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

Type Statutory-Instrument

Publication 2019-03-22

Last updated 2025-02-27

State In force

Department King's Printer of Acts of Parliament

Source legislation.gov.uk

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articles 52

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“management company” means— (a) an undertaking, within the meaning of section 1161 of the Companies Act 2006 , whose regular business is the management of UK UCITS, or (b) a company within the meaning of Article 2.1(b) of the UCITS directive;

(j) in the definition of “mixed financial holding company”—

(i) after “insurance undertaking” in each place it occurs insert “ a third country insurance undertaking whose head office is located in an EEA state ”,

(ii) omit the words from “(within” to the end;

(k) in the definition of “payment exposures”, in paragraph (d) omit—

(i) “, an EEA central counterparty”,

(ii) “, an EEA CSD”,

(iii) “, EEA central counterparty”,

(iv) “, EEA CSD”;

(l) omit the definition of “reinsurance undertaking”;

(m) omit the definition of “solvency II directive”;

(n) in the definition of “third country insurance undertaking”, for the words from “Article” to the end substitute “ regulation 2(1) of the Solvency 2 Regulations 2015 ”;

(o) in the definition of “third country reinsurance undertaking”, for the words from “Article” to the end substitute “ regulation 2(1) of the Solvency 2 Regulations 2015 ”;

(p) in the definition of “UCITS”, for the words from “Article” to the end substitute “ section 236A of the Act ”;

(q) after the definition of “UK deposit-taker”, insert—

“UK UCITS” has the meaning given in section 237(3) of the Act;

(3) In article 2 (relevant financial institution), in paragraph (3)—

(a) in sub-paragraph (c)(ii), omit the words from “other” to the end;

(b) in sub-paragraph (e), omit “, EEA central counterparties”;

(d) in sub-paragraph (g), for “EEA firm” in each place it occurs substitute “ undertaking located in an EEA state ”.

(4) In article 6 (excluded activities: general exceptions), in paragraph (4)—

(a) in sub-paragraph (e)(iii), omit “, an EEA central counterparty”;

(b) in sub-paragraph (f), omit “or an EEA central counterparty”.

(5) In article 12 (derivatives: general conditions)—

(a) in paragraph (1)(e), for paragraphs (i) and (ii) substitute—

(i) a UK trading venue, (ii) a trading venue in the EEA, or (iii) a non-EEA trading venue.

(b) in paragraph (2)—

(i) in sub-paragraph (c), for the words from “Article 4.1(24)” to the end substitute “ Article 2.1(16) of the markets in financial instruments regulation ”,

(ii) after sub-paragraph (c) insert—

(ca) “non-EEA trading venue” means a trading venue— (i) which is not a UK trading venue or a trading venue in the EEA, and (ii) which satisfies paragraph 1(d) of Article 28 of the markets in financial instruments regulation; (cb) “UK trading venue” has the meaning given in Article 2.1(16A) of the markets in financial instruments regulation;

(6) In article 19A (financial institution exposures: financing of infrastructure projects), in paragraph (2)(b) after “within” insert “ the United Kingdom or ”.

(7) In article 20 (prohibitions: non-EEA branches and subsidiaries)—

(a) in the heading, for “Non-EEA” substitute “ Non-UK and non-EEA ”;

(b) in paragraph (1)(a), after “not” insert “ the United Kingdom or ”;

(i) after “not” insert “ the United Kingdom or ”, and

(ii) for “(a “non-EEA undertaking”)” substitute “ (a “non-UK and non-EEA undertaking”) ”;

(d) in paragraph (2), after “interest in a” insert “ non-UK and ”.

The Financial Services and Markets Act 2000 (Relevant Authorised Persons) Order 2015

193

In article 2(2) and (3)(b) of the Financial Services and Markets Act 2000 (Relevant Authorised Persons) Order 2015 (relevant authorised persons) omit, in both places it occurs, “or resulting from Schedule 3 or 4 to the Act”.

PART 6 — Minor and consequential amendments

Consumer Credit Act 1974

194

(1) In consequence of the amendments made by regulation 89 and other provisions of these Regulations, section 8 of the Consumer Credit Act 1974 (consumer credit agreements) is amended as follows.

(2) In subsection (3)(b) , for the words after “an agreement” substitute “ the purpose of which is the acquisition or retention, by an individual acting for purposes outside those of any trade, business or profession carried on by the individual, of property rights in land or in an existing or projected building ”.

(3) After subsection (3) insert—

(3A) A reference in paragraph (3)(b) to any land or building— (a) in relation to an agreement entered into before IP completion day, is a reference to any land or building in the United Kingdom or within the territory of an EEA State; (b) in relation to an agreement entered into on or after IP completion day, is a reference to any land or building in the United Kingdom.

Electronic Money Regulations 2011

195

In consequence of the amendment made by regulation 144, in Schedule 2A to the Electronic Money Regulations 2011 , in paragraph 1 omit sub-paragraph (13).

Payment Services Regulations 2017

196

In consequence of the amendment made by regulation 143, in Schedule 5 to the Payment Services Regulations 2017 , in paragraph 1 omit sub-paragraph (13).

PART 7 — Transitional Powers of the Financial Regulators

Interpretation

197

(1) In this Part—

“transitional direction” means a direction under regulation 198(1);

“relevant obligation” has the meaning given by regulation 199.

