Section 422A (disregarded holdings)U.K.
88. M1In section 422A (disregarded holdings)—
(a)in subsection (4)—
(i)in paragraph (a) M2, for the words from “article 4.1.7” to “directive” substitute “ article 2.1.6 of the markets in financial instruments regulation ”;
(ii)for paragraph (b), substitute—
“(b)has a Part 4A permission to carry on one or more investment services and activities;”;
(b)in subsection (5), for “credit institution” substitute “ qualifying credit institution ”;
(c)in subsection (6)—
(i)in the opening words and in paragraph (b), for “credit institution” substitute “ qualifying credit institution ”;
(ii)in paragraph (a)(ii), omit the words from “in accordance with” to the end;
(d)in subsection (7) M3, for “Article 2.1(b) of the UCITS Directive” substitute “ section 237(2) ”;
(e)in subsection (9A) M4, for the words from “Commission” to “financial instruments” substitute “ the market abuse regulation and Commission Delegated Regulation (EU) No. 1052/2016 of 8 March 2016 supplementing Regulation (EU) No. 596/2014 of the European Parliament and the Council with regard to the regulatory technical standards for conditions applicable to buy-back programmes and stabilisation measures ”;
[F1(f)for subsection (10), substitute—
“(10) For the purposes of this section “qualifying credit institution” includes a credit institution which is authorised under the law of Gibraltar relied on immediately before IP completion day to implement the capital requirements directive.”]
Textual Amendments
F1Reg. 88(f) substituted (31.12.2020 immediately before IP completion day) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 9(5) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(d)(ii)); 2020 c. 1, Sch. 5 para. 1(1)
Commencement Information
I1Reg. 88(e) in force at 23.3.2019, see reg. 1(2)(d)
I2Regs. 88(a)-(d)(f) 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
M1Section 422A was substituted by S.I. 2009/534.
M2Section 422A(4)(a) was amended by S.I. 2017/701.
M3Section 422A(7) was amended by S.I. 2011/1613.
M4Section 422A(9A) was inserted by S.I. 2015/1755.