Table of Contents
Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 [SI 2019 No. 632]Introductory TextPart 1 Introductory (reg. 1)Regulation 1 Citation, commencement and interpretationPart 2 Amendments to the Act (regs. 2-119)Chapter 1 Part 1A of the Act: the regulators (regs. 2-10)Regulation 2 IntroductionRegulation 3 Section 1A (the Financial Conduct Authority)Regulation 4 Section 1H (further interpretative provisions for sections 1B to 1G)Regulation 5 Section 1L (supervision, monitoring and enforcement)Regulation 6 Section 2AB (functions of the PRA)Regulation 7 Section 3E (memorandum of understanding)Regulation 8 Section 3I (power of PRA to require FCA to refrain from specified action)Regulation 9 Section 3J (power of PRA in relation to with-profits policies)Regulation 10 Section 3M (directions relating to consolidated supervision of groups)Chapter 2 Part 3 of the Act: authorisation and exemption (regs. 11-13)Regulation 11 IntroductionRegulation 12 Section 39 (exemption of appointed representatives)Regulation 13 Section 39A (certain tied agents operating outside United Kingdom)Chapter 3 Part 4A of the Act: permission to carry on regulated activities (regs. 14-23)Regulation 14 IntroductionRegulation 15 Section 55D (application for permission)Regulation 16 Section 55J (variation and cancellation of Part 4A permission: general)Regulation 17 Section 55K (variation and cancellation of Part 4A permission: investment firms)Regulation 18 Section 55KA (variation and cancellation of Part 4A permission: insurance undertakings etc.)Regulation 19 Section 55PA (imposition and variation of requirements)Regulation 20 Section 55Q (exercise of power in support of overseas regulator)Regulation 21 Section 55R (connected persons)Regulation 22 Section 55S (additional permissions)Regulation 23 Sections 55Z1 to 55Z2A (notification)Chapter 4 Part 5 of the Act: performance of regulated activities (regs. 24-30)Regulation 24 IntroductionRegulation 25 Section 59 (approval for particular arrangements)Regulation 26 Section 63E (certification of employees by relevant authorised persons)Regulation 27 Section 66A (misconduct: action by the FCA)Regulation 28 Section 66B (misconduct: action by the PRA)Regulation 29 Section 71D (sections 71B and 71C: conditions)Regulation 30 Section 71I (sections 71B to 71H: interpretation)Chapter 5 Part 7 of the Act: control of business transfers (regs. 31-33)Regulation 31 IntroductionRegulation 32 Section 105 (insurance business transfer schemes)Regulation 33 Further amendments to Part 7 of the ActChapter 6 Part 9A of the Act: rules and guidance (regs. 34-41)Regulation 34 IntroductionRegulation 35 Section 137J (rules about recovery plans: duty to consult)Regulation 36 Section 137N (recovery plans and resolution packs: restriction on duty of confidence)Regulation 37 Section 137Q (price stabilising rules)Regulation 38 Section 137R (financial promotion rules)Regulation 39 Section 138K (consultation: mutual societies)Regulation 40 Section 139A (power of the FCA to give guidance)Regulation 41 Section 141A (power to make consequential amendments of references to rules etc)Chapter 7 Part 11 of the Act: information gathering and investigations (regs. 42-47)Regulation 42 IntroductionRegulation 43 Section 165A (PRA's power to require information: financial stability)Regulation 44 Section 167 (appointment of persons to carry out general investigations)Regulation 45 Section 168 (appointment of persons to carry out investigations in particular cases)Regulation 46 Section 169 (investigations etc. in support of overseas regulator)Regulation 47 Section 169A (support of overseas regulator with respect to financial stability)Chapter 8 Part 12 of the Act: control over authorised persons (regs. 48-56)Regulation 48 IntroductionRegulation 49 Section 184 (disregarded holdings)Regulation 50 Section 186 (assessment criteria)Regulation 51 Section 188 (assessment: consultation with EC competent authorities)Regulation 52 Section 189 (assessment: procedure)Regulation 53 Section 190 (requests for further information)Regulation 54 Section 190A (assessment and resolution)Regulation 55 Section 191A (objection by the appropriate regulator)Regulation 56 Section 191G (interpretation of Part 12)Chapter 9 Part 12A of the Act: powers