UKPGA-2023-29 Financial Services and Markets Act 2023 UK

Part 1 refers to assimilated direct principal legislation;

Part 2 refers to subordinate legislation;

Part 3 refers to EU tertiary legislation and subordinate legislation made under an instrument referred to in Part 2;

Part 4 refers to primary legislation;

Part 5 refers to other EU-derived legislation not covered by Parts 1 to 3.

protecting and enhancing the integrity or stability of the financial system operating in the United Kingdom;

promoting the safety and soundness of persons providing financial services;

promoting effectiveness in the functioning of financial markets;

promoting effective competition in the interests of consumers in financial services and markets or persons who use, or are likely to use, services provided by payment systems in the course of business carried on by those persons;

facilitating the international competitiveness of the economy of the United Kingdom and its growth in the medium to long term;

protecting consumers and those who are, or may become, insurance policyholders;

providing for efficient and effective arrangements in relation to the exercise of functions under the Banking Act 2009 or Part 4 of this Act;

protecting public funds;

implementing, or making changes to reflect, developments in international standards and practices relating to, or applied for the purposes of, the provision of financial services or the operation of financial markets;

providing for efficient and effective regulatory, enforcement, investigatory and supervisory arrangements in relation to the provision of financial services or the operation of financial markets;

removing provisions that are yet to be commenced or changing the timing of their commencement.

the integrity of the financial system operating in the United Kingdom includes the matters listed in section 1D(2) of FSMA 2000;

references to financial markets include references to financial exchanges;

“consumer” has the meaning given by section 1G(1) of FSMA 2000;

“payment system” has the same meaning as in Part 5 of the Financial Services (Banking Reform) Act 2013 (see section 41 of that Act);

the reference to regulatory arrangements includes (among other things) a reference to arrangements for the making of rules.

confer powers on the Treasury or on a regulator;

authorise the making of subordinate legislation by the Treasury;

authorise the making of rules or other instruments by a regulator;

provide for fees to be charged by a regulator in connection with the carrying out of its functions;

apply (with or without modifications), or make equivalent or similar provision to, provisions made by or under FSMA 2000 (including criminal offences created by that Act).

primary legislation referred to in Part 4 of Schedule 1;

technical standards of the kind mentioned in section 138P(2)(a) of FSMA 2000;

EU tertiary legislation of the kind mentioned in section 138P(2)(b) of FSMA 2000.

EU tertiary legislation;

subordinate legislation that was not subject to affirmative resolution on being made.

by amending primary legislation or subordinate legislation, or

by making new subordinate legislation.

the purpose of making the law clearer or more accessible, or

any of the purposes mentioned in section 3(2).

technical standards of the kind mentioned in section 138P(2)(a) of FSMA 2000, or

EU tertiary legislation of the kind mentioned in section 138P(2)(b) of FSMA 2000.

EU tertiary legislation;

subordinate legislation that was not subject to affirmative resolution on being made;

any other legislation, so far as restated without any modifications made for a purpose mentioned in section 3(2).

the purpose of making the law clearer or more accessible, or

any of the purposes mentioned in section 3(2).

the proposed rules make excluded provision in relation to provisions of legislation referred to in Schedule 1, and

those provisions of legislation are specified, or fall within a description of provisions specified, in relation to the making of rules by the regulator in regulations made by the Treasury for the purposes of this section.

the proposed rules make excluded changes to provision of existing rules made by the regulator containing an assimilated obligation, and

the assimilated obligation is specified, or falls within a description of obligations specified, in relation to the making of rules by the regulator in regulations made by the Treasury for the purposes of this section.

the rules being revoked make provision containing an assimilated obligation, and

the rules are revoked without being replaced by other rules made by the regulator.

without any changes that are material, or

with changes that are material but their effect is to reduce a regulatory burden without having any other effects that are material.

the effect of the changes is to reduce a regulatory burden, and

the changes have no other effects that are material.

a financial cost;

an administrative inconvenience;

an obstacle to trade or innovation;

an obstacle to efficiency, productivity or profitability.

in relation to rules made by the FCA, the requirements imposed by—

in relation to rules made by the PRA, the requirements imposed by—

in relation to rules made by the Bank of England, the requirements imposed by paragraph 10(1)(i) of Schedule 17A to FSMA 2000;

in relation to rules made by the Payment Systems Regulator, the requirements imposed by section 104 of the Financial Services (Banking Reform) Act 2013, except for subsection (2)(a).

