Financial Services Act 2021

April 28, 2021

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<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="crossheading-prudential-regulation-of-credit-institutions-and-i

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-1"><num>1</num><heading>Exclusion of certain investment firms from the Capital Requirements Regu

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-1"><num>(1)</num><content>Article 4(1) of the Capital Requirements Regulation (definitions) is amended in accordance with subsections (2) to (6).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-2"><num>(2)</num><content><mod>In point (2) (definition of “investment firm”), for the words from “excluding” to the end substitute <quotedText>“ other than a credit institution

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-3"><num>(3)</num><content><mod>In point (2A) (definition of “CRR firm”), in paragraph (a)(ii), for “an investment firm” substitute <quotedText>“ a designated investment firm ”</

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-1-4"><num>(4)</num><content><mod>After point (2A) insert—<quotedStructure startQuote="&#x2

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-5"><num>(5)</num><content><mod>In point (3) (definition of “institution”), for “an investment firm” substitute <quotedText>“ a designated investment firm ”</quotedText>.</mod></

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-1-6"><num>(6)</num><content><mod>At the end insert—<quotedStructure startQuote="“"

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-1-7"><num>(7)</num><intro>In Schedule 1—</intro><level class="para1" eId="section-1-7-a"><num>(a)</num><content>Part 1 contains consequential amendments of the Capital Requirements Regulation, and</conten

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-7-a"><num>(a)</num><content>Part 1 contains consequential amendments of the Capital Requirements Regulation, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-1-7-b"><num>(b)</num><content>Part 2 contains consequential amendments of the Capital Requirements (Country-by-Country Reporting) Regulations 2013 (S.I. 2013/3118).</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-2"><num>2</num><heading>Prudential regulation of certain investment firms by FCA rules</heading><intro>In Schedule 2—</intro><level class="para1" eId="section-2-a"><num>(a)</num><content>Part 1 inserts Part 9C o

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-a"><num>(a)</num><content>Part 1 inserts Part 9C of the Financial Services and Markets Act 2000 (prudential regulation of FCA investment firms),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-b"><num>(b)</num><content>Part 2 contains minor and consequential amendments of the Financial Services and Markets Act 2000, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-2-c"><num>(c)</num><content>Part 3 contains transitional provision.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3"><num>3</num><heading>Transfer of certain prudential regulation matters into PRA rules</heading><subsection eId="section-3-1"><num>(1)</num><content>The Treasury may by regulations revoke provisions of the Capital Re

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-1"><num>(1)</num><content>The Treasury may by regulations revoke provisions of the Capital Requirements Regulation relating to the matters listed in subsection (2).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-2"><num>(2)</num><intro>The matters are—</intro><level class="para1" eId="section-3-2-a"><num>(a)</num><content>deductions from Common Equity Tier 1 items;</content></level><level class="para1" eId="sec

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-a"><num>(a)</num><content>deductions from Common Equity Tier 1 items;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-b"><num>(b)</num><intro>the following aspects of the standardised approach to credit risk—</intro><level class="para2" eId="section-3-2-b-i"><num>(i)</num><content>exposure value;</content></

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-b-i"><num>(i)</num><content>exposure value;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-b-ii"><num>(ii)</num><content>risk weights for exposures to institutions;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-b-iii"><num>(iii)</num><content>exposures to corporates;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-b-iv"><num>(iv)</num><content>exposures secured by mortgages on immovable property;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-b-v"><num>(v)</num><content>retail exposures;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-b-vi"><num>(vi)</num><content>subordinated debt and equity exposures;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-b-vii"><num>(vii)</num><content>the use of credit assessments;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-b-viii"><num>(viii)</num><content>exposures with particularly high risk;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-b-ix"><num>(ix)</num><content>exposures in the form of units or shares in collective investment undertakings;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-c"><num>(c)</num><content>classification of off-balance sheet items;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-d"><num>(d)</num><intro>the following aspects of the internal ratings based approach to credit risk—</intro><level class="para2" eId="section-3-2-d-i"><num>(i)</num><content>the advanced internal

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-d-i"><num>(i)</num><content>the advanced internal ratings based approach for asset classes that cannot be modelled in a robust and prudent manner;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-d-ii"><num>(ii)</num><content>input parameters;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-d-iii"><num>(iii)</num><content>the requirement to use the internal ratings based approach for all significant exposure classes;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-d-iv"><num>(iv)</num><content>the 1.06 scaling factor for estimating risk-weighted assets;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-d-v"><num>(v)</num><content>exposures in the form of units or shares in collective investment undertakings;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-d-vi"><num>(vi)</num><content>risk-weighted exposure amounts for equity exposures;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-d-vii"><num>(vii)</num><content>the treatment of expected loss amounts by exposure types;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-e"><num>(e)</num><content>the use of credit risk mitigation techniques for exposures risk-weighted under the standardised approach to credit risk or the internal ratings based approach to credit risk;</

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-f"><num>(f)</num><intro>the following aspects of own funds requirements for counterparty credit risk—</intro><level class="para2" eId="section-3-2-f-i"><num>(i)</num><content>requirements to use

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-f-i"><num>(i)</num><content>requirements to use particular methods for calculating the exposure value;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-f-ii"><num>(ii)</num><content>the mark-to-market method;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-f-iii"><num>(iii)</num><content>the original exposure method;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-f-iv"><num>(iv)</num><content>the standardised method;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-f-v"><num>(v)</num><content>own funds requirements for exposures to a central counterparty;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-g"><num>(g)</num><content>own funds requirements for operational risk;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-h"><num>(h)</num><intro>the following aspects of own funds requirements for market risk—</intro><level class="para2" eId="section-3-2-h-i"><num>(i)</num><content>the approaches for calculating th

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-h-i"><num>(i)</num><content>the approaches for calculating the own funds requirements for market risk;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-h-ii"><num>(ii)</num><content>the scope and structure of the alternative standardised approach;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-h-iii"><num>(iii)</num><content>foreign exchange risk factors in the alternative standardised approach;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-h-iv"><num>(iv)</num><content>the scope and structure of the alternative internal model approach, including the use of alternative internal models;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-h-v"><num>(v)</num><content>regulatory back-testing requirements and multiplication factors in the alternative internal model approach;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-h-vi"><num>(vi)</num><content>requirements relating to risk measurement in the alternative internal model approach;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-i"><num>(i)</num><intro>own funds requirements relating to—</intro><level class="para2" eId="section-3-2-i-i"><num>(i)</num><content>derogations for small trading book business;</content></le

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-i-i"><num>(i)</num><content>derogations for small trading book business;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-3-2-i-ii"><num>(ii)</num><content>the trading book;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-j"><num>(j)</num><content>own funds requirements for credit valuation adjustment risk;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-k"><num>(k)</num><content>large exposures;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-l"><num>(l)</num><content>liquidity requirements;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-m"><num>(m)</num><content>the leverage ratio;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-n"><num>(n)</num><content>reporting requirements;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-o"><num>(o)</num><content>disclosure requirements;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-2-p"><num>(p)</num><content>any other matter which is the subject of a CRR Basel standard.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-3"><num>(3)</num><intro>The Treasury may by regulations revoke a provision of the Capital Requirements Regulation where—</intro><level class="para1" eId="section-3-3-a"><num>(a)</num><content>the provision

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-3-a"><num>(a)</num><content>the provision is connected with provision relating to a matter listed in subsection (2), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-3-b"><num>(b)</num><content>the Treasury consider the revocation necessary or desirable in order to maintain or improve the coherence of the prudential regime comprised in, and in provision made under, th

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-4"><num>(4)</num><intro>The Treasury may only make regulations under subsection (1) or (3) revoking a provision if they consider that—</intro><level class="para1" eId="section-3-4-a"><num>(a)</num><content>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-4-a"><num>(a)</num><content>the provision has been, or will be, adequately replaced by general rules made, or to be made, by the Prudential Regulation Authority, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-3-4-b"><num>(b)</num><content>it is appropriate for the provision not to be replaced.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-5"><num>(5)</num><content>The Treasury may by regulations make consequential, supplementary, incidental, transitional, transitory and saving provision in connection with the revocation of provisions under subsecti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-6"><num>(6)</num><content>Regulations under this section may make different provision for different purposes.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-7"><num>(7)</num><content>Regulations under this section are subject to the affirmative procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-8"><num>(8)</num><content>Where the Treasury make regulations in reliance on subsection (2)(p), the Treasury must, when laying a draft of the regulations before Parliament, also lay before Parliament a statement e

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-9"><num>(9)</num><content>The reference in subsection (2)(p) to a matter that is the subject of a CRR Basel standard includes such a matter as it relates to any CRR firm (even where the standard in question does n

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-10"><num>(10)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-crr-basel-standard" eId="term-crr-basel-standard">CRR Basel standard</term>” has the meaning g

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-authorised-person" eId="term-authorised-person">authorised person</term>” has the same meaning as in the Financial Services and Markets Act 2000 (see section 31 of that Act);

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-20" class="schProv1"><num>20</num><subparagraph eId="schedule-2-paragraph-20-1"><num>(1)</num><content>In relation to Part 9C rules, the requirements of the provisions listed in sub-paragraph (2) may be

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-23" class="schProv1"><num>23</num><content>In this Part of this Schedule, “<term refersTo="#term-part-9c-rules" eId="term-part-9c-rules">Part 9C rules</term>” has the same meaning as in the Financial Se

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-crr-basel-standard" eId="term-crr-basel-standard">CRR Basel standard</term>” has the meaning given in section 4;</content></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“general rules” has the same meaning as in the Financial Services and Markets Act 2000 (see section 417 of that Act).</content></hcontainer>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-3-11"><num>(11)</num><content>Terms used in this section and in the Capital Requirements Regulation have the same meaning in this section as they have in that Regulation (or any part of it).</content></subsectio

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4"><num>4</num><heading>CRR Basel standards</heading><subsection eId="section-4-1"><num>(1)</num><intro>For the purposes of section 3, “<term refersTo="#term-crr-basel-standard" eId="term-crr-basel-standard">CRR Basel

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-1"><num>(1)</num><intro>For the purposes of section 3, “<term refersTo="#term-crr-basel-standard" eId="term-crr-basel-standard">CRR Basel standard</term>” means—</intro><level class="para1" eId="section-4-1-a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-1-a"><num>(a)</num><content>a standard recommended in a document issued by the Basel Committee on Banking Supervision listed in subsection (2), or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-1-b"><num>(b)</num><content>a standard recommended in another document issued by that Committee where the recommended date for implementation of the standard falls on or before the date described in subse

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-2"><num>(2)</num><intro>The documents referred to in subsection (1)(a) are the documents entitled (and issued) as follows—</intro><level class="para1" eId="section-4-2-a"><num>(a)</num><content>Capital requ

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-2-a"><num>(a)</num><content>Capital requirements for banks' equity investments in funds (December 2013);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-2-b"><num>(b)</num><content>The standardised approach for measuring counterparty credit risk exposures (March 2014);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-2-c"><num>(c)</num><content>Capital requirements for bank exposures to central counterparties (April 2014);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-2-d"><num>(d)</num><content>Supervisory framework for measuring and controlling large exposures (April 2014);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-2-e"><num>(e)</num><content>Basel III: the net stable funding ratio (October 2014);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-2-f"><num>(f)</num><content>Revised Pillar 3 disclosure requirements (January 2015);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-2-g"><num>(g)</num><content>Pillar 3 disclosure requirements — consolidated and enhanced framework (March 2017);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-2-h"><num>(h)</num><content>Implementation of net stable funding ratio and treatment of derivative liabilities (October 2017);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-2-i"><num>(i)</num><content>Basel III: Finalising post-crisis reforms (December 2017);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-2-j"><num>(j)</num><content>Technical Amendment — Basel III: Treatment of extraordinary monetary policy operations in the Net Stable Funding Ratio (June 2018);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-2-k"><num>(k)</num><content>Pillar 3 disclosure requirements — regulatory treatment of accounting provisions (August 2018);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-2-l"><num>(l)</num><content>Pillar 3 disclosure requirements — updated framework (December 2018);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-2-m"><num>(m)</num><content>Minimum capital requirements for market risk (January 2019);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-4-2-n"><num>(n)</num><content>Targeted revisions to the credit valuation adjustment risk framework (July 2020).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-3"><num>(3)</num><content>The date referred to in subsection (1)(b) is whichever is the latest of the dates recommended by the Basel Committee on Banking Supervision in a document listed in subsection (2) for the

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-4"><num>(4)</num><content>A recommended standard is not a CRR Basel standard to the extent that, immediately before the day on which this section comes into force, provision giving effect to the recommendation is

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-4-5"><num>(5)</num><content>References in this section to a document issued by the Basel Committee on Banking Supervision are to such a document as it has effect from time to time.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-5"><num>5</num><heading>Prudential regulation of credit institutions etc by PRA rules</heading><

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-1"><num>(1)</num><intro>In Schedule 3—</intro><level class="para1" eId="section-5-1-a"><num>(a)</num><content>Part 1 inserts Part 9D of the Financial Services and Markets Act 2000 (prudential regulation of

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-1-a"><num>(a)</num><content>Part 1 inserts Part 9D of the Financial Services and Markets Act 2000 (prudential regulation of credit institutions etc),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-1-b"><num>(b)</num><content>Part 2 amends the Prudential Regulation Authority's powers under Part 12B of that Act (approval of certain holding companies),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-1-c"><num>(c)</num><content>Part 3 contains minor and consequential amendments, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-1-d"><num>(d)</num><content>Part 4 contains transitional provision.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-5-2"><num>(2)</num><content>Subsections (3) to (5) apply where a provision of the Capital

