The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019

The Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013 U.K.

189.—(1) Article 3 of the Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013 M1 (dealing in investments as principal: designation by the PRA) is amended as follows.

(2) In paragraph (2) M2 —

(a) at the end of sub-paragraph (a) insert “ or ”;

(b) omit sub-paragraph (c) and the preceding “or”.

(3) In paragraph (3) M3 —

(a) for sub-paragraph (a) M4 substitute—

“(a) is an investment firm that is required to have initial capital of 730,000 euro or would be required to do so if it had a Part 4A permission;”;

(b) for sub-paragraph (c) substitute—

“(c) is established in a country other than the United Kingdom but would meet the requirement specified in sub-paragraph (a) if P were established in the United Kingdom and had obtained the necessary authorisation in the United Kingdom for its business.”.

Modifications etc. (not altering text)

C1 Pts. 3-6 modified in part (31.12.2020) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(2), 11(1)(4)(5) (with reg. 11(8)-(10)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1)

Commencement Information

I1 Reg. 189 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 S.I. 2013/556.

M2 Article 3(2) was amended by S.I. 2017/701.

M3 Article 3(3) was amended by S.I. 2013/3115.

M4 Paragraph (3)(a) was substituted by S.I. 2013/3115.