in a case falling within subsection (1), list the provisions of legislation that have been restated by the rules;

in a case falling within subsection (2), specify or describe the assimilated obligations in relation to which changes have been made by the rules;

in a case falling within subsection (3), specify or describe the assimilated obligations that have been removed by the revocation of the rules.

if made by the FCA, include an explanation of the FCA’s reasons for believing that making the proposed rules is compatible with its duties under section 1B(1), (4A) and (5)(a) of FSMA 2000;

if made by the PRA, include an explanation of the PRA’s reasons for believing that making the proposed rules is compatible with its duties under—

if made by the Bank of England, include an explanation of the Bank’s reasons for believing that making the proposed rules is compatible with—

if made by the Payment Systems Regulator, include an explanation of the Regulator’s reasons for believing that making the proposed rules is compatible with its duties under section 49 of the Financial Services (Banking Reform) Act 2013.

in relation to the Payment Systems Regulator, means—

in relation to any other regulator, means rules made by that regulator under FSMA 2000 or any other enactment.

the words from “its powers in relation to the” to the end become sub-paragraph (i), and

after that sub-paragraph insert .

in subsection (2B), after paragraph (a) insert— ;

in subsection (8), in the list of sections beginning with “22B,”, insert at the appropriate place “, 71S”;

in subsection (9) (as inserted by the Financial Services Act 2021), for the words from “which” to the end substitute “which is subject to a procedure before Parliament for the approval of the instrument in draft before it is made or its approval after it is made.”

in subsection (7A) at the end insert “and a third country central counterparty”;

in subsection (8) for “or an overseas clearing house” substitute “, an overseas clearing house or a third country central counterparty”.

in subsection (1)—

in subsection (2)(a) after “exchange” insert “or data reporting service provider”;

after subsection (3) insert—

after “recognised body” insert “or data reporting service provider”;

after “the body”, in both places, insert “or provider”.

in paragraph (a), after “recognised body” insert “or data reporting service provider”;

in the words after paragraph (b), after “body” insert “, provider”.

in subsection (1)—

in subsection (4)—

testing, for a limited period, the efficiency or effectiveness of the carrying on of FMI activities in a particular way, and

assessing whether or how relevant enactments should apply in relation to FMI activities carried on in that way.

the use of developing technology in the carrying on of FMI activities;

the adoption of new or different practices in the carrying on of FMI activities.

the FMI activities to which the FMI sandbox arrangements relate;

the description—

the limited period for which the FMI sandbox arrangements apply.

provide for a relevant enactment not to apply for the purposes of the FMI sandbox arrangements;

provide for modifications in the application of a relevant enactment for those purposes;

provide for the application of a relevant enactment (with or without modifications) for those purposes;

may be replaced by another FMI sandbox of the same or similar effect;

may have effect at the same time as one or more other FMI sandboxes.

“FMI entity” means—

“FMI activities” are any activities carried on as part of the business of an FMI entity;

“FMI sandbox arrangements” means any arrangements implemented as part of an FMI sandbox.

a description of the FMI sandbox arrangements;

an assessment of the efficiency or effectiveness of those arrangements;

whether, and if so how, the Treasury propose exercising the power under section 15 in relation to those arrangements.

as tested under the FMI sandbox, or

with such variations as the Treasury consider appropriate.

the appropriate regulators;

such other persons as the Treasury consider appropriate.

the FCA, or

the Bank of England.

FSMA 2000;

the Companies Act 2006;

the Stock Transfer (Gilt-edged Securities) (CGO Service) Regulations 1985 (S.I. 1985/1144);

the Financial Markets Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979);

the Uncertificated Securities Regulations 2001 (S.I. 2001/3755);

the Financial Collateral Arrangements (No. 2) Regulations 2003 (S.I. 2003/3226);

the Government Stock Regulations 2004(S.I. 2004/1611);

the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017(S.I. 2017/692);

Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation);

Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments;

Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories;

Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive;

Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC.

in paragraph (a), after “312(G)(1),” insert “312S(1),”, and

in paragraph (b) after “312H(1),” insert “312S(3),”.

in sub-paragraph (2), in the words before paragraph (a), for “or a recognised CSD” substitute “, a recognised CSD or a critical third party”;

in sub-paragraph (2)(a) for “or the recognised CSD” substitute “, the recognised CSD or the critical third party”;

in sub-paragraph (4)(a) for “or the recognised CSD” substitute “, the recognised CSD or the critical third party”.

apply to an authorised person whether the person became authorised before or after the coming into force of this section;

do not affect the approval of a communication given before the coming into force of this section.

after paragraph (ha) insert— ;

after paragraph (ia) insert— .

after paragraph (e) insert— ;

after paragraph (fa) insert— .

