The Social Entrepreneurship Funds (Amendment) (EU Exit) Regulations 2019

Supervision and administrative cooperation U.K.

5.—(1) In Article 15—

(a) in paragraph 1—

(i) for “EuSEF” substitute “ SEF ”;

(ii) for “competent authority of their home Member State” substitute “ FCA ”;

(iii) omit point (d);

(b) in paragraphs 2, 4 and 6, for “competent authority of the home Member State” substitute “ FCA ”, in each place it occurs;

(c) in paragraph 3—

(i) for “entire territory of the Union” substitute “ United Kingdom ”;

(ii) for “EuSEF” substitute “ SEF ”;

(iii) for “throughout the Union” substitute “ in the United Kingdom ”;

(d) omit paragraph 5;

(e) in paragraph 6, in the second sub-paragraph—

(i) in the second sentence, for “competent authority” substitute “ FCA ”;

(ii) for “relevant competent authority” substitute “ FCA ”;

(f) for paragraphs 7 and 8 substitute—

“7.   The FCA may make technical standards to specify further the information to be provided to it in the application for registration as set out in paragraph 1 and to specify further the conditions as set out in paragraph 2.

8.   The FCA may make technical standards on standard forms, templates and procedures for the provision of information to it in the application for registration set out in paragraph 1 and the conditions set out in paragraph 2.”;

(g) omit paragraph 9.

(2) In Article 15a—

(a) in paragraph 1—

(i) for “authorised under Article 6 of Directive 2011/61/EU” substitute “ who have permission under Part 4A of the FSMA to carry on the regulated activity specified by article 51ZC of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (managing an AIF) ”;

(ii) for “EuSEF” substitute “ SEF ”;

(b) in paragraph 2—

(i) in the opening words, for “competent authority of the qualifying social entrepreneurship fund” substitute “ FCA ”;

(ii) omit point (d);

(c) omit paragraph 3;

(d) in paragraph 4, for “Directive 2011/61/EU” substitute—

“the law of the United Kingdom or any part of the United Kingdom which was relied on immediately before [F1 IP completion day] to implement Directive 2011/61/EU and its implementing measures—

(i) as they have effect on [F1 IP completion day], in the case of rules made by the FCA or by the PRA under FSMA, and

(ii) as amended from time to time, in all other cases.”;

(e) in paragraph 5—

(i) omit “and having received any clarification and information referred to in paragraph 3”;

(ii) for “competent authority of the qualifying social entrepreneurship fund” substitute “ FCA ”;

(f) in paragraph 6, for “competent authority of the qualifying social entrepreneurship fund” substitute “ FCA ”;

(g) in paragraph 7—

(i) for “entire territory of the Union” substitute “ United Kingdom ”;

(ii) for “throughout the Union” substitute “ in the United Kingdom ”;

(iii) for “EuSEF” substitute “ SEF ”;

(h) for paragraphs 8 and 9 substitute—

“8.   The FCA may make technical standards to specify further the information to be provided to it in accordance with paragraph 2.

9.   The FCA may make technical standards on standard forms, templates and procedures for the provision of information to it in accordance with paragraph 2.”;

(i) omit paragraph 10.

(3) Omit Articles 15b to 17a.

(4) In Article 18—

(a) in paragraph 1—

(i) for “ESMA” substitute “ The FCA ”;

(ii) for “EuSEF” substitute “ SEF ”;

(iii) omit “, as well as the countries in which those funds are marketed”;

(b) in paragraph 2, for “ESMA” substitute “ the FCA ”.

(5) In Article 19—

(a) in paragraph 1, for “competent authority of the home Member State” substitute “ FCA ”;

(b) omit paragraphs 1a to 3.

(6) Omit Articles 20 and 21.

(7) In Article 22—

(a) in paragraphs 1(c) and (d), 2(b) and 4, for “EuSEF” substitute “ SEF ” in each place it occurs;

(b) in paragraphs 1 and 2, in the opening words, for “competent authority” substitute “ FCA ”;

(c) omit paragraph 3;

(d) in paragraph 4—

(i) for “Union” substitute “ United Kingdom ”;

(ii) for “competent authority” substitute “ FCA ”;

(e) omit paragraph 5.

(8) In Article 22a, for “competent authorities in accordance with Directive 2011/61/EU” substitute “ the FCA in respect of AIFMs (as defined in regulation 4(1) of the AIFM Regulations) under FSMA or the AIFM Regulations ”.

(9) Omit Article 23.

(10) In Article 24—

(a) in paragraph 1, for “competent authorities or for ESMA” and for “competent authorities or by ESMA” substitute “ FCA ”;

(b) omit paragraph 2;

(c) for paragraph 3, substitute—

“3.   Where the FCA receives confidential information under this Regulation, the FCA may use it only in the course of its duties and for the purpose of administrative and judicial proceedings.”

(11) Omit Article 25.

Textual Amendments

F1 Words in reg. 5(2)(d) 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. 24(b)

Commencement Information

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