The Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019

Market monitoring and product intervention powers

9.—(1) In Article 15—

(a) omit paragraph 1;

(b) in paragraph 2—

(i) for “Competent authorities” substitute “The FCA”;

(ii) for “their Member State” substitute “the United Kingdom”.

(2) Omit Article 16.

(3) In Article 17—

(a) in paragraph 1—

(i) for “A competent authority” substitute “The FCA”;

(ii) for “its Member State” substitute “the United Kingdom”;

(b) in paragraph 2, in the first subparagraph—

(i) for “A competent authority” substitute “The FCA”;

(ii) in point (a), for “at least one Member State” substitute “the United Kingdom”;

(iii) in point (b), for “Union law” substitute “the law of the United Kingdom, or any part of the United Kingdom,”;

(iv) omit points (d) and (e);

(c) in paragraph 2, in the second subparagraph, for “competent authority” substitute “FCA” in both places;

(d) for paragraph 3 substitute—

“3.   The FCA must not impose a prohibition or restriction under this Article unless, at least one month before the measure is intended to take effect, the FCA has published details of its decision to impose the measure on its website in accordance with paragraph 5.”;

(e) in paragraph 4—

(i) for “competent authority” substitute “FCA” in each place;

(ii) omit the words from “with no less” to “EIOPA”;

(iii) for “a one-month notification period” substitute “delaying the action for one month”;

(f) in paragraphs 5 and 6, for “competent authority” substitute “FCA”;

(g) in paragraph 7, in the first subparagraph—

(i) for the words from “Commission” to “specifying” substitute “Treasury may by Regulations specify”;

(ii) for “competent authorities” substitute “the FCA”;

(iii) for “at least one Member State referred to in point (a) of the first subparagraph of paragraph 2” substitute “the United Kingdom”;

(h) in paragraph 7, in the second subparagraph, for “shall include” substitute “may include”.

(4) Omit Article 18.