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

Transitional provisions: central securities depositories U.K.

39.—(1) A relevant CSD is to be treated as a relevant entity for the purposes of section 886 of the Income Tax Act 2007 for the period specified in paragraph (3).

(2) A relevant CSD is to be treated as a market infrastructure body for the purposes of the Investment Bank Special Administration Regulations 2011 M1 for the period specified in paragraph (3).

(3) The period begins on[F1 IP completion day] and ends—

(a) where the relevant CSD makes an application under Article 25(4) of the CSD Regulation on or after [F1 IP completion day] and before the end of the period applicable in the relevant CSD's case under Article 69(1) of that Regulation, immediately after the determination of that application; or

(b) where the relevant CSD does not make an application under Article 25(4) of the CSD Regulation on or after [F1 IP completion day] and before the end of the period applicable in the relevant CSD's case under Article 69(1) of that Regulation, immediately after the end of that period.

(4) In this regulation—

“the CSD Regulation” means Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories;

“relevant CSD” means an entity which immediately before [F2 IP completion day] was—

(a)

an EEA CSD within the meaning of section 285(1)(f) M2 of the Financial Services and Markets Act 2000 M3 (as it had effect immediately before exit day); or

(b)

a third country CSD within the meaning of section 285(1)(g) of that Act (as it had effect immediately before [F2 IP completion day]).

Textual Amendments

F1 Words in reg. 39(3) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 43(l)(i)

F2 Words in reg. 39(4) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 43(l)(ii)

Commencement Information

I1 Reg. 39 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(4)

Marginal Citations

M1 S.I. 2011/245. The definition of “market infrastructure body” in regulation 2(1) was amended by S.I. 2013/504 and 2017/1064.

M2 Subsections (1)(f) and (g) were inserted by S.I. 2017/1064.

M3 2000 c.8.