The Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 3) Regulations 2019

PART 3 U.K. Amendment of subordinate legislation

Amendment of the Insider Dealing (Securities and Regulated Markets) Order 1994 U.K.

3.  In the Insider Dealing (Securities and Regulated Markets) Order 1994 M1 , in article 4, for the words from “that is,” to the end, substitute—

“that is—

(a) that it is officially listed in the United Kingdom, in Gibraltar or in a State within the European Economic Area; or

(b) that it is admitted to dealing on, or has its price quoted on or under the rules of, a regulated market.”.

Commencement Information

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

Marginal Citations

M1 S.I. 1994/187.

The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 U.K.

4.  In regulation 2A of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 M2 , for “has effect on the day on which the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 are made”, substitute “ forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018 ”.

Commencement Information

I2 Reg. 4 in force at 25.10.2019, see reg. 1(3)

Marginal Citations

M2 S.I. 2017/701.

The Data Reporting Services Regulations 2017 U.K.

5.  In regulation 2A of the Data Reporting Services Regulations 2017 M3 , for “has effect on the day on which the Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 are made”, substitute “ forms part of domestic law by virtue of section 3 of the European Union (Withdrawal) Act 2018 ”.

Commencement Information

I3 Reg. 5 in force at 25.10.2019, see reg. 1(3)

Marginal Citations

M3 S.I. 2017/699.

The Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 U.K.

6.  In the Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 M4 , in regulation 1, paragraph (2), for “the day after the day on which they are made” substitute “ exit day ”.

Commencement Information

I4 Reg. 6 in force at made date at 11.59 p.m., see reg. 1(2)

Marginal Citations

M4 S.I. 2019/1361.

The Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 U.K.

7.  In the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 M5 —

(a) in regulation 3(1), after sub-paragraph (f), insert—

“(g) extend the scope of paragraph 6 and apply paragraph 7 of Article 1 of Regulation (EU) 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments to other central banks of EEA states.”;

(b) in Schedule 1, in paragraph 5(3), for “sub-paragraph (1)” substitute “ sub-paragraph (2) ”.

Commencement Information

I5 Reg. 7 in force at 25.10.2019, see reg. 1(3)

Marginal Citations

M5 S.I. 2019/541.

The Financial Regulators' Powers (Technical Standards etc.) (Amendment) (EU Exit) Regulations 2018 U.K.

8.—(1) In the Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 M6 the Schedule is amended as follows.

(2) After paragraph 11, insert—

“Fourth Money Laundering Directive U.K.

11A.   Commission Delegated Regulation (EU) 2019/758 of 31 January 2019 supplementing Directive (EU) 2015/849 of the European Parliament and of the Council with regard to regulatory technical standards for the minimum action and the type of additional measures credit and financial institutions must take to mitigate money laundering and terrorist financing risk in certain third countries M7 .”.

(3) After paragraph 67, insert—

“67A.   Commission Implementing Regulation (EU) 2019/410 of 29 November 2018 laying down implementing technical standards with regard to the details and structure of the information to be notified, in the field of payment services, by competent authorities to the European Banking Authority pursuant to Directive (EU) 2015/2366 of the European Parliament and of the Council M8 .

67B.   Commission Delegated Regulation (EU) 2019/411 of 29 November 2018 supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council with regard to regulatory technical standards setting technical requirements on development, operation and maintenance of the electronic central register within the field of the payment services and on access to the information contained therein M9 .”.

(4) After paragraph 69, insert—

“Securities Financing Transactions Regulation U.K.

69A.   Commission Delegated Regulation (EU) 2019/357 of 13 December 2018 supplementing Regulation (EU) 2015/2365 of the European Parliament and of the Council with regard to regulatory technical standards on access to details of securities financing transactions (SFTs) held in trade repositories M10 .

69B.   Commission Delegated Regulation (EU) 2019/358 of 13 December 2018 supplementing Regulation (EU) 2015/2365 of the European Parliament and of the Council with regard to regulatory technical standards on the collection, verification, aggregation, comparison and publication of data on securities financing transactions (SFTs) by trade repositories M11 .

69C.   Commission Delegated Regulation (EU) 2019/359 of 13 December 2018 supplementing Regulation (EU) 2015/2365 of the European Parliament and of the Council with regard to regulatory technical standards specifying the details of the application for registration and extension of registration as a trade repository M12 .

69D.   Commission Implementing Regulation (EU) 2019/364 of 13 December 2018 laying down implementing technical standards with regard to the format of applications for registration and extension of registration of trade repositories in accordance with Regulation (EU) 2015/2365 of the European Parliament and of the Council M13 .