Part 1 extends Part 5 of the Banking Act 2009 (Bank of England oversight of payment systems) to payment systems using digital settlement assets and DSA service providers, and makes consequential provision;

Part 2 extends Part 5 of the Financial Services (Banking Reform) Act 2013 (regulation of payment systems) to payment systems using digital settlement assets.

the regulation of payments that include digital settlement assets,

the regulation of—as those terms are for the time being defined in Part 5 of the Banking Act 2009, and

making insolvency arrangements (including administration, restructuring and any similar procedure) in respect of the systems and providers mentioned in paragraph (b).

can be used for the settlement of payment obligations,

can be transferred, stored or traded electronically, and

uses technology supporting the recording or storage of data (which may include distributed ledger technology).

applying legislation relating to the regulation of electronic money and payments to digital settlement assets (subject to whatever modifications the Treasury consider appropriate);

applying legislation relating to insolvency arrangements and interactions between different arrangements to the systems and providers mentioned in subsection (1) (subject to whatever modifications the Treasury consider appropriate);

conferring powers on the Treasury (including a power to legislate);

conferring powers, or imposing duties, on a relevant regulator (including a power to make rules or other instruments);

about fees or other charges payable to a relevant regulator;

about recognition orders and recognition criteria in Part 5 of the Banking Act 2009;

about the enforcement of obligations arising under or by virtue of the regulations;

about appeals in respect of decisions made under or by virtue of the regulations;

about the sharing of information.

in England and Wales, with imprisonment for a term not exceeding 3 months or a fine, or both;

in Scotland and Northern Ireland, with imprisonment for a term not exceeding 3 months or a fine not exceeding level 5 on the standard scale, or both.

subject to the affirmative procedure, or

if the Treasury consider it necessary for the regulations to come into force without delay, subject to the made affirmative procedure.

the FCA,

the Bank of England, and

in relation to regulations that refer to the PRA or to the Payment Systems Regulator, those bodies.

Parliament is dissolved or prorogued, or

either House of Parliament is adjourned for more than four days.

affect the validity of anything previously done under the regulations, or

prevent the making of new regulations.

the recognition that the law and practice of a foreign country is, in respect of relevant matters, equivalent to the law and practice of the United Kingdom, and

the recognition that the law and practice of the United Kingdom is, in respect of relevant matters, equivalent to the law and practice of that foreign country.

conferring powers on the Treasury (including a power to legislate);

conferring powers, or imposing duties, on a relevant regulator (including a power to make rules or other instruments);

about fees or other charges payable to a relevant regulator;

about the enforcement of obligations arising under or by virtue of the regulations;

about appeals in respect of decisions made under or by virtue of the regulations;

about the sharing of information.

specify matters that the rules must cover;

specify a period within which the rules must be made.

in the title, for “competition objective” substitute “objectives”;

for subsection (1) substitute—

the action taken by the regulator to ensure that the competitiveness and growth objective is embedded in its operations, processes and decision-making, and

how any rules and guidance that the regulator has made advance that objective.

“regulator” means the FCA and the PRA;

references to the competitiveness and growth objective, and the duty to advance that objective, are—

in subsection (1)—

omit subsection (2).

the existing words become subsection (1), and

after that subsection insert—

in subsection (2) after paragraph (b) insert— ;

after subsection (8) insert—

in subsection (2) after paragraph (b) insert— ;

after subsection (8) insert—

omit the “and” at the end of paragraph (ia), and

after paragraph (ia) insert— .

after paragraph (ba) insert— ,

omit the “and” at the end of paragraph (f), and

after paragraph (f) insert— .

