The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020

Regulation (EU) 2020/852

78.—(1) Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088(1) is amended as follows.

(2) Omit Article 1, paragraph 2.

(3) In Article 2—

(a) omit paragraphs (2) to (4);

(b) for paragraph (7) substitute—

“(7) “greenhouse gas” has the meaning given in section 92 of the Climate Change Act 2008(2).”;

(c) for paragraph (8) substitute—

“(8) “waste hierarchy” has the meaning—

(a) in England and Wales, given in regulation 12 of the Waste (England and Wales) Regulations 2011(3);

(b) in Northern Ireland, given in regulation 9(1) of the Waste (Northern Ireland) Regulations 2011(4);

(c) in Scotland, given in section 34(2A) of the Environmental Protection Act 1990(5).”;

(d) for paragraph (12) substitute—

“(12) “pollution” means—

(a) the direct or indirect introduction of pollutants into air, water or land as a result of human activity;

(b) in the context of the marine environment, pollution as defined in Part 2 of Schedule 1 to the Marine Strategy Regulations 2010(6);

(c) in the context of the water environment—

(i) in England and Wales, pollution as defined in paragraph 1(2) of Schedule 1 to the Water Environment (Water Framework Directive) (England and Wales) Regulations 2017(7);

(ii) in Northern Ireland, pollution as defined in paragraph 1(2) of Schedule 1 to the Water Environment (Water Framework Directive) (Northern Ireland) Regulations 2017(8);

(iii) in Scotland, pollution as defined in regulation 20(6) of the Water Environment and Water Services (Scotland) Act 2003(9).”;

(e) for paragraph (18) substitute—

“(18) “marine waters” means marine waters as defined in regulation 3(3) of the Marine Strategy Regulations 2010(10).”;

(f) for paragraph (19) substitute—

“(19) “surface water” has the meaning—

(a) in England and Wales, given in paragraph 1(2) of Schedule 1 to the Water Environment (Water Framework Directive) (England and Wales) Regulations 2017(11);

(b) in Northern Ireland, given in paragraph 1(2) of Schedule 1 to the Water Environment (Water Framework Directive) (Northern Ireland) Regulations 2017(12);

(c) in Scotland, given in regulation 3(3) of the Water Environment and Water Services (Scotland) Act 2003(13).”;

(g) for paragraph (20) substitute—

“(20) “groundwater” has the meaning—

(a) in England and Wales, given in paragraph 1(2) of Schedule 1 to the Water Environment (Water Framework Directive) (England and Wales) Regulations 2017(14);

(b) in Northern Ireland, given in paragraph 1(2) of Schedule 1 to the Water Environment (Water Framework Directive) (Northern Ireland) Regulations 2017(15);

(c) in Scotland, given in regulation 3(4) of the Water Environment and Water Services (Scotland) Act 2003(16).”;

(h) for paragraph (21) substitute—

“(21) “good environmental status” has the meaning given in Part 2 of Schedule 1 to the Marine Strategy Regulations 2010(17).”;

(i) for paragraph (22) substitute—

“(22) “good status” has the meaning—

(a) for surface water—

(i) in England and Wales, of having both “good ecological status” and “good surface water chemical status”, as defined in paragraph 1(2) of Schedule 1 to the Water Environment (Water Framework Directive) (England and Wales) Regulations 2017(18);

(ii) in Northern Ireland, of having both “good ecological status” and “good surface water chemical status”, as defined in paragraph 1(2) of Schedule 1 to the Water Environment (Water Framework Directive) (Northern Ireland) Regulations 2017(19);

(iii) in Scotland, of having both “good ecological status”, as defined in paragraph 3(2)(b) of Part B of Schedule 1 to the Scotland River Basin District (Status) Directions 2014, and “good surface water chemical status”, as defined in paragraph 5(2)(a) of Part C of Schedule 1 to the Scotland River Basin District (Status) Directions 2014(20);

(b) for groundwater—

(i) in England and Wales, of having both “good groundwater status” and “good quantitative status”, as defined in paragraph 1(2) of Schedule 1 to the Water Environment (Water Framework Directive) (England and Wales) Regulations 2017(21);

