PART 2EU Exit Instruments

Interpretation2

For the purpose of this Part—

a

the “appropriate regulator” in relation to—

i

the EU Regulations specified in Part 1 of the Schedule, is the FCA;

ii

the EU Regulations specified in Part 2 of the Schedule, is the PRA;

iii

the EU Regulations specified in Part 3 of the Schedule, is the Bank of England;

iv

the EU Regulations specified in Part 4 of the Schedule, is both the FCA and the PRA;

v

the EU Regulations specified in Part 5 of the Schedule, is both the FCA and the Bank of England;

vi

the EU Regulation specified in Part 6 of the Schedule, is the Payment Systems Regulator;

vii

EU-derived provisions, means whichever of the FCA, the PRA or the Bank of England made the provisions,

and for the purposes of this paragraph, reference to EU Regulations includes a reference to part of an EU Regulation;

b

“authorised persons” and “PRA-authorised persons” have the meaning given in sections 31(2) and 2B(5) respectively of the Financial Services and Markets Act 2000 M1;

c

“central counterparty” has the meaning given in section 313 of the Financial Services and Markets Act 2000 M2;

d

“central securities depository” has the meaning given in section 417 of the Financial Services and Markets Act 2000 M3;

e

“the EMIR regulation” means Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories F1as last amended by Regulation (EU) 2019/2099 of the European Parliament and of the Council of 23 October 2019;

f

“EU-derived provisions” means rules and other enactments made by the FCA, the PRA or the Bank of England which fall within the definition of “EU-derived domestic legislation” within the meaning of section 2(2) of the European Union (Withdrawal) Act 2018;

g

“EU Exit instrument” means an instrument in writing made in accordance with regulation 3(1);

h

“FCA” means the Financial Conduct Authority;

i

“PRA” means the Prudential Regulation Authority;

j

“Payment Systems Regulator” means the body established under section 40 of the Financial Services (Banking Reform) Act 2013 M4;

k

“regulators” mean the FCA, the PRA, the Bank of England and the Payment Systems Regulator;

l

“specified EU Regulations” mean the EU Regulations or parts of EU Regulations forming part of retained EU law which are specified in the Schedule;

m

a person is connected with another person in the circumstances set out in section 165(11) of the Financial Services and Markets Act 2000 M5.