Point in time view as at 31/12/2020.
There are outstanding changes not yet made by the legislation.gov.uk editorial team to The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019. Any changes that have already been made by the team appear in the content and are referenced with annotations.
38.—(1) Section 137R (financial promotion rules) is amended as follows.
(2) In subsection (5)(b) M1, for the words from “requirements” to [F1“(as defined in section 71I(5)),”] substitute “ listed requirements ”.
(3) In subsection (5)(c) M2, for “requirements mentioned in paragraph (b)” substitute “ listed requirements ”.
(4) After subsection (5) insert—
“(5A) In subsection (5) “the listed requirements” means—
(a)requirements under the law of any part of the United Kingdom that appear to the FCA to correspond to requirements of—
(i)Articles 24 (general principles and information to clients) and 25 (assessment of suitability and appropriateness and reporting to clients) of the markets in financial instruments directive,
(ii)Commission Delegated Directive (EU) 2017/593 of 7 April 2016, so far as adopted under those Articles,
(iii)Article 77 of the UCITS directive,
(iv)Articles 10 and 11 of the mortgages directive, F2...
(v)Article 17 of the insurance distribution directive, [F3or]
[F4(vi)Article 44a of the recovery and resolution directive (as defined in paragraph (c)), and]
(b)requirements of any retained direct EU legislation originally made under Article 24(13) or 25(8) of the markets in financial instruments directive.
[F5(c)In paragraph (a)(vi), “recovery and resolution directive” means Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms, as it had effect immediately before IP completion day.”]M3.
Textual Amendments
F1Words in reg. 38(2) substituted (28.12.2020) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 79(2)(a)
F2Word in reg. 38(4) omitted (28.12.2020) by virtue of The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 79(2)(b)(i)(aa)
F3Word in reg. 38(4) substituted (28.12.2020) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 79(2)(b)(i)(bb)
F4Words in reg. 38(4) inserted (28.12.2020) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 79(2)(b)(i)(cc)
F5Words in reg. 38(4) inserted (28.12.2020) by The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 79(2)(b)(ii)
Commencement Information
I1Reg. 38 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
M1Subsection (5)(b) was amended by S.I. 2015/910, 2017/701 and 2018/546.
M2Subsection (5) was amended by S.I. 2015/910, 2017/701 and 2018/546.
M3Commission Delegated Directive (EU) 2017/593 was published at OJ No. L 87, 31.3.2017, p 500 – 517.
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
