The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019, Section 20 is up to date with all changes known to be in force on or before 09 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.
20.—(1) The Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019 M1 are amended as follows.
(2) In regulation 5(3), after sub-paragraph (b), insert—
“(c)in sub-paragraph (b), for the word “contract” substitute “ rules ”.”
(3) In regulation 9—
(a)renumber the new regulation 27 inserted by that provision as paragraph (1);
(b)after the renumbered paragraph (1), insert—
“(2) Expressions used in sub-paragraphs (a) to (c) above have the meanings given to them in these Regulations as they were in force immediately before [F1IP completion day].”
(4) In regulation 10—
(a)for paragraph (b), substitute—
“(b)in paragraph 5(2)—
(i)for the first reference to “the system” substitute “ a system governed by the law of the United Kingdom ”;
(ii)after “institution” insert “ whose head office is in the United Kingdom ”;”
(b)in paragraph (d), before sub-paragraph (i), insert—
“(ai)for the first reference to “the system” substitute “ a system governed by the law of the United Kingdom ”;”
(c)renumber paragraph (e) as sub-paragraph (iv) in paragraph (d).
(5) After regulation 18, insert—
18A.—(1) A temporarily designated system is to be treated as a “designated settlement system” for the purposes of section 48B (special bail-in provision) of the Banking Act 2009 M2.
(2) An operator of a temporarily designated system is to be treated as an “excluded person” for the purposes of sections 70A to 70C (suspension of obligations, restriction of security interests, suspension of termination rights) of the Banking Act 2009 M3.”.
Textual Amendments
F1Words in reg. 20(3)(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(e)
Commencement Information
I1Reg. 20 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
M22009 c.1. Section 48B was inserted by paragraph 4 of Schedule 2 to the Financial Services (Banking Reform) Act 2013 (c.33).
M3Sections 70A to 70C were inserted by S.I. 2014/3329.
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
