The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019

Recognition of an administrator located in a third country U.K.

29.—(1) Article 32 (recognition of an administrator located in a third country) is amended as follows.

(2) In paragraph 1—

(a) for the words from “an equivalence” to “adopted” substitute “ regulations are made in accordance with Article 30(2) or (3) ”;

(b) for “Union” substitute “ United Kingdom ”;

(c) for “competent authority of its Member State of reference” substitute “ FCA ”.

(3) In paragraph 2, in the second subparagraph, for “competent authority of the Member State of reference” substitute “ FCA ”.

(4) In paragraph 3—

(a) for “its Member State of reference” substitute “ the United Kingdom ”;

(b) for “Union”, both times it occurs, substitute “ United Kingdom ”;

(c) for “competent authority of the Member State of reference” substitute “ FCA ”.

(5) Omit paragraph 4.

(6) In paragraph 5—

(a) in the first subparagraph—

(i) for “competent authority of its Member State of reference” substitute “ FCA ”;

(ii) for “satisfy the competent authority” substitute “ satisfy the FCA ”;

(iii) for “Union” substitute “ United Kingdom ”;

(b) in the second subparagraph—

(i) for “competent authority” substitute “ FCA ”;

(ii) for “2, 3 and 4” substitute “ 2 and 3 ”;

(c) in the third subparagraph—

(i) in the first sentence—

(aa) for “competent authority” substitute “ FCA ”;

(bb) for “2, 3 and 4” substitute “ 2 and 3 ”;

(ii) in point (a)—

(aa) for “competent authority of the Member State of reference” substitute “ FCA ”;

(bb) for “regulatory technical standards adopted” substitute “ technical standards made ”;

(cc) for “allows the competent authority” substitute “ allows the FCA ”;

(iii) in point (b), for “competent authority” substitute “ FCA ”.

(7) Omit paragraphs 6 and 7.

(8) In paragraph 8, for “competent authority of the Member State of reference” substitute “ FCA ”.

(9) In paragraph 9—

(a) in the first subparagraph—

(i) for “ESMA may develop draft regulatory” substitute “ The FCA may make ”;

(ii) omit the words from “and, in particular,” to the end;

(b) omit the second and third subparagraphs.

Commencement Information

I1 Reg. 29 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)