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-3"><num>(3)</num><intro>In the Capital Requirements Regulation and in other enactments, except as otherwise provided—</intro><level class="para1" eId="section-5-3-a"><num>(a)</num><content>pre-revocation re

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-3-a"><num>(a)</num><content>pre-revocation references to the revoked provision are to be treated as references to the corresponding CRR rule, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-3-b"><num>(b)</num><content>pre-revocation references to the Capital Requirements Regulation or the instrument, or to a division of that Regulation or instrument that included the revoked provision, are t

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-4"><num>(4)</num><intro>The Prudential Regulation Authority must—</intro><level class="para1" eId="section-5-4-a"><num>(a)</num><content>prepare a document setting out whether and, if so, how CRR rules corr

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-4-a"><num>(a)</num><content>prepare a document setting out whether and, if so, how CRR rules correspond to the revoked provision,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-4-b"><num>(b)</num><content>update the document from time to time, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-5-4-c"><num>(c)</num><content>publish the document, and any update, in the manner best calculated to bring it to the attention of those likely to be affected by the Capital Requirements Regulation and CRR r

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-5"><num>(5)</num><content>For the purposes of subsection (3), whether a CRR rule corresponds to a revoked provision is to be determined by reference to the document published under subsection (4), as updated from

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-5-6"><num>(6)</num><content>In this section, references to instruments made under the Capi

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-5-7"><num>(7)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-crr-rules" eId="term-crr-rules">CRR rules</term>” has the same meaning as in the Financial Servi

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“CRR rules” has the same meaning as in the Financial Services and Markets Act 2000 (see section 144A of that Act, inserted by Schedule 3 to this Act);</content></hcontainer>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" class="para1"><num>(a)</num><content> <ins class="substitution first last" ukl:ChangeId="key-88dcef1c5c11f46

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-21" class="schProv1"><num>21</num><content>For the purposes of section 143G of the Financial Services and Markets Act 2000 (inserted by Part 1 of this Schedule), an equivalence decision may be a relevant

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-8-paragraph-19" class="schProv1"><num>19</num><content>The Financial Services and Markets Act 2000 (Gibraltar) Order 2001 is revoked.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-12-paragraph-1" class="schProv1"><num>1</num><content>Schedule 1 to the Anti-terrorism, Crime and Security Act 2001 (forfeiture of terrorist property) is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-12-paragraph-2" class="schProv1"><num>2</num><content>Part 4B (forfeiture of terrorist money held in bank and building society accounts) is amended in accordance with paragraphs 3 to 8.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-12-paragraph-3" class="schProv1"><num>3</num><content>In the Part heading, for “bank and building society” substitute “certain”.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-12-paragraph-4" class="schProv1"><num>4</num><subparagraph eId="schedule-12-paragraph-4-1"><n

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-12-paragraph-5" class="schProv1"><num>5</num><content>In paragraph 10V(1) (restriction on proceedings and remedies), for “bank or building society” substitute “relevant financial institution”.</content></paragra

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-12-paragraph-6" class="schProv1"><num>6</num><content>In paragraph 10W(6)(b) (account forfeiture notice), for “bank or building society” substitute “relevant financial institution”.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-12-paragraph-7" class="schProv1"><num>7</num><subparagraph eId="schedule-12-paragraph-7-1"><num>(1)</num><content>Paragraph 10Y (lapse of account forfeiture notice) is amended as follows.</content></subparagraph

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-12-paragraph-8" class="schProv1"><num>8</num><content>In paragraph 10Z2(7)(a) (forfeiture order), for “bank or building society” substitute “relevant financial institution”.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-12-paragraph-9" class="schProv1"><num>9</num><content><mod>In Part 6 (interpretation), in

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6"><num>6</num><heading>Power to amend the Credit Rating Agencies Regulation</heading><subsection eId="section-6-1"><num>(1)</num><content>The Treasury may by regulations amend the Credit Rating Agencies Regulation by

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-1"><num>(1)</num><content>The Treasury may by regulations amend the Credit Rating Agencies Regulation by making provision related to the issuing and use of credit ratings which it considers necessary or desirable

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-2"><num>(2)</num><intro>Regulations under this section may—</intro><level class="para1" eId="section-6-2-a"><num>(a)</num><content>make different provision for different purposes, and</content></level><

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-2-a"><num>(a)</num><content>make different provision for different purposes, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-6-2-b"><num>(b)</num><content>make consequential, supplemental, incidental, transitional, transitory and saving provision.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-3"><num>(3)</num><content>Regulations under this section are subject to the affirmative procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-4"><num>(4)</num><content>The power under subsection (1) includes power to make provision in relation to any CRR firm (even where the CRR Basel standard to which the Treasury have regard does not apply to all CRR

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-6-5"><num>(5)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-crr-basel-standard" eId="term-crr-basel-standard">CRR Basel standard</term>” has the meaning giv

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7"><heading>Rules made before Part 1 of this Schedule comes into force</heading><paragraph eId="schedule-2-paragraph-19" class="schProv1"><num>19</num><subparagraph eId="schedule-2-paragraph-19-1"

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-19" class="schProv1"><num>19</num><subparagraph eId="schedule-2-paragraph-19-1"><num>(1)</num><content>The Financial Conduct Authority may identify general rules made under section 137A of the Financial

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-22" class="schProv1"><num>22</num><intro>In relation to the making of Part 9C rules that are made on or before 1 January 2022—</intro><level class="para1" eId="schedule-2-paragraph-22-a"><num>(a)</nu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-22-a"><num>(a)</num><content>paragraph (c) of section 143G(1) of the Financial Services and Markets Act 2000 (duty to have regard to carbon target for 2050) does not apply, and</content></l

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-22-b"><num>(b)</num><content>section 143H(1)(b) of that Act does not require an explanation in respect of matters specified in that paragraph.</content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“CRR firm” has the same meaning as in the Capital Requirements Regulation;</content></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-consumer" eId="term-consumer">consumer</term>” has the meaning given in section 1G of that Act;</content></hcontainer>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-3-paragraph-25" class="schProv1"><num>25</num><intro>In relation to the making of CRR rules or section 192XA rules that are made on or before 1 January 2022—</intro><level class="para1" eId="schedule-3-paragraph

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-3-paragraph-25-a"><num>(a)</num><content>paragraph (d) of section 144C(1) of the Financial Services and Markets Act 2000 (duty to have regard to carbon target for 2050) does not apply, and</content></l

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-3-paragraph-25-b"><num>(b)</num><content>section 144D(1) of that Act does not require an explanation in respect of matters specified in that paragraph.</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(d)</num><content>an enactment comprised in, or in an instrument made under, an Act of the Scottish Parliament, and</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-7"><num>7</num><heading>Amendments of the Capital Requirements Regulation</heading><content>Schedule 4 contains amendments of the Capital Requirements Regulation.</content></section>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-8"><num>8</num><heading>Review of which benchmarks are critical benchmarks</heading><subsection

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-1"><num>(1)</num><content>Article A20 of the Benchmarks Regulation (review of critical benchmarks) is amended in accordance with subsections (2) to (5).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-8-2"><num>(2)</num><content><mod>In paragraph 2, for point (a) (but not the “and” at the

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-3"><num>(3)</num><content><mod>In paragraph 2(b), for “point (a)(i) or (ii)” substitute <quotedText>“ point (a) ”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-8-4"><num>(4)</num><content><mod>In paragraph 3(b), for “point (a)(i) or (ii)” substitute <quotedText>“ point (a) ”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-8-5"><num>(5)</num><content><mod>In paragraph 6, for point (b) substitute—<quotedStructure

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-8-6"><num>(6)</num><intro>In Article 20(1) of the Benchmarks Regulation (critical benchmar

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-6-a"><num>(a)</num><content><mod>in the opening words of point (c), for “all” substitute <quotedText>“ both ”</quotedText>,</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-8-6-b"><num>(b)</num><content>omit point (c)(i), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-8-6-c"><num>(c)</num><content><mod>after point (c) insert—<quotedStructure startQ

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-9"><num>9</num><heading>Mandatory administration of a critical benchmark</heading><subsection eI

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-1"><num>(1)</num><content>Article 21 of the Benchmarks Regulation (mandatory administration of a critical benchmark) is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-9-2"><num>(2)</num><content><mod>In paragraph 3, for “five years” substitute <quotedText>“ 10 years ”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-9-3"><num>(3)</num><content><mod>After paragraph 3 insert—<quotedStructure startQuote="&#x

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-10"><num>10</num><heading>Prohibition on new use where administrator to cease providing critical

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-11"><num>11</num><heading>Assessment of representativeness of critical benchmarks</heading><subs

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-11-1"><num>(1)</num><intro>In Article 3(1) of the Benchmarks Regulation (definitions)—

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-11-1-a"><num>(a)</num><content><mod>after point (10) insert—<quotedStructure star

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-11-1-b"><num>(b)</num><content><mod>after point (17) insert—<quotedStructure star

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-11-2"><num>(2)</num><content><mod>After Article 22 of the Benchmarks Regulation insert—<qu

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-11-3"><num>(3)</num><content>Paragraph 2 of Article 22A of the Benchmarks Regulation (inserted by this section) applies in the case of a benchmark which became a critical benchmark before the day on which this secti

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-12"><num>12</num><heading>Mandatory contribution to critical benchmarks</heading><subsection eId

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-1"><num>(1)</num><content>Article 23 of the Benchmarks Regulation (mandatory contribution to a critical benchmark) is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-2"><num>(2)</num><content>Omit paragraphs 1 to 4.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-12-3"><num>(3)</num><content><mod>For paragraph 5 substitute—<quotedStructure startQuote="

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-4"><num>(4)</num><content><mod>In paragraph 6, for the opening words substitute <quotedText>“ If the FCA gives the administrator of a critical benchmark a notice under Article 21(3B)(a) or Artic

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-5"><num>(5)</num><intro>In paragraph 6(a)—</intro><level class="para1" eId="section-12-5-a"><num>(a)</num><content><mod>after “supervised entities” insert <quotedText>“ and supervise

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-5-a"><num>(a)</num><content><mod>after “supervised entities” insert <quotedText>“ and supervised third country entities ”</quotedText>, and</mod></content><

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-6"><num>(6)</num><content><mod>In paragraph 6(c), after “supervised entities” insert <quotedText>“ and supervised third country entities ”</quotedText>.</mod></content></sub

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-12-7"><num>(7)</num><content><mod>After paragraph 6 insert—<quotedStructure startQuote="&#

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-8"><num>(8)</num><intro>In paragraph 7—</intro><level class="para1" eId="section-12-8-a"><num>(a)</num><content><mod>after “supervised entities” insert <quotedText>“ and supervised t

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-8-a"><num>(a)</num><content><mod>after “supervised entities” insert <quotedText>“ and supervised third country entities ”</quotedText>, and</mod></content><

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-8-b"><num>(b)</num><content>omit “supervised” (in the second place it occurs).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-9"><num>(9)</num><content><mod>In paragraph 9(d), for “relevant supervised entities” substitute <quotedText>“ contributors mandated to contribute input data ”</quotedText>.</mod

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-12-10"><num>(10)</num><content><mod>After paragraph 9 insert—<quotedStructure startQuote="

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-11"><num>(11)</num><intro>In paragraph 10—</intro><level class="para1" eId="section-12-11-a"><num>(a)</num><content><mod>after “supervised contributor” insert <quotedText>“ and super

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-11-a"><num>(a)</num><content><mod>after “supervised contributor” insert <quotedText>“ and supervised third country contributor ”</quotedText>, and</mod></co

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-12-11-b"><num>(b)</num><content><mod>for “exceeding the maximum five year period laid down in the second subparagraph of paragraph 6” substitute <quotedText>“ extending beyond the end

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-12-12"><num>(12)</num><content>Omit paragraph 12.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-13"><num>13</num><heading>Designation of certain critical benchmarks</heading><content><mod>I

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-14"><num>14</num><heading>Use of Article 23A benchmarks</heading><content><mod>In the Benchma

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-15"><num>15</num><heading>Orderly cessation of Article 23A benchmarks</heading><subsection eId="

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-15-1"><num>(1)</num><content><mod>In the Benchmarks Regulation, after Article 23C (inserte

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-15-2"><num>(2)</num><content><mod>In the Benchmarks Regulation, after Annex 3 insert—<quot

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-16"><num>16</num><heading>Review of exercise of powers under Article 23D</heading><content><m

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-17"><num>17</num><heading>Policy statements relating to critical benchmarks</heading><subsection

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-17-1"><num>(1)</num><content><mod>In the Benchmarks Regulation, after Article 23E (inserte

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-17-2"><num>(2)</num><content>The FCA's duty under Article 23F(1) of the Benchmarks Regulation (inserted by subsection (1)) to prepare and publish a statement may be satisfied by things done by the FCA before subsect

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-18"><num>18</num><heading>Critical benchmarks provided for different currencies etc</heading><su

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-18-1"><num>(1)</num><content><mod>In the Benchmarks Regulation, after Article 23F (inserte

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-18-2"><num>(2)</num><intro>In Article 49 of the Benchmarks Regulation (regulations made by

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-18-2-a"><num>(a)</num><content><mod>after paragraph 2 insert—<quotedStructure sta