(ii) in Northern Ireland, of having both “good groundwater status” and “good quantitative status”, as defined in paragraph 1(2) of Schedule 1 to the Water Environment (Water Framework Directive) (Northern Ireland) Regulations 2017(22);

(iii) in Scotland, of having both “good groundwater chemical status”, as defined in paragraph 2(2) of Part B of Schedule 4 to the Scotland River Basin District (Status) Directions 2014, and “good quantitative status”, as defined in paragraph 3(2) of Part C of Schedule 4 to the Scotland River Basin District (Status) Directions 2014(23).”;

(j) for paragraph (23) substitute—

“(23) “good ecological potential” has the meaning—

(a) in England and Wales, given in paragraph 1(2) of Schedule 1 to the Water Environment (Water Framework Directive) (England and Wales) Regulations 2017(24);

(b) in Northern Ireland, given in paragraph 1(2) of Schedule 1 to the Water Environment (Water Framework Directive) (Northern Ireland) Regulations 2017(25);

(b) in Scotland, given in paragraph 2(b) of Part B of Schedule 2 to the Scotland River Basin District (Status) Directions 2014(26).”.

(4) In Article 3(d) omit “by the Commission”.

(5) Omit Article 8(4).

(6) In Article 10—

(a) in paragraph 1(a), omit “in line with Directive (EU) 2018/2011”;

(b) in paragraph 2, for “the Commission” substitute “the Treasury”;

(c) in paragraph 3, for “The Commission shall adopt a delegated act in accordance with Article 23” substitute “The Treasury must make regulations”;

(d) omit paragraph 4;

(e) for paragraph 5 substitute—

“5.   The Treasury must establish the technical screening criteria referred to in paragraph 3 of this Article taking into account the requirements of Article 19.”;

(f) for paragraph 6 substitute—

“6.   The Treasury must make the regulations in paragraph 3 above no later than 1 January 2023.”.

(7) In Article 11—

(a) in paragraph 3 for “The Commission shall adopt a delegated act in accordance with Article 23” substitute “the Treasury must make regulations”;

(b) omit paragraph 4;

(c) for paragraph 5 substitute—

“5.   The Treasury must establish the technical screening criteria referred to in paragraph 3 of this Article taking into account the requirements of Article 19.”;

(d) for paragraph 6 substitute—

“6.   The Treasury must make the regulations in paragraph 3 above no later than 1 January 2023.”.

(8) In Article 12—

(a) in paragraph 2, for “The Commission shall adopt a delegated act in accordance with Article 23” substitute “the Treasury must make regulations”;

(b) omit paragraph 3;

(c) for paragraph 4 substitute—

“4.   The Treasury must establish the technical screening criteria referred to in paragraph 2 of this Article taking into account the requirements of Article 19.”;

(d) for paragraph 5 substitute—

“5.   The Treasury must make the regulations in paragraph 2 above no later than 1 January 2024.”.

(9) In Article 13—

(a) in paragraph 1(d) omit “in line with the objectives set out in Union law,”;

(b) in paragraph 2 for “The Commission shall adopt a delegated act in accordance with Article 23” substitute “the Treasury must make regulations”;

(c) omit paragraph 3;

(d) for paragraph 4 substitute—

“4.   The Treasury must establish the technical screening criteria referred to in paragraph 2 of this Article taking into account the requirements of Article 19.”;

(e) for paragraph 5 substitute—

“5.   The Treasury must make the regulations in paragraph 2 above no later than 1 January 2024.”.

(10) In Article 14—

(a) in paragraph 2 for “The Commission shall adopt a delegated act in accordance with Article 23” substitute “the Treasury must make regulations”;

(b) omit paragraph 3;

(c) for paragraph 4 substitute—

“4.   The Treasury must establish the technical screening criteria referred to in paragraph 2 of this Article taking into account the requirements of Article 19.”;

(d) for paragraph 5 substitute—

“5.   The Treasury must make the regulations in paragraph 2 above no later than 1 January 2024.”.