“statutory panels of the regulator” means—

“specified” means specified in regulations under this section.

in the title at the end insert “etc”;

in subsection (3), at the end of paragraph (b) insert “or as a consequence of conferring other FMI functions on the Bank”.

in sub-paragraph (1)(b), for the words from “subsection (4)(b)” to the end substitute “subsection (5) of section 138A, subsection (4) of section 138B, and, apart from in relation to rules made under section 300F, subsection (4)(b) of section 138A;”;

after sub-paragraph (1)(b) insert—;

in sub-paragraph (1)(d) for “subsection (2)” substitute “subsections (2) and (3), and any references to those subsections”;

after sub-paragraph (1)(e) insert—;

at the end of sub-paragraph (1)(f) insert “but with the omission of subsections (1A) and (2)”;

at the end of sub-paragraph (1)(i) omit “and”;

after sub-paragraph (1)(i) insert—;

after sub-paragraph (1)(j) insert—;

in sub-paragraph (2) at the end insert “or other persons in respect of whom FMI functions are exercised”;

after sub-paragraph (2) insert—;

after sub-paragraph (3) insert—.

in paragraph (a) omit “an offence under section 398(1) or”;

for paragraph (g) substitute—.

for “financial stability objective has been met” substitute “Financial Stability Objective and its objective under section 30D(2) of the Bank of England Act 1998 have been advanced”;

after “been met,” insert—.

in sub-paragraph (2), after paragraph (c) insert— ;

in sub-paragraph (3), after “(c)” insert “, (ca)”.

in sub-paragraph (6) after “PRA” insert “or of the Payment Systems Regulator”;

in sub-paragraph (7) for “the Bank’s Deputy Governor for prudential regulation” substitute “a person holding an office mentioned in paragraph 2(2)(c) or (ca)”.

at the end of paragraph (a) omit “or”, and

after that paragraph insert— .

before subsection (1) insert— ;

in subsection (1) for “a contractual” substitute “the”.

insert at the appropriate place “141B,”;

omit “144F,”.

in subsection (3) before paragraph (a) insert— ;

after subsection (3) insert—

section 143C (duty to make rules applying to FCA investment firms);

section 143D (duty to make rules applying to parent undertakings);

section 143G (matters to consider when making Part 9C rules).

in subsection (2)(a) to (c), for “the Authority”, in each place, substitute “a regulator”;

in subsection (2)(f), for “the Authority’s” substitute “the FCA’s”;

in subsection (3)(a), for “the Authority” substitute “a regulator”.

in subsection (1), insert at the appropriate place— ;

at end insert—

in subsection (2)—

in subsection (3) omit “paragraph 2(2) or 8 of Schedule 2,”.

the case relates to a payment order executed over the Faster Payments Scheme, and

the payment order was executed subsequent to fraud or dishonesty.

be published in the way appearing to the Payment Systems Regulator to be best calculated to bring it to the attention of the public;

be accompanied by notice that representations about the proposed relevant requirement may be made to the Payment Systems Regulator within a specified time.

to vary or revoke a relevant requirement imposed under the duty imposed by subsection (5), or

to impose further relevant requirements (after that duty is complied with) in connection with reimbursement of payment orders executed subsequent to fraud or dishonesty.

in subsection (1), for “(4)(b)(ii)” substitute “(4), (4B)(b),”;

after subsection (1) insert—

in the words before paragraph (a), for “, third country parent undertaking or a bank, building society, credit union or investment firm” substitute “or third-country parent undertaking”;

in paragraph (a), omit “or a bank, building society, credit union or investment firm”.

in subsection (1), after “arrangements” insert “, or proposed arrangements,”;

in subsection (5), after “operates” insert “, or is intended to operate,”.

omit the “and” at the end of subsection (1)(a);

omit subsection (1)(b);

after subsection (1) insert— ;

omit subsection (4);

in subsection (5), in the opening words, for “regulators” substitute “Treasury”.

in subsection (9A), after paragraph (b) insert— ;

in subsection (9B), after paragraph (e) insert— ;

after subsection (9B) insert—

the starting point for the relevant person’s assessment under regulation 35(3) of the 2017 Regulations is that the customer presents a lower level of risk than a non-domestic PEP, and

if no enhanced risk factors are present, the extent of enhanced customer due diligence measures to be applied in relation to that customer is less than the extent to be applied in the case of a non-domestic PEP.

