The Uncertificated Securities (Amendment and EU Exit) Regulations 2019

PART 5 U.K. Amendments in connection with exiting the European Union

Amendments to the Uncertificated Securities Regulations 2001 U.K.

14.—(1) The Uncertificated Securities Regulations 2001 are amended as follows.

(2) In regulation 3(1) (interpretation), omit paragraph (b) of the definition of Operator.

(3) In Schedule 1 (requirements for approval of a person as Operator), in paragraph 5(7)—

(a) In paragraph (ba) M1 omit “an EEA central counterparty or ”;

(b) In the definition of “depositary” for “a CSD within the meaning of the CSD regulation” substitute “ a CSD or third-country CSD within the meaning of the CSD regulation as amended from time to time ”.

Commencement Information

I1 Reg. 14 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

M1 Paragraph (ba) was inserted by S.I. 2013/504.

Amendment to Article 15 of Regulation EU No. 236/2012 U.K.

15.  In Article 15 of Regulation EU No. 236/2012 of the European Parliament and of the Council of 14th March 2012 on short selling and certain aspects of credit default swaps, for “a Member State”, both times it occurs, substitute “ the United Kingdom ”.

Commencement Information

I2 Reg. 15 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)

Amendment to the Central Securities Depositories Regulations 2014 U.K.

16.—(1) The Central Securities Depositories Regulations 2014 M2 are amended as follows.

(2) After regulation 5N (Part 8) insert—

“PART 8A U.K. Fees

Fees

5O.— (1) The Bank may, in connection with the discharge of any of its qualifying functions, require third country CSDs to pay fees to the Bank.

(2) The “qualifying functions” of the Bank are—

(a) its functions under or as a result of—

(i) the CSD regulation,

(ii) any EU regulation, originally made under the CSD regulation, which is retained direct EU legislation, or

(iii) any subordinate legislation (within the meaning of the Interpretation Act 1978 M3 ) made under the CSD regulation on or after [F1 IP completion day],

so far as they are its functions by virtue of regulations made under section 8 of the European Union (Withdrawal) Act 2018 M4 ; and

(b) any other functions it has by virtue of regulations made under section 8 of the European Union (Withdrawal) Act 2018 in connection with the CSD regulation.

(3) The power of the Bank to set fees includes power to set fees for the purpose of meeting expenses incurred by it or the FCA—

(a) in preparation for the exercise by the Bank of the qualifying functions specified in paragraph (2), or

(b) for the purpose of facilitating the exercise by the Bank of those functions or otherwise in connection with their exercise by it.

(4) It is irrelevant when the expenses were incurred.

(5) Any fee which is owed to the Bank under this regulation may be recovered as a debt due to the Bank.”.

Textual Amendments

F1 Words in reg. 16(2) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 39

Commencement Information

I3 Reg. 16 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

M2 S.I. 2014/2879.

M3 1978 c.30.

M4 2018 c.16.