exercisable in relation to parent undertakings (regs. 57-60)Regulation 57 IntroductionRegulation 58 Section 192C (power to direct qualifying parent undertaking)Regulation 59 Section 192JB (rules requiring parent undertakings to facilitate resolution)Regulation 60 Section 192K (power to impose penalty or issue censure)Chapter 10 Part 14 of the Act: disciplinary measures (reg. 61)Regulation 61 Section 204A (meaning of "relevant requirement" etc.)Chapter 11 Part 20 of the Act: provision of financial services by members of the professions (regs. 62-65)Regulation 62 IntroductionRegulation 63 Section 326 (designation of professional bodies)Regulation 64 Section 327 (exemption from the general prohibition)Regulation 65 Section 328 (directions in relation to the general prohibition)Chapter 12 Part 22 of the Act: auditors and actuaries (regs. 66-68)Regulation 66 IntroductionRegulation 67 Section 342 (information given by auditor or actuary to a regulator)Regulation 68 Section 343 (information given by auditor or actuary to a regulator: persons with close links)Chapter 13 Part 25 of the Act: injunctions and restitution (regs. 69-72)Regulation 69 IntroductionRegulation 70 Section 380 (injunctions)Regulation 71 Section 382 (restitution orders)Regulation 72 Section 384 (power of FCA or PRA to require restitution)Chapter 14 Part 26 of the Act: notices (regs. 73-79)Regulation 73 IntroductionRegulation 74 Section 391 (publication)Regulation 75 Section 391A (publication: special requirements relating to capital requirements directive)Regulation 76 Section 391B (publication: special provisions relating to the transparency obligations directive)Regulation 77 Section 391C (publication: special provisions relating to the UCITS directive)Regulation 78 Section 391D (publication: special provisions relating to the markets in financial instruments directive)Regulation 79 Section 391E (publication: special provisions relating to the insurance distribution directive)Chapter 15 Part 27 of the Act: offences (reg. 80)Regulation 80 Section 398 (misleading FCA or PRA: residual cases)Chapter 16 Part 28 of the Act: miscellaneous (regs. 81-83)Regulation 81 IntroductionRegulation 82 Section 404E (meaning of "consumers")Regulation 83 Section 410 (international obligations)Chapter 17 Part 29 of the Act: interpretation of the Act (regs. 84-92)Regulation 84 IntroductionRegulation 85 Section 417 (definitions)Regulation 86 Section 418 (carrying on regulated activities in the United Kingdom)Regulation 87 Section 420 (parent and subsidiary undertaking)Regulation 88 Section 422A (disregarded holdings)Regulation 89 Mortgage agreements etcRegulation 90 Section 424A (meaning of "investment firm")Regulation 91 Section 425A (consumers: regulated activities etc carried on by authorised persons)Regulation 92 Section 425C ("qualifying EU provision")Chapter 18 Schedule 1ZA to the Act: the Financial Conduct Authority (reg. 93)Regulation 93 Schedule 1ZA (the Financial Conduct Authority)Chapter 19 Schedule 1ZB to the Act: the Prudential Regulation Authority (reg. 94)Regulation 94 Schedule 1ZB (the Prudential Regulation Authority)Chapter 20 Schedule 2 to the Act: regulated activities (reg. 95)Regulation 95 Schedule 2 (regulated activities)Chapter 21 Schedule 6 to the Act: threshold conditions (regs. 96-103)Regulation 96 IntroductionRegulation 97 InterpretationRegulation 98 Paragraph 2C (effective supervision)Regulation 99 Paragraph 3B (effective supervision)Regulation 100 Paragraph 4A (introduction to Part 1D)Regulation 101 Paragraph 4F (effective supervision)Regulation 102 Paragraph 5F (effective supervision)Regulation 103 Paragraph 8 (additional conditions)Chapter 22 Schedule 12 to the Act: transfer schemes: certificates (regs. 104-114)Regulation 104 IntroductionRegulation 105 Paragraph 1 (insurance business transfer schemes)Regulation 106 Paragraph 2 (certificates as to margin of solvency)Regulation 107 Paragraphs 3 to 6 (further provisions on certificates)Regulation 108 Paragraph 7 (banking business transfer schemes)Regulation 109 Paragraph 8 (certificates as to financial resources)Regulation 110 Paragraph 9 (certificates as to consent of home state regulator)Regulation 111 Paragraph 9B (ring-fencing transfer schemes)Regulation 112 Paragraph 9C (certificate