(2) For the purposes of this Part, each of the following is a “regulator”—

(a) the Bank of England;

(b) the Prudential Regulation Authority;

Power of the regulators to give transitional directions

198

(1) A regulator may direct that a relevant obligation to which a person is subject—

(a) is not to apply to the person, or

(b) is to apply to the person with modifications specified in the direction.

(2) Power under paragraph (1) is subject to regulation 200.

(3) Power of a regulator under paragraph (1) is exercisable on the regulator's own initiative.

(4) Power of a regulator under paragraph (1), so far as it relates to rules made by the regulator, is in addition to (and does not limit) power of the regulator under section 138A of the Act .

Meaning of “relevant obligation”

199

(1) An obligation is a “relevant obligation”, in relation to a regulator and a person, if—

(a) the obligation is imposed by or under an enactment,

(b) the obligation is not an excluded obligation,

(c) the regulator has responsibility for supervising, or has other functions relating to, the person's compliance with the obligation, and

(d) as a result of the operation of an exit instrument, the obligation—

(i) begins to apply in the person's case, or

(ii) applies in the person's case differently from how it would, but for the exit instrument, apply in the person's case.

(2) In this regulation—

“enactment” means—an enactment contained in—an Act, orsubordinate legislation (within the meaning of the Interpretation Act 1978),an enactment which is retained assimilated direct oran enactment contained in, or in an instrument made under, Northern Ireland legislation;

“excluded obligation”, in relation to a regulator, means—an obligation to satisfy the threshold conditions in relation to a regulated activity, oran obligation imposed by or under rules made under section 64A or 137O of the Act ;

“exit instrument” means—regulations under section 8 of the European Union (Withdrawal) Act 2018, oran instrument under regulation 3 of the Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 ;

“regulated activity” and “threshold conditions” have the same meaning as in the Act (see, in particular, sections 22 and 55B) .

Giving, and effect, of transitional directions

200

(1) A transitional direction—

(a) may not be given more than 2 years after IP completion day , subject to paragraph (1B),

(b) may specify the period in relation to which it has effect, subject to paragraphs (2) and (2A),

(d) may be given to a particular person or particular persons, or to persons of a description specified in the direction.

(1A) This paragraph applies to a transitional direction which may be given by the Financial Conduct Authority in accordance with this Part in respect of—

(a) a relevant obligation relating to share trading imposed by or under Article 23(1) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (the Markets in Financial Instruments Regulation), including the transitional direction entitled “FCA Transitional Direction for the Share Trading Obligation” dated 22nd December 2020;

(b) a relevant obligation relating to derivatives trading imposed by or under Article 28 of the Markets in Financial Instruments Regulation, including the transitional direction entitled “FCA Transitional Direction for the Derivatives Trading Obligation” dated 30th December 2020.

(1B) A transitional direction to which paragraph (1A) applies may not be given more than four years after IP completion day.

(2) A transitional direction—

(a) is of no effect in relation to times before it is given,

(b) is of no effect in relation to times before IP completion day, and

(c) subject to paragraph (2A), is of no effect in relation to times more than 2 years after IP completion day (without prejudice to any continuing effect in relation to earlier times).

(2A) A transitional direction to which paragraph (1A) applies is of no effect in relation to times more than four years after IP completion day (without prejudice to any continuing effect in relation to earlier times).

(3) A regulator may not give a transitional direction, or a set of two or more transitional directions, to any person or persons unless the regulator is satisfied that the direction, or the directions viewed collectively, will prevent or mitigate disruption that could reasonably be expected to arise—

(a) for the person, or

(b) (as the case may be) for the persons viewed collectively,

from compliance with the unmodified obligation, or with the unmodified obligations viewed collectively, at times in relation to which the direction is, or the directions are, to have effect.

(4) The Financial Conduct Authority may not give a transitional direction, or a set of two or more transitional directions, unless the Authority is satisfied that doing so would not adversely affect the advancement of its key objectives viewed collectively; and here the reference to the Authority's key objectives is to its objectives set out in section 1B of the Act, read with section 1IA of the Act .

(5) The Prudential Regulation Authority may not give a transitional direction, or a set of two or more transitional directions, unless the Authority is satisfied that doing so would not adversely affect the advancement of its objectives under the Act .

(6) The Bank of England may not give a transitional direction, or a set of two or more transitional directions, unless the Bank is satisfied that doing so would not adversely affect the advancement of the Bank's financial stability objective set out in section 2A(1) of the Bank of England Act 1998 .

(7) For the purposes of this regulation, two or more transitional directions given by a regulator are a “set” if the regulator declares them to be a set.

Variation of transitional directions

201

(1) A regulator's power under regulation 198(1) includes power to give a direction varying (or further varying) a transitional direction already given by that regulator, subject to paragraph (2).

(2) The way in which the power to vary is exercised must be such that the resulting—

(a) varied direction, or

(b) where the earlier direction was part of a set of transitional directions, set of directions as varied,

could be given by revoking existing, and giving new, transitional directions.

(3) Where a transitional direction has been given to two or more particular persons, or to persons of a description specified in the direction, the power to vary it may be exercised in relation to all, some or any one of those persons.

