The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020

The Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018U.K.

47.—(1) The Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018(1) are amended as follows.

(2) In regulation 4 (interpretation), for “last amended by Regulation (EU) 2019/2099 of the European Parliament and of the Council of 23 October 2019” substitute “it forms part of retained EU law”.

(3) For regulation 20 (misleading the FCA: criminal offence), substitute—

“20.  Section 398 of the Financial Services and Markets Act 2000 (misleading the FCA or PRA: residual cases)(2) applies to a requirement to provide information in accordance with—

(a)a direction under regulation 5(2)(b) or 17(2)(b),

(b)regulation 21, or

(c)a written notification under regulation 21A,

as it applies to a requirement falling within subsection (1A) of that section.”.

(4) After regulation 20, insert—

“Further information to be supplied

20A.  Subject to regulation 21A(7), regulations 21 and 21A apply to a person who, before IP completion day—

(a)has submitted an advance application to the FCA in accordance with regulation 5, and has not been notified by the FCA of its decision in respect of the application in accordance with regulation 7;

(b)has notified the FCA in accordance with regulation 17, and has not received a response from the FCA in accordance with regulation 19; or

(c)has been notified by the FCA of a decision to register in accordance with regulation 7 or a decision to confirm the notification in accordance with regulation 19.”.

(5) For regulation 21 (further information to be supplied by a person to whom regulation 9 or 14 applies), including the heading, substitute—

“Duty to disclose information

21.  A person to whom this regulation applies must notify the FCA without delay if—

(a)any information contained in, or accompanying—

(i)an advance application submitted in accordance with regulation 5, or

(ii)a notification made in accordance with regulation 17,

changes; or

(b)there are any material changes which affect or may affect compliance by that person with the conditions for registration set out in Title 7 of the European Market Infrastructure Regulation.

FCA power to require information from a person to whom this regulation applies

21A.—(1) The FCA may, by notice in writing given to a person to whom this regulation applies, require that they—

(a)provide information specified or information of a description specified by the FCA; or

(b)produce documents specified or documents of a description specified by the FCA.

(2) The information or documents must be provided or produced—

(a)before the end of such reasonable period, and

(b)at such place,

as may be specified.

(3) The powers conferred by paragraphs (1) and (2) apply only to information and documents reasonably required—

(a)in connection with the exercise by the FCA of functions conferred on it by or under these Regulations; and

(b)in anticipation of the exercise by the FCA of the functions conferred on it by or under the European Market Infrastructure Regulation and the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019/335 on IP completion day.

(4) An officer who has written authorisation from the FCA to do so may request that a person to whom this regulation applies without delay—

(a)provide the officer with specified information or information of a specified description; or

(b)produce to the officer specified documents or documents of a specified description.

(5) The FCA may require any information provided under this regulation to be provided in such form as it may reasonably require.

(6) The FCA may require—

(a)any information provided, whether in a document or otherwise, to be verified in such manner, or

(b)any document produced to be authenticated in such manner,

as it may reasonably require.

(7) The FCA may also impose requirements under paragraphs (1) to (4) on related third parties, to whom a person to whom this regulation applies has outsourced operational functions or activities, to provide all information that is necessary in order to carry out the duties of the person to whom this regulation applies.

(8) In this regulation, “officer” means an officer of the FCA and includes a member of the FCA’s staff or an agent of the FCA.”.