PART 2U.K.Amendments to the Act

CHAPTER 17U.K.Part 29 of the Act: interpretation of the Act

Section 422A (disregarded holdings)U.K.

88.  M1In section 422A (disregarded holdings)—

(a)in subsection (4)—

(i)in paragraph (a) M2, for the words from “article 4.1.7” to “directive” substitute “ article 2.1.6 of the markets in financial instruments regulation ”;

(ii)for paragraph (b), substitute—

“(b)has a Part 4A permission to carry on one or more investment services and activities;”;

(b)in subsection (5), for “credit institution” substitute “ qualifying credit institution ”;

(c)in subsection (6)—

(i)in the opening words and in paragraph (b), for “credit institution” substitute “ qualifying credit institution ”;

(ii)in paragraph (a)(ii), omit the words from “in accordance with” to the end;

(d)in subsection (7) M3, for “Article 2.1(b) of the UCITS Directive” substitute “ section 237(2) ”;

(e)in subsection (9A) M4, for the words from “Commission” to “financial instruments” substitute “ the market abuse regulation and Commission Delegated Regulation (EU) No. 1052/2016 of 8 March 2016 supplementing Regulation (EU) No. 596/2014 of the European Parliament and the Council with regard to the regulatory technical standards for conditions applicable to buy-back programmes and stabilisation measures ”;

[F1(f)for subsection (10), substitute—

“(10) For the purposes of this section “qualifying credit institution” includes a credit institution which is authorised under the law of Gibraltar relied on immediately before IP completion day to implement the capital requirements directive.”]