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The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019

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Amendments of Part 18, Chapter 1: Exemption

This section has no associated Explanatory Memorandum

5.—(1) Chapter 1 is amended as follows.

(2) In section 285 (exemption for recognised bodies etc.)(1)—

(a)in subsection (1), for paragraphs (f) and (g) substitute—

(g)“third country CSD” means a central securities depository, established in a country other than the United Kingdom, which is recognised by the Bank of England pursuant to Article 25 of the CSD regulation.;

(b)omit subsections (3E) and (3F);

(c)in subsection (3G), for “ESMA” substitute “the Bank of England”;

(d)in subsection (3H), omit “, an EEA CSD”.

(3) In section 285A (powers exercisable in relation to recognised bodies)(2), in subsection (2) for “, recognised CSDs and EEA CSDs” substitute “and recognised CSDs”.

(4) Omit section 287A (application by an investment exchange: persons connected with an applicant)(3).

(5) In section 288A (application by a central securities depository)(4), for “and any directly applicable EU regulation made under that Article” substitute “, and any technical standards originally made or adopted under that Article which are retained direct EU legislation and any technical standards made under that Article by the Bank on or after exit day,”.

(6) In section 289 (applications: supplementary)(5), in subsection (5), for the words from “derive” to the end, substitute—

derive from any of the following—

(a)the CSD Regulation;

(b)any EU regulation, originally made under the CSD regulation, which is retained direct EU legislation;

(c)any subordinate legislation (within the meaning of the Interpretation Act 1978) made under the CSD regulation on or after exit day.(6).

(7) In section 290 (recognition orders)(7), for subsection (1A) substitute—

(1A) In the case of an application for an order declaring the applicant to be a recognised investment exchange, the reference in subsection (1) to the recognition requirements applicable in its case includes a reference to requirements contained in any of the following—

(a)any EU regulation, originally made under the markets in financial instruments directive, which is retained direct EU legislation;

(b)any EU regulation, originally made under the markets in financial instruments regulation, which is retained direct EU legislation;

(c)any subordinate legislation (within the meaning of the Interpretation Act 1978) made under the markets in financial instruments regulation on or after exit day..

(8) In section 292 (overseas investment exchanges and overseas clearing houses)(8) for subsection (3)(a)(ii) substitute—

(ii)requirements contained in any of the following—

(aa)any EU regulation, originally made under the markets in financial instruments directive, which is retained direct EU legislation;

(bb)any EU regulation, originally made under the markets in financial instruments regulation, which is retained direct EU legislation;

(cc)any subordinate legislation (within the meaning of the Interpretation Act 1978) made under the markets in financial instruments regulation on or after exit day;.

(9) In section 293 (notification requirements)(9)—

(a)in subsection (3), at the end insert “as that directive had effect immediately before exit day”;

(b)in subsection (7A), for “an EEA CSD” substitute “a third country CSD, in relation to any services referred to in the Annex to the CSD regulation which the third country CSD provides in the United Kingdom”.

(10) In section 293A (information: compliance with EU requirements)(10)—

(a)in the heading, for “EU” substitute “specified”;

(b)in subsection (1), for “qualifying EU provision” substitute “qualifying provision”;

(c)in subsection (2), for “an EEA CSD” substitute “a third country CSD”;

(d)in subsection (3), for “any directly applicable EU regulation made under the CSD regulation” substitute “, any EU regulation originally made under the CSD regulation which is retained direct EU legislation, or any subordinate legislation (within the meaning of the Interpretation Act 1978) made under the CSD regulation on or after exit day”.

(11) In section 294 (modification or waiver of rules)(11), in subsection (7), for “an EEA CSD” substitute “a third country CSD”.

(12) In section 295A (on-site inspection of EEA CSDs)(12)—

(a)in the heading, for “EEA” substitute “United Kingdom branches of third country”;

(b)in subsection (1)—

(i)for “Article 24(1) of the CSD regulation (co-operation in relation to branches of EEA CSDs)” substitute “Article 25(11) of the CSD regulation”;

(ii)for “an EEA CSD” substitute “a third country CSD”;

(c)omit subsection (2).

(13) In section 296 (appropriate regulator’s power to give directions)(13)—

(a)in subsection (1A)—

(i)for the words “any directly applicable EU regulation” substitute “any qualifying provision”;

(ii)after “description specified)” insert “for the purposes of this subsection”;

(b)omit subsection (1B);

(c)in subsection (2), omit “or EEA CSD”;

(d)omit subsection (2B).

(14) In section 297 (revoking recognition)(14)—

(a)in subsection (2A), in paragraph (c)—

(i)for “a directly applicable EU regulation” substitute “any qualifying provision”;

(ii)after “description specified)” insert “for the purposes of this subsection”;

(b)omit subsection (6).

(15) In section 298 (directions and revocation: procedure)(15)—

(a)in subsection (6), in paragraph (aa), omit “or an EEA CSD” and “or EEA CSD”;

(b)in subsection (6A), omit paragraph (ab);

(c)in subsection (7A), omit “or EEA CSD”;

(d)omit subsection (7B);

(e)omit subsection (9).

(16) In section 300A (power of appropriate regulator to disallow excessive regulatory provision)(16), in subsection (3)(a), omit “EU law or”.

(1)

Subsections (1)(f) and (g), and (3E) to (3H) were inserted by S.I. 2017/1064.

(2)

Section 285A was inserted by section 29(1) of the Financial Services Act 2012 and subsection (2) was amended by S.I. 2017/1064.

(3)

Section 287A was inserted by S.I. 2017/701.

(4)

Section 288A was inserted by S.I. 2017/1064.

(5)

Subsection (5) was inserted by S.I. 2017/1064.

(7)

Subsection (1A) was inserted by S.I. 2007/126 and amended by S.I. 2017/701.

(8)

Subsection (3)(a) was substituted by S.I. 2017/701.

(9)

Subsection (3) was amended by paragraph 10(2) of Schedule 8 to the Financial Services Act 2012, S.I. 2017/1064 and 2018/135; subsection (7A) was inserted by S.I. 2017/1064.

(10)

Section 293A was substituted by paragraph 11 of Schedule 8 to the Financial Services Act 2012, and renumbered by S.I. 2017/1064, which inserted subsections (2) and (3).

(11)

Subsection (7) was inserted by S.I. 2017/1064.

(12)

Section 295A was inserted by S.I. 2017/1064.

(13)

Subsections (1A), (1B) and (2B) were inserted by S.I. 2007/126; subsections (1A) and (2) were amended by paragraphs 14(3)(a) and (b) and (4) of Schedule 8 to the Financial Services Act 2012 and S.I. 2017/1064.

(14)

Subsection (2A) was inserted by S.I. 2007/126 and amended by paragraph 15(3) of Schedule 8 to the Financial Services Act 2012 and S.I. 2013/504 and 2017/1064. Subsection (6) was inserted by S.I. 2012/916 and amended by paragraph 15(5) of Schedule 8 to the Financial Services Act 2012.

(15)

Subsections (6)(aa), (6A)(ab), (7A), (7B) and (9) were inserted by S.I. 2017/1064

(16)

Section 300A was inserted by section 1 of the Investment Exchanges and Clearing Houses Act 2006 (c. 55). Subsection (3) was amended by S.I. 2011/1043.

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