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-18-2-b"><num>(b)</num><content><mod>in paragraph 3, at the beginning insert <quotedText>“ Subject to paragraph 2A, ”</quotedText>.</mod></content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-19"><num>19</num><heading>Changes to and cessation of a benchmark</heading><subsection eId="sect

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-1"><num>(1)</num><content>Article 28 of the Benchmarks Regulation (changes to and cessation of a benchmark) is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-19-2"><num>(2)</num><intro>In paragraph 1—</intro><level class="para1" eId="section-19-2-a"><num>(a)</num><content>omit “, together with the benchmark statement referred to in Article 27,”,</content></le

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-2-a"><num>(a)</num><content>omit “, together with the benchmark statement referred to in Article 27,”,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-2-b"><num>(b)</num><content><mod>for “a procedure” substitute <quotedText>“ a robust procedure ”</quotedText>, and</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-19-2-c"><num>(c)</num><content>omit “and shall be updated and published whenever a material change occurs”.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-19-3"><num>(3)</num><content><mod>After paragraph 1 insert—<quotedStructure startQuote="&#

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20"><num>20</num><heading>Extension of transitional period for benchmarks with non-UK administrators</heading><subsection eId="section-20-1"><num>(1)</num><content>Article 51(5) of the Benchmarks Regulation (transition

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-1"><num>(1)</num><content>Article 51(5) of the Benchmarks Regulation (transitional provision for benchmarks with administrators located in a country outside the UK) is amended as follows.</content></subsectio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-2"><num>(2)</num><content><mod>In point (a), for “31 December 2022” substitute <quotedText>“ 31 December 2025 ”</quotedText>.</mod></content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-20-3"><num>(3)</num><intro>In point (b)—</intro><level class="para1" eId="section-20-3-a"><num>(a)</num><content><mod>for “1 January 2023” substitute <quotedText>“ 1 January 2026

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-20-3-a"><num>(a)</num><content><mod>for “1 January 2023” substitute <quotedText>“ 1 January 2026 ”</quotedText>, and</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-20-3-b"><num>(b)</num><content><mod>for “31 December 2022” substitute <quotedText>“ 31 December 2025 ”</quotedText>.</mod></content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-21"><num>21</num><heading>Benchmarks: minor and consequential amendments</heading><content>Schedule 5 contains minor and consequential amendments of the Benchmarks Regulation.</content></section>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-22"><num>22</num><heading>Regulated activities and Gibraltar</heading><subsection eId="section-2

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-1"><num>(1)</num><content>Part 3 of the Financial Services and Markets Act 2000 (authorisation and exemption) is amended in accordance with subsections (2) to (4).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-22-2"><num>(2)</num><content><mod>In section 31(1) (authorised persons), after paragraph (

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-22-3"><num>(3)</num><content><mod>After section 32 insert—<quotedStructure startQuote="&#x

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-22-4"><num>(4)</num><content><mod>After section 36 insert—<quotedStructure startQuote="&#x

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-5"><num>(5)</num><content>Schedule 6 inserts Schedule 2A to the Financial Services and Markets Act 2000 (Gibraltar-based persons carrying on activities in the UK).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-6"><num>(6)</num><content>Schedule 7 inserts Schedule 2B to the Financial Services and Markets Act 2000 (UK-based persons carrying on activities in Gibraltar).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-7"><num>(7)</num><content>Schedule 8 contains minor and consequential amendments.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-8"><num>(8)</num><intro>The Treasury may by regulations—</intro><level class="para1" eId="section-22-8-a"><num>(a)</num><content>amend Part 7 of the Financial Services and Markets Act 2000 (control of busi

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-22-8-a"><num>(a)</num><content>amend Part 7 of the Financial Services and Markets Act 2000 (control of business transfers) to make provision about the operation of that Part in relation to cases involving a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-22-8-b"><num>(b)</num><content>amend Part 18A of the Financial Services and Markets Act 2000 (suspension and removal of financial instruments from trading) to make provision about the operation of that Part

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-22-8-c"><num>(c)</num><content>make provision relating to a Gibraltar-based person equivalent to provision in an enactment in force immediately before IP completion day relating to an EEA firm of a kind men

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-9"><num>(9)</num><content>The powers to make regulations under subsection (8) do not restrict the Treasury's power to make consequential provision under section 45.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-10"><num>(10)</num><content>Section 45(3) to (5) apply in relation to regulations under subsection (8) as they apply to regulations under that section.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-22-11"><num>(11)</num><content>In this section, “<term refersTo="#term-gibraltar-based-person" eId="term-gibraltar-based-person">Gibraltar-based person</term>” has the same meaning as in Schedule 2A to the Financia

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23"><num>23</num><heading>Power to make provision about Gibraltar</heading><subsection eId="section-23-1"><num>(1)</num><intro>The Treasury may by regulations—</intro><level class="para1" eId="section-23-1-a"><num>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-1"><num>(1)</num><intro>The Treasury may by regulations—</intro><level class="para1" eId="section-23-1-a"><num>(a)</num><content>repeal or revoke relevant Gibraltar provision and make changes described in

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-1-a"><num>(a)</num><content>repeal or revoke relevant Gibraltar provision and make changes described in subsection (5),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-1-b"><num>(b)</num><content>make provision with the same effect as relevant Gibraltar provision repealed or revoked under paragraph (a),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-1-c"><num>(c)</num><content>amend relevant Gibraltar provision so as to restore any aspect of the effect the provision had immediately before IP completion day, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-1-d"><num>(d)</num><content>replace or supplement relevant Gibraltar provision with provision substantially similar to, or to a provision of, section 32A of, or Schedule 2A or 2B to, the Financial Servic

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-2"><num>(2)</num><intro>In this section—</intro><level class="para1" eId="section-23-2-a"><num>(a)</num><intro>“<term refersTo="#term-gibraltar-provision" eId="term-gibraltar-provision">Gibraltar provision

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-2-a"><num>(a)</num><intro>“<term refersTo="#term-gibraltar-provision" eId="term-gibraltar-provision">Gibraltar provision</term>” means a provision or set of provisions in an enactment so far as it relate

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-23-2-a-i"><num>(i)</num><content>the carrying on of activities in the United Kingdom by persons based in Gibraltar,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-23-2-a-ii"><num>(ii)</num><content>the carrying on of activities in Gibraltar by persons based in the United Kingdom, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-23-2-a-iii"><num>(iii)</num><content>interaction of any other kind between the United Kingdom and Gibraltar, whether relating to persons, activities, financial instruments, other property or other matters,<

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-2-b"><num>(b)</num><intro>Gibraltar provision is “relevant” if—</intro><level class="para2" eId="section-23-2-b-i"><num>(i)</num><content>it is a provision of, or applied or modified by, regulati

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-23-2-b-i"><num>(i)</num><content>it is a provision of, or applied or modified by, regulations listed in subsection (3),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-23-2-b-ii"><num>(ii)</num><content>it was inserted, amended or otherwise modified by regulations listed in subsection (4),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-23-2-b-iii"><num>(iii)</num><content>it is, or is the subject of, saving provision included in regulations listed in subsection (4), or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-23-2-b-iv"><num>(iv)</num><content>in the case of a set of provisions, it includes provision falling within sub-paragraph (ii) or (iii), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-2-c"><num>(c)</num><content>Gibraltar provision is also “relevant” if it was made by regulations under subsection (1)(b), (c) or (d) or, in the case of a set of provisions, it includes provision made by

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-3"><num>(3)</num><intro>The regulations referred to in subsection (2)(b)(i) are the following, as amended from time to time—</intro><level class="para1" eId="section-23-3-a"><num>(a)</num><content>the Elec

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-3-a"><num>(a)</num><content>the Electronic Money Regulations 2011 (S.I. 2011/99);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-3-b"><num>(b)</num><content>the Payment Services Regulations 2017 (S.I. 2017/752);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-3-c"><num>(c)</num><content>the Data Reporting Services Regulations 2017 (S.I. 2017/699).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-4"><num>(4)</num><intro>The regulations referred to in subsection (2)(b)(ii) and (iii) are the following, as amended from time to time—</intro><level class="para1" eId="section-23-4-a"><num>(a)</num><content>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-4-a"><num>(a)</num><content>regulation 3 of the Building Societies Legislation (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1187);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-4-b"><num>(b)</num><content>Parts 2 and 3 of the Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1199);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-4-c"><num>(c)</num><content>Part 2 of the Greenhouse Gas Emissions Trading Scheme (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/107);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-4-d"><num>(d)</num><content>Chapters 1 and 2 of Part 2 of the Alternative Investment Fund Managers (Amendment etc) (EU Exit) Regulations 2019 (S.I. 2019/328);</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-4-e"><num>(e)</num><content>the Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680).</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-5"><num>(5)</num><content>The changes referred to in subsection (1)(a) are changes that the Treasury consider appropriate to secure that, after the repeal or revocation of the relevant Gibraltar provision, the sa

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-6"><num>(6)</num><intro>The Treasury may not make regulations under subsection (1)(b), (c) or (d) unless they are satisfied that doing so is compatible with each of the following objectives—</intro><level cla

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-6-a"><num>(a)</num><content>to protect and enhance the soundness, stability and resilience of the UK financial system;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-6-b"><num>(b)</num><content>to protect and enhance public confidence in the UK financial system;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-6-c"><num>(c)</num><content>to prevent the use of the UK financial system for a purpose connected with financial crime;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-6-d"><num>(d)</num><content>to ensure that, in the United Kingdom, financial markets and significant markets for financial services function well;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-6-e"><num>(e)</num><content>to protect consumers;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-6-f"><num>(f)</num><content>to protect the operation of the Financial Services Compensation Scheme;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-6-g"><num>(g)</num><content>to protect public funds;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-6-h"><num>(h)</num><content>to maintain and improve relations between the United Kingdom and other countries and territories with significant financial markets or significant markets for financial servic

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-7"><num>(7)</num><intro>Before making regulations under subsection (1)(d), the Treasury must consult—</intro><level class="para1" eId="section-23-7-a"><num>(a)</num><content>the government of Gibraltar,</p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-7-a"><num>(a)</num><content>the government of Gibraltar,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-7-b"><num>(b)</num><content>the Financial Conduct Authority, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-7-c"><num>(c)</num><content>the Prudential Regulation Authority.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-8"><num>(8)</num><intro>The powers under subsection (1)(b), (c) and (d) include—</intro><level class="para1" eId="section-23-8-a"><num>(a)</num><content>power to make such modifications as the Treasury con

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-8-a"><num>(a)</num><content>power to make such modifications as the Treasury consider appropriate having regard to changes in the law of any part of the United Kingdom since the relevant regulations list

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-8-b"><num>(b)</num><content>power to restate relevant Gibraltar provision in a clearer or more accessible way.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-9"><num>(9)</num><content>Where provision saving or modifying a provision is repealed or revoked under subsection (1)(a), the power under subsection (1)(b) includes power to make provision with the same effect as

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-10"><num>(10)</num><content>The power under subsection (1)(d) includes power to make provision applying provisions of section 32A of, or Schedule 2A or 2B to, the Financial Services and Markets Act 2000, with or

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-11"><num>(11)</num><intro>Regulations under this section may—</intro><level class="para1" eId="section-23-11-a"><num>(a)</num><content>make different provision for different purposes;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-11-a"><num>(a)</num><content>make different provision for different purposes;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-11-b"><num>(b)</num><content>confer functions on a person, including functions involving the exercise of a discretion;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-11-c"><num>(c)</num><content>amend, revoke, repeal or otherwise modify an enactment;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-23-11-d"><num>(d)</num><content>make consequential, incidental, supplementary, transitional, transitory or saving provision.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-12"><num>(12)</num><content>Regulations under this section are subject to the affirmative procedure.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-13"><num>(13)</num><content>For the purposes of this section, provision that is saved or modified by regulations listed in subsection (3) or (4) is Gibraltar provision if, when read with the saving or modificatio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-23-14"><num>(14)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-consumers" eId="term-consumers">consumers</term>” has the meaning given in section 1G of the

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-crr-firm" eId="term-crr-firm">CRR firm</term>” has the same meaning as in the Capital Requirements Regulation;</content></hcontainer>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(b)</num><content>an enactment comprised in subordinate legislation,</content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-pre-revocation-reference" eId="term-pre-revocation-reference">pre-revocation reference</term>” means, in connection with the revocation of a provision described in subsection (2)

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-9-paragraph-13" class="schProv1"><num>13</num><content>Part 6 of the Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (temporary recognition of collective investment schemes) is amended as f

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-6" class="schProv1"><num>6</num><subparagraph eId="schedule-10-paragraph-6-1"><n

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-9" class="schProv1"><num>9</num><content><mod>After Article 49 insert—<quoted

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-9-paragraph-14" class="schProv1"><num>14</num><intro>In regulation 62(3) (end of temporary recognition)—</intro><level class="para1" eId="schedule-9-paragraph-14-a"><num>(a)</num><intro>in sub-paragraph (a)(i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-9-paragraph-14-a"><num>(a)</num><intro>in sub-paragraph (a)(i)—</intro><level class="para2" eId="schedule-9-paragraph-14-a-i"><num>(i)</num><content>before “275(3)” insert “271H(1) or”, and</con