as to financial resources)Regulation 113 Paragraph 9D (certificate as to consent of home state regulator)Regulation 114 Paragraph 10 (insurance business transfers effected outside the United Kingdom)Chapter 23 Schedule 17A to the Act: further provisions in relation to exercise of Part 18 functions by Bank of England (regs. 115-119)Regulation 115 IntroductionRegulation 116 Paragraph 11 (information gathering and investigations)Regulation 117 Paragraphs 22 and 23 (public record and disclosure of information)Regulation 118 Paragraph 30 (offences)Regulation 119 Paragraph 36 (fees)Part 3 Amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (regs. 120-161)Regulation 120 IntroductionRegulation 121 Article 3 (interpretation)Regulation 122 Article 4 (specified activities: general)Regulation 123 Article 6 (sums paid by certain persons)Regulation 124 Article 9B (issuing electronic money)Regulation 125 Article 9C (persons certified as small issuers etc)Regulation 126 Article 24A (bidding in emissions auctions)Regulation 127 Article 24B (miscellaneous exclusions)Regulation 128 Article 33B (provision of information - contracts of insurance)Regulation 129 Article 35 (international securities self-regulating organisations)Regulation 130 Article 35A (trade repositories)Regulation 131 Article 42A (depositaries of UCITS and AIFs)Regulation 132 Article 51ZA (managing a UCITS)Regulation 133 Article 51ZB (acting as trustee or depositary of a UCITS)Regulation 134 Article 51ZD (acting as trustee or depositary of an AIF)Regulation 135 Article 51ZG (operating a collective investment scheme in relation to a UCITS or an AIF)Regulation 136 Article 53DA (advising on regulated credit agreements for the acquisition of land)Regulation 137 Article 54 (advice given in newspapers etc)Regulation 138 Article 60D (exempt agreements: exemption relating to the purchase of land for non- residential purposes)Regulation 139 Article 60E (exempt agreements: exemptions relating to the nature of the lender)Regulation 140 Article 60G (exempt agreements: exemptions relating to the total charge for credit)Regulation 141 Article 60H (exempt agreements: exemptions relating to the nature of the borrower)Regulation 142 Article 60HA (exempt agreements: exemptions not permitted under the mortgages directive)Regulation 143 Article 60JA (payment institutions)Regulation 144 Article 60JB (electronic money institutions)Regulation 145 Article 61 (regulated mortgage contracts)Regulation 146 Article 61A (mortgage contracts which are not regulated mortgage contracts)Regulation 147 Article 72 (overseas persons)Regulation 148 Article 72AA (managers of UCITS and AIFs)Regulation 149 Article 72D (large risks contracts where risk situated outside the EEA)Regulation 150 Article 72E (Business Angel-led Enterprise Capital Funds)Regulation 151 Article 72G (local authorities)Regulation 152 Article 77A (alternative finance investment bonds)Regulation 153 Article 78 (government and public securities)Regulation 154 Article 82A (greenhouse gas emissions allowances)Regulation 155 Article 82B (emission allowances)Regulation 156 Article 83 (options)Regulation 157 Article 84 (futures)Regulation 158 Article 85 (contracts for differences etc)Regulation 159 Article 95 (exclusion from record where not fit and proper to carry on insurance distribution)Regulation 160 Schedule 4 (relevant text of the insurance distribution directive)Regulation 161 Schedule 8 (persons excluded from regulated activity of managing an AIF)Part 4 Amendments to the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (regs. 162-176)Regulation 162 Introduction and transitional provisionRegulation 163 Article 2 (interpretation: general)Regulation 164 Article 6 (interpretation: communications)Regulation 165 Article 8A (interpretation: outgoing electronic commerce communication)Regulation 166 Article 10 (application to qualifying contracts of insurance)Regulation 167 Article 12 (communications to overseas recipients)Regulation 168 Article 18A (electronic commerce communications: mere conduits, caching and hosting)Regulation 169 Article 20B (incoming electronic commerce communications)Regulation 170 Article 25 (relevant insurance activity: non-real time communications: reinsurance and large risks)Regulation 171 Article 