PART 2Amendments to the Act
CHAPTER 1Part 1A of the Act: the regulators
IntroductionI92
Part 1A of the Act M1 (the regulators) is amended as follows.
Section 1A (the Financial Conduct Authority)I13
In section 1A (the Financial Conduct Authority), in subsection (6)(d) for “qualifying EU provision” substitute “
qualifying provision
”
.
Section 1H (further interpretative provisions for sections 1B to 1G)I24
1
Section 1H M2 (further interpretative provisions) is amended as follows.
2
In subsection (2)(d), for “credit institutions” substitute “
qualifying credit institutions
”
.
3
In subsection (8)—
a
omit the definition of “credit institution”M3;
b
in the definition of “relevant ancillary service”, for “Section B of Annex I to the markets in financial instruments directive” substitute “
Part 3A of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
”
M4
.
Section 1L (supervision, monitoring and enforcement)I35
In section 1L M5 (supervision, monitoring and enforcement), in subsection (2)(b) for “qualifying EU provision” substitute “
qualifying provision
”
.
Section 2AB (functions of the PRA)I46
Section 3E (memorandum of understanding)I57
In section 3E M8 (memorandum of understanding between regulators) omit subsection (3)(a).
Section 3I (power of PRA to require FCA to refrain from specified action)I68
In section 3I M9 (power of PRA to require FCA to refrain from specified action), in subsection (8) omit “EU obligation or any other”.
Section 3J (power of PRA in relation to with-profits policies)I79
In section 3J M10 (power of PRA in relation to with-profits policies), in subsection (8) omit “EU obligation or any other”.
Section 3M (directions relating to consolidated supervision of groups)I810
1
Section 3M M11 (directions relating to consolidated supervision of groups) is amended as follows.
2
In subsection (1) (which refers to supervision required in pursuance of any of the relevant directives), for “any of the relevant directives” substitute—
a
any implementing provision contained in subordinate legislation (within the meaning of the Interpretation Act 1978) made otherwise than by any of the following—
i
statutory instrument, and
ii
statutory rule for the purposes of the Statutory Rules (Northern Ireland) Order 1979 (S.I. 1979/1573 (N.I. 12)); or
b
any other implementing provision (as amended from time to time),
3
After subsection (2) insert—
2A
“Implementing provision” means an enactment that immediately before F1IP completion day implemented provisions of any of the relevant directives.
4
In subsection (10) omit “EU obligation or any other”.