2. Part 1A of the Act M1 (the regulators) is amended as follows.
Commencement Information
I1Reg. 2 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
M1Part 1A of the Financial Services and Markets Act 2000 (comprising sections 1A to 3S) was substituted by section 6 of the Financial Services Act 2012 (c.21).
3. In section 1A (the Financial Conduct Authority), in subsection (6)(d) for “qualifying EU provision” substitute “ qualifying provision ”.
Commencement Information
I2Reg. 3 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)
4.—(1) Section 1H M2 (further interpretative provisions) is amended as follows.
(2) In subsection (2)(d), for “credit institutions” substitute “ qualifying credit institutions ”.
(3) In subsection (8)—
(a)omit the definition of “credit institution”M3;
(b)in the definition of “relevant ancillary service”, for “Section B of Annex I to the markets in financial instruments directive” substitute “ Part 3A of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ”M4 .
Commencement Information
I3Reg. 4 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
M2Section 1H was inserted by section 6(1) of the Financial Services Act 2012 and was amended by sections 27(1), (2)(a) and (2)(b) of the Financial Guidance and Claims Act 2018 (c.10) and S.I. 2013/655, 2013/1881, 2013/3115, 2017/752 and 2018/135.
M3This definition was amended by S.I. 2013/3115.
5. In section 1L M5 (supervision, monitoring and enforcement), in subsection (2)(b) for “qualifying EU provision” substitute “ qualifying provision ”.
Commencement Information
I4Reg. 5 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
M5Section 1L was amended by S.I. 2013/1773.
6. In section 2AB M6 (functions of the PRA), in subsection (3)(d) M7 for “qualifying EU provision” substitute “ qualifying provision ”.
Commencement Information
I5Reg. 6 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
M6Section 2AB was substituted by section 12 of the Bank of England and Financial Services Act 2016 (c.14) and amended by S.I. 2018/1115.
M7Subsection (3)(d) was amended by S.I. 2018/1115.
7. In section 3E M8 (memorandum of understanding between regulators) omit subsection (3)(a).
Commencement Information
I6Reg. 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(3)
Marginal Citations
M8Section 3E was substituted by section 6(1) of the Financial Services Act 2012.
8. In section 3I M9 (power of PRA to require FCA to refrain from specified action), in subsection (8) omit “EU obligation or any other”.
Commencement Information
I7Reg. 8 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
M9Section 3I was amended by sections 3(a), (b) and 129 and paragraphs 1 and 4 of Part 1 to Schedule 8 to the Financial Services (Banking Reform) Act 2013 (c.33).
9. In section 3J M10 (power of PRA in relation to with-profits policies), in subsection (8) omit “EU obligation or any other”.
Commencement Information
I8Reg. 9 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
M10Section 3J was substituted by section 6(1) of the Financial Services Act 2012.
10.—(1) Section 3M M11 (directions relating to consolidated supervision of groups) is amended as follows.
(2) In subsection (1) (which refers to supervision required in pursuance of any of the relevant directives), for “any of the relevant directives” substitute—
“(a)any implementing provision contained in subordinate legislation (within the meaning of the Interpretation Act 1978) made otherwise than by any of the following—
(i)statutory instrument, and
(ii)statutory rule for the purposes of the Statutory Rules (Northern Ireland) Order 1979 (S.I. 1979/1573 (N.I. 12)); or
(b)any other implementing provision (as amended from time to time),”M12.
(3) After subsection (2) insert—
“(2A) “Implementing provision” means an enactment that immediately before [F1IP completion day] implemented provisions of any of the relevant directives.”.
(4) In subsection (10) omit “EU obligation or any other”.
Textual Amendments
F1Words in reg. 10(3) 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. 33(a)
Commencement Information
I9Reg. 10 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
M11Section 3M was amended by S.I. 2013/3115 and 2014/3329.
M12In the Interpretation Act 1978 (c.30), “subordinate legislation” has the meaning given by section 21(1) of that Act.