The Prospectus (Amendment etc.) (EU Exit) Regulations 2019

Incorporation by reference U.K.

47.  In Article 19—

(a) in paragraph 1, in the first subparagraph —

(i) in the opening words, after “Article 27” insert “ as it had effect immediately before exit day where the information was published before [F1 IP completion day], ”;

(ii) for point (a) substitute—

“(a) a document which has—

(i) before [F2 IP completion day], been approved by or filed with a competent authority (as defined in this Regulation as it had effect immediately before exit day) in accordance with this Regulation (as it had effect immediately before exit day), or a competent authority (as defined in Directive 2003/71/EC) in accordance with that Directive; or

(ii) on or after [F2 IP completion day], been approved by or filed with the competent authority in accordance with this Regulation or the UK law implementing Directive 2003/71/EC;”;

(iii) for point (j), substitute—

“(j) annual reports or any disclosure of information required under—

• — provisions of the law of the United Kingdom relied on at the time of the disclosure in question to implement Articles 22 and 23 of Directive 2011/61/EU, in relation to disclosures made before [F3 IP completion day],

• — the UK law which implemented Articles 22 and 23 of Directive 2011/61/EC, in relation to disclosures after [F3 IP completion day].”;

(b) in paragraph 4—

(i) in the first subparagraph—

(aa) for “ESMA may, or where the Commission so requests shall, develop draft regulatory” substitute “ The FCA may make ”;

(bb) for “Union law” substitute “ the law of the United Kingdom ”.

(ii) omit the second subparagraph.

Textual Amendments

F1 Words in reg. 47(a)(i) 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. 48(d)(i)

F2 Words in reg. 47(a)(ii) 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. 48(d)(ii)

F3 Words in reg. 47(a)(iii) 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. 48(d)(iii)

Commencement Information

I1 Reg. 47 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)