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-9-paragraph-14-a-i"><num>(i)</num><content>before “275(3)” insert “271H(1) or”, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-9-paragraph-14-a-ii"><num>(ii)</num><content>for “section 272 of that Act” substitute “section 271A or 272 of that Act (as applicable)”,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-9-paragraph-14-b"><num>(b)</num><intro>in sub-paragraph (a)(ii)—</intro><level class="para2" eId="schedule-9-paragraph-14-b-i"><num>(i)</num><content>before “276(2)(a)” insert “271H(3) or”, and<

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-9-paragraph-14-b-i"><num>(i)</num><content>before “276(2)(a)” insert “271H(3) or”, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="schedule-9-paragraph-14-b-ii"><num>(ii)</num><content>for “section 272 of that Act” substitute “section 271A or 272 of that Act (as applicable)”,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-9-paragraph-14-c"><num>(c)</num><content>in sub-paragraph (b)(ii), after “section” insert “271A or”,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-9-paragraph-14-d"><num>(d)</num><content>in sub-paragraph (c)(i), after “section” insert “271A or”,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-9-paragraph-14-e"><num>(e)</num><content>in sub-paragraph (c)(ii), for “that section” substitute “either of those sections”, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-9-paragraph-14-f"><num>(f)</num><content>in sub-paragraph (d), for “3” substitute “5”.</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-9-paragraph-15" class="schProv1"><num>15</num><content>In regulation 67 (power to extend the period for temporary recognition), omit paragraph (2).</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-paragraph-16" class="schProv1"><num>16</num><content><mod>After regulation 67 insert—<qu

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-the-credit-rating-agencies-regulation" eId="term-the-credit-rating-agencies-regulation">the Credit Rating Agencies Regulation</term>” means Regulation <ref eId="c00001" href="htt

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“the UK financial system” has the same meaning as in the Financial Services and Markets Act 2000 (see section 1I of that Act).</content></hcontainer>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-8-paragraph-1" class="schProv1"><num>1</num><content>The Financial Services and Markets Act 2000 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-2" class="schProv1"><num>2</num><content><mod>In section 3A(3)(a) (expressions

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-8-paragraph-3" class="schProv1"><num>3</num><content><mod>In section 33(1)(a) (withdrawal of authorisation), after “permission” insert <quotedText>“ or Schedule 2A permission ”</quoted

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-4" class="schProv1"><num>4</num><content><mod>In Part 5 (performance of regula

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-5" class="schProv1"><num>5</num><content><mod>After section 137A insert—<quote

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-6" class="schProv1"><num>6</num><content><mod>After section 137G insert—<quote

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-7" class="schProv1"><num>7</num><content><mod>In section 213 (the compensation

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-8" class="schProv1"><num>8</num><content><mod>In section 214 (provisions of th

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-9" class="schProv1"><num>9</num><content><mod>In section 224 (scheme manager's

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-10" class="schProv1"><num>10</num><content><mod>After section 367 insert—<quot

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-8-paragraph-11" class="schProv1"><num>11</num><subparagraph eId="schedule-8-paragraph-11-1"><num>(1)</num><content>Section 392 (application of sections 393 and 394: warning notices and decision notices) is amended a

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-12" class="schProv1"><num>12</num><subparagraph eId="schedule-8-paragraph-12-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-8-paragraph-13" class="schProv1"><num>13</num><content>Omit section 409 (Gibraltar).</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-14" class="schProv1"><num>14</num><content><mod>In section 417(1) (definitions

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-15" class="schProv1"><num>15</num><content><mod>In section 418 (carrying on re

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-16" class="schProv1"><num>16</num><subparagraph eId="schedule-8-paragraph-16-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-17" class="schProv1"><num>17</num><content><mod>In paragraph 24 of Schedule 1Z

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-18" class="schProv1"><num>18</num><content><mod>In paragraph 32 of Schedule 1Z

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-24"><num>24</num><heading>Collective investment schemes authorised in approved countries</headin

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-24-1"><num>(1)</num><intro>In Part 17 of the Financial Services and Markets Act 2000 (coll

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-1-a"><num>(a)</num><content><mod>in the definition of “a recognised scheme”, after “means” insert <quotedText>“ a section 271A scheme or ”</quotedText>, and</m

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-24-1-b"><num>(b)</num><content><mod>after that definition insert—<quotedStructure

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-24-2"><num>(2)</num><intro>In Schedule 9—</intro><level class="para1" eId="section-24-2-a"><num>(a)</num><content>Part 1 inserts sections 271A to 271S (collective investment schemes authorised in approved cou

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-2-a"><num>(a)</num><content>Part 1 inserts sections 271A to 271S (collective investment schemes authorised in approved countries or territories) in Chapter 5 of Part 17 of the Financial Services and Mark

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-24-2-b"><num>(b)</num><content>Part 2 contains minor and consequential amendments.</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-25"><num>25</num><heading>Individually recognised overseas collective investment schemes</headin

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25-1"><num>(1)</num><content>The Financial Services and Markets Act 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25-2"><num>(2)</num><content>Chapter 5 of Part 17 (recognised overseas schemes) is amended in accordance with subsections (3) to (5).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-25-3"><num>(3)</num><intro>In section 272 (individually recognised overseas schemes)—<

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-25-3-a"><num>(a)</num><intro>in subsection (1)—</intro><level class="para2" e

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-25-3-a-i"><num>(i)</num><content>in paragraph (a) omit the “and” at the end,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para2" eId="section-25-3-a-ii"><num>(ii)</num><content><mod>before paragraph (d) insert—<quotedStruct

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-25-3-a-iii"><num>(iii)</num><content><mod>in paragraph (d), for “the following provisions of this section” substitute <quotedText>“ subsections (2) to (15)

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-25-3-b"><num>(b)</num><content><mod>after that subsection insert—<quotedStructure

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-25-3-c"><num>(c)</num><content>in subsection (5)(b) omit “, or could be,”.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-25-4"><num>(4)</num><intro>In section 277 (requirement to notify the FCA of proposed alter

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-25-4-a"><num>(a)</num><content><mod>in subsection (1), at the end insert <quotedText>“ which, if made, would be a material alteration ”</quotedText>,</mod></con

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-25-4-b"><num>(b)</num><content>in subsection (3) omit “At least one month”,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-25-4-c"><num>(c)</num><content><mod>after that subsection insert—<quotedStructure

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-25-4-d"><num>(d)</num><content><mod>after subsection (5) insert—<quotedStructure

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-25-5"><num>(5)</num><content><mod>After section 282 insert—<quotedStructure startQuote="&#

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25-6"><num>(6)</num><content><mod>In section 237(3), in the definition of “a recognised scheme”, at the end insert <quotedText>“ (and see also section 282C) ”</quotedText>.</mod></

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25-7"><num>(7)</num><intro>In section 392 (application of third party rights to notices)—</intro><level class="para1" eId="section-25-7-a"><num>(a)</num><content><mod>in paragraph (a), after “280(1),” insert

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-25-7-a"><num>(a)</num><content><mod>in paragraph (a), after “280(1),” insert <quotedText>“ 282B(3), ”</quotedText>, and</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-25-7-b"><num>(b)</num><content><mod>in paragraph (b), after “280(2),” insert <quotedText>“ 282B(4), ”</quotedText>.</mod></content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-25-8"><num>(8)</num><content><mod>In section 429(2) (regulations subject to affirmative procedure), before “284A” insert <quotedText>“ 282C, ”</quotedText>.</mod></content></su

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-26"><num>26</num><heading>Money market funds authorised in approved countries</heading><subsecti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-26-1"><num>(1)</num><content>Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-26-2"><num>(2)</num><intro>In Article 4 (authorisation of MMFs)—</intro><level class="

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-26-2-a"><num>(a)</num><content><mod>in paragraph 1, after point (a) insert—<quote

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-26-2-b"><num>(b)</num><content><mod>after paragraph 1 insert—<quotedStructure sta

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-26-3"><num>(3)</num><content><mod>After Article 4 insert—<quotedStructure startQuote="&#x2

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-26-4"><num>(4)</num><content><mod>In Article 6(1) (use of designation as MMF), in each sub

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27"><num>27</num><heading>Provision of investment services etc in the UK</heading><subsection eId="section-27-1"><num>(1)</num><content>Schedule 10 contains amendments of the Markets in Financial Instruments Regulation

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27-1"><num>(1)</num><content>Schedule 10 contains amendments of the Markets in Financial Instruments Regulation relating to the provision of investment services, and the performance of investment activities, in the

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-27-2"><num>(2)</num><content>In this section and Schedule 10, “<term refersTo="#term-the-markets-in-financial-instruments-regulation" eId="term-the-markets-in-financial-instruments-regulation">the Markets in Financ

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="crossheading-variation-or-cancellation-of-permission-to-carry-on-regulated-activity"><heading>Variation or cancellation

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-28"><num>28</num><heading>Part 4A permissions: variation or cancellation on initiative of FCA</heading><content>Schedule 11 amends Part 4A of the Financial Services and Markets Act 2000 (permission to carry on regulate

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="crossheading-rules-about-level-of-care-provided-by-authorised-persons"><heading>Rules about level of care provided by au

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29"><num>29</num><heading>FCA rules about level of care provided to consumers by authorised persons</heading><subsection eId="section-29-1"><num>(1)</num><content>The Financial Conduct Authority must carry out a public

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-1"><num>(1)</num><content>The Financial Conduct Authority must carry out a public consultation about whether it should make general rules providing that authorised persons owe a duty of care to consumers.</co

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-2"><num>(2)</num><intro>The consultation must include consultation about—</intro><level class="para1" eId="section-29-2-a"><num>(a)</num><content>whether the Financial Conduct Authority should make other p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-2-a"><num>(a)</num><content>whether the Financial Conduct Authority should make other provision in general rules about the level of care that must be provided to consumers by authorised persons, either i

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-2-b"><num>(b)</num><content>whether a duty of care should be owed, or other provision should apply, to all consumers or to particular classes of consumer, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-2-c"><num>(c)</num><content>the extent to which a duty of care, or other provision, would advance the Financial Conduct Authority's consumer protection objective (see section 1C of the Financial Services

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-3"><num>(3)</num><intro>The Financial Conduct Authority—</intro><level class="para1" eId="section-29-3-a"><num>(a)</num><content>must carry out the consultation, and publish its analysis of the responses,

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-3-a"><num>(a)</num><content>must carry out the consultation, and publish its analysis of the responses, before 1 January 2022, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-29-3-b"><num>(b)</num><content>must, before 1 August 2022, make such general rules about the level of care that must be provided to consumers, or particular classes of consumer, by authorised persons as it

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-4"><num>(4)</num><content>The duties to consult under this section may be satisfied by consultation carried out after 1 January 2021 but before this section comes into force (as well as by consultation carried ou

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-29-5"><num>(5)</num><intro>In this section—</intro><hcontainer name="definition"><content>“<term refersTo="#term-authorised-person" eId="term-authorised-person">authorised person</term>” has the same meaning

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="definition"><intro>“<term refersTo="#term-enactment" eId="term-enactment">enactment</term>” inclu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(e)</num><content>an enactment comprised in, or in an instrument made under, Northern Ireland legislation;</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-30"><num>30</num><heading>Insider lists and managers' transactions</heading><subsection eId="sec

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-30-1"><num>(1)</num><content>Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-30-2"><num>(2)</num><intro>In Article 18 (insider lists)—</intro><level class="para1"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-2-a"><num>(a)</num><intro>in paragraph 1, in the opening words—</intro><level class="para2" eId="section-30-2-a-i"><num>(i)</num><content><mod>for “or any person” substitute <quotedText>“

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-30-2-a-i"><num>(i)</num><content><mod>for “or any person” substitute <quotedText>“ , and any person ”</quotedText>, and</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-30-2-a-ii"><num>(ii)</num><content><mod>after “shall” insert <quotedText>“ each ”</quotedText>,</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-2-b"><num>(b)</num><intro>in paragraph 2, in the first subparagraph—</intro><level class="para2" eId="section-30-2-b-i"><num>(i)</num><content><mod>for “or any person” substitute <quotedText>“

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-30-2-b-i"><num>(i)</num><content><mod>for “or any person” substitute <quotedText>“ , and any person ”</quotedText>,</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-30-2-b-ii"><num>(ii)</num><content><mod>after “shall” insert <quotedText>“ each ”</quotedText>, and</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-30-2-b-iii"><num>(iii)</num><content><mod>for “the insider list” substitute <quotedText>“ their insider list ”</quotedText>,</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-30-2-c"><num>(c)</num><content><mod>in paragraph 2, for the second subparagraph s

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-2-d"><num>(d)</num><intro>in paragraph 4—</intro><level class="para2" eId="section-30-2-d-i"><num>(i)</num><content><mod>for “or any person” substitute <quotedText>“ , a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-30-2-d-i"><num>(i)</num><content><mod>for “or any person” substitute <quotedText>“ , and any person ”</quotedText>, and</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-30-2-d-ii"><num>(ii)</num><content><mod>for “shall update the” substitute <quotedText>“ , shall each update their ”</quotedText>, and</mod></content></

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-2-e"><num>(e)</num><intro>in paragraph 5—</intro><level class="para2" eId="section-30-2-e-i"><num>(i)</num><content><mod>for “or any person” substitute <quotedText>“ , a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-30-2-e-i"><num>(i)</num><content><mod>for “or any person” substitute <quotedText>“ , and any person ”</quotedText>, and</mod></content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-30-2-e-ii"><num>(ii)</num><content><mod>for “shall retain the” substitute <quotedText>“ , shall each retain their ”</quotedText>.</mod></content></leve

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-30-3"><num>(3)</num><intro>In Article 19 (managers' transactions)—</intro><level class

