CHAPTER 3 Accountability of regulators
PART 3 Performance of functions relating to financial market infrastructure
SCHEDULES
Revocation of retained EU law relating to financial services
PART 1 Amendments to the Markets in Financial Instruments Regulation
3.For Article 4 substitute— Article 4 Waivers for equity instruments...
4.After Article 4 insert— Article 4a Suspension of waivers The FCA may direct that a waiver provided for by...
6.(1) Article 14 (obligation for systematic internalisers to make public...
7.Transparency requirements for fixed income instruments and derivatives etc
9.In Article 17a (tick sizes), in the second paragraph, omit...
10.For Article 18 substitute— Article 18 Systematic internalisers: pre-trade transparency...
11.For Article 21 substitute— Article 21 Investment firms (including systematic...
12.In Article 22 (providing information for the purposes of transparency...
16.(1) Article 28 (obligation to trade on regulated markets, MTFs...
17.After Article 28 insert— Article 28a Suspension or modification of...
18.For Article 31 substitute— Article 31 Risk reduction services The FCA may by rules provide for one or more...
20.In Article 12(1) after “accordance with” insert “, or with...
21.In Article 13(1) after “accordance with” insert “, or with...
24.In Article 47(1A)(a), after “Regulation” insert “or in rules made...
25.In Article 50B (FCA directions), omit “Article 5, Article 9...
26.(1) Article 50C (other FCA directions) is amended as follows....
PART 2 Amendments to the European Market Infrastructure Regulation
PART 3 Amendments to the EU Securitisation Regulation
33.After Article 28 (third party verifying STS compliance) insert— CHAPTER...
35.In Article 4 (requirements for securitisation special purpose entities)—
36.(1) Article 5 (due-diligence requirements for institutional investors) is amended...
38.In Regulation (EU) No 575/2013 of the European Parliament and...
39.In Commission Delegated Regulation (EU) 2015/35 of 10 October 2014...
40.In Article 11(1) of Regulation (EU) 2017/1131 of the European...
41.The Securitisation Regulations 2018 (S.I. 2018/1288) are amended in accordance...
42.In regulation 2 (interpretation), in the definition of “SRUP”, in...
43.In regulation 4 (designation of competent authorities), in paragraph (1)(b),...
PART 6 Amendments relating to critical third parties
52.The Electronic Money Regulations 2011 (S.I. 2011/99) are amended in...
53.In regulation 48 (monitoring and enforcement), after paragraph (1)(a) insert—...
54.In regulation 49 (reporting requirements), after paragraph (1) insert—
55.In regulation 50 (public censure), after “Regulations” insert “or, in...
56.In regulation 51 (financial penalties)— (a) omit “or” at the...
57.In regulation 52 (suspending authorisation etc), in paragraph (1) after...
58.In regulation 54 (injunctions)— (a) omit “or” at the end...
59.In regulation 55 (power to require restitution), in paragraph (1)...
60.In regulation 57 (restitution orders), in paragraph (1) after “requirement,”...
62.In Schedule 3 (application and modification of legislation)—
63.The Payment Services Regulations 2017 (S.I. 2017/752) are amended in...
64.In regulation 108 (monitoring and enforcement), after paragraph (1)(a) insert—...
65.In regulation 109 (reporting requirements), after paragraph (1) insert—
66.In regulation 110 (public censure), after “Regulations” insert “or, in...
67.In regulation 111 (financial penalties)— (a) omit “or” at the...
68.In regulation 113 (injunctions)— (a) omit “or” at the end...
69.In regulation 114 (power to require restitution), in paragraph (1)...
70.In regulation 116 (restitution orders), in paragraph (1) after “requirement,”...
72.In Schedule 6 (application and modification of legislation)—
Financial promotion: related amendments
2.In section 1H (further interpretative provisions for sections 1B to...
3.In section 25 (contravention of section 21), in subsection (2)(a)...
4.In section 55A (application for permission), after subsection (5) insert—...
