The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019, Section 12 is up to date with all changes known to be in force on or before 05 March 2025. 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.
12.—(1) The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 M1 are amended as follows.
(2) In regulation 2—
(a)in paragraph (1), for the definition of “third country” substitute—
““third country” means a country other than the United Kingdom.”;
(b)in paragraph (2), at the end of the definition of “senior management” insert “ as it had effect immediately before [F1IP completion day]”.
(3) For the heading to regulation 3, substitute “ Retained direct EU legislation ”.
(4) In regulation 3, for “directly applicable EU regulation” substitute “ retained direct EU legislation ”.
(5) Omit regulation 4.
(6) In regulation 8, in paragraphs (2), (3) and (5), for “an EU obligation” substitute “ a retained EU obligation ”.
(7) In regulation 34, for paragraph (2) substitute—
“(2) The FCA must determine the application within 90 working days of receipt of the completed application.”
(8) In regulation 35(1), for “outside the EU” substitute “ in a third country ”.
(9) In regulation 61 M2—
(a)in paragraph (1), after “does not”, the second time it occurs, insert “ , subject to paragraph (3), ”;
(b)after paragraph (2) insert—
“(3) Paragraph (1) does not apply if the benchmark may not be used by virtue of Article 51(1C) of the EU Benchmarks Regulation 2016.”.
(10) In regulation 62—
(a)in paragraph (1), after “does not”, the second time it occurs, insert “ , subject to paragraph (3), ”;
(b)after paragraph (2) insert—
“(3) Paragraph (1) does not apply if the benchmark may not be used by virtue of Article 51(1C) of the EU Benchmarks Regulation 2016.”
Textual Amendments
F1Words in reg. 12(2)(b) 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(b)
Commencement Information
I1Reg. 12 in force at 31.12.2020 immediately before IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M2Regulation 61 is amended by S.I. 2018/204.
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