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-3-a"><num>(a)</num><content><mod>in paragraph 1, in the second subparagraph, for “business days” substitute <quotedText>“ working days ”</quotedText>,</mod>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-30-3-b"><num>(b)</num><content><mod>in paragraph 3, in the first subparagraph, for the words from the beginning to “transaction” substitute <quotedText>“ The issuer or emission allowa

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-30-3-c"><num>(c)</num><content><mod>at the end insert—<quotedStructure startQuote

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31"><num>31</num><heading>Maximum sentences for insider dealing and financial services offences</heading><subsection eId="section-31-1"><num>(1)</num><content><mod>In section 61(1)(b) of the Criminal Justice Act 1993 (

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-1"><num>(1)</num><content><mod>In section 61(1)(b) of the Criminal Justice Act 1993 (penalty for conviction on indictment for insider dealing), for “seven years” substitute <quotedText>“ ten ye

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-2"><num>(2)</num><content><mod>In section 92(1)(b) of the Financial Services Act 2012 (penalty for conviction on indictment for financial services offences), for “7 years” substitute <quotedText>“

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-3"><num>(3)</num><content>The amendment made by subsection (1) or (2) does not apply in relation to offences committed before the subsection comes into force.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-31-4"><num>(4)</num><content>Where an offence is found to have been committed over a period of 2 or more days, or at some time during a period of 2 or more days, it must be taken for the purposes of subsection (3) t

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-32"><num>32</num><heading>Money laundering offences: electronic money institutions, payment inst

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-1"><num>(1)</num><content>Part 7 of the Proceeds of Crime Act 2002 (money laundering) is amended in accordance with subsections (2) to (6).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-2"><num>(2)</num><content><mod>In section 327(2C) (conversion or transfer of criminal property: exceptions), after “deposit-taking body” insert <quotedText>“ , electronic money institution or p

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-3"><num>(3)</num><content><mod>In section 328(5) (arrangements: exceptions), after “deposit-taking body” insert <quotedText>“ , electronic money institution or payment institution

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-4"><num>(4)</num><content><mod>In section 329(2C) (acquisition, use and possession: exceptions), after “deposit-taking body” insert <quotedText>“ , electronic money institution or payment insti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-32-5"><num>(5)</num><intro>In section 339A (threshold amounts)—</intro><level class="para1" eId="section-32-5-a"><num>(a)</num><content><mod>in subsection (2), after “deposit-taking body” insert <quotedText>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-5-a"><num>(a)</num><content><mod>in subsection (2), after “deposit-taking body” insert <quotedText>“ , electronic money institution or payment institution ”</qu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-5-b"><num>(b)</num><content><mod>in subsection (3), in the opening words, after “deposit-taking body” insert <quotedText>“ , electronic money institution or payment institution

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-5-c"><num>(c)</num><content>in subsection (3)(a), for “deposit-taking body's” substitute “body's or institution's”,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-5-d"><num>(d)</num><content><mod>in subsection (3)(b), for “deposit-taking body” substitute <quotedText>“ body or institution ”</quotedText>,</mod></content

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-5-e"><num>(e)</num><content><mod>in subsection (4), after “deposit-taking body” insert <quotedText>“ , electronic money institution or payment institution ”</qu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-5-f"><num>(f)</num><intro>in subsection (8)—</intro><level class="para2" eId="section-32-5-f-i"><num>(i)</num><content><mod>after “deposit-taking body” insert <quotedText>“

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-32-5-f-i"><num>(i)</num><content><mod>after “deposit-taking body” insert <quotedText>“ , electronic money institution or payment institution ”</quotedText>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-32-5-f-ii"><num>(ii)</num><content><mod>after “the body” insert <quotedText>“ or institution ”</quotedText>.</mod></content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-32-6"><num>(6)</num><intro>In section 340 (interpretation)—</intro><level class="para1

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-32-6-a"><num>(a)</num><intro>in subsection (14)—</intro><level class="para2"

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para2" eId="section-32-6-a-i"><num>(i)</num><content>omit “or” at the end of paragraph (a), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para2" eId="section-32-6-a-ii"><num>(ii)</num><content><mod>after paragraph (b) insert<quotedText sta

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-32-6-b"><num>(b)</num><content><mod>after subsection (14) insert—<quotedStructure

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-32-6-c"><num>(c)</num><content><mod>at the end insert—<quotedStructure startQuote

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-32-7"><num>(7)</num><intro>In section 459 of the Proceeds of Crime Act 2002 (orders and re

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-32-7-a"><num>(a)</num><content><mod>in subsection (4), before paragraph (aa), ins

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-32-7-b"><num>(b)</num><content><mod>before subsection (6A) insert—<quotedStructur

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-32-7-c"><num>(c)</num><content><mod>in subsection (6A), before “would” insert <quotedText>“ or of regulations under section 340(14)(c) or (14A)(b) ”</quotedText>.<

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33"><num>33</num><heading>Forfeiture of money: electronic money institutions and payment institutions</heading><subsection eId="section-33-1"><num>(1)</num><content>Schedule 12 amends provisions in the Anti-terrorism,

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-1"><num>(1)</num><content>Schedule 12 amends provisions in the Anti-terrorism, Crime and Security Act 2001 and the Proceeds of Crime Act 2002 about the forfeiture of money so that they apply to money held in acco

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-2"><num>(2)</num><content>Subject to subsection (3), the amendments made by that Schedule are to be treated as having come into force at the same time as the provisions they amend.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-3"><num>(3)</num><content>Subsection (2) does not apply to the amendments of Part 5 of the Proceeds of Crime Act 2002 as they extend to Northern Ireland.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-33-4"><num>(4)</num><intro>Regulations made, before this section comes into force, under—</intro><level class="para1" eId="section-33-4-a"><num>(a)</num><content>paragraph 10X of Schedule 1 to the Anti-Terror

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-33-4-a"><num>(a)</num><content>paragraph 10X of Schedule 1 to the Anti-Terrorism, Crime and Security Act 2001, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-33-4-b"><num>(b)</num><content>section 303Z10 of the Proceeds of Crime Act 2002,</content></level>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-34"><num>34</num><heading>Application of money laundering regulations to overseas trustees</head

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-34-1"><num>(1)</num><content>Schedule 2 to the Sanctions and Anti-Money Laundering Act 2018 (money laundering and terrorist financing: further provision about section 49 regulations) is amended as follows.</cont

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-34-2"><num>(2)</num><intro>In paragraph 22(2) (extra-territorial application of section 49

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-34-2-a"><num>(a)</num><content>in paragraph (b), omit the “or” at the end, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-34-2-b"><num>(b)</num><content><mod>after paragraph (c) insert<quotedText startQu

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-34-3"><num>(3)</num><content><mod>After paragraph 22 insert—<quotedStructure startQuote="&

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-35"><num>35</num><heading>Debt respite scheme</heading><subsection eId="section-35-1"><num>(1)</

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-35-1"><num>(1)</num><content>In section 6(2)(c) of the Financial Guidance and Claims Act 2018 (debt respite scheme), omit “and their creditors”.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-35-2"><num>(2)</num><content><mod>In section 7 of that Act (debt respite scheme: regulatio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-35-3"><num>(3)</num><content><mod>In section 7(5) of that Act, after paragraph (b) insert—

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-35-4"><num>(4)</num><content>The amendment in subsection (1) does not have the effect that further advice on the establishment of a debt respite scheme has to be sought, provided or published under section 6(1), (4)

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-36"><num>36</num><heading>Successor accounts for Help-to-Save savers</heading><content><mod>I

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-37"><num>37</num><heading>Regulated activities and application of Consumer Credit Act 1974</heading><subsection eId="section-37-1"><num>(1)</num><content>This section applies on or at any time after the making of an or

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-37-1"><num>(1)</num><content>This section applies on or at any time after the making of an order under section 22 of the Financial Services and Markets Act 2000, after this section comes into force, which has the ef

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-37-2"><num>(2)</num><intro>Section 107(6) of the Financial Services Act 2012 (power to make provision about the application of the Consumer Credit Act 1974) has effect as if—</intro><level class="para1" eId="sec

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-37-2-a"><num>(a)</num><content>the reference to an order of the kind mentioned in subsection (1) of that section included an order of the kind mentioned in subsection (1) of this section, and</content><

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-37-2-b"><num>(b)</num><content>the references to a transferred activity included a relevant credit activity which is the subject of an order of the kind mentioned in subsection (1) of this section.</con

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-37-3"><num>(3)</num><intro>“<term refersTo="#term-relevant-credit-activity" eId="term-relevant-credit-activity">Relevant credit activity</term>” means the activity of—</intro><level class="para1" eId="section-37

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-37-3-a"><num>(a)</num><content>entering into an agreement described in article 60F(2) or (3) of the Regulated Activities Order (certain borrower-lender-supplier agreements for fixed-sum credit or running-ac

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-37-3-b"><num>(b)</num><content>exercising, or having the right to exercise, the lender's rights and duties under such an agreement,</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-37-4"><num>(4)</num><content>“<term refersTo="#term-the-regulated-activities-order" eId="term-the-regulated-activities-order">The Regulated Activities Order</term>” means the Financial Services and Markets Act 2000

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-38"><num>38</num><heading>Amendments of the PRIIPs Regulation etc</heading><subsection eId="sect

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-1"><num>(1)</num><content>In this section “<term refersTo="#term-the-priips-regulation" eId="term-the-priips-regulation">the PRIIPs Regulation</term>” means Regulation (EU) No. 1286/2014 of the European Parliame

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-38-2"><num>(2)</num><content><mod>After Article 4 of the PRIIPs Regulation insert—<quotedS

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-3"><num>(3)</num><content>Any requirement that arises by virtue of Article 4A(3)(d) of the PRIIPs Regulation, as inserted by subsection (2), may be satisfied by things done before that subsection comes into force

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-4"><num>(4)</num><content><mod>In paragraph 3 of Article 8 of the PRIIPs Regulation (information to be contained in key information document), in point (d)(iii), for “performance scenarios and the assumptions ma

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-5"><num>(5)</num><content>The Treasury may by regulations substitute a later date for the date that is for the time being mentioned in Article 32(1) of the PRIIPs Regulation (exemption of UCITS).</content></s

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-6"><num>(6)</num><content>The date as substituted under subsection (5) must be no later than 31 December 2026.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-38-7"><num>(7)</num><content>Regulations under subsection (5) are subject to the negative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-39"><num>39</num><heading>Retention of personal data under the Market Abuse Regulation</heading><content>In Article 28 of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on m

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-40"><num>40</num><heading>Over the counter derivatives: clearing and procedures for reporting</h

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-1"><num>(1)</num><content>Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (the “<term refersTo="#term-e

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-40-2"><num>(2)</num><intro>In Article 4 (clearing obligation)—</intro><level class="pa

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-40-2-a"><num>(a)</num><content><mod>after paragraph 3 insert—<quotedStructure sta

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-40-2-b"><num>(b)</num><content><mod>after paragraph 4 insert—<quotedStructure sta

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-40-3"><num>(3)</num><content><mod>In Article 78 (general requirements), at the end insert—

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-40-4"><num>(4)</num><content><mod>After Article 84a insert—<quotedStructure startQuote="&#

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-40-5"><num>(5)</num><content>The requirements of section 138I of the Financial Services and Markets Act 2000, in so far as they apply in connection with rules made under Article 4(4A) or 78(10) of the European Marke

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-41"><num>41</num><heading>Regulations about financial collateral arrangements</heading><subsecti

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-1"><num>(1)</num><content>The Financial Collateral Arrangements (No. 2) Regulations 2003 (S.I. 2003/3226) as originally made, and all amendments made to them, have effect, and are to be treated as having had effe

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-2"><num>(2)</num><content>Accordingly, the validity of anything done under or in reliance on those regulations (whether as originally made or as amended) is to be treated as unaffected by any such lack of power.<

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-3"><num>(3)</num><content>The Banking Act 2009 is amended in accordance with subsections (4) to (6).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-41-4"><num>(4)</num><intro>In section 255 (regulations about financial collateral arrangem

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-41-4-a"><num>(a)</num><content>in subsection (3)(b) omit “or purported to be done”,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-41-4-b"><num>(b)</num><content>omit subsection (5), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-41-4-c"><num>(c)</num><content><mod>after that subsection insert—<quotedStructure

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-5"><num>(5)</num><content>Omit section 256 (procedure for making regulations under section 255).</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-41-6"><num>(6)</num><content><mod>In the table in section 259(3) (procedure applying to statutory instruments), in the entry for section 255, for “affirmative resolution” substitute <quotedText>“

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-42"><num>42</num><heading>Appointment of chief executive of FCA</heading><subsection eId="sectio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-42-1"><num>(1)</num><content>Schedule 1ZA to the Financial Services and Markets Act 2000 (Financial Conduct Authority) is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-42-2"><num>(2)</num><intro>In paragraph 2A—</intro><level class="para1" eId="section-4

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-42-2-a"><num>(a)</num><content><mod>after sub-paragraph (1) insert—<quotedStructu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-42-2-b"><num>(b)</num><content><mod>in sub-paragraph (2), for “Sub-paragraph (1) does” substitute <quotedText>“ Sub-paragraphs (1) and (1A) do ”</quotedText>.</mod

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-42-3"><num>(3)</num><content><mod>After paragraph 2A insert—<quotedStructure startQuote="&

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-43"><num>43</num><heading>Subordinate legislation made under retained direct EU legislation</hea