69E.   Commission Implementing Regulation (EU) 2019/365 of 13 December 2018 laying down implementing technical standards with regard to the procedures and forms for exchange of information on sanctions, measures and investigations in accordance with Regulation (EU) 2015/2365 of the European Parliament and of the Council M14 .”

“Securitisation Regulation U.K.

69F.   Commission Delegated Regulation (EU) 2019/885 of 5 February 2019 supplementing Regulation (EU) 2017/2402 of the European Parliament and of the Council with regard to regulatory technical standards specifying information to be provided to a competent authority in an application for authorisation of a third party assessing STS compliance”.

(5) After paragraph 113A, insert—

“113B.   Commission Delegated Regulation (EU) 2019/348 of 25 October 2018 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the criteria for assessing the impact of an institution's failure on financial markets, on other institutions and on funding conditions M15 .”

(6) After paragraph 184, insert—

“Securities Financing Transactions Regulation U.K.

184A.   Commission Delegated Regulation (EU) 2019/356 of 13 December 2018 supplementing Regulation (EU) 2015/2365 of the European Parliament and of the Council with regard to regulatory technical standards specifying the details of securities financing transactions (SFTs) to be reported to trade repositories M16 .

184B.   Commission Implementing Regulation (EU) 2019/363 of 13 December 2018 laying down implementing technical standards with regard to the format and frequency of reports on the details of securities financing transactions (SFTs) to trade repositories in accordance with Regulation (EU) 2015/2365 of the European Parliament and of the Council and amending Commission Implementing Regulation (EU) No 1247/2012 with regard to the use of reporting codes in the reporting of derivative contracts M17 .”.

Commencement Information

I6 Reg. 8 in force at 25.10.2019, see reg. 1(3)

Marginal Citations

M6 S.I. 2018/1115, amended by S.I. 2019/576.

M7 OJ L 125, 14.5.2019, p. 4-10.

M8 OJ L 73, 15.3.2019, p. 20-83.

M9 OJ L 73, 15.3.2019, p. 84-92.

M10 OJ L 81, 22.3.2019, p. 22-29.

M11 OJ L 81, 22.3.2019, p. 30-44.

M12 OJ L 81, 22.3.2019, p. 45-57.

M13 OJ L 81, 22.3.2019, p. 125-127.

M14 OJ L 81, 22.3.2019, p. 128-133.

M15 OJ L 63, 4.3.2019, p. 1-11.

M16 OJ L 81, 22.3.2019, p. 1-21.

M17 OJ L 81, 22.3.2019, p. 85-124.

The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 U.K.

9.—(1) The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 M18 are amended as follows.

(2) In regulation 28(10)—

(a) in sub-paragraph (a)—

(i) after “in paragraph 1”, insert—

“(i) before ‘systematic internaliser’, insert ‘UK’;”

(ii) renumber the words from “for” to the end of the sub-paragraph as paragraph (ii);

(b) after sub-paragraph (a), insert—

“(aa) after paragraph 1, insert—

“1A.   For the purposes of paragraph 1, a ‘UK systematic internaliser’ is a systematic internaliser which—

(a) has its head office in the United Kingdom, or

(b) operates through a branch in the United Kingdom.””

(3) In regulation 51—

(a) in paragraph (1), for sub-paragraph (c), substitute—

“(c) in paragraph 2—

(i) for “Article 4(1)(13) of Directive 2014/65/EU” substitute “ regulation 2(1) of the Markets in Financial Instruments Regulation 2017 ”;

(ii) for “Union” substitute “ United Kingdom ”.”;

(b) in paragraph (2)(c), after paragraph (iii), insert—

“(iv) in the second subparagraph, for “competent authority” substitute “ FCA ”;”.

Commencement Information

I7 Reg. 9 in force at 31.12.2020 immediately before IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(4)

Marginal Citations

M18 S.I. 2018/1403.

The Money Market Funds (Amendment) (EU Exit) Regulations 2019 U.K.

10.—(1) The Money Market Funds (Amendment) (EU Exit) Regulations 2019 M19 are amended as follows.

(2) In regulation 6(a)(iii), in the opening words of the inserted paragraph 1B, for “paragraph 1B” substitute “ paragraph 1A ”.

