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The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019
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CHAPTER 2Commission Delegated Regulation (EU) 2016/1904
Amendment of Commission Delegated Regulation (EU) 2016/1904
13.—(1) Commission Delegated Regulation (EU) 2016/1904 of 14 July 2016 supplementing Regulation (EU) No 1286/2014 of the European Parliament and of the Council with regard to product intervention is amended as follows.
(2) Omit Article 1.
(3) In Article 2—
(a)in the heading, for “competent authorities” substitute “the FCA”;
(b)in paragraphs 1 and 2, in each place—
(i)for “competent authorities” substitute “the FCA”;
(ii)for “at least one Member State” substitute “the United Kingdom”;
(c)in paragraph (2)(c), for the first indent substitute—
“—whether the investor is:
(a)a professional client as defined in point (8) of Article 2(1) of Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (“professional client”),
(b)a client (as defined in point (7) of Article 2(1) of that Regulation) who is not a professional client, or
(c)an eligible counterparty as defined in rule 3.6.1 of the Conduct of Business sourcebook made under the Financial Services and Markets Act 2000(1) by the Financial Conduct Authority, as the sourcebook has effect on exit day, ”;
(d)in paragraph 2(r), for “Member State of the relevant competent authority” substitute “United Kingdom”.
(4) In the words after Article 3, omit “This Regulation shall be binding in its entirety and directly applicable in all Member States.”.
(1)
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