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-43-1"><num>(1)</num><content>The Financial Services and Markets Act 2000 is amended as follows.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-43-2"><num>(2)</num><intro>In section 425C (“qualifying provision”)—</intro><level cla

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-43-2-a"><num>(a)</num><content>the existing text becomes subsection (1),</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-43-2-b"><num>(b)</num><content><mod>after paragraph (b) of that subsection insert

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-43-2-c"><num>(c)</num><content>in paragraph (c) of that subsection omit “(within the meaning of the Interpretation Act 1978)”, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-43-2-d"><num>(d)</num><content><mod>after that subsection insert—<quotedStructure

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-43-3"><num>(3)</num><content><mod>In paragraph 8(3) of Schedule 1ZA (Financial Conduct Authority's arrangements for discharging functions: legislative functions), in paragraph (a), after “rules” insert <quotedText>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-44"><num>44</num><heading>Payment services and the provision of cash</heading><content><mod>I

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-45"><num>45</num><heading>Power to make consequential provision</heading><subsection eId="sectio

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-1"><num>(1)</num><content>The Treasury may by regulations make provision that is consequential on any provision made by this Act.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-2"><num>(2)</num><content>The Secretary of State may by regulations make provision that is consequential on provision made by section 32 or 33 or Schedule 12.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-3"><num>(3)</num><intro>Regulations under this section may—</intro><level class="para1" eId="section-45-3-a"><num>(a)</num><content>make different provision for different purposes;</content></level><le

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-3-a"><num>(a)</num><content>make different provision for different purposes;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-3-b"><num>(b)</num><content>include transitional, transitory or saving provision;</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-3-c"><num>(c)</num><content>amend, repeal, revoke or otherwise modify an enactment.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-45-4"><num>(4)</num><intro>Regulations under this section are subject to the affirmative p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="section-45-4-b"><num><noteRef href="#key-f04dd2e0ed12dc1670d4119e413afccb" uk:name="commenta

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-4-c"><num>(c)</num><content>a Measure or Act of Senedd Cymru,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-4-d"><num>(d)</num><content>an Act of the Scottish Parliament, or</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-45-4-e"><num>(e)</num><content>Northern Ireland legislation.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-45-5"><num>(5)</num><content>Regulations under this section to which subsection (4) does not apply are subject to the negative procedure.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-46"><num>46</num><heading>Regulations</heading><subsection eId="section-46-1"><num>(1)</num><content>Regulations under this Act are to be made by statutory instrument.</content></subsection><subsection eId="section

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-46-1"><num>(1)</num><content>Regulations under this Act are to be made by statutory instrument.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-46-2"><num>(2)</num><content>Where regulations under this Act are subject to “the negative procedure”, the statutory instrument containing the regulations is subject to annulment in pursuance of a resolution of eit

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-46-3"><num>(3)</num><content>Where regulations under this Act are subject to “the affirmative procedure”, the regulations may not be made unless a draft of the statutory instrument containing them has been laid bef

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-46-4"><num>(4)</num><content>Any provision that may be included in regulations under this Act subject to the negative procedure may be made by regulations subject to the affirmative procedure.</content></subsect

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-47"><num>47</num><heading>Interpretation</heading><intro>In this Act—</intro><hcontainer

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“the Capital Requirements Regulation” means <ref eId="c00025" href="http://www.legislation.gov.uk/european/regulation/2013/0575">Regulation (EU) No. 575/2013</ref> of the European Parliament and of the

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-1"><num>SCHEDULE 1<authorialNote class="referenceNote"> Section 1</au

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-part-1"><num>PART 1</num><heading>Amendments of the Capital Requirements Regulation</head

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-1" class="schProv1"><num>1</num><content>The Capital Requirements Regulation is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-2" class="schProv1"><num>2</num><subparagraph eId="schedule-1-paragraph-2-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-3" class="schProv1"><num>3</num><subparagraph eId="schedule-1-paragraph-3-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-4" class="schProv1"><num>4</num><content><mod>For Article 4B substitute—<quote

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-5" class="schProv1"><num>5</num><content><mod>Before Article 11 (and the Secti

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-6" class="schProv1"><num>6</num><content>Omit Article 15 (derogation from the application of own funds requirements on a consolidated basis for groups of investment firms).</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-7" class="schProv1"><num>7</num><content>Omit Article 16 (derogation from the application of the leverage ratio requirements on a consolidated basis for groups of investment firms).</content></paragr

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-8" class="schProv1"><num>8</num><content>Omit Article 17 (supervision of investment firms waived from the application of own funds requirements on a consolidated basis).</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-9" class="schProv1"><num>9</num><content>In Article 47c(5) (deduction for non-performing exposures), omit “and the FCA”.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-10" class="schProv1"><num>10</num><content>In Article 49(6) (requirement for deduction where consolidation, supplementary supervision or institutional protection schemes are applied) omit “and Annex 1 o

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-11" class="schProv1"><num>11</num><subparagraph eId="schedule-1-paragraph-11-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-12" class="schProv1"><num>12</num><subparagraph eId="schedule-1-paragraph-12-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-13" class="schProv1"><num>13</num><subparagraph eId="schedule-1-paragraph-13-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-14" class="schProv1"><num>14</num><subparagraph eId="schedule-1-paragraph-14-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-15" class="schProv1"><num>15</num><subparagraph eId="schedule-1-paragraph-15-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-16" class="schProv1"><num>16</num><intro>In Article 93 (initial capital requirement on going concern)—</intro><level class="para1" eId="schedule-1-paragraph-16-a"><num>(a)</num><content>omit parag

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-16-a"><num>(a)</num><content>omit paragraph 3,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-16-b"><num>(b)</num><content>in paragraphs 4 and 5, omit “or 3”, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-16-c"><num>(c)</num><content><mod>in paragraph 6, for “2 to 5” substitute <quotedText>“ 2, 4 and 5 ”</quotedText>.</mod></content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-17" class="schProv1"><num>17</num><content>Omit Article 95 (own funds requirements for investment firms with limited authorisation to provide investment services).</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-18" class="schProv1"><num>18</num><content>Omit Article 96 (own funds requirements for IFPRU 730k firms).</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-19" class="schProv1"><num>19</num><content>Omit Article 97 (own funds based on fixed overheads).</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-20" class="schProv1"><num>20</num><content>Omit Article 98 (own funds for investment firms on a consolidated basis).</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-21" class="schProv1"><num>21</num><content><mod>In Article 100 (additional reporting requirements), in the second subparagraph, for “The FCA or the PRA (as the case may be)” substitute <quotedText>“

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-22" class="schProv1"><num>22</num><content>In Article 115(2) (exposures to regional governments or local authorities), in the second subparagraph, omit “and FCA”.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-23" class="schProv1"><num>23</num><content><mod>In Article 119 (exposures to i

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-24" class="schProv1"><num>24</num><subparagraph eId="schedule-1-paragraph-24-1"><num>(1)</num><content>Article 136 (mapping of ECAI's credit assessments) is amended as follows.</content></subparagrap

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-25" class="schProv1"><num>25</num><content><mod>In Article 162(3) (maturity), in the second subparagraph, in point (a), after “institutions” insert <quotedText>“ or investment firms

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-26" class="schProv1"><num>26</num><subparagraph eId="schedule-1-paragraph-26-1"><num>(1)</num><content>Article 197 (eligibility of collateral under all approaches and methods) is amended as follows.<

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-27" class="schProv1"><num>27</num><content>In Article 199(8) (additional eligibility for collateral under the IRB Approach), omit “and the FCA”.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-28" class="schProv1"><num>28</num><content><mod>In Article 200 (other funded c

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-29" class="schProv1"><num>29</num><content><mod>In Article 202 (eligibility of protection providers under the IRB Approach which qualify for Article 153(3) treatment), after “institutions,” insert <quot

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-30" class="schProv1"><num>30</num><content><mod>In Article 224(6) (supervisory volatility adjustment under Financial Collateral Comprehensive Method), after “institutions”, in the first place it occurs,

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-31" class="schProv1"><num>31</num><content><mod>In Article 227(3) (conditions

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-32" class="schProv1"><num>32</num><content><mod>In Article 243(1) (criteria for STS securitisations qualifying for differentiated capital treatment), in the second subparagraph, after “an institution,”

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-33" class="schProv1"><num>33</num><subparagraph eId="schedule-1-paragraph-33-1"><num>(1)</num><content>Article 270e (securitisation mapping) is amended as follows.</content></subparagraph><subparagra

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-34" class="schProv1"><num>34</num><content><mod>In Article 290(3) (stress testing), for the words from “the relevant regulatory rules” to the end substitute <quotedText>“ rule 6.1 of the

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-35" class="schProv1"><num>35</num><subparagraph eId="schedule-1-paragraph-35-1"><num>(1)</num><content>Article 304(5) (treatment of clearing members' exposure to clients) is amended as follows.</cont

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-36" class="schProv1"><num>36</num><subparagraph eId="schedule-1-paragraph-36-1"><num>(1)</num><content>Article 325u(5) (own funds requirements for residual risks) is amended as follows.</content></su

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-37" class="schProv1"><num>37</num><subparagraph eId="schedule-1-paragraph-37-1"><num>(1)</num><content>Article 325az (alternative internal model approach and permission to use alternative internal models

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-38" class="schProv1"><num>38</num><subparagraph eId="schedule-1-paragraph-38-1"><num>(1)</num><content>Article 325bk(3) (calculation of stress scenario risk measure) is amended as follows.</content><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-39" class="schProv1"><num>39</num><content><mod>In Article 382(4) (scope of own funds requirements for CVA risk), in point (b), for “institutions” substitute <quotedText>“ entities

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-40" class="schProv1"><num>40</num><subparagraph eId="schedule-1-paragraph-40-1"><num>(1)</num><content>Article 441(2) (indicators of global systemic importance) is amended as follows.</content></subp

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-41" class="schProv1"><num>41</num><content>In Article 450(1)(d) (remuneration policy) omit “19A.3.44R to 44DR and”.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-42" class="schProv1"><num>42</num><content>In Article 456(1) (regulations modifying this Regulation) omit points (f) and (g).</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-43" class="schProv1"><num>43</num><subparagraph eId="schedule-1-paragraph-43-1"><num>(1)</num><content>Article 464B (power to make technical standards) is amended as follows.</content></subparagraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-44" class="schProv1"><num>44</num><intro>In Article 522(1)(b) (savings provisions: pre-exit decisions)—</intro><level class="para1" eId="schedule-1-paragraph-44-a"><num>(a)</num><content>omit “an

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-44-b"><num>(b)</num><content>omit the words from “in relation to” to “other person”.</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-45" class="schProv1"><num>45</num><content><mod>In Annex 1 (classification of off-balance sheet items), in point 1(d), at the end insert <quotedText>“ or an investment firm

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-46" class="schProv1"><num>46</num><subparagraph eId="schedule-1-paragraph-46-1"><num>(1)</num><content>Annex 3 (items subject to supplementary reporting of liquid assets) is amended as follows.</cont

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-47" class="schProv1"><num>47</num><content><mod>In the following provisions, for “FCA and PRA may each” or “FCA and the PRA may each” (a

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-part-2"><num>PART 2</num><heading>Amendments of the Capital Requirements (Country-by-Coun

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-48" class="schProv1"><num>48</num><content>The Capital Requirements (Country-by-Country Reporting) Regulations 2013 (S.I. 2013/3118) are amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-49" class="schProv1"><num>49</num><subparagraph eId="schedule-1-paragraph-49-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-1-paragraph-50" class="schProv1"><num>50</num><content><mod>In regulation 1, after paragra

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-51" class="schProv1"><num>51</num><content><mod>In regulation 1(3) (interpretation of references to EU legislation), for “any EU regulation,” substitute <quotedText>“ any EU regulation o

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-52" class="schProv1"><num>52</num><subparagraph eId="schedule-1-paragraph-52-1"><num>(1)</num><content>Regulation 2 (ongoing reporting obligation) is amended as follows.</content></subparagraph><subp

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-53" class="schProv1"><num>53</num><content><mod>In regulation 3(1) (interim reporting obligation), after “Institutions” insert <quotedText>“ and relevant FCA investment firms

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-54" class="schProv1"><num>54</num><subparagraph eId="schedule-1-paragraph-54-1"><num>(1)</num><content>Regulation 4 (group disclosure) is amended as follows.</content></subparagraph><subparagraph eId

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-55" class="schProv1"><num>55</num><subparagraph eId="schedule-1-paragraph-55-1"><num>(1)</num><content>Regulation 5 (prior disclosure: prevention of duplication) is amended as follows.</content></sub

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-1-paragraph-56" class="schProv1"><num>56</num><intro>In regulation 6(2) (enforcement)—</intro><level class="para1" eId="schedule-1-paragraph-56-a"><num>(a)</num><content>in sub-paragraph (a) omit “which is a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-56-a"><num>(a)</num><content>in sub-paragraph (a) omit “which is a PRA-authorised person within the meaning of section 2B(5) of the 2000 Act”, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-1-paragraph-56-b"><num>(b)</num><content><mod>in sub-paragraph (b), for “any other institution” substitute <quotedText>“ a relevant FCA investment firm ”</quotedText>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-2"><num>SCHEDULE 2<authorialNote class="referenceNote"> Section 2</au

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-part-1"><num>PART 1</num><heading>New Part 9C of the Financial Services and Markets Act 2

