg. 29 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)

Section 71I (sections 71B to 71H: interpretation) U.K.

30.—(1) Section 71I M5 (sections 71B to 71H: interpretation) is amended as follows.

(2) In subsection (2)(b) for “an EEA parent” substitute “ a UK parent ”.

(3) In subsection (3)—

(a) for “an EEA parent” substitute “ a UK parent ”;

(b) for “any EEA state” substitute “ the United Kingdom ”.

(4) In subsection (4) for “Article 2.1(2) and 2.1(3) of the recovery and resolution directive” substitute “ article 2(1) of the Bank Recovery and Resolution (No. 2) Order 2014 ”.

(5) In subsection (5)—

(a) in the definition of “consolidating supervisor”, for “an EEA parent” substitute “ a UK parent ”;

(b) omit the definition of “the recovery and resolution directive”.

Commencement Information

I7 Reg. 30 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

M5 Section 71I was inserted by S.I. 2016/1239.