PART 6Amendments to secondary legislation

Amendments to the Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 201358

1

The Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013101 is amended as follows.

2

In article 1(2)102 (citation, commencement and interpretation) in the appropriate place, insert—

  • “the EU Benchmarks Regulation 2016” means Regulation EU 2016/1011103 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC104 and 2014/17/EU and Regulation (EU) No 596/2014;

3

In article 2105 (qualifying EU provisions: general), after paragraph (11), insert—

12

The EU Benchmarks Regulation 2016 is a specified qualifying EU provision for the purpose of section 1A(6)(d)106 of the Act.

13

The EU Benchmarks Regulation 2016 and any directly applicable regulation made under the EU Benchmarks Regulation 2016 is a specified qualifying EU provision for the purposes of sections 1L(2)(b)107, 39(4)(b)108, 66A(4)(b)109, 168(4)(k)110, 192K(1)(c)111 and 293A112 of the Act.

4

In article 3113 (qualifying EU provisions: disciplinary measures)—

a

in paragraph (2), at the end of sub-paragraph (l) for “.” substitute “;”;

b

in paragraph (2) after sub-paragraph (m) insert—

n

the EU Benchmarks Regulation 2016 and any directly applicable regulation made under the EU Benchmarks Regulation 2016.

c

in paragraph (3) after sub-paragraph (k) insert—

l

in relation to a contravention of a requirement imposed by the EU Benchmarks Regulation 2016 or of any directly applicable regulation made under that Regulation, the FCA.

5

In article 4 (qualifying EU provisions etc.: recognised investment exchanges and clearing houses) after paragraph (11) insert—

12

The EU Benchmarks Regulation 2016 or any directly applicable regulation made under that Regulation are specified qualifying EU provisions for the purposes of sections 296(1A)114, 297(2A)(c)115 and 312E(2)(c)116.

6

In article 5117 (qualifying EU provisions: injunctions and restitution) —

a

at the end of paragraph (2)(m) for “.” substitute “;”;

b

after paragraph (2)(m) insert—

n

the EU Benchmarks Regulation 2016 and any directly applicable measure made under that Regulation.

c

in paragraph (5)—

i

at the end of sub-paragraph (l) for “.” substitute “;”; and

ii

after sub-paragraph (l) insert—

m

in relation to a contravention of a requirement imposed by the EU Benchmarks Regulation 2016 or any directly applicable measure made under that Regulation, the FCA.

7

In article 6(2)118 (qualifying EU provisions: fees)—

a

at the end of sub-paragraph (o) for “.” substitute “;”;

b

after sub-paragraph (o) insert—

p

the EU Benchmarks Regulation 2016 and any directly applicable regulation made under the EU Benchmarks Regulation 2016.