(4) Regulation 200(7) (meaning of “set”) applies also for the purposes of paragraph (2).

Consultation

202

(1) A regulator, before it gives a transitional direction in which another regulator has an interest, must consult that other regulator.

(2) For the purposes of paragraph (1)—

(a) the Prudential Regulation Authority has an interest in a transitional direction if the direction—

(i) might affect the Authority's discharge of functions conferred on it by or under—

(aa) the Act, or

(bb) assimilated law, or

(ii) would apply to a PRA-authorised person, or to a person connected with a PRA-authorised person;

(b) the Financial Conduct Authority has an interest in all transitional directions;

(i) might affect the Bank's discharge of functions conferred on it by or under—

(aa) the Act,

(bb) the Banking Act 2009 , or

(cc) assimilated law, or

(ii) would apply to—

(aa) a central counterparty or a central securities depository, or

(bb) a financial counterparty, or a non-financial counterparty, within the meaning of the EMIR regulation.

(3) A regulator, before it gives a transitional direction, must consult the Treasury on a draft of the proposed direction.

(4) Paragraphs (1) and (3) do not apply in the case of a transitional direction if the regulator assesses that the urgency of the situation is such that the direction should be given before the required consultation is begun or completed, but in that event the regulator must (as the case may be)—

(a) begin the consultation required by those paragraphs in the case of the direction as soon as the direction is given, or

(b) complete the consultation.

(5) In paragraph (2)—

“central counterparty”, and “the EMIR regulation”, have the same meaning as in Part 18 of the Act (see section 313(1) of the Act );

“central securities depository” has the same meaning as in the Act (see section 417(1) of the Act );

“PRA-authorised person” has the same meaning as in the Act (see section 2B(5) of the Act ).

(6) For the purposes of paragraph (2), a person is connected with another person if the first person is connected with the other person for the purposes of section 165 of the Act (see subsection (11) of that section ).

Notification and publication of transitional directions

203

(1) Where a transitional direction is given by a regulator, the regulator—

(a) must prepare—

(i) an explanation of the purpose of the direction,

(ii) such guidance in connection with the direction as the regulator considers appropriate, and

(iii) a statement to the effect that the regulator is satisfied as required by paragraph (4), or (as the case may be) paragraph (5) or (6), of regulation 200, and

(b) must publish the direction and the matters listed in sub-paragraph (a).

(2) Paragraph (1)(b) does not apply if the regulator is satisfied that it is inappropriate to publish the direction.

(3) Where a transitional direction is given by a regulator and the direction is not published on the regulator's website, the regulator must take the steps appearing to the regulator to be best calculated to bring the direction, and the matters listed in paragraph (1)(a), to the attention of—

(a) in the case of a direction given to a particular person or particular persons, that person or those persons, or

(b) in the case of a direction given to persons of a description specified in the direction, any persons who are likely to be affected by the direction.

(4) Where a regulator gives a transitional direction, the regulator must without delay provide the Treasury with a copy of the direction.

(5) Section 139A(5) of the Act (consultation) does not apply to guidance under paragraph (1)(a)(ii).

Revocation of transitional directions

204

(1) A regulator may revoke a transitional direction given by the regulator, either wholly or in relation to one or some of the persons to whom it was given.

(2) Power of a regulator to revoke a transitional direction is exercisable on the regulator's own initiative.

(3) Where a regulator revokes a transitional direction in relation to a particular person or particular persons, the regulator must provide the person, or each of the persons, with a copy of the revocation.

(4) Where a regulator revokes a transitional direction in relation to persons of a description specified in the revocation, the regulator must take the steps appearing to the regulator to be best calculated to bring the revocation to the attention of any persons likely to be affected by it.

(5) Where a regulator revokes a transitional direction, the regulator must without delay provide the Treasury with a copy of the revocation.

Annual reports and complaints

205

(1) Power to give a transitional direction is treated as a “relevant sub-delegated power” for the purposes of paragraph 32 of Schedule 7 to the European Union (Withdrawal) Act 2018.

(2) Functions under this Part are to be treated as not being “relevant functions” for the purposes of section 84 of the Financial Services Act 2012 (arrangements for the investigation of complaints relating to exercise of relevant functions of regulators).

PART 8 — Regulators' fees

Meaning of “qualifying functions” in this Part

206

(1) For the purposes of this Part, the “qualifying functions” of the Bank of England, or of the Financial Conduct Authority or the Prudential Regulation Authority, are—

(a) its functions under or as a result of a qualifying provision that is specified, or of a description specified, for the purposes of this paragraph by the Treasury by order, and

(b) its functions under or as a result of regulations made under section 8 of the European Union (Withdrawal) Act 2018.

(2) In paragraph (1)(a) “qualifying provision” has the meaning given by section 425C of the Act (as substituted by these Regulations).

(3) An order under paragraph (1) may—

(a) contain such incidental, supplemental, consequential and transitional provision as the person making it considers appropriate, and

(b) make different provision for different cases.

(4) Power to make an order under paragraph (1) is exercisable by statutory instrument.

(5) A statutory instrument containing an order under paragraph (1) is subject to annulment in pursuance of a resolution of either House of Parliament.

Fees: Bank of England

207

(1) The Bank of England may, in connection with the discharge of any of its qualifying functions, require recognised clearing houses, third country central counterparties, recognised CSDs or settlement internalisers to pay fees to the Bank.