5.(1) Section 55O (imposition of requirements on acquisition of control)...
6.In section 55R (persons connected with an applicant), in subsection...
7.In section 55U (applications under Part 4A), after subsection (3)...
8.In section 55V (determination of applications), in subsection (5)—
9.(1) Section 55X (determination of applications: warning notices and decision...
10.(1) Section 55Y (exercise of own-initiative power: procedure) is amended...
11.(1) Section 55Z (cancellation of Part 4A permission: procedure) is...
12.In section 55Z3 (right to refer matters to the Tribunal),...
PART 1 Amendments to the Banking Act 2009
2.In the heading to Part 5 (payment systems), after “systems”...
3.In section 181 (overview), after “services” insert “, including”.
4.(1) Section 182 (interpretation of payment system) is amended as...
5.(1) Section 183 (interpretation of other expressions) is amended as...
6.In the cross-heading before section 184 (recognition order), after “systems”...
8.In section 184, in subsection (4), after “constituting” insert “or...
9.After section 184 insert— Recognition order: DSA service provider (1) The Treasury may by order (“recognition order”) specify a...
10.In the heading to section 185 (recognition criteria) after “criteria”...
11.After section 185 insert— Recognition criteria: DSA service provider (1) The Treasury may make a recognition order in respect...
13.(1) Section 186A (amendment of recognition order) is amended as...
16.In section 189 (codes of practice)— (a) the words after...
18.After section 190 insert— Service provider rules (1) The Bank of England may require a recognised DSA...
20.After section 192 (role of FCA and PRA), insert— Power...
22.(1) Section 194 (inspection: warrant) is amended as follows.
23.(1) Section 195 (independent report) is amended as follows.
24.In section 196 (compliance failure)— (a) after first “system” insert...
28.(1) Section 200 (management disqualification) is amended as follows.
33.After section 203B (annual report) insert— Policy statement (1) The Bank of England must prepare a statement of...
35.(1) Section 205 (pretending to be recognised) is amended as...
36.(1) Section 206 (saving for informal oversight) is amended as...
37.(1) Section 206A (services forming part of recognised payment systems)...
38.After section 206A insert— Service providers connected with a recognised...
39.In section 259 (statutory instruments), in the Table in subsection...
PART 2 Amendments to the Financial Services (Banking Reform) Act 2013
40.The Financial Services (Banking Reform) Act 2013 is amended as...
41.(1) Section 41 (meaning of payment system) is amended as...
42.(1) Section 42 (participants in payment systems) is amended as...
43.In section 98 (duty of regulators to ensure co-ordinated exercise...
44.In section 110 (interpretation of Part), at the appropriate place...
45.In section 112 (interpretation: infrastructure companies), after subsection (2)(a) insert—...
46.In section 113 (interpretation: other expressions), in subsection (1) at...
47.(1) Section 115 (objective of FMI administration) is amended as...
48.In section 143 (Parliamentary control of orders and regulations), after...
Accountability of the Payment Systems Regulator
1.The Financial Services (Banking Reform) Act 2013 is amended as...
2.In section 39 (overview)— (a) after subsection (11) insert—
3.In section 53 (regulatory principles), in paragraph (c) at the...
4.After section 102 (power of PRA to require Regulator to...
5.Before section 103 (regulator’s general duty to consult) insert (under...
6.In section 104 (consultation in relation to generally applicable requirements)—...
7.After section 104 insert— Requirements in connection with public consultations...
8.After section 107 insert— International trade obligations (1) This section applies where it appears to the Payment...
9.In section 110(1) (interpretation), at the appropriate place insert— “generally...
10.In section 143 (orders and regulations: Parliamentary control), in subsection...
11.In Schedule 4 (the Payment Systems Regulator), after paragraph 7(2)(b)...
12.In Schedule 4, after paragraph 7 insert— Other reports (1) The Treasury may (subject to this paragraph) at any...