(11) In Article 15—

(a) in paragraph 2 for “The Commission shall adopt a delegated act in accordance with Article 23” substitute “the Treasury must make regulations”;

(b) omit paragraph 3;

(c) for paragraph 4 substitute—

“4.   The Treasury must establish the technical screening criteria referred to in paragraph 2 of this Article taking into account the requirements of Article 19.”;

(d) for paragraph 5 substitute—

“5.   The Treasury must make the regulations in paragraph 2 above no later than 1 January 2024.”.

(12) In Article 17, in paragraph 1(f)(ii), for “Union” substitute “United Kingdom”.

(13) In Article 18, omit paragraph 2.

(14) In Article 19—

(a) in paragraph 1, omit subparagraphs (d) and (e), and in subparagraph (f) omit “and the precautionary principle enshrined in Article 191 TFEU”;

(b) in paragraph 5—

(i) in the first subparagraph, for “The Commission shall regularly review the technical screening criteria referred to in paragraph 1 and, where appropriate, amend the delegated acts” substitute “The Treasury may by regulations amend the technical screening criteria set out in any regulations made under this Regulation.”;

(ii) omit the second subparagraph;

(iii) in the third paragraph for “the Commission” substitute “the Treasury”.

(15) Omit Articles 20 to 22.

(16) For Article 23 substitute—

“Article 23 Regulations

1.   Any power to make regulations conferred on the Treasury by this Regulation is exercisable by statutory instrument.

2.   Such regulations may—

(a) contain incidental, supplemental, consequential, transitional, transitory or saving provision; and

(b) make different provisions for different purposes.

3.   A statutory instrument containing regulations made under this Regulation is subject to annulment in pursuance of a resolution of either House of Parliament.”.

(17) Omit Article 24.

(18) In Article 25—

(a) omit paragraphs 1, 2(b) and (c), 3(b) and (c) and 4;

(b) in paragraph (5) in the inserted paragraph 3 of Article 20 of Regulation (EU) 2019/2088 omit subparagraphs (a) and (b).

(19) In Article 26—

(a) in paragraph 1, for “By 13 July 2022, and subsequently every three years thereafter, the Commission shall publish a report on the application of this Regulation” substitute “The Treasury must, no later than 1 January 2024, and every three years thereafter, review the functioning of this Regulation and lay a report before Parliament”;

(b) omit paragraph 1(c), (d), (e) and (f);

(c) in paragraph 2, for “By 31 December 2021, the Commission shall publish a report describing the provisions that would be required to extend the scope of this Regulation beyond environmentally sustainable economic activities and describing the provisions that would be required to cover” substitute “The Treasury must, no later than 1 January 2024, lay a report before Parliament evaluating the appropriateness of extending the scope of this Regulation beyond environmentally sustainable economic activities, and considering the measures that would be required to cover”;

(d) omit Article 26(3).

(20) After Article 27 omit the words “This Regulation shall be binding in its entirety and directly applicable in all member States.”.

(1)

OJ No L 198, 22.06.2020, p.13.

(2)

2008 c. 27.

(3)

S.I. 2011/988.

(4)

S.R. 2011 No. 127, amended by S.R. 2016 No. 95 and 2018 No. 200.

(5)

1990 c. 43, amended by S.S.I. 2011/266.

(6)

S.I. 2010/1627.

(7)

S.I. 2017/407.

(8)

S.R. 2017 No. 81.

(9)

2003 asp 3, amended by S.S.I. 2005/348.

(10)

S.I. 2010/1627.

(11)

S.I. 2017/407.

(12)

S.R. 2017 No. 81.

(13)

2003 asp 3.

(14)

S.I. 2017/407.

(15)

S.R. 2017 No. 81.

(16)

2003 asp 3.

(17)

S.I. 2010/1627.

(18)

S.I. 2017/407.

(19)

S.R. 2017 No. 81.

(20)

ISBN 9781784127640.

(21)

S.I. 2017/407.

(22)

S.R. 2017 No. 81.

(23)

ISBN 9780784127640.

(24)

S.I. 2017/407.

(25)

S.R. 2017 No. 81.

(26)

ISBN 9780784127640.