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The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019
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- UK Statutory Instruments
- 2019 No. 632
- PART 5
- Regulation 189
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The Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013U.K.
This section has no associated Explanatory Memorandum
189.—(1) Article 3 of the Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013 M1 (dealing in investments as principal: designation by the PRA) is amended as follows.
(2) In paragraph (2) M2—
(a)at the end of sub-paragraph (a) insert “ or ”;
(b)omit sub-paragraph (c) and the preceding “or”.
(3) In paragraph (3) M3—
(a)for sub-paragraph (a) M4 substitute—
“(a)is an investment firm that is required to have initial capital of 730,000 euro or would be required to do so if it had a Part 4A permission;”;
(b)for sub-paragraph (c) substitute—
“(c)is established in a country other than the United Kingdom but would meet the requirement specified in sub-paragraph (a) if P were established in the United Kingdom and had obtained the necessary authorisation in the United Kingdom for its business.”.
Modifications etc. (not altering text)
C1Pts. 3-6 modified in part (31.12.2020) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(2), 11(1)(4)(5) (with reg. 11(8)-(10)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1)
Commencement Information
I1Reg. 189 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M2Article 3(2) was amended by S.I. 2017/701.
M3Article 3(3) was amended by S.I. 2013/3115.
M4Paragraph (3)(a) was substituted by S.I. 2013/3115.
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