The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 No. 632

PART 2 U.K. Amendments to the Act

CHAPTER 1 U.K. Part 1A of the Act: the regulators

Section 3M (directions relating to consolidated supervision of groups) U.K.

10.—(1) Section 3M M1 (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),”M2 .

(3) After subsection (2) insert—

“(2A) “Implementing provision” means an enactment that immediately before [F1 IP completion day] implemented provisions of any of the relevant directives.”.

(4) In subsection (10) omit “EU obligation or any other”.

Textual Amendments

F1 Words 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

I1 Reg. 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

M1 Section 3M was amended by S.I. 2013/3115 and 2014/3329.

M2 In the Interpretation Act 1978 (c.30), “subordinate legislation” has the meaning given by section 21(1) of that Act.