SCHEDULE 5Amendments to other secondary legislation

Regulation 50(4)

Income Tax (Manufactured Overseas Dividends) Regulations 19931

In regulation 5B(6) of the Income Tax (Manufactured Overseas Dividends) Regulations 1993271 (chains of payments involving central counterparties), in paragraph (b) of the definition of “recognised investment exchange”, for the words from “2004/39/EC” to “April 2004” substitute “2014/65/EU of the European Parliament and of the Council of 15 May 2014”.

Financial Markets and Insolvency (Settlement Finality) Regulations 19992

In regulation 2(1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999272 (interpretation)—

a

in paragraph (b) of the definition of “institution”, for the words from “2004/39/EC” to “April 2004” substitute “2014/65/EU of the European Parliament and of the Council of 15 May 2014”;

b

in the definition of “securities”, for the words from “2004/39/EC” to “April 2004” substitute “2014/65/EU of the European Parliament and of the Council of 15 May 2014”.

Uncertificated Securities Regulations 20013

In paragraph 28 of Schedule 1 to the Uncertificated Securities Regulations 2001273 (requirements for approval of a person as operator)—

a

omit sub-paragraph (3)274; and

b

in sub-paragraph (4)275

i

in the definition of “branch”, for “4.1.26” substitute “4.1.30”;

ii

in the definition of “financial instrument”, for “4.1.17” substitute “4.1.15”;

iii

in the definition of “markets in financial instruments directive” for “2004/39/EC” substitute “2014/65/EU”; and

iv

in the definition of “markets in financial instruments directive” for “21st April 2004” substitute “15 May 2014”.

Insurers (Reorganisation and Winding Up) Regulations 20044

In regulation 44(3) of the Insurers (Reorganisation and Winding Up) Regulations 2004276 (regulated markets)—

a

for “4.1.14” substitute “4.1.21”;

b

for “2004/39/EC” substitute “2014/65/EU”;

c

for “21 April 2004” substitute “15 May 2014”.

Credit Institutions (Reorganisation and Winding Up) Regulations 20045

In regulation 31(3) of the Credit Institutions (Reorganisation and Winding Up) Regulations 2004277 (protection of third party purchasers)—

a

for “2004/39/EC” substitute “2014/65/EU”;

b

for “21 April 2004” substitute “15 May 2014”.

Occupational Pension Schemes (Investment) Regulations 20056

In regulation 4(11) of the Occupational Pension Schemes (Investment) Regulations 2005278 (investment by trustees)—

a

in the definition of “derivative instrument”, for “Directive 2004/39/EC” substitute “Directive 2014/65/EU”;

b

in paragraph (b) of the definition of “regulated market”, for “Directive 2004/39/EC” substitute “Directive 2014/65/EU”.

Authorised Investment Funds (Tax) Regulations 20067

In regulation 14ZD(6)(b) of the Authorised Investment Funds (Tax) Regulations 2006279 (index tracking funds), for the definition of “regulated market” substitute—

  • “regulated market” has the same meaning as in Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (see article 4.1.21).

Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 20078

The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007280 are revoked.

Payment Services Regulations 20099

In regulation 19(15) of the Payment Services Regulations 2009281 (safeguarding requirements), in the definition of “authorised custodian”—

a

for “Directive 2004/39/EC of 12th April 2004” substitute “Directive 2014/65/EU of 15th May 2014”;

b

for “Article 13” substitute “Article 16”.

Banking Act 2009 (Restriction of Partial Property Transfers) Order 200910

In article 1(3) of the Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009282 (citation, commencement and interpretation)—

a

in the definition of “financial instrument”, in paragraph (a), for “Chapter VI of the Commission Regulation 1287/2006/EC” substitute “Articles 5 to 8, 10 and 11 of the Commission Delegated Regulation (EU) C(2016) 2398 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council”;

b

in the definition of “Markets in Financial Instruments Directive”, for “Directive 2004/39/EC” substitute “Directive 2014/65/EU”;

c

in the definition of “transferable securities”, for “4(18)” substitute “4.44”.

Offshore Funds (Tax) Regulations 200911

In regulation 12 of the Offshore Funds (Tax) Regulations 2009283 (general interpretation) , in the definition of “regulated market”—

a

for “Directive 2004/39/EC” substitute “Directive 2014/65/EU”;

b

for “4.1(14)” substitute “4.1.21”.

Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 201012

In regulation 35(2) of the Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010284 (further conditions applicable to automatic enrolment schemes), in paragraph (b) of the definition of “competent authority”, for “paragraph 22 of Article 4 of Directive 2004/39/EC” substitute “paragraph 26 of Article 4 of Directive 2014/65/EU”.