29 (communications required or authorised by enactments)Regulation 172 Article 34 (governments, central banks etc)Regulation 173 Article 36 (nationals of EEA States other than United Kingdom)Regulation 174 Article 59 (annual accounts and directors' report)Regulation 175 Article 70 (promotions included in listing particulars etc)Regulation 176 Schedule 1 (controlled activities and controlled investments)Part 5 Amendments to other secondary legislation (regs. 177-193)Regulation 177 The Financial Services and Markets Act 2000 (Exemption) Order 2001Regulation 178 The Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001Regulation 179 The Financial Services and Markets Act 2000 (Professions) (Non-Exempt Activities) Order 2001Regulation 180 The Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001Regulation 181 The Financial Services and Markets Act 2000 (Variation of Threshold Conditions) Order 2001Regulation 182 The Financial Services and Markets Act 2000 (Own-initiative Power) (Overseas Regulators) Regulations 2001Regulation 183 The Financial Services and Markets Act 2000 (Control of Business Transfers) (Requirements on Applicants) Regulations 2001Regulation 184 The Financial Services and Markets Act 2000 (Control of Business Done at Lloyd's) Order 2001Regulation 185 The Financial Services and Markets Act 2000 (Controllers) (Exemption) Order 2009Regulation 186 The Financial Services and Markets Act 2000 (Prescribed Financial Institutions) Order 2013Regulation 187 The Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013Regulation 188 The Financial Services and Markets Act 2000 (Exercise of Powers under Part 4A) (Consultation with Home State Regulators) Regulations 2013Regulation 189 The Financial Services and Markets Act 2000 (PRA-regulated Activities) Order 2013Regulation 190 The Financial Services and Markets Act 2000 (Qualifying EU Provisions) (No. 2) Order 2013Regulation 191 The Financial Services and Markets Act 2000 (Ring-fenced Bodies and Core Activities) Order 2014Regulation 192 The Financial Services and Markets Act 2000 (Excluded Activities and Prohibitions) Order 2014Regulation 193 The Financial Services and Markets Act 2000 (Relevant Authorised Persons) Order 2015Part 6 Minor and consequential amendments (regs. 194-196)Regulation 194 Consumer Credit Act 1974Regulation 195 Electronic Money Regulations 2011Regulation 196 Payment Services Regulations 2017Part 7 Transitional Powers of the Financial Regulators (regs. 197-205)Regulation 197 InterpretationRegulation 198 Power of the regulators to give transitional directionsRegulation 199 Meaning of "relevant obligation"Regulation 200 Giving, and effect, of transitional directionsRegulation 201 Variation of transitional directionsRegulation 202 ConsultationRegulation 203 Notification and publication of transitional directionsRegulation 204 Revocation of transitional directionsRegulation 205 Annual reports and complaintsPart 8 Regulators' fees (regs. 206-209)Regulation 206 Meaning of "qualifying functions" in this PartRegulation 207 Fees: Bank of EnglandRegulation 208 Fees: Financial Conduct AuthorityRegulation 209 Fees: Prudential Regulation AuthoritySignatureExplanatory NoteExplanatory MemorandumImpact Assessment
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Regulation 90 Section 424A (meaning of "investment firm")
(1) Section 424A [Section 424A was inserted by S.I. 2006/2975.] (meaning of "investment firm") is amended as follows.
(2) In subsection (1), for "Article 4.1.1 of the markets in financial instruments directive" substitute "paragraph 2.1A of the markets in financial instruments regulation".
(3) In subsection (2), for "subsections (3) to (5)" substitute "subsection (5)".
(4) Omit subsections (3) [Subsection (3) was substituted by S.I. 2007/126.] and (4).
(5) In subsection (5) [Subsection (5) was amended by S.I. 2017/701.], for paragraphs (a) and (b) substitute -
"(a) a person excluded from the definition of "investment firm" in Article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) by paragraph (a) or (b) of that definition; or
(b) a firm which has a Part 4A permission to carry on regulated activities as an exempt investment firm within the meaning of regulation 8 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701).".