The Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 No. 1320

PART 3 U.K. Amendment of retained direct EU legislation

16.—(1) In Article 37—

(a) in paragraph 2, after “other CSDs” insert “ , third-country CSDs ”;

(b) in paragraph 4—

(i) in the first sub-paragraph, for the words from the beginning to “develop draft” substitute “ The Bank of England may make ”;

(ii) omit the second and third sub-paragraphs.

(2) In Article 38, in paragraph 5, omit the second sub-paragraph.

(3) In Article 39—

(a) in paragraph 1—

(i) for “Member States” substitute “ The competent authority ”;

(ii) for “point (a) of Article 2 of Directive 98/26/EC” substitute “ regulation 4 of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 ”;

(b) in paragraph 2, for “Articles 3 and 5 of Directive 98/26/EC” substitute “ regulation 20 of, and paragraph 5 of the Schedule to, the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 M1 ”.

(4) In Article 41, omit paragraph 4.

Commencement Information

I1 Reg. 16 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Marginal Citations

M1 Regulation 20 was amended by S.I. 2010/2993 and S.I. 2013/504. Paragraph 5 of the Schedule was amended by S.I. 2010/2993.