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Financial Services Act 2021 (c. 22)Introductory TextPrudential regulation of credit institutions and investment firms (ss. 1-7)1. Exclusion of certain investment firms from the Capital Requirements Regulation2. Prudential regulation of certain investment firms by FCA rules3. Transfer of certain prudential regulation matters into PRA rules4. CRR Basel standards5. Prudential regulation of credit institutions etc by PRA rules6. Power to amend the Credit Rating Agencies Regulation7. Amendments of the Capital Requirements RegulationBenchmarks (ss. 8-21)8. Review of which benchmarks are critical benchmarks9. Mandatory administration of a critical benchmark10. Prohibition on new use where administrator to cease providing critical benchmark11. Assessment of representativeness of critical benchmarks12. Mandatory contribution to critical benchmarks13. Designation of certain critical benchmarks14. Use of Article 23A benchmarks15. Orderly cessation of Article 23A benchmarks16. Review of exercise of powers under Article 23D17. Policy statements relating to critical benchmarks18. Critical benchmarks provided for different currencies etc19. Changes to and cessation of a benchmark20. Extension of transitional period for benchmarks with non-UK administrators21. Benchmarks: minor and consequential amendmentsAccess to financial services markets (ss. 22-27)22. Regulated activities and Gibraltar23. Power to make provision about Gibraltar24. Collective investment schemes authorised in approved countries25. Individually recognised overseas collective investment schemes26. Money market funds authorised in approved countries27. Provision of investment services etc in the UKVariation or cancellation of permission to carry on regulated activity (s. 28)28. Part 4A permissions: variation or cancellation on initiative of FCARules about level of care provided by authorised persons (s. 29)29. FCA rules about level of care provided to consumers by authorised personsInsider dealing and money laundering etc (ss. 30-34)30. Insider lists and managers' transactions31. Maximum sentences for insider dealing and financial services offences32. Money laundering offences: electronic money institutions, payment institutions and deposit-taking bodies33. Forfeiture of money: electronic money institutions and payment institutions34. Application of money laundering regulations to overseas trusteesDebt respite scheme (s. 35)35. Debt respite schemeHelp to save (s. 36)36. Successor accounts for Help-to-Save saversMiscellaneous (ss. 37-44)37. Regulated activities and application of Consumer Credit Act 197438. Amendments of the PRIIPs Regulation etc39. Retention of personal data under the Market Abuse Regulation40. Over the counter derivatives: clearing and procedures for reporting41. Regulations about financial collateral arrangements42. Appointment of chief executive of FCA43. Subordinate legislation made under retained direct EU legislation44. Payment services and the provision of cashGeneral (ss. 45-50)45. Power to make consequential provision46. Regulations47. Interpretation48. Extent49. Commencement and transitional provision50. Short titleSchedulesSchedule 1 Exclusion of certain investment firms from the Capital Requirements Regulation: consequential amendmentsSchedule 1, Part 1 Amendments of the Capital Requirements RegulationSchedule 1, Part 2 Amendments of the Capital Requirements (Country-By-Country Reporting) Regulations 2013Schedule 2 Prudential Regulation of FCA Investment FirmsSchedule 2, Part 1 New Part 9C of the Financial Services and Markets Act 2000Schedule 2, Part 2 Minor and consequential amendmentsSchedule 2, Part 3 Transitional provisionSchedule 3 Prudential regulation of credit institutions etcSchedule 3, Part 1 New Part 9D of the Financial Services and Markets Act 2000Schedule 3, Part 2 PRA's powers in relation to certain holding companiesSchedule 3, Part 3 Minor and consequential amendmentsSchedule 3, Part 4 Transitional provisionSchedule 4 Amendments of the Capital Requirements RegulationSchedule 5 Benchmarks: minor and consequential amendmentsSchedule 6 Gibraltar-based persons carrying on activities in the UKSchedule 7 UK-Based Persons Carrying on Activities in GibraltarSchedule 8 Gibraltar: Minor and Consequential AmendmentsSchedule 9 Collective investment schemes authorised in approved countriesSchedule 9, Part 1 Provisions to be inserted in Chapter 5 of Part 17 of the Financial Services and Markets Act 2000Schedule 9, Part 2 Minor and consequential amendmentsSchedule 10 Amendments of the Markets in Financial Instruments RegulationSchedule 11 Variation or cancellation of Part 4A permission on initiative of FCA: additional powerSchedule 12 Forfeiture of money: electronic money institutions and payment institutionsExplanatory Notes
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 July 2021 - onwards
Version 2 of 2

43. Subordinate legislation made under retained direct EU legislation

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

(2) In section 425C ("qualifying provision") -

(a) the existing text becomes subsection (1),

(b) after paragraph (b) of that subsection insert -

"(ba) other subordinate legislation made under retained direct EU legislation;",

(c) in paragraph (c) of that subsection omit "(within the meaning of the Interpretation Act 1978)", and

(d) after that subsection insert -

"(2) In this section, "subordinate legislation" has the same meaning as in the Interpretation Act 1978 (see section 21 of that Act)."

(3) In paragraph 8(3) of Schedule 1ZA (Financial Conduct Authority's arrangements for discharging functions: legislative functions), in paragraph (a), after "rules" insert "under this Act or under retained direct EU legislation".

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