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-1" class="schProv1"><num>1</num><content><mod>In the Financial Services and Ma

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-part-2"><num>PART 2</num><heading>Minor and consequential amendments</heading><paragraph

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-2" class="schProv1"><num>2</num><content>The Financial Services and Markets Act 2000 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-3" class="schProv1"><num>3</num><content><mod>In section 133(7A) (proceedings

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-4" class="schProv1"><num>4</num><content><mod>In section 137A (the FCA's gener

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-5" class="schProv1"><num>5</num><content><mod>In section 165(7) (regulators' p

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-6" class="schProv1"><num>6</num><subparagraph eId="schedule-2-paragraph-6-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-7" class="schProv1"><num>7</num><subparagraph eId="schedule-2-paragraph-7-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-8" class="schProv1"><num>8</num><subparagraph eId="schedule-2-paragraph-8-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-9" class="schProv1"><num>9</num><subparagraph eId="schedule-2-paragraph-9-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-10" class="schProv1"><num>10</num><content><mod>After section 177 insert—<quot

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-11" class="schProv1"><num>11</num><content><mod>In section 347(1)(g) (record of authorised persons etc), after “order” insert <quotedText>“ or Part 9C prohibition order ”</

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-12" class="schProv1"><num>12</num><content><mod>In section 391(1ZB) (publicati

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-13" class="schProv1"><num>13</num><intro>In section 392 (application of third party rights to notices)—</intro><level class="para1" eId="schedule-2-paragraph-13-a"><num>(a)</num><content><mod>in p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-13-a"><num>(a)</num><content><mod>in paragraph (a), after “142T(1),” insert <quotedText>“ 143N(1), 143T(1), 143U(2), 143X(1), ”</quotedText>, and</mod></p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-2-paragraph-13-b"><num>(b)</num><content><mod>in paragraph (b), after “142T(4),” insert <quotedText>“ 143N(2), 143T(3), 143U(2), 143X(5), ”</quotedText>.</mod></c

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-14" class="schProv1"><num>14</num><content><mod>In section 395(13) (meaning of

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-15" class="schProv1"><num>15</num><subparagraph eId="schedule-2-paragraph-15-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-2-paragraph-16" class="schProv1"><num>16</num><content><mod>In section 424A(1) (investment firm), after “this Act” insert <quotedText>“ (except as otherwise provided) ”</quotedText>.</

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-17" class="schProv1"><num>17</num><subparagraph eId="schedule-2-paragraph-17-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-paragraph-18" class="schProv1"><num>18</num><content><mod>In paragraph 20(4) of Schedule

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-2-part-3"><num>PART 3</num><heading>Transitional provision</heading><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-2-part-3-crossheadi

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-2-part-3-crossheading-rules-made-before-part-1-of-this-schedule-comes-into-force"><heading>Rules made before Pa

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-2-part-3-crossheading-precommencement-consultation-etc"><heading>Pre-commencement consultation etc</heading

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-2-part-3-crossheading-relevant-equivalence-decisions"><heading>Relevant equivalence decisions</heading><par

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-2-part-3-crossheading-carbon-target"><heading>Carbon target</heading><paragraph eId="schedule-2-paragraph-2

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-2-part-3-crossheading-interpretation"><heading>Interpretation</heading><paragraph eId="schedule-2-paragraph

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-3"><num>SCHEDULE 3<authorialNote class="referenceNote"> Section 5</au

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-part-1"><num>PART 1</num><heading>New Part 9D of the Financial Services and Markets Act 2

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-1" class="schProv1"><num>1</num><content><mod>In the Financial Services and Ma

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-part-2"><num>PART 2</num><heading>PRA's powers in relation to certain holding companies</

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-3-paragraph-2" class="schProv1"><num>2</num><content>Part 12B of the Financial Services and Markets Act 2000 (approval of certain holding companies by the PRA) is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-3-paragraph-3" class="schProv1"><num>3</num><content><mod>Before section 192O insert— <quotedText>“ Interpretation ”</quotedText>.</mod></content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-4" class="schProv1"><num>4</num><subparagraph eId="schedule-3-paragraph-4-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-3-paragraph-5" class="schProv1"><num>5</num><content><mod>Before section 192P insert— <quotedText>“ Approval ”</quotedText>.</mod></content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-3-paragraph-6" class="schProv1"><num>6</num><content>Omit section 192V (rules imposing consolidated or sub-consolidated requirements).</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-7" class="schProv1"><num>7</num><content><mod>After section 192X insert—<quote

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-8" class="schProv1"><num>8</num><content><mod>In section 192Y(1) (power to imp

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="schedule-3-part-3"><num>PART 3</num><heading>Minor and consequential amendments</heading><hcontainer

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1"><num>(b)</num><content>an enactment comprised in subordinate legislation,</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-9" class="schProv1"><num>9</num><subparagraph eId="schedule-3-paragraph-9-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-3-paragraph-24" class="schProv1"><num>24</num><content>For the purposes of section 144C of the Financial Services and Markets Act 2000 (inserted by Part 1 of this Schedule), an equivalence decision may be a relevant

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-3-paragraph-27" class="schProv1"><num>27</num><intro>In this Part of this Schedule—</intro><hcontainer name="definition"><content>“<term refersTo="#term-crr-rules" eId="term-crr-rules">CRR rules</term>” has t

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-general-rules" eId="term-general-rules">general rules</term>” has the meaning given in section 137G(2) of that Act;</content></hcontainer>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-section-192xa-rules" eId="term-section-192xa-rules">section 192XA rules</term>” has the same meaning as in Part 12B of that Act (see section 192O of that Act, as amended by Part

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-3-part-3-crossheading-bank-of-england-act-1998-c-11"><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7"><heading>Definitions</heading><paragraph eId="schedule-10-paragraph-

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-3-paragraph-10" class="schProv1"><num>10</num><content>The Financial Services and Markets Act 2000 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-9-paragraph-2" class="schProv1"><num>2</num><content>The Financial Services and Markets Act 2000 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-3" class="schProv1"><num>3</num><content><mod>In Article 2(1) (definitions),

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-7" class="schProv1"><num>7</num><content><mod>After Article 48 insert—<quoted

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-10-paragraph-10" class="schProv1"><num>10</num><content>In the heading of Title 9, after “DIRECTIONS” insert “, RULES”.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-11" class="schProv1"><num>11</num><content><mod>In section 137G (the PRA's gen

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-paragraph-3" class="schProv1"><num>3</num><content><mod>In section 138I (consultation by

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-10-paragraph-11" class="schProv1"><num>11</num><content>In the heading of Article 50B (FCA Directions), at the end insert “identifying relevant area of the UK”.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-3-paragraph-12" class="schProv1"><num>12</num><content><mod>In section 138J(10) (consultation by the PRA), for “section 138L” substitute <quotedText>“ sections 138L and 144E(3). ”<

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-paragraph-4" class="schProv1"><num>4</num><subparagraph eId="schedule-9-paragraph-4-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-12" class="schProv1"><num>12</num><content><mod>After that Article insert—<qu

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-13" class="schProv1"><num>13</num><content><mod>In section 138K (consultation:

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-paragraph-5" class="schProv1"><num>5</num><intro>In section 237(2) (Part 17 definitions)

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-9-paragraph-5-a"><num>(a)</num><content>in paragraph (ab) omit “and”, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-9-paragraph-5-b"><num>(b)</num><content><mod>after paragraph (b) insert<quotedTe

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-10-paragraph-13" class="schProv1"><num>13</num><content>The requirements of section 138I of the Financial Services and Markets Act 2000, in so far as they apply in connection with rules made under Article 46(6B) or

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-14" class="schProv1"><num>14</num><subparagraph eId="schedule-3-paragraph-14-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-9-paragraph-6" class="schProv1"><num>6</num><intro>In section 392 (application of third party rights to notices)—</intro><level class="para1" eId="schedule-9-paragraph-6-a"><num>(a)</num><content><mod>in para

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-9-paragraph-6-a"><num>(a)</num><content><mod>in paragraph (a), before “280(1)” insert <quotedText>“ 271N(2), 271R(3), ”</quotedText>, and</mod></content></lev

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-9-paragraph-6-b"><num>(b)</num><content><mod>in paragraph (b), before “280(2)” insert <quotedText>“ 271N(3), 271R(4), ”</quotedText>.</mod></content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-15" class="schProv1"><num>15</num><intro>In section 192R(3) (grant of approval

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-3-paragraph-15-a"><num>(a)</num><content>in paragraph (a) omit “, section 192V rules” and the “and” at the end, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-3-paragraph-15-b"><num>(b)</num><content><mod>after that paragraph insert—<quote

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-paragraph-7" class="schProv1"><num>7</num><content><mod>In section 395(13) (meaning of s

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-16" class="schProv1"><num>16</num><subparagraph eId="schedule-3-paragraph-16-1"><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-9-paragraph-8" class="schProv1"><num>8</num><content><mod>In section 429(2) (regulations subject to affirmative procedure), after “262,” insert <quotedText>“ 271S, ”</quotedText>.<

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-17" class="schProv1"><num>17</num><intro>In section 192Y(1) (power to impose p

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-3-paragraph-17-a"><num>(a)</num><content>omit paragraph (c) (including the “or” at the end), and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" class="para1" eId="schedule-3-paragraph-17-b"><num>(b)</num><content><mod>after that paragraph insert—<quote

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-18" class="schProv1"><num>18</num><content><mod>In section 417(1) (definitions

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-3-paragraph-19" class="schProv1"><num>19</num><content><mod>In section 429(2) (parliamentary control of statutory instruments: affirmative procedure), before “214A” insert <quotedText>“ 144C(1), 1

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-3-part-3-crossheading-financial-services-and-markets-a

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7"><heading>Capital Requirements Regulations 2013 (<ref eId="c00044" hr

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-3-paragraph-20" class="schProv1"><num>20</num><content>The Capital Requirements Regulations 2013 (meaning of “permission” etc) is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-2" class="schProv1"><num>2</num><content><mod>In Article 1 (subject matter an

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-3-paragraph-21" class="schProv1"><num>21</num><content><mod>In regulation 2(1), in the definition of “appropriate regulator”, at the end insert <quotedText>“ , subject to regulation 39(2)

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-paragraph-22" class="schProv1"><num>22</num><subparagraph eId="schedule-3-paragraph-22-1"><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-3-part-3-crossheading-capital-requirements-regulations

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-3-part-4"><num>PART 4</num><heading>Transitional provision</heading><hcontainer name="crossheading" ukl:Name="Pblock" eId="schedule-3-part-4-crossheadi

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="crossheading" class="schGroup7"><heading>Pre-commencement consultation etc</heading><paragraph eId="schedule-3-paragraph-23" class="schProv1"><num>23</num><subparagraph eId="schedule-3-paragraph-23-1"><num>(1)</num><content><

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-3-paragraph-23" class="schProv1"><num>23</num><subparagraph eId="schedule-3-paragraph-23-1"><num>(1)</num><content>In relation to general rules that are CRR rules, the requirements of the provisions listed in sub-pa

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-3-paragraph-26" class="schProv1"><num>26</num><subparagraph eId="schedule-3-paragraph-26-1"><num>(1)</num><intro>Rules made by the Prudential Regulation Authority under section 192V of the Financial Services and Mar

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-3-part-4-crossheading-precommencement-consultation-etc"><heading>Pre-commencement consultation etc</heading

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-3-part-4-crossheading-relevant-equivalence-decisions"><heading>Relevant equivalence decisions</heading><par

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-3-part-4-crossheading-carbon-target"><heading>Carbon target</heading><paragraph eId="schedule-3-paragraph-2

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-3-part-4-crossheading-section-192v-rules"><heading>Section 192V rules</heading><paragraph eId="schedule-3-p

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-3-part-4-crossheading-interpretation"><heading>Interpretation</heading><paragraph eId="schedule-3-paragraph

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-4"><num>SCHEDULE 4<authorialNote class="referenceNote"> Section 7</au

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-1" class="schProv1"><num>1</num><content>The Capital Requirements Regulation is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-2" class="schProv1"><num>2</num><content><mod>In Article 4A(1)(a) (definitions: references to PRA rulebook), for “as the rulebook has effect on IP completion day” substitute <quotedText>“

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-4-paragraph-3" class="schProv1"><num>3</num><content><mod>In Article 92(3) (own funds requ

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-4" class="schProv1"><num>4</num><content><mod>In Article 107(3) (approaches to credit risk), for “third-country investment firms and exposures to third country credit institutions and exposures to third

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-5" class="schProv1"><num>5</num><content><mod>In Article 144(1)(g) (competent authorities' assessment of an application to use an IRB Approach), for “Article 99” substitute <quotedText>“ A

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-4-paragraph-6" class="schProv1"><num>6</num><content><mod>In Article 201(1) (eligibility o

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-4-paragraph-7" class="schProv1"><num>7</num><subparagraph eId="schedule-4-paragraph-7-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-4-paragraph-8" class="schProv1"><num>8</num><content><mod>In Article 283 (permission to us

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-4-paragraph-9" class="schProv1"><num>9</num><content><mod>For Article 298 substitute—<quot

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-10" class="schProv1"><num>10</num><content>In Article 299(2) (items in the trading book), omit point (a).</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-11" class="schProv1"><num>11</num><intro>In Article 384(1) (standardised method), in the definition of “EADitotal”—</intro><level class="para1" eId="schedule-4-paragraph-11-a"><num>(a)</n

