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The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019

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The Financial Services and Markets Acts 2000

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2.—(1) The Financial Services and Markets Act 2000(1) is amended as follows.

(2) In section 347 (the record of authorised persons etc)—

(a)in subsection (2A)(2)—

(i)at the end of paragraph (a) insert “and”;

(ii)at the end of paragraph (b)(ii) omit “and”;

(iii)omit paragraph (c);

(b)in subsection (3A)(3), for the words from “result” to “power” substitute “result of a cancellation of that person’s Part 4A permission under section 55J(4) because one or more of the conditions in section 55K(1)(b) to (d) was met, the power”;

(c)in subsection (8A)(5) omit the definition of “exempt investment firm”.

(3) In section 349 (exceptions from section 348)—

(a)in subsection (3A)(6)—

(i)in paragraph (a) for “a recipient to which subsection (3B)(7) applies” substitute “the Panel on Takeovers and Mergers”;

(ii)in paragraph (b) for “a recipient to which subsection (3B) applies” substitute “the Panel on Takeovers and Mergers”;

(b)omit subsection (3B);

(c)omit subsection (5)(b);

(d)in subsection (5)(c), after “similar functions” insert “to those referred to in paragraph (a)”.

(4) In section 353A (information received from the Bank of England)(8) omit subsection (6)(d).

(5) In section 354A (FCA’s duty to co-operate with others)(9)—

(i)omit subsection (3)(b);

(ii)in subsection 3(c) omit “other”.

(6) Omit sections 354D (information under the markets in financial instruments directive) to 354H (information under the Insurance Distribution Directive)(10).

(2)

Subsection (2A) was inserted by paragraph 12 of Schedule 5 to S.I. 2007/126 and was amended by paragraph 16 of Schedule 12 to the Financial Services Act 2012 (c.21) and paragraph 44 of Schedule 2 to S.I. 2017/701.

(3)

Subsection (3A) was inserted by paragraph 44 of Schedule 2 to S.I. 2017/701.

(4)

Section 55J was inserted by section 11 of the Financial Services Act 2012 (c.21).

(5)

Subsection (8A) was inserted by section 34 of the Financial Services (Banking Reform) Act 2013 (c.33). The definition of “exempt investment firm” was inserted in sub-section (8A) by paragraph 44 of Schedule 2 to S.I. 2017/701.

(6)

Subsection (3A) was inserted by section 964(4) of the Companies Act 2006 (c.46).

(7)

Subsection (3B) was inserted by section 964(4) of the Companies Act 2006 (c.46).

(8)

Section 353A was inserted by paragraph 24 of Schedule 12 to the Financial Services Act 2012 (c.21).

(9)

Sections 354A to 354C were substituted for section 354 by paragraph 25 of Schedule 12 to the Financial Services Act 2012 (c.21).

(10)

Sections 354D to 354G were inserted by regulation 3 of S.I. 2016/1095. Section 354H was inserted by article 15 of S.I. 2018/546.

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