Electronic Money Regulations 201113

In regulation 21(7) of the Electronic Money Regulations 2011285 (safeguarding option 1), in the definition of “authorised custodian”—

a

for “Directive 2004/39/EC” substitute “Directive 2014/65/EU”;

b

for “Article 13” substitute “Article 16”.

Recognised Auction Platforms Regulations 201114

1

Schedule 3 (modifications of Chapter 3A of Part 18 of the Financial Services and Markets Act 2000 in relation to recognised auction platforms and EEA market operators of auction platforms) of the Recognised Auction Platforms Regulations 2011286 is amended as follows.

2

In paragraph 1(a), for “regulated market” substitute “trading venue”.

3

In paragraph 2(a), for “regulated market” substitute “trading venue”.

4

In paragraph 3—

a

in sub-paragraph (a), for “regulated market” substitute “trading venue”;

b

in sub-paragraph (b), for “42.6” substitute “53.6”;

5

In paragraph 4, for “42.6” substitute “53.6”.

Investment Trust (Approved Company) (Tax) Regulations 201115

In regulation 45(6)(b) of the Investment Trust (Approved Company) (Tax) Regulations 2011287 (index tracking funds), for the words from “Directive” to “(see article 4.1(14))” substitute “Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (see article 4.1.21)”.

Supervision of Accounts and Reports (Prescribed Body) and Companies (Defective Accounts and Directors’ Reports) (Authorised Person) Order 201216

In article 1(3) of the Supervision of Accounts and Reports (Prescribed Body) and Companies (Defective Accounts and Directors’ Reports) (Authorised Person) Order 2012288 (citation, coming into force and interpretation), in the definition of “regulated market” for the words from “Article” to “April 2004” substitute “Article 4.1.21 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014”.

Unauthorised Unit Trusts (Tax) Regulations 201317

In regulation 23(3) (no tax charge for disposal of interests in offshore non-reporting funds: qualifying index) of the Unauthorised Unit Trusts (Tax) Regulations 2013289 for “Directive 2004/39/EC” substitute “Directive 2014/65/EU”.

Capital Requirements Regulations 201318

In regulation 33 of the Capital Requirements Regulations 2013290 (colleges of supervisors)—

a

in paragraph (4)(d), for “Articles 54 and 58 of Directive 2004/39/EC” substitute “Articles 76 and 81 of Directive 2014/65/EU”;

b

in paragraph (8), for “Articles 54 and 58 of Directive 2004/39/EC” substitute “Articles 76 and 81 of Directive 2014/65/EU”.

Stamp Duty and Stamp Duty Reserve Tax (Exchange Traded Funds) (Exemption) Regulations 201419

In regulation 2 of the Stamp Duty and Stamp Duty Reserve Tax (Exchange Traded Funds) (Exemption) Regulations 2014291 (interpretation), in the definition of “multilateral trading facility” and “regulated market”, for the words from “Directive” to “April 2004” substitute “Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014”.

Financial Services Act 2012 (Relevant Functions in Relation to Complaints Scheme) Order 201420

1

The Financial Services Act 2012 (Relevant Functions in Relation to Complaints Scheme) Order 2014292 is amended as follows.

2

After article 2(d) (relevant functions of the FCA) insert—

e

its functions under the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017, other than its functions under regulation 32 (guidance) of those Regulations.

f

its functions under the Data Reporting Services Regulations 2017293, other than its functions under regulation 21 (guidance) of those Regulations.

3

After article 2 (relevant functions of the FCA) insert—

Relevant functions of the PRA3

The functions of the PRA under the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 are relevant functions for the purposes of section 85(2) of the Financial Services Act 2012.

Public Interest Disclosure (Prescribed Persons) Order 201421

In the Schedule to the Public Interest Disclosure (Prescribed Persons) Order 2014294, in the entry in the second column relating to the entry in the first column for the Financial Conduct Authority—

a

at the end of paragraph (k) omit “and”; and

b

after paragraph (l) insert—

m

the conduct of persons who are subject to—

i

Part 3 and 4 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017;

ii

the Data Reporting Services Regulations 2017; or

iii

Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.

Reports on Payments to Governments Regulations 201422

In regulation 2(1) of the Reports on Payments to Governments Regulations 2014295 (interpretation), in paragraph (a) of the definition of “public interest entity” for the words from “point (14)” to “April 2004” substitute “point (21) of Article 4.1 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014”.

Public Contracts Regulations 201523

In regulation 10(1)(e)(i) of the Public Contracts Regulations 2015296 (specific exclusions for service contracts), for “Directive 2004/39/EC” substitute “Directive 2014/65/EU”.