The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019

Authorisation and registration of an administrator U.K.

31.—(1) Article 34 (authorisation and registration of an administrator) is amended as follows.

(2) In paragraph 1, in the opening words—

(a) for “Union” substitute “ United Kingdom ”;

(b) for the words from “competent” to “located” substitute “ FCA ”.

(3) In paragraphs 2 and 4, for “competent authority” substitute “ FCA ”.

(4) In paragraph 5, for “relevant competent authority”, both times it occurs, substitute “ FCA ”.

(5) In paragraph 6—

(a) in the opening words, for “relevant competent authority” substitute “ FCA ”;

(b) in the second subparagraph, for “competent authority”, both times it occurs, substitute “ FCA ”.

(6) Omit paragraph 7.

(7) In paragraph 8—

(a) in the first subparagraph--

(i) for “ESMA shall develop draft regulatory” substitute “ The FCA may make ”;

(ii) for “competent authorities” substitute “ the FCA ”;

(b) omit the second and third subparagraphs.

Commencement Information

I1 Reg. 31 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)