(2) The power of the Bank to set fees includes power to set fees for the purpose of meeting expenses incurred by it or the Financial Conduct Authority—

(a) in preparation for the exercise by the Bank of its qualifying functions, or

(b) for the purpose of facilitating the exercise by the Bank of those functions or otherwise in connection with their exercise by it.

(3) It is irrelevant when the expenses were incurred.

(4) Any fee which is owed to the Bank under this regulation may be recovered as a debt due to the Bank.

(5) In this regulation—

“CSD regulation” has the meaning given by section 417 of the Act,

“recognised clearing house”, “recognised CSD” and “third country central counterparty” have the meaning given by section 285 of the Act, and

“settlement internaliser” has the meaning given by Article 2(1)(11) of the CSD regulation.

Fees: Financial Conduct Authority

208

(1) The Financial Conduct Authority (“the FCA”) may make rules providing for the payment to it of such fees, in connection with the discharge of any of its qualifying functions, as it considers will (taking account of its expected income from fees and charges provided for by any provision of the Act other than sections 137SA, 137SB and 333T ) enable it—

(a) to meet expenses incurred in carrying out the functions conferred on it by or under the Act , other than its excepted functions, or for any incidental purpose,

(b) to repay the principal of, and pay any interest on, any relevant borrowing and to meet relevant commencement expenses, and

(2) It is irrelevant when the expenses mentioned in paragraph (1)(a) were incurred.

(3) The “excepted functions” of the FCA are—

(a) its functions under sections 137SA and 137SB of the Act, and

(b) its functions under section 333T of the Act so far as relating to the collection of payments.

(4) In paragraph (1)(b) “relevant borrowing” and “relevant commencement expenses” have the meaning given by paragraph 23(3) and (5) of Schedule 1ZA to the Act .

(5) In fixing the amount of any fee which is to be payable to the FCA, no account is to be taken of any sums which the FCA receives, or expects to receive, by way of penalties imposed by it under the Act.

(6) Any fee which is owed to the FCA under any provision made under this regulation may be recovered as a debt due to the FCA.

(7) Chapter 2 of Part 9A of the Act (rules: procedural provisions etc) applies in relation to rules under this regulation as it applies in relation to rules under paragraph 23 of Schedule 1ZA to the Act.

(8) The requirements of sections 138I and 138K of the Act in so far as they apply to a proposal to make rules under this regulation may be satisfied by things done (wholly or in part) before the date on which this regulation comes into force.

Fees: Prudential Regulation Authority

209

(1) The Prudential Regulation Authority (“the PRA”) may make rules providing for the payment to it of such fees, in connection with the discharge of any of its qualifying functions, as it considers will (taking account of its expected income from fees and charges provided for by any provision of the Act) enable it—

(a) to meet expenses incurred in carrying out the functions conferred on it by or under the Act or for any incidental purpose,

(b) to repay the principal of, and pay any interest on, any relevant borrowing and to meet relevant commencement expenses, and

(2) It is irrelevant when the expenses mentioned in paragraph (1)(a) were incurred.

(3) In paragraph (1)(b) “relevant borrowing” and “relevant commencement expenses” have the meaning given by paragraph 31(3) and (5) of Schedule 1ZB to the Act .

(4) In fixing the amount of any fee which is to be payable to the PRA, no account is to be taken of any sums which the PRA receives, or expects to receive, by way of penalties imposed by it under the Act.

(5) Any fee which is owed to the PRA under any provision made under this regulation may be recovered as a debt due to the PRA.

(6) Chapter 2 of Part 9A of the Act (rules: procedural provisions etc) applies in relation to rules under this regulation as it applies in relation to rules under paragraph 31 of Schedule 1ZB to the Act.

(7) The requirements of sections 138J and 138K of the Act in so far as they apply to a proposal to make rules under this regulation may be satisfied by things done (wholly or in part) before the date on which this regulation comes into force.

Signed

Mike Freer — Rebecca Harris — Two of the Lords Commissioners of Her Majesty's Treasury — 2019-03-22

Explanatory note

(This note is not part of the Regulations)

Footnotes

S.I. 2012/1759.

1972 c.68. Section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c.51) and by section 3 of, and the Schedule to, the European Union (Amendment) Act 2008 (c.7). By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c.51), regulations may be made under section 2(2) of the European Communities Act 1972 to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1993 (Cm 2073) and the Protocol adjusting the Agreement signed in Brussels on 17th March 1993 (Cm 2183). Paragraph 1A was inserted into Schedule 2 by section 28 of the Legislative and Regulatory Reform Act 2006 (c.51). The European Communities Act 1972 is repealed with effect from exit day by section 1 of the European Union (Withdrawal) Act 2018.

Part 1A of the Financial Services and Markets Act 2000 (comprising sections 1A to 3S) was substituted by section 6 of the Financial Services Act 2012 (c.21).

Section 1H was inserted by section 6(1) of the Financial Services Act 2012 and was amended by sections 27(1), (2)(a) and (2)(b) of the Financial Guidance and Claims Act 2018 (c.10) and S.I. 2013/655, 2013/1881, 2013/3115, 2017/752 and 2018/135.

This definition was amended by S.I. 2013/3115.