“customer” includes a potential customer;

“domestic PEP” means a politically exposed person entrusted with prominent public functions by the United Kingdom;

“enhanced risk factors”, in relation to a customer who is a domestic PEP or a family member or a known close associate of that domestic PEP, mean risk factors other than the customer’s position as a domestic PEP or as a family member or known close associate of that domestic PEP;

“non-domestic PEP” means a politically exposed person who is not a domestic PEP;

the following terms have the same meaning as in regulation 35(12) of the 2017 Regulations— “politically exposed person” or “PEP”; “family member”; “known close associate”.

are subject to the negative procedure, and

must be laid before Parliament in accordance with paragraph (a) before the end of 12 months starting with the day on which this section comes into force.

an assessment of the extent to which the guidance is followed by those persons to whom it is given under regulation 48 of the 2017 Regulations, and

in the light of that assessment, consideration as to whether the guidance remains appropriate or whether it should be revised.

before the end of 3 months beginning with the day on which this section comes into force, publish an update on the FCA’s plan for the review required under subsection (1), and

before the end of 12 months beginning with the day on which this section comes into force—

“domestic PEP” means a politically exposed person entrusted with prominent public functions by the United Kingdom;

the following terms have the same meaning as in regulation 35(12) of the 2017 Regulations— “politically exposed person” or “PEP”; “family member”; “known close associate”.

the conclusions of the review, and

the steps the Treasury consider it appropriate to take to improve the effectiveness of the regulation of the UK financial system for the purpose stated in subsection (1).

by or under this Act, or

by or under another Act as amended by this Act.

by or under this Act, or

by or under another Act as amended by this Act,

to make provision by reference to any rules or other instruments as they have effect from time to time;

to make different provision for different purposes;

to make supplementary, incidental, consequential, transitional, transitory or saving provision.

section 73;

section 74.

this Part;

Part 5 of Schedule 2, and section 2 so far as relating to that Part;

section 20(3), so far as conferring a power to make regulations;

section 24;

section 56 and Schedule 10, so far as conferring power to make regulations;

section 77;

section 78.

section 22;

section 52;

section 54;

section 55;

section 58;

section 60;

section 61;

section 62;

section 72;

section 74.

Regulation (EC) No 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the Community and repealing Regulation (EC) No 2560/2001 Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies Regulation (EU) No 513/2011 of the European Parliament and of the Council of 11 May 2011 amending Regulation (EC) No 1060/2009 on credit rating agencies Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009 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 Regulation (EU) No 345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds Regulation (EU) No 346/2013 of the European Parliament and of the Council of 17 April 2013 on European social entrepreneurship funds Regulation (EU) No 462/2013 of the European Parliament and of the Council of 21 May 2013 amending Regulation (EC) No 1060/2009 on credit rating agencies Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012 Regulation (EU) No 248/2014 of the European Parliament and of the Council of 26 February 2014 amending Regulation (EU) No 260/2012 as regards the migration to Union-wide credit transfers and direct debits Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 on improving securities settlement in the European Union and on central securities depositories and amending Directives 98/26/EC and 2014/65/EU and Regulation (EU) No 236/2012 Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products Regulation (EU) 2015/751 of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long-term investment funds Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 Regulation (EU) 2016/1033 of the European Parliament and of the Council of 23 June 2016 amending Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds Regulation (EU) 2017/2401 of the European Parliament and of the Council of 12 December 2017 amending Regulation (EU) No 575/2013 on prudential requirements for credit institutions and investment firms Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 Regulation (EU) 2019/113 of the European Central Bank of 7 December 2018 amending Regulation (EU) No 1333/2014 concerning statistics on the money markets (ECB/2018/33) Regulation (EU) 2019/630 of the European Parliament and of the Council of 17 April 2019 amending Regulation (EU) No 575/2013 as regards minimum loss coverage for non-performing exposures Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012 Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector Regulation (EU) 2019/2155 of the European Central Bank of 5 December 2019 amending Regulation (EU) No 1163/2014 on supervisory fees (ECB/2019/37) Regulation (EU) 2019/2175 of the European Parliament and of the Council of 18 December 2019 amending Regulation (EU) No 1093/2010 establishing a European Supervisory Authority (European Banking Authority), Regulation (EU) No 1094/2010 establishing a European Supervisory Authority (European Insurance and Occupational Pensions Authority), Regulation (EU) No 1095/2010 establishing a European Supervisory Authority (European Securities and Markets Authority), Regulation (EU) No 600/2014 on markets in financial instruments, Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds, and Regulation (EU) 2015/847 on information accompanying transfers of funds Regulation (EU) 2020/605 of the European Central Bank of 9 April 2020 amending Regulation (EU) 2015/534 on reporting of supervisory financial information (ECB/2020/22) Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the establishment of a framework to facilitate sustainable investment