13.In Schedule 4, after paragraph 14 insert— Engagement with Parliamentary...
PART 2 Consequential amendments to FSMA 2000
4.In section 55H (variation by FCA at request of authorised...
5.In section 55L (imposition of requirements by FCA), in subsection...
6.In section 55T (persons whose interests are protected), after “operational...
7.In section 232A (ombudsman scheme operator’s duty to provide information...
8.In section 395 (the FCA’s and PRA’s procedures), in subsection...
9.In section 429 (Parliamentary control of statutory instruments), in subsection...
PART 2 Amendments to Part 6 of the Financial Services (Banking Reform) Act 2013
2.Part 6 of the Financial Services (Banking Reform) Act 2013...
3.In section 111 (financial market infrastructure administration), in the heading,...
4.(1) Section 112 (interpretation: infrastructure companies) is amended as follows....
5.In section 113 (interpretation: other expressions), in subsection (1)—
6.In section 115 (objective of FMI administration), after subsection (1A)...
7.In section 119 (continuity of supply), in subsection (6), in...
8.In section 120 (power to direct FMI administrator), in subsection...
9.In section 127 (interpretation of Part), in subsection (1), at...
Performance of functions relating to financial market infrastructure
3.(1) Section 56 (prohibition orders) is amended as follows—
4.(1) Section 57 (prohibition orders: procedure and right to refer...
5.In section 59AB(1) (specifying functions as controlled functions: transitional provision),...
6.In section 133(7A) (proceedings before Tribunal: general provision), after paragraph...
7.In section 138A (modification or waiver of rules), in subsection...
8.(1) Section 168 (appointment of persons to carry out investigations...
11.In section 313 (interpretation of Part 18), in subsection (1)—...
12.(1) Section 347 (the record of authorised persons etc) is...
13.In section 391 (publication of notices), in subsection (1ZB), after...
14.(1) Section 392 (application of sections 393 and 394) is...
15.In section 395 (the FCA’s and PRA’s procedures), in subsection...
16.(1) Section 417(1) (interpretation) is amended as follows.
17.In section 429 (Parliamentary control of statutory instruments)
18.(1) Schedule 1ZA (the Financial Conduct Authority) is amended as...
19.In Schedule 2A (Gibraltar-based persons carrying on activities in the...
20.(1) Schedule 17A (further provision in relation to exercise of...
PART 5 Special resolution action
71.Transfer of ownership and private sector purchaser: property transfer
73.Bridge central counterparty: supplemental property transfer powers
74.Bridge central counterparty: supplemental reverse property transfer powers
78.Regulations for safeguarding certain financial arrangements: write-down instruments
110.International obligation notice: bridge central counterparty
117.Sale to commercial purchaser, transfer to bridge central counterparty and transfer of ownership: conditions for group companies
PART 6 Information, investigation and enforcement
121.Appointment of persons to carry out general investigations
122.Appointment of person to carry out investigations in particular cases
123.Investigations etc in support of foreign resolution authorities
126.Powers of persons appointed as a result of paragraph 122
135.Injunctions to prevent failure to comply with relevant requirement
142.Injunctions: failure to comply with certain paragraph 136 sanctions
PART 4 Write-down orders: financial services compensation scheme
PART 5 Consequential amendments
9.(1) Section 348 (restrictions on disclosure of confidential information by...
10.In section 429 (Parliamentary control of statutory instruments), in subsection...
11.In Schedule 1ZB (the PRA), in paragraph 33(2) (exemption from...
12.Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
Insurers in financial difficulties: enforcement of contracts
3.After section 1 insert— Specified financial activities (1) The financial activities specified for the purposes of the...
4.In section 2 (supplementary and transitional provisions as to registration),...
11.In section 23A (power to make provision corresponding to provision...
12.In section 29 (orders and regulations), in subsection (2) for...
13.(1) Section 31 (interpretation, etc.) is amended as follows.
16.The amendment made by paragraph 13(4)(b) does not apply in...