S.I. 2001/544.

Section 1L was amended by S.I. 2013/1773.

Section 2AB was substituted by section 12 of the Bank of England and Financial Services Act 2016 (c.14) and amended by S.I. 2018/1115.

Subsection (3)(d) was amended by S.I. 2018/1115.

Section 3E was substituted by section 6(1) of the Financial Services Act 2012.

Section 3I was amended by sections 3(a), (b) and 129 and paragraphs 1 and 4 of Part 1 to Schedule 8 to the Financial Services (Banking Reform) Act 2013 (c.33).

Section 3J was substituted by section 6(1) of the Financial Services Act 2012.

Section 3M was amended by S.I. 2013/3115 and 2014/3329.

In the Interpretation Act 1978 (c.30), “subordinate legislation” has the meaning given by section 21(1) of that Act.

Subsection (1A) was inserted by S.I. 2007/126 and has been amended by S.I. 2015/910 and 2017/701.

Subsection (1AA) was inserted by S.I. 2017/701.

Subsection (1B) was inserted by S.I. 2007/126 and was amended by paragraph 5 of Schedule 18 to the Financial Services Act 2012 and by S.I. 2017/701.

Subsection (1BA) was inserted by S.I. 2015/910.

Subsection (4) was substituted by paragraph 1 of Schedule 18 to the Financial Services Act 2012.

Subsection (7) was inserted by S.I. 2007/126 and has been amended by S.I. 2017/701.

Subsection (8) was amended by S.I. 2013/3115 and 2017/701.

Part 3A was inserted by S.I. 2018/1403.

Section 39A was inserted by S.I. 2007/126.

Subsection (6)(c) was substituted by S.I. 2017/701.

Subsection (6)(d) was amended by S.I. 2017/701.

Subsection (8) was amended by S.I. 2017/701.

This definition was amended by S.I. 2017/701.

Part 4A was inserted by section 11(2) of the Financial Services Act 2012.

Relevant amending instruments are S.I. 2013/1773, S.I. 2013/3115, S.I. 2015/910, S.I. 2015/1882 and S.I. 2016/680.

Section 55KA was inserted by S.I. 2015/575.

Section 55PA was inserted by S.I. 2015/575.

There are other amending instruments but none is relevant.

Subsections (4) to (6) were inserted by S.I. 2013/3115; subsections (7) to (9) were inserted by S.I. 2017/701; there are other amending instruments but none is relevant.

Section 55Z2 was amended by S.I. 2013/3115 and S.I. 2015/486; section 55Z2A was inserted by S.I. 2013/3115.

Subsection (8) was amended by S.I. 2012/1906.

Section 63E was inserted by section 29 of the Financial Services (Banking Reform) Act 2013.

Section 66A was inserted by section 32(2) of the Financial Services (Banking Reform) Act 2013.

Section 66B was inserted by section 32(2) of the Financial Services (Banking Reform) Act 2013.

Section 71I was inserted by S.I. 2016/1239.

Subsection (2) was amended by S.I. 2007/3253 and paragraph 2 of Schedule 1 to the Financial Services (Banking Reform) Act 2013.

Subsection (3) was amended by S.I. 2007/3253 and paragraph 2 of Schedule 1 to the Financial Services (Banking Reform) Act 2013.

Subsection (4) was amended by S.I. 2007/3253.

Subsection (2)(a) was amended by paragraph 4(3)(a) of Schedule 1 to the Dormant Bank and Building Society Accounts Act 2008 (c.31)

Subsection (9) was amended by S.I. 2008/1468 and paragraph 2 of Schedule 1 to the Financial Services (Banking Reform) Act 2013.

Section 114A was inserted by S.I. 2007/3253.

Part 9A of the Financial Services and Markets Act 2000 (consisting of sections 137A to 141A) was inserted by section 24(1) of the Financial Services Act 2012.

Subsection (6) was substituted by S.I. 2014/3348.

Subsection (5) was amended by S.I. 2014/3348.

Subsection (3A) was substituted by S.I. 2016/680.

Subsection (5) was inserted by S.I. 2016/680.

Subsection (5)(b) was amended by S.I. 2015/910, 2017/701 and 2018/546.

Subsection (5) was amended by S.I. 2015/910, 2017/701 and 2018/546.

Commission Delegated Directive (EU) 2017/593 was published at OJ No. L 87, 31.3.2017, p 500 – 517.

Section 138K was inserted by section 24(1) of the Financial Services Act 2012.

Subsection (5) was amended. None of these amendments is relevant.

Subsection (4) was inserted by S.I. 2016/680.

Section 165A was inserted by sections 18 (1) and (2) of the Financial Services Act 2010 (c. 28) and was amended by section 41 of, and paragraphs 2(a), (b) of Part 1 of Schedule 12 to, the Financial Services Act 2012 and section 16 of, and paragraphs 26, 37(1), (2)(a), (2)(b), (3) of Part 2 of Schedule 2 to, the Bank of England and Financial Services Act 2016 (c. 14) and S.I. 2017/1255.

S.I. 2001/544.

Subsection (9) was amended by S.I. 2017/1255.

Subsection (3A) was inserted by S.I. 2015/575.

Paragraph (jc) was substituted by S.I. 2017/1255.