Official Listing of Securities (Change of Competent Authority) Regulations 1991 (S.I. 1991/2000) Credit Institutions (Protection of Depositors) Regulations 1995 (S.I. 1995/1442) Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (S.I. 1999/2979) Official Listing of Securities (Change of Competent Authority) Regulations 2000 (S.I. 2000/968) Financial Markets and Insolvency (Settlement Finality) (Revocation) Regulations 2001 (S.I. 2001/1349) Financial Services (EEA Passport Rights) Regulations 2001 (S.I. 2001/1376) Financial Services and Markets Act 2000 (Communications by Auditors) Regulations 2001 (S.I. 2001/2587) Public Offers of Securities (Exemptions) Regulations 2001 (S.I. 2001/2955) Financial Services and Markets Act 2000 (Official Listing of Securities) Regulations 2001 (S.I. 2001/2956) Financial Services and Markets Act 2000 (Official Listing of Securities) (Transitional Provisions) Order 2001 (S.I. 2001/2957) Electronic Commerce Directive (Financial Services and Markets) Regulations 2002 (S.I. 2002/1775) Electronic Commerce Directive (Financial Services and Markets) (Amendment) Regulations (S.I. 2002/2015) Financial Services and Markets Act 2000 (Fourth Motor Insurance Directive) Regulations 2002 (S.I. 2002/2706) Insurance Mediation Directive (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/1473) Collective Investment Schemes (Miscellaneous Amendments) Regulations 2003 (S.I. 2003/2066) Financial Collateral Arrangements (No.2) Regulations 2003 (S.I. 2003/3226) Insurers (Reorganisation and Winding Up) Regulations 2004 (S.I. 2004/353) Credit Institutions (Reorganisation and Winding up) Regulations 2004 (S.I. 2004/1045) Financial Conglomerates and Other Financial Groups Regulations 2004 (S.I. 2004/1862) Financial Services (Distance Marketing) Regulations 2004 (S.I. 2004/2095) Life Assurance Consolidation Directive (Consequential Amendments) Regulations 2004 (S.I. 2004/3379) Building Societies Act 1986 (International Accounting Standards and Other Accounting Amendments) Order 2004 (S.I. 2004/3380) Financial Services and Markets Act 2000 (Market Abuse) Regulations 2005 (S.I. 2005/381) Prospectus Regulations 2005 (S.I. 2005/1433) Insurers (Reorganisation and Winding Up) (Lloyd‘s) Regulations 2005 (S.I. 2005/1998) Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Modification of Powers) Regulations 2006 (S.I. 2006/2975) Financial Services (EEA State) Regulations 2007 (S.I. 2007/108) Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126) Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Amendment No. 2) Regulations 2007 (S.I. 2007/2160) Financial Services and Markets Act 2000 (Motor Insurance) Regulations 2007 (S.I. 2007/2403) Reinsurance Directive Regulations 2007 (S.I. 2007/3253) Financial Services and Markets Act 2000 (Reinsurance Directive) Order 2007 (S.I. 2007/3254) Financial Services and Markets Act 2000 (Reinsurance Directive) Regulations 2007 (S.I. 2007/3255) Regulated Covered Bonds Regulations 2008 (S.I 2008/346) Friendly Societies Act 1992 (Accounts, Audit and EEA State Amendments) Order 2008 (S.I. 2008/1140) Building Societies (Accounts and Related Provisions) (Amendment) Regulations 2008 (S.I. 2008/1143) Friendly Societies (Accounts and Related Provisions) (Amendment) Regulations 2008 (S.I. 2008/1144) Financial Services and Markets Act 2000 (Market Abuse) Regulations 2008 (S.I. 2008/1439) The Financial Services and Markets Act 2000 (Amendment of section 323) Regulations 2008 (S.I. 2008/1469) Building Societies Act 1986 (Accounts, Audit and EEA State Amendments) Order 2008 (S.I. 2008/1519) Regulated Covered Bonds (Amendment) Regulations 2008 (S.I. 2008/1714) Insurance Accounts Directive (Lloyd’s Syndicate and Aggregate Accounts) Regulations 2008 (S.I. 2008/1950) Definition of Financial Instrument Order 2008 (S.I. 2008/3053) Takeover Code (Concert Parties) Regulations 2008 (S.I. 2008/3073) Payment Services Regulations 2009 (S.I. 2009/209) Financial Services and Markets Act 2000 (Controllers) Regulations 2009 (S.I. 2009/534) Financial Services and Markets Act 2000 (Amendment) Regulations 2009 (S.I. 2009/2461) Payment Services (Amendment) Regulations 2009 (S.I. 2009/2475) Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2009 (S.I. 2009/3075) Financial Services and Markets Act 2000 (Market Abuse) Regulations 2009 (S.I. 2009/3128) Credit Rating Agencies