PART 3Amendment of EU legislation

CHAPTER 2Amendment of Commission Delegated Regulation (EU) 2018/990

Amendment of Commission Delegated Regulation (EU) 2018/99019

1

Commission Delegated Regulation (EU) 2018/990 of 10 April 2018 amending and supplementing Regulation (EU) 2017/1131 of the European Parliament and of the Council with regard to simple, transparent and standardised (STS) securitisations and asset-backed commercial papers (ABCPs), requirements for assets received as part of reverse repurchase agreements and credit quality assessment methodologies is amended as follows.

2

In Article 2—

a

in paragraph 6—

i

in point (a)—

aa

for the words from “supervised” to “Council” substitute “that is a CRR firm as defined in Article 4(1)(2A) of Regulation (EU) 575/2013”;

bb

for “Union” substitute “United Kingdom”;

ii

in point (b)—

aa

for the words from “Directive” to “Council” substitute “United Kingdom law on markets in financial instruments”;

bb

for “Union” substitute “United Kingdom”;

iii

in point (c)—

aa

for the words from “Directive” to “Council” substitute “the Solvency 2 Regulations 201521;

bb

for “Union” substitute “United Kingdom”;

iv

for point (f) substitute—

f

the Bank of England;

v

in point (g), for “Union” substitute “United Kingdom”; and

b

after paragraph 6, insert—

7

For the purposes of paragraph 6, “United Kingdom law on markets in financial instruments” means the law of the United Kingdom which was relied on by the United Kingdom immediately before exit day to implement Directive 2014/65/EU and its implementing measures—

a

in the case of rules made by the FCA or by the PRA under FSMA, as they have effect on exit day;

b

as amended from time to time, in all other cases.

3

In Article 5(1)(g), for “ESMA” substitute “FCA”.

4

In the words after Article 10, omit “This Regulation shall be binding in its entirety and directly applicable in all Member States.”.