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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 2
- CHAPTER 6
- Regulation 38
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Point in time view as at 31/12/2020.
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The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019, Section 38 is up to date with all changes known to be in force on or before 22 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Section 137R (financial promotion rules)U.K.
This section has no associated Explanatory Memorandum
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(b)requirements of any retained direct EU legislation originally made under Article 24(13) or 25(8) of the markets in financial instruments directive.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.
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