The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019

CHAPTER 11 Part 20 of the Act: provision of financial services by members of the professions

Introduction

62.  Part 20 of the Act(1) (provision of financial services by members of the professions) is amended as follows.

Section 326 (designation of professional bodies)

63.  In section 326 (designation of professional bodies), omit subsection (5)(d).

Section 327 (exemption from the general prohibition)

64.  In section 327 (exemption from the general prohibition)—

(a) in subsection (1)(aa), for “Section A of Annex 1 of the markets in financial instruments directive”, substitute “Part 3 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001”;

(b) in subsection (7A)(a), omit “for the purposes of the markets in financial instruments directive”;

(c) in subsection (7B), omit “for the purposes of the markets in financial instruments directive”;

(d) in subsection (7C), for the words from “Article 4(a)” to the end, substitute “paragraph 6(a) to (c) of Schedule 3 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001”.

Section 328 (directions in relation to the general prohibition)

65.  In section 328 (directions in relation to the general prohibition), in subsection (6)—

(a) omit “either”;

(b) at the end of paragraph (a), omit “or”;

(c) omit paragraph (b).

(1)

2000 c. 8. Section 327(1)(aa), (7A) and (7B) were inserted by S.I. 2017/701. Section 328(6) was substituted by S.I. 2003/1473 and amended by paragraph 2 of Schedule 16 to the Financial Services Act 2012 (c. 21), S.I. 2011/1043, S.I. 2013/1881 and S.I. 2018/546.