Paragraph (k) was substituted by section 41 of, and paragraphs 8(1) and (4)(g) of Part 1 of Schedule 12 to, the Financial Services Act 2012.

Subsection (3) was amended by section 41 of, and paragraphs 9(1) and (3) of Part 1 of Schedule 12 to, the Financial Services Act 2012 and S.I. 2011/1043.

Subsection (6) was substituted by section 41 of, and paragraphs 9(1) and (5) of Part 1 of Schedule 12 to, the Financial Services Act 2012 and S.I. 2011/1043.

Section 169A was inserted by sections 18(1) and (3) of the Financial Services Act 2010.

Section 184 was substituted by S.I. 2009/534.

Section 184(4)(a) was substituted by S.I. 2017/701.

Section 184(7) was amended by S.I. 2011/1613.

Section 184(9A) was inserted by S.I. 2015/1755.

Section 186 was substituted by S.I. 2009/534.

S.I. 2017/692.

Section 188(1) was substituted by section 26(2) of the Financial Services Act 2012 (c. 21) and S.I. 2009/534 and 2013/3115.

Section 189 was inserted by S.I. 2009/534. Subsection (1A) was inserted by S.I. 2014/3329, and subsection (1ZB) by paragraph 39 of Schedule 2 to the Bank of England and Financial Services Act 2016.

Section 190 was substituted by S.I. 2009/534.

Section 190(4)(a) was amended by S.I. 2011/1043.

Section 190(4)(b) was substituted by S.I. 2015/575.

Section 190A was inserted by S.I. 2016/1239.

Section 191A was substituted by S.I. 2009/534; subsection (5) was amended by section 26(2) of the Financial Services Act 2012.

Section 191G was substituted by S.I. 2009/534.

The definition of “credit institution” in section 191G(1) was amended by S.I. 2013/3115.

S.I. 2019/325.

Section 192C was inserted by section 27 of the Financial Services Act 2012.

Section 192JB was inserted by section 133(1) of the Financial Services (Banking Reform) Act 2013 (c. 33) and was amended by S.I. 2014/3329.

Section 192K as inserted by section 27 of the Financial Services Act 2012.

Subsection (1) was inserted by S.I. 2014/3329 and section 133(2)(a) of the Financial Services (Banking Reform) Act 2013.

Section 204A was inserted by section 37(1) of, and paragraph 1 of Part 1 and paragraph 10 of Part 4 of Schedule 9 to, the Financial Services Act 2012.

Subsection (2) was amended by S.I. 2013/1773 and 2016/255.

2000 c. 8. Section 327(1)(aa), (7A) and (7B) were inserted by S.I. 2017/701. Section 328(6) was substituted by S.I. 2003/1473 and amended by paragraph 2 of Schedule 16 to the Financial Services Act 2012 (c. 21), S.I. 2011/1043, S.I. 2013/1881 and S.I. 2018/546.

Subsection (8) was inserted by S.I. 2013/3115.

Section 343 was amended by section 42 of, and paragraphs 1, 5(1), (2)(a), (2)(b), (3)(a), (3)(b), (3)(c), (4), (5), (6) and (7) of Part 1 of Schedule 13 to, the Financial Services Act 2012 and S.I. 2013/3115.

Subsection (10) was inserted by S.I. 2013/3115.

Section 380 was amended by section 37(1) of, and paragraph 1 of Part 1 and paragraphs 19(1), (2), (3)(a), (3)(b), (3)(c), (4) and (5) of Part 5 of Schedule 9 to, the Financial Services Act 2012, section 141 of, and paragraphs 3(1) and (2) of Schedule 10 to, the Financial Services (Banking Reform) Act 2013, S.I. 2013/1773, 2015/1755 and 2016/225.

Subsection (6) was amended by section 37(1) of, and paragraph 1 of Part 1 and paragraphs 19(1), (3)(a), (3)(b), (3)(c) of Part 5 of Schedule 9 to, the Financial Services Act 2012, section 141 of, and paragraphs 3(1) and (2) of Schedule 10 to, the Financial Services (Banking Reform) Act 2013, S.I. 2013/1773, 2015/1755 and 2016/225.

Subsection (9) was inserted by section 37(1) of, and paragraph1 of Part 1 and paragraphs 19(1) and (5) of Part 5 of Schedule 9 to, the Financial Services Act 2012.

Section 382 was amended by section 37(1) of, and paragraph 1 of Part 1 and paragraphs 21(1), (2), (3), (4), (5)(a), (5)(b), (5)(c), (6), (7) of Part 5 of Schedule 9 to, the Financial Services Act 2012, section 141 of, and paragraphs 3(1), (3) of Schedule 10 to, the Financial Services (Banking Reform) Act 2013 and S.I. 2013/1773.

100

Subsection (9)(a)(i) was amended by S.I. 2013/1773.

101

Subsection (12) was inserted by section 37(1), and paragraph 1 of Part 1 and paragraphs 21(1) and (7) of Part 5 of Schedule 9 to, the Financial Services Act 2012.

102

Section 384 was amended by section 37(1) of, and paragraph 1 of Part 1 and paragraphs 23(1), (2)(a), (2)(b), (4)(a), (4)(b), (5), (6)(a), (6)(b), (7), (8), (9) and (10) of Part 5 of Schedule 9 to, the Financial Services Act 2012, section 141 of, and paragraphs 3(1) and (4) of Schedule 10 to, the Financial Services (Banking Reform) Act 2013, S.I. 2007/126 and 2016/680.