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-4-paragraph-11-a"><num>(a)</num><content><mod>for “Title II, Chapter 6” (in the first place those words occur) substitute <quotedText>“ Chapter 6 of Title II ”</quotedTex

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-4-paragraph-11-b"><num>(b)</num><content>omit the words from “An institution using” to the end of the definition.</content></level>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-4-paragraph-12" class="schProv1"><num>12</num><subparagraph eId="schedule-4-paragraph-12-1"><num>(1)</num><content>Article 500d (temporary calculation of exposure value of regular-way purchases and sales awaiting se

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-4-paragraph-13" class="schProv1"><num>13</num><subparagraph eId="schedule-4-paragraph-13-1"><

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-5"><num>SCHEDULE 5<authorialNote class="referenceNote"> Section 21</a

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-5-paragraph-1" class="schProv1"><num>1</num><content>The Benchmarks Regulation is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-5-paragraph-2" class="schProv1"><num>2</num><subparagraph eId="schedule-5-paragraph-2-1"><num

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-5-paragraph-3" class="schProv1"><num>3</num><content><mod>In Article 3, after paragraph 1

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-5-paragraph-4" class="schProv1"><num>4</num><content><mod>In Article 11 (input data), afte

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-5-paragraph-5" class="schProv1"><num>5</num><content><mod>In Article A20(5)(b) (review of critical benchmarks), for “determines” substitute <quotedText>“ determine ”</quotedText>.</mod></p

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-5-paragraph-6" class="schProv1"><num>6</num><subparagraph eId="schedule-5-paragraph-6-1"><num>(1)</num><content>Article 20 (critical benchmarks: conditions and other matters) is amended as follows.</content></su

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-5-paragraph-7" class="schProv1"><num>7</num><content><mod>In Article 21(3) (mandatory administration of a critical benchmark), in the first subparagraph, in point (b), at the end insert <quotedText>“ (

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-5-paragraph-8" class="schProv1"><num>8</num><content><mod>After Article 26 insert—<quotedS

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-5-paragraph-9" class="schProv1"><num>9</num><content><mod>In Article 29 (use of a benchmar

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-5-paragraph-10" class="schProv1"><num>10</num><content><mod>In Article 36(1) (register of

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-5-paragraph-11" class="schProv1"><num>11</num><content><mod>After Article 48 insert—<quote

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xhtml="http://www.w3.org/1999/xhtml" name="schedule" eId="schedule-6"><num>SCHEDULE 6<authorialNote

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xhtml="http://www.w3.org/1999/xhtml" name="crossheading" class="schGroup7" eId="schedule-6-paragraph

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-7"><num>SCHEDULE 7<authorialNote class="referenceNote"> Section 22</a

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" class="schGroup7" eId="schedule-7-paragraph-wrapper15n1"><heading/><content>After S

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="schedule" eId="schedule-8"><num>SCHEDULE 8<authorialNote class="referenceNote"> Section 22</a

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-8-crossheading-financial-services-and-markets-act-2000

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="crossheading" ukl:Name="Pblock" eId="schedule-8-crossheading-financial-services-and-markets-act-2000-gibraltar-order-2001-si-20013084"><heading>Financial Ser

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-8-crossheading-subsidy-control-act-2022"><heading><ins

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-8-paragraph-20" class="schProv1"><num><ins ukl:ChangeId="key-5fc49b6914bc1c05f1abce386641e270-1677241529976" ukl:CommentaryRef="key-5fc49b6914bc1c05f1abc

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-9"><num>SCHEDULE 9<authorialNote class="referenceNote"> Section 24</a

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-part-1"><num>PART 1</num><heading>Provisions to be inserted in Chapter 5 of Part 17 of th

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-paragraph-1" class="schProv1"><num>1</num><content><mod>In Chapter 5 of Part 17 of the F

<part xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="schedule-9-part-2"><num>PART 2</num><heading>Minor and consequential amendments</heading><hcontainer

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-9-part-2-crossheading-financial-services-and-markets-a

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-eu-tertiary-legislation" eId="term-eu-tertiary-legislation">EU tertiary legislation</term>” has the same meaning as in the European Union (Withdrawal) Act 2018 (see section 20 of

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-9-paragraph-9" class="schProv1"><num>9</num><content>Part 6 of the Alternative Investment Fund Managers Regulations 2013 (marketing of alternative investment funds) is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-10-paragraph-14" class="schProv1"><num>14</num><content>Omit Article 54 (transitional provisions).</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-9-paragraph-10" class="schProv1"><num>10</num><content><mod>In regulation 57 (marketing of

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-9-paragraph-11" class="schProv1"><num>11</num><content><mod>In regulation 58(1) (marketing of AIFs managed by small third country AIFMs), at the end insert <quotedText>“ , except where the AIF is r

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-9-paragraph-12" class="schProv1"><num>12</num><intro>In regulation 59 (marketing of AIFs managed by other third country AIFMs)—</intro><level class="para1" eId="schedule-9-paragraph-12-a"><num>(a)</num><content>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-9-paragraph-12-a"><num>(a)</num><content><mod>in paragraph (1), at the end insert <quotedText>“ , except where the AIF is recognised under section 271A of the Act

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-9-paragraph-12-b"><num>(b)</num><content><mod>in paragraph (4A), for “collective investment scheme” substitute <quotedText>“ AIF ”</quotedText>.</mod></conten

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" name="crossheading" ukl:Name="Pblock" eId="schedule-9-part-2-crossheading-the-alternative-investment-fund-

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-10"><num>SCHEDULE 10<authorialNote class="referenceNote">Section 27</

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-crr-rules" eId="term-crr-rules">CRR rules</term>” has the same meaning as in the Financial Services and Markets Act 2000 (see section 144A of that Act, inserted by Schedule 3 to

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-10-paragraph-1" class="schProv1"><num>1</num><content>The Markets in Financial Instruments Regulation is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-10-paragraph-4" class="schProv1"><num>4</num><content>In the heading of Title 8, for “DECISION” substitute “DETERMINATION”.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-8" class="schProv1"><num>8</num><subparagraph eId="schedule-10-paragraph-8-1"><n

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-12-paragraph-10" class="schProv1"><num>10</num><content>Part 5 of the Proceeds of Crime Act 2002 (civil recovery of the proceeds etc of unlawful conduct) is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-10-paragraph-5" class="schProv1"><num>5</num><subparagraph eId="schedule-10-paragraph-5-1"><n

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-12-paragraph-11" class="schProv1"><num>11</num><content>Chapter 3B (forfeiture of money held in bank and building society accounts) is amended in accordance with paragraphs 12 to 20.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-12-paragraph-12" class="schProv1"><num>12</num><content>In the Chapter heading, for “bank and building society” substitute “certain”.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-12-paragraph-13" class="schProv1"><num>13</num><content>In the italic heading before section 303Z1, for “bank and building society” substitute “certain”.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-12-paragraph-14" class="schProv1"><num>14</num><subparagraph eId="schedule-12-paragraph-14-1"

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-12-paragraph-15" class="schProv1"><num>15</num><content>In section 303Z2(3) (restrictions on making of application under section 303Z1), for “bank or building society” substitute “relevant financial institution”.</p

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-12-paragraph-16" class="schProv1"><num>16</num><content>In section 303Z6(1), for “bank or building society” substitute “relevant financial institution”.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-12-paragraph-17" class="schProv1"><num>17</num><content>In section 303Z8(4), for “bank or building society” substitute “relevant financial institution”.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-12-paragraph-18" class="schProv1"><num>18</num><content>In section 303Z9(6)(b) (account forfeiture notice: England and Wales and Northern Ireland), for “bank or building society” substitute “relevant financial insti

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-12-paragraph-19" class="schProv1"><num>19</num><subparagraph eId="schedule-12-paragraph-19-1"><num>(1)</num><content>Section 303Z11 (lapse of account forfeiture notice) is amended as follows.</content></subparag

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-12-paragraph-20" class="schProv1"><num>20</num><content>In section 303Z14(7)(a) (forfeiture order), for “bank or building society” substitute “relevant financial institution”.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-12-paragraph-21" class="schProv1"><num>21</num><content><mod>In section 316(1) (general in

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-11"><num>SCHEDULE 11<authorialNote class="referenceNote">Section 28</

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-1" class="schProv1"><num>1</num><content>The Financial Services and Markets Act 2000 is amended as follows.</content></paragraph>

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-2" class="schProv1"><num>2</num><content><mod>After section 55J insert—<quote

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-3" class="schProv1"><num>3</num><content><mod>After Schedule 6 insert—<quoted

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="schedule-11-paragraph-4" class="schProv1"><num>4</num><content><mod>In section 133 (proceedings bef

<paragraph xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="schedule-11-paragraph-5" class="schProv1"><num>5</num><intro>In section 392 (application of sections 393 and 394)—</intro><level class="para1" eId="schedule-11-paragraph-5-a"><num>(a)</num><content>in paragraph (a), a

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-5-a"><num>(a)</num><content>in paragraph (a), at the end insert “or paragraph 5(6) of Schedule 6A”, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="schedule-11-paragraph-5-b"><num>(b)</num><content>in paragraph (b), at the end insert “or paragraph 5(7) of Schedule 6A”.</content></level>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" name="schedule" eId="schedule-12"><num>SCHEDULE 12<authorialNote class="referenceNote">Section 33</

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" name="definition"><content>“<term refersTo="#term-the-capital-requirements-regulation" eId="term-the-capital-requirements-regulation">the Capital Requirements Regulation</term>” means Regulation (EU) No. 575/2013 of the European

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-48"><num>48</num><heading>Extent</heading><subsection eId="section-48-1"><num>(1)</num><content>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" eId="section-48-1"><num>(1)</num><content>This Act extends to England and Wales, Scotland and Northern

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-48-2"><num>(2)</num><intro>In section 35—</intro><level class="para1" eId="section-48-2-a"><num>(a)</num><content>subsections (1), (2) and (4) extend to England and Wales only, and</content></level><level

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-48-2-a"><num>(a)</num><content>subsections (1), (2) and (4) extend to England and Wales only, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-48-2-b"><num>(b)</num><content>subsection (3) extends to England and Wales and Northern Ireland only.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" eId="section-48-3"><num><noteRef href="#key-8ac184bf5118d6f2c0f047b44e45b4a7" uk:name="commentary" ukl:Nam

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-48-4"><num>(4)</num><content>The power under section 79(10) of the Criminal Justice Act 1993 may be exercised so as to extend to any of the British overseas territories the amendment of that Act made by section 31 o

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-48-5"><num>(5)</num><content>The power under section 430(3) of the Financial Services and Markets Act 2000 may be exercised so as to extend to any of the Channel Islands or the Isle of Man any amendment or repeal ma

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49"><num>49</num><heading>Commencement and transitional provision</heading><subsection eId="section-49-1"><num>(1)</num><intro>This section and the following provisions come into force on the day on which this Act is p

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-1"><num>(1)</num><intro>This section and the following provisions come into force on the day on which this Act is passed—</intro><level class="para1" eId="section-49-1-a"><num>(a)</num><content>section 33

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-1-a"><num>(a)</num><content>section 33 and Schedule 12, except for paragraphs 10 to 21 of that Schedule as they extend to Northern Ireland,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-1-b"><num>(b)</num><content>section 36,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-1-c"><num>(c)</num><content>section 41,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-1-d"><num>(d)</num><content>section 45,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-1-e"><num>(e)</num><content>section 46,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-1-f"><num>(f)</num><content>section 47,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-1-g"><num>(g)</num><content>section 48, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-1-h"><num>(h)</num><content>section 50.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-2"><num>(2)</num><intro>The following provisions come into force at the end of the period of two months beginning with the day on which this Act is passed—</intro><level class="para1" eId="section-49-2-a"><nu

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-2-a"><num>(a)</num><content>section 30,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-2-b"><num>(b)</num><content>section 32,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-2-c"><num>(c)</num><content>section 35,</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-2-d"><num>(d)</num><content>section 42, and</content></level>

<level xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" class="para1" eId="section-49-2-e"><num>(e)</num><content>section 44.</content></level>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-3"><num>(3)</num><content>Paragraphs 10 to 21 of Schedule 12 as they extend to Northern Ireland come into force on such day as the Treasury or the Secretary of State may by regulations appoint.</content></sub

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-4"><num>(4)</num><content>Section 34 comes into force on such day as the Treasury or the Secretary of State may by regulations appoint.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-5"><num>(5)</num><content>The other provisions of this Act come into force on such day as the Treasury may by regulations appoint.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-6"><num>(6)</num><content>Regulations under subsection (3), (4) or (5) may appoint different days for different purposes.</content></subsection>

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-7"><num>(7)</num><content>The Treasury or the Secretary of State may by regulations make transitional, transitory or saving provision in connection with the coming into force of a provision of this Act.</cont

<subsection xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-49-8"><num>(8)</num><content>Regulations under subsection (7) may make different provision for different purposes.</content></subsection>

<section xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" eId="section-50"><num>50</num><heading>Short title</heading><content>This Act may be cited as the Financial Services Act 2021.</content></section>

<hcontainer xmlns="http://docs.oasis-open.org/legaldocml/ns/akn/3.0" xmlns:uk="https://www.legislation.gov.uk/namespaces/UK-AKN" xmlns:ukl="http://www.legislation.gov.uk/namespaces/legislation" xmlns:xhtml="http://www.w3.org/1999/xhtml" name="schedules" eId="schedules"><heading>SCHEDULES</heading><h