Oversight function requirementsU.K.
7.—(1) Article 5 (oversight function requirements) is amended as follows.
(2) In paragraphs 2 and 3(i), for “relevant competent authorities” substitute “ FCA ”.
(3) In paragraph 5—
(a)in the first subparagraph—
(i)for “ESMA shall develop draft regulatory” substitute “ The FCA may make ”;
(ii)the words from “the procedures regarding” to the end of the first sentence become point (a);
(iii)the second sentence becomes point (b);
(iv)in point (b), omit “In particular, ESMA shall develop”;
(b)in the second subparagraph—
(i)for “ESMA”, where it first occurs, substitute “ The technical standards ”;
(ii)before “shall take into” insert “ when making the standards, the FCA ”;
(iii)omit “ESMA draft regulatory”;
(c)omit the third and fourth subparagraphs.
(4) Omit paragraph 6.
Commencement Information
I1Reg. 7 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)