103

Subsection (7) was amended by section 37(1) of, and paragraph 1 of Part 1 and paragraphs 23(1), (6)(a) and (6)(b) of Part 5 of Schedule 9 to, the Financial Services Act 2012, section 141 of, and paragraphs 3(1) and (4) of Schedule 10 to, the Financial Services (Banking Reform) Act 2013 and S.I. 2007/126.

104

Subsection (10) was inserted by section 37(1) of, and paragraph 1 of Part 1 and paragraphs 23(1) and (8) of Part 5 of Schedule 9 to, of the Financial Services Act 2012.

105

Section 391 was amended by sections 13(1) and (3), 24(1) and (2) of, and paragraphs 1 and 28 of Part 1 of Schedule 2 to, the Financial Services Act 2010, sections 24(2) and 37(1) of, and paragraph 1 of Part 1 and paragraphs 30(1), (2), (3), (4)(a), (4)(b), (5), (6), (7), (8) of Part 6 of Schedule 9 to, the Financial Services Act 2012, section 4(3) of the Financial Services (Banking Reform) Act 2013, S.I. 2012/916, 2013/1388, 2013/3115, 2014/2879, 2015/1755, 2016/225, 2016/680, 2016/715, 2017/701, 2017/1127 and 2018/135.

106

Subsection (7A) was inserted by S.I. 2012/916 and amended by section 37(1) of, paragraph 1 of Part 1 and paragraphs 30(1) and (8) of Part 6 of Schedule 9 to, the Financial Services Act 2012.

107

Subsection (7B) was inserted by S.I. 2012/916 and amended by S.I. 2016/680 and 2017/701.

108

Subsection (8A) was inserted by S.I. 2014/2879.

109

Subsection (8B) was inserted by S.I. 2016/680.

110

Subsection (8D) was inserted by S.I. 2017/1127.

111

Subsection (8E) was inserted by S.I. 2018/135.

112

Subsection (8F) was inserted by S.I. 2018/1288.

113

Section 391A was inserted by S.I. 2013/3115 and amended by S.I. 2015/1755.

114

Subsection (6) was amended by section 211(1)(a) of, and paragraphs 48 and 50 of Part 1 of Schedule 19 to, the Data Protection Act 2018 (c. 12).

115

Section 391B was inserted by S.I. 2015/1755.

116

Section 391C was inserted by S.I. 2016/225 and amended by section 211(1)(a) of, and paragraphs 48 and 51 of Part 1 of Schedule 19 to, the Data Protection Act 2018.

117

Subsection (7) was amended by section 211(1)(a) of, and paragraphs 48 and 51 of Part 1 of Schedule 19 to, the Data Protection Act 2018.

118

Section 391D was inserted by S.I. 2017/701 and amended by S.I. 2018/625.

119

Subsection (9) was amended by section 211(1)(a) of, and paragraphs 48 and 52 of Part 1 of Schedule 19 to, the Data Protection Act 2018.

120

Section 391E was inserted by S.I. 2018/546.

121

Section 398 was amended by section 37(1) of, and paragraph 1 of part 1 and paragraphs 36(1) and (3) of Part 7 of Schedule 9 to, the Financial Services Act 2012, S.I. 2013/1773, 2015/1882, 2016/680, 2017/701, 2018/135 and 2018/698.

122

Subsection (1A) was amended by S.I. 2013/1773, 2015/1882, 2016/680, 2017/701, 2018/135 and 2018/698.

123

Section 404E was inserted by section 14(1) of the Financial Services Act 2010.

124

Section 410 was amended by sections 16(1), 16(14)(i) and 47 of the Financial Services Act 2012, S.I. 2011/1043 and 2017/1064.

125

Subsection (1) was amended by S.I. 2011/1043.

126

This definition was inserted by S.I. 2013/3115.

127

This definition was inserted by S.I. 2017/1064.

128

This definition was inserted by S.I. 2014/2879.

129

This definition was inserted by S.I. 2015/575.

130

This definition was inserted by S.I. 2016/680.

131

This definition was inserted by S.I. 2015/575.

132

This definition was inserted by S.I. 2012/2554.

133

This definition was inserted by S.I. 2015/575.

134

This definition was inserted by S.I. 2012/916.

135

This definition was inserted by S.I. 2018/546.

136

This definition was inserted by S.I. 2015/910.

137

This definition was inserted by S.I. 2015/910.

138

This definition was inserted by S.I. 2015/910.

139

Amendments of section 418 are made by S.I. 2013/1797 but these are not in force.

140

Subsection (1) was amended by S.I. 2014/1292.

141

Subsection (3)(b) was amended by S.I. 2011/1043.

142

Subsection (5AA) was inserted by S.I. 2014/1292

143

Subsection (7) was inserted by S.I. 2012/1906.

144

Subsection (8) was inserted by S.I. 2014/1292.

145

OJ L 182, 29.6.2013, p. 19-76.

146

Section 422A was substituted by S.I. 2009/534.

147

Section 422A(4)(a) was amended by S.I. 2017/701.

148

Section 422A(7) was amended by S.I. 2011/1613.