(3) In regulation 8—

(a) in paragraph (a)—

(i) in subparagraph (i), in the new substituted text, for subparagraph (b), substitute—

“(b) the UCITS or AIF is an EEA UCITS or EEA AIF which—

(i) is an EU MMF with temporary marketing permission; or

(ii) is a UK-recognised EU MMF;”;

(ii) in subparagraph (ii), in the new substituted text, for subparagraph (b), substitute—

“(b) the UCITS or AIF is an EEA UCITS or EEA AIF which—

(i) is an EU MMF with temporary marketing permission; or

(ii) is a UK-recognised EU MMF;”;

(iii) in subparagraph (iii), in the new substituted text, for subparagraph (b), substitute—

“(b) the UCITS or AIF is an EEA UCITS or EEA AIF which—

(i) is an EU MMF with temporary marketing permission; or

(ii) is a UK-recognised EU MMF;”;

(b) after paragraph (b), insert—

“(c) after paragraph 2, insert—

“3.— (1) For the purposes of this Article, “UK-recognised EU MMF” means an EU MMF which satisfies the condition in subparagraph (2) and—

(a) which is a recognised scheme under section 272 of FSMA M20 ; or

(b) in relation to which the FCA has received written notification under regulation 57 (subject to paragraph (4)), 58 or 59 of the AIFM Regulations M21 .

(2) An EU MMF satisfies the condition in this subparagraph if, immediately before the relevant date, it was—

(a) a recognised scheme under Part 6 of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 M22 ; or

(b) marketed in the United Kingdom under Part 9A of the AIFM Regulations M23 .

(3) For the purposes of subparagraph (2), the “relevant date” is the date on which—

(a) the EU MMF was declared to be a recognised scheme under section 272 of FSMA, or

(b) the FCA received the written notification referred to in subparagraph 1(b).

(4) If an EU MMF was marketed in the United Kingdom by an EEA AIFM before [F1 IP completion day] under regulation 57 of the AIFM Regulations, the AIFM must give notice to the FCA for the purposes of subparagraph 1(b) under regulation 58 or 59 of those Regulations.””.

Textual Amendments

F1 Words in reg. 10(3)(b) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 49(a)

Commencement Information

I8 Reg. 10 in force at 31.12.2020 immediately before IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(4)

Marginal Citations

M19 S.I. 2019/394.

M20 2000 c.8. Section 272 was amended by paragraph 9 of Schedule 18 to the Financial Services Act 2012 (c. 21), and by S.I. 2013/1773 and 2013/1388.

M21 S.I. 2013/1773. Regulations 57 to 64 are revoked by S.I. 2013/1797, but that revocation is not yet in force. Regulations 57 and 59 are amended by S.I. 2019/328.

M22 S.I. 2019/325.

M23 Part 9A was inserted by S.I. 2019/328.

The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 U.K.

11.—(1) The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 M24 is amended as follows.

(2) In regulation 8(3), in new regulation 4B—

(a) in paragraph (1), for the words from the beginning to “at the latest” substitute “ For the relevant quarter and every quarter thereafter, by the 8th working day of the month that follows the end of the quarter ”;

(b) after paragraph (1), insert—

“(1A) For the purposes of paragraph (1), the “relevant quarter” is the first quarter which ends after this regulation comes into force.”

(3) In regulation 11—

(a) in paragraph (2)—

(i) in sub-paragraph (e), after the new paragraph 58A, insert—

“58B.   ‘insurance undertaking’ means an undertaking which—

(a) has its head office in the United Kingdom,

(b) has permission under Part 4A of the Financial Services and Markets Act 2000 M25 to carry on one or more regulated activities, and

(c) would require authorisation in accordance with Article 14 of the Solvency 2 Directive if the United Kingdom were a member State;

58C.   ‘reinsurance undertaking’ means an undertaking which—

(a) has its head office in the United Kingdom,

(b) has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on one or more regulated activities,

(c) effects or carries out contracts of insurance that are limited to reinsurance contracts, and

(d) would require authorisation in accordance with Article 14 of the Solvency 2 Directive if the United Kingdom were a member State;

58D.   ‘supervisory authority’ means—

(a) in relation to insurance or reinsurance undertakings, the PRA; and

(b) in relation to third-country insurance or reinsurance undertakings, the national authority, or national authorities, empowered to supervise third-country insurance or reinsurance undertakings;”;

(ii) in sub-paragraph (f)—

(aa) for “58” insert “ 58E (as so inserted) ”;

(bb) for the new paragraph 62, substitute—

“62.   Any expression in this Regulation which is not defined in this Article—

(a) which is defined in regulation 2 of the Solvency 2 Regulations 2015 (as amended under the European Union (Withdrawal) Act 2018) M26 (“the Solvency 2 Regulations”) has the meaning given in that regulation;