Regulations 2010 (S.I. 2010/906) Consumer Credit (EU Directive) Regulations 2010 (S.I. 2010/1010) Consumer Credit (Disclosure of Information) Regulations 2010 (S.I. 2010/1013) Consumer Credit (Agreements) Regulations 2010 (S.I. 2010/1014) Financial Services and Markets Act 2000 (Amendments to Part 18A etc) Regulations 2010 (S.I. 2010/1193) Consumer Credit (Amendment) Regulations 2010 (S.I. 2010/1969) Consumer Credit (Amendment) Regulations 2011 (S.I. 2011/11) Electronic Money Regulations 2011 (S.I. 2011/99) Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613) Prospectus Regulations 2011 (S.I. 2011/1668) Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699) Financial Services and Markets Act 2000 (Market Abuse) Regulations 2011 (S.I. 2011/2928) Financial Services (Omnibus 1 Directive) Regulations 2012 (S.I. 2012/916) Prospectus Regulations 2012 (S.I. 2012/1538) Payment Services Regulations 2012 (S.I. 2012/1791) Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2012 (S.I. 2012/1906) Undertakings for Collective Investment in Transferable Securities (Amendment) Regulations 2012 (S.I 2012/2015) Financial Services and Markets Act 2000 (Short Selling) Regulations 2012 (S.I. 2012/2554) Payments in Euro (Credit Transfers and Direct Debits) Regulations 2012 (S.I 2012/3122) Financial Services and Markets Act 2000 (Qualifying Provisions) Order 2013 (S.I. 2013/419) Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504) Prospectus Regulations 2013 (S.I. 2013/1125) Financial Conglomerates and Other Financial Groups (Amendment) Regulations 2013 (S.I. 2013/1162) Collective Investment in Transferable Securities (Contractual Scheme) Regulations 2013 (S.I. 2013/1388) Credit Rating Agencies (Civil Liability) Regulations 2013 (S.I. 2013/1637) Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773) Alternative Investment Fund Managers (Amendment) Regulations 2013 (S.I. 2013/1797) Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2013 (S.I. 2013/1881) Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (No. 2) Regulations 2013 (S.I. 2013/1908) Companies and Partnerships (Accounts and Audit) Regulations 2013 (S.I. 2013/2005) Capital Requirements Regulations 2013 (S.I. 2013/3115) Financial Services and Markets Act 2000 (Qualifying Provisions) (No.2) Order 2013 (S.I. 2013/3116) Capital Requirements (Country-by-Country Reporting) Regulations 2013 (S.I. 2013/3118) Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) Order 2014 (S.I. 2014/208) Financial Services and Markets Act 2000 (Consumer Credit) (Miscellaneous Provisions) (No. 2) Order 2014 (S.I. 2014/506) Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014 (S.I. 2014/894) Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (Amendment) Regulations 2014 (S.I. 2014/905) Alternative Investment Fund Managers Order 2014 (S.I. 2014/1292) Central Securities Depositories Regulations 2014 (S.I. 2014/2879) Financial Services and Markets Act 2000 (Market Abuse) Regulations 2014 (S.I. 2014/3081) Payments to Governments and Miscellaneous Provisions Regulations 2014 (S.I. 2014/3293) Bank Recovery and Resolution Order 2014 (S.I. 2014/3329) Banking Act 2009 (Mandatory Compensation Arrangements Following Bail-in) Regulations 2014 (S.I. 2014/3330) Building Societies (Bail-in) Order 2014 (S.I. 2014/3344) Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348) Banking Act 2009 (Restriction of Special Bail-in Provision, etc.) Order 2014 (S.I. 2014/3350) Banks and Building Societies (Depositor Preference and Priorities) Order 2014 (S.I. 2014/3486) Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (Amendment) Regulations 2015 (S.I. 2015/348) Payment Services (Amendment) Regulations 2015 (S.I. 2015/422) Deposit Guarantee Scheme Regulations 2015 (S.I. 2015/486) Solvency 2 Regulations 2015 (S.I. 2015/575) Mortgage Credit Directive Order 2015 (S.I. 2015/910) Transparency Regulations 2015 (S.I. 2015/1755) Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 3) Order 2015 (S.I. 2015/1863) European Long-term Investment Funds Regulations 2015 (S.I. 2015/1882) Payment Card Interchange Fee Regulations 2015 (S.I. 2015/1911) Payment Accounts Regulations 2015 (S.I 2015/2038) Undertakings for Collective Investment in Transferable Securities Regulations 2016 (S.I. 2016/225) Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 (S.I. 