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The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019
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- UK Statutory Instruments
- 2019 No. 632
- PART 3
- Regulation 122
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The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019, Section 122 is up to date with all changes known to be in force on or before 22 December 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Regulation 122:
- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
Article 4 (specified activities: general)U.K.
This section has no associated Explanatory Memorandum
122.—(1) Article 4 (specified activities: general) is amended as follows.
(2) In paragraph (4) M1, for “credit institution” (in both places) substitute “ qualifying credit institution ”.
(3) In paragraph (4A) M2, in sub-paragraph (a), for “an EEA State” substitute “ the United Kingdom ”.
(4) After that paragraph insert—
“(4AA) In its application to any activity relating to a contract of insurance entered into before [F1IP completion day], paragraph (4A)(a) has effect as if “or an EEA State” were inserted after “the United Kingdom.”.
(5) In paragraph (4B) M3, for “does not fall within Article 3(2) or (3) of the mortgages directive” substitute “ neither relates to an agreement to which section 423A(3) of the Act applies nor falls within the scope of any of the derogations set out in Article 3(3) of the mortgages directive (as it had effect immediately before [F2IP completion day]) ”.
(6) In paragraph (5) M4—
(a)in the definition of “ancillary insurance intermediary”, after “Schedule 4” insert “ , read with the modifications set out in paragraph 3 of Part 6 M5 of that Schedule ”;
(b)in the definition of “insurance distribution”, after “respectively” insert “ , read with the modification set out in paragraph 4 of Part 6 of that Schedule ”;
(c)in the definition of “reinsurance distribution”, after “respectively” insert “ , read with the modifications set out in paragraphs 2 and 4 of Part 6 of that Schedule ”.
Textual Amendments
F1Words in reg. 122(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. 33(m)(i)
F2Words in reg. 122(5) 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. 33(m)(ii)
Modifications etc. (not altering text)
C1Pts. 3-6 modified in part (31.12.2020) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(2), 11(1)(4)(5) (with reg. 11(8)-(10)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1)
Commencement Information
I1Reg. 122 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M1Paragraph (4) was substituted by S.I. 2006/3384 and was amended by S.I. 2017/488.
M2Paragraph (4A) was substituted by S.I. 2018/546.
M3Paragraph (4B) was inserted by S.I. 2015/910 and was amended by S.I. 2016/392.
M4Paragraph (5) was substituted by S.I. 2018/546.
M5Part 6 is inserted by these Regulations.
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