The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019

The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018

12.—(1) The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018(1) are amended as follows.

(2) In regulation 2—

(a) in paragraph (1), for the definition of “third country” substitute—

““third country” means a country other than the United Kingdom.”;

(b) in paragraph (2), at the end of the definition of “senior management” insert “as it had effect immediately before exit day”.

(3) For the heading to regulation 3, substitute “Retained direct EU legislation”.

(4) In regulation 3, for “directly applicable EU regulation” substitute “retained direct EU legislation”.

(5) Omit regulation 4.

(6) In regulation 8, in paragraphs (2), (3) and (5), for “an EU obligation” substitute “a retained EU obligation”.

(7) In regulation 34, for paragraph (2) substitute—

“(2) The FCA must determine the application within 90 working days of receipt of the completed application.”

(8) In regulation 35(1), for “outside the EU” substitute “in a third country”.

(9) In regulation 61(2)—

(a) in paragraph (1), after “does not”, the second time it occurs, insert “, subject to paragraph (3),”;

(b) after paragraph (2) insert—

“(3) Paragraph (1) does not apply if the benchmark may not be used by virtue of Article 51(1C) of the EU Benchmarks Regulation 2016.”.

(10) In regulation 62—

(a) in paragraph (1), after “does not”, the second time it occurs, insert “, subject to paragraph (3),”;

(b) after paragraph (2) insert—

“(3) Paragraph (1) does not apply if the benchmark may not be used by virtue of Article 51(1C) of the EU Benchmarks Regulation 2016.”

(1)

S.I. 2018/135.

(2)

Regulation 61 is amended by S.I. 2018/204.