PART 2Amendment of primary legislation

The Financial Services and Markets Act 20002.

(1)

The Financial Services and Markets Act 20005 is amended as follows.

(2)

In section 138S(2) (application of Chapters 1 and 2), for paragraph (i) substitute—

“(i)

section 138L (consultation: general exemptions)6, as if—

(i)

in subsection (1), for “425A” there were substituted “1G7”;

(ii)

references to making rules were references to submitting a standards instrument to the Treasury for approval.”.

(3)

In section 417(1) (definitions), in the definition of “capital requirements regulation”, for “the updating point (see subsection (1A))” substitute “the beginning of the day on which the Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212) are made (but see regulation 2 of the European Union (Withdrawal) Act 2018 (Consequential Modifications and Repeals and Revocations) Regulations 2019 (S.I. 2019/628), which may further update the reference)”.

The Banking Act 20093.

(1)

The Banking Act 20098 is amended as follows.

(2)

In section 3(1) (interpretation: other expressions), in the definition of “the capital requirements regulation”, for “the Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394)” substitute “the Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212)”.