The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019

Transitional provisions: central securities depositories

39.—(1) A relevant CSD is to be treated as a relevant entity for the purposes of section 886 of the Income Tax Act 2007 for the period specified in paragraph (3).

(2) A relevant CSD is to be treated as a market infrastructure body for the purposes of the Investment Bank Special Administration Regulations 2011(1) for the period specified in paragraph (3).

(3) The period begins on exit day and ends—

(a) where the relevant CSD makes an application under Article 25(4) of the CSD Regulation on or after exit day and before the end of the period applicable in the relevant CSD’s case under Article 69(1) of that Regulation, immediately after the determination of that application; or

(b) where the relevant CSD does not make an application under Article 25(4) of the CSD Regulation on or after exit day and before the end of the period applicable in the relevant CSD’s case under Article 69(1) of that Regulation, immediately after the end of that period.

(4) In this regulation—

“the CSD Regulation” means Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories;

“relevant CSD” means an entity which immediately before exit day was—

(a)

an EEA CSD within the meaning of section 285(1)(f)(2) of the Financial Services and Markets Act 2000(3) (as it had effect immediately before exit day); or

(b)

a third country CSD within the meaning of section 285(1)(g) of that Act (as it had effect immediately before exit day).

(1)

S.I. 2011/245. The definition of “market infrastructure body” in regulation 2(1) was amended by S.I. 2013/504 and 2017/1064.

(2)

Subsections (1)(f) and (g) were inserted by S.I. 2017/1064.

(3)

2000 c.8.