149

Section 422A(9A) was inserted by S.I. 2015/1755.

150

Subsection (10) was amended by S.I. 2012/3115.

151

Section 424A was inserted by S.I. 2006/2975.

152

Subsection (3) was substituted by S.I. 2007/126.

153

Subsection (5) was amended by S.I. 2017/701.

154

Section 425A was inserted by paragraph 32 of Schedule 2 to the Financial Services Act 2010.

155

Subsection (7) was amended by S.I. 2013/3115.

156

The definition of “credit institution” was amended by S.I. 2013/3115.

157

Section 425C was inserted by section 48(3) of the Financial Services Act 2012.

158

Schedule 1ZA was inserted by section 6(2) of, and Schedule 3 to, the Financial Services Act 2012.

159

Paragraph 23 was amended by section 129 of, and paragraphs 1, 7(1) and (3) of Part 1 of Schedule 8 to, the Financial Services (Banking Reform) Act 2013, section 47 of, and paragraphs 1 and 16(a) of Schedule 3 to, section 47 of, and paragraphs 1, 16(b), (c), (d) of Schedule 3 to, the Pension Schemes Act 2015 (c. 8), sections 29(1), (6)(a), (6)(b) of the Bank of England and Financial Services Act 2016 (c. 14), section 25 of, and paragraphs 5, 21(1), (5)(a)(i), (5)(a)(ii), (5)(a)(iii), (5)(b)(i), (5)(b)(ii), (5)(b)(iii), (5)(b)(iv) of Schedule 3 to, the Financial Guidance and Claims Act 2018 (c. 10), and S.I. 2013/1773.

160

Schedule 1ZB was inserted by section 6(2) of, and Schedule 3 to, the Financial Services Act 2012.

161

Paragraph 31 was amended by section 16 of, and paragraphs 26, 50(1) and (7)(b) of Part 2 of Schedule 2 to, the Bank of England and Financial Services Act 2016.

162

Schedule 6 was substituted by S.I. 2013/555.

163

Paragraph 4A(6) was inserted by S.I. 2017/1212.

164

Paragraph 1 was amended by S.I. 2007/3253 and 2015/575 and paragraph 10 of Schedule 6 to the Financial Services Act 2012 and paragraph 2 of Schedule 1 to the Financial Services (Banking Reform) Act 2013 (c. 33).

165

Sub-paragraph (1)(b) was amended by paragraph 11(2)(a) of Schedule 6 to the Financial Services Act 2012.

166

Sub-paragraph (3) was amended by paragraph 11(2)(b) and 11(3) of Schedule 6 to the Financial Services Act 2012.

167

Paragraph (a) was amended by S.I. 2007/3253; paragraph (aa) was substituted by S.I. 2015/575.

168

Paragraph (c) was amended by S.I. 2007/3253.

169

Paragraphs (c)(i) and (ii) were substituted by paragraph 11(4) of Schedule 6 to the Financial Services Act 2012.

170

Sub-paragraphs (7A) and (9) were substituted by S.I. 2015/575.

171

Paragraph 3A was inserted by S.I. 2015/575; paragraph 5A was inserted by S.I. 2007/3253.

172

Paragraph 7 was amended by paragraph 2 of Schedule 1 to the Financial Services (Banking Reform) Act 2013.

173

Sub-paragraphs (a) and (aa) were substituted by paragraph 16(a) of Schedule 6 to the Financial Services Act 2012. Sub-paragraph (c) was amended by paragraph 16(b) of Schedule 6 to the Financial Services Act 2012.

174

Paragraph 9 was amended by paragraph 17 of Schedule 6 to the Financial Services Act 2012 and paragraph 2 of Schedule 1 to the Financial Services (Banking Reform) Act 2013.

175

Paragraph 9B was inserted by paragraph 13 of Schedule 1 to the Financial Services (Banking Reform) Act 2013.

176

Paragraph 9C was inserted by paragraph 13 of Schedule 1 to the Financial Services (Banking Reform) Act 2013.

177

Paragraph 9D was inserted by paragraph 13 of Schedule 1 to the Financial Services (Banking Reform) Act 2013.

178

Sub-paragraph (2) was amended by S.I. 2007/3253 and paragraph 19(2) of Schedule 6 to the Financial Services Act 2012; sub-paragraph (3) was substituted by S.I. 2015/575.

179

Sub-paragraph (4) was substituted by S.I. 2015/575.

180

Schedule 17A was inserted by paragraph 1 of Schedule 7 to the Financial Services Act 2012.

181

Sub-paragraph (1)(ab) was inserted by S.I. 2017/1064; sub-paragraph (2)(d) was inserted by S.I. 2013/504 and amended by S.I. 2014/2879 and 2016/715.

182

Paragraph 22 was amended by S.I. 2017/1064.

183

Sub-paragraph (1) was renumbered by paragraph 51(4) of Schedule 2(2) to the Bank of England and Financial Services Act 2016 (c. 14) and amended by S.I. 2017/1064.

184

Sub-paragraph (a) was amended by S.I. 2017/1064.

185

Sub-paragraph (1) was amended by S.I. 2013/504, 2017/1064 and 2018/1184. Sub-paragraph (2)(b) was amended by S.I. 2018/1115.

186

S.I. 2001/544.

187