(b) which is defined in the Financial Services and Markets Act 2000 (as so amended) (“FSMA”), but not in the Solvency 2 Regulations, has the meaning given in FSMA;

(c) which is defined in Directive 2009/138/EC, but not in the Solvency 2 Regulations or in FSMA, has the meaning given in that Directive as it had effect immediately before [F2 IP completion day].”;

(b) in paragraph (4), in new Article 3(2), for “1 to 6” substitute “ 0 to 6 ”;

(c) for paragraph (5), substitute—

“(5) In Article 9 M27 —

(a) in paragraphs 1, 3 and 4, for “international accounting standards adopted by the Commission in accordance with Regulation (EC) No 1606/2002” substitute “ UK-adopted international accounting standards ”;

(b) in paragraph 2, for “international accounting standards adopted by the Commission pursuant to Regulation (EC) No 1606/2002” substitute “ UK-adopted international accounting standards ”.”;

(d) for paragraph (6), substitute—

“(6) In Article 10(4) M28 , for “international accounting standards adopted by the Commission in accordance with Regulation (EC) No 1606/2002” substitute “ UK-adopted international accounting standards. ”;”

(e) in paragraph (7), for sub-paragraph (c), substitute—

“(c) in paragraph 5 M29 , for “international accounting standards adopted by the Commission in accordance with Regulation (EC) No 1606/2002” substitute “ UK-adopted international accounting standards ”.”;

(f) for paragraph (8), substitute—

“(8) In Article 14(1) M30 , for “international accounting standards adopted by the Commission in accordance with Regulation (EC) No 1606/2002” substitute “UK-adopted international accounting standards.”;

(g) for paragraph (10), substitute—

“(10) In Article 28(g) M31 , for “international accounting standards, as endorsed by the Commission in accordance with Regulation (EC) No 1606/2002” substitute “UK-adopted international accounting standards.”;

(h) after paragraph (30), insert—

“(30A) In Article 189(6)(b), omit the words from “whether defined” to the end of the subparagraph.”;

(i) in paragraph (61)(c), for paragraph (i), substitute—

“(i) omit “as defined in Article 13(26) of Directive 2009/139/EC”;”.

Textual Amendments

F2 Words in reg. 11(3)(a)(ii)(bb) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 49(b)

Commencement Information

I9 Reg. 11 in force at 31.12.2020 immediately before IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(4)

Marginal Citations

M24 S.I. 2019/407.

M25 2000 c. 8. Part 4A of the Act was substituted by the Financial Services Act 2012 (c. 21), section 11(2).

M26 S.I. 2015/575. Regulation 2 was amended by S.I. 2019/407.

M27 Article 9 is amended by S.I. 2019/407.

M28 Article 10 is amended by S.I. 2019/407.

M29 Article 13 is amended by S.I. 2019/407.

M30 Article 14 is amended by S.I. 2019/407.

M31 Article 28 is amended by S.I. 2019/407.

The Securitisation (Amendment) (EU Exit) Regulations 2019 U.K.

12.  In regulation 15 of the Securitisation (Amendment) (EU Exit) Regulations 2019 M32 , in the new Article 15(3)(c)—

(a) after paragraph (ii), insert—

“(iia) in regulation 74 (application of Part 9A of the 2000 Act (rules and guidance)), ignore paragraph (3);”;

(b) in paragraph (iii), for “(2)(f)” substitute “ (3) ”;

(c) in paragraph (iv), for “paragraph (8)(h)” substitute “ paragraphs (3) and (8)(h) ”.

Commencement Information

I10 Reg. 12 in force at 31.12.2020 immediately before IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(4)

Marginal Citations

M32 S.I. 2019/660.

The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 U.K.

13.  In regulation 6(2)(b) of the Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 M33 , after paragraph (vi), insert—

“(vii) in sub-paragraph (f)(ii), for “Department of Enterprise, Trade and Investment” substitute “ Department for the Economy ”.”

Commencement Information

I11 Reg. 13 in force at 31.12.2020 immediately before IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(4)

Marginal Citations

M33 S.I. 2019/681.

The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 U.K.

14.  In regulation 40 of the Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 M34 , in the inserted regulation 6, in paragraph (1), for “Until 1st September 2019” substitute “For a period of five months beginning on [F3 IP completion day]”.

Textual Amendments

F3 Words in reg. 14 substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 49(c)

Commencement Information

I12 Reg. 14 in force at 31.12.2020 immediately before IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(4)

Marginal Citations

M34 S.I. 2019/710.