2016/392) Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680) Financial Services and Markets Act 2000 (Transparency of Securities Financing Transactions and of Reuse) Regulations 2016 (S.I 2016/715) Financial Services and Markets Act 2000 (Qualifying EU Provisions) (Amendment) Order 2016 (S.I. 2016/936) Financial Services and Markets (Disclosure of Information to the European Securities and Markets Authority etc. and Other Provisions) Regulations 2016 (S.I. 2016/1095) Companies Act 2006 (Distributions of Insurance Companies) Regulations 2016 (S.I. 2016/1194) Bank Recovery and Resolution Order 2016 (S.I. 2016/1239) Financial Services & Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 (2017/488) Data Reporting Services Regulations 2017 (S.I. 2017/699) Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701) Payment Services Regulations 2017 (S.I. 2017/752) Central Securities Depositories Regulations 2017 (S.I. 2017/1064) Packaged Retail and Insurance-based Investment Products Regulations 2017 (S.I 2017/1127) Payment Systems and Services and Electronic Money (Miscellaneous Amendments) Regulations 2017 (S.I. 2017/1173) Risk Transformation Regulations 2017 (S.I. 2017/1212) Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017 (S.I. 2017/1255) Alternative Investment Fund Managers (Amendment) Regulations 2018 (S.I. 2018/134) Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 (S.I. 2018/135) Insurance Distribution (Regulated Activities and Miscellaneous Amendments) Order 2018 (S.I. 2018/546) Money Market Funds Regulations 2018 (S.I. 2018/698) Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 (S.I. 2018/786) Consumer Credit (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1038) Friendly Societies (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1039) Financial Regulators’ Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115) EEA Passport Rights (Amendment, etc., and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1149) Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (S.I. 2018/1184) Building Societies Legislation (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1187) Credit Transfers and Direct Debits in Euro (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1199) Electronic Money, Payment Services and Payment Systems (Amendment and Transitional Provisions) (EU Exit) Regulations 2018 (S.I. 2018/1201) Banks and Building Societies (Priorities on Insolvency) Order 2018 (S.I. 2018/1244) Deposit Guarantee Scheme and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1285) Securitisation Regulations 2018 (S.I. 2018/1288) Bank of England (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1297) Trade Repositories (Amendment and Transitional Provision) (EU Exit) Regulations 2018 (S.I. 2018/1318) Central Securities Depositories (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1320) Short Selling (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1321) Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394) Capital Requirements (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1401) Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403) Credit Institutions and Insurance Undertakings Reorganisation and Winding Up (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/38) Financial Conglomerates and Other Financial Groups (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/264) Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/266) Interchange Fee (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/284) Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310) Collective Investment Schemes (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/325) Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/328) Venture Capital Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/333) Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335) Long-term Investment Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/336) Financial Markets and Insolvency (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I 2019/341) Social Entrepreneurship Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/343) Money Market Funds (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/394) Packaged Retail and Insurance-based Investment Products (Amendment) (EU Exit) Regulations 2019 (S.I 2019/403) Financial Services Contracts (Transitional and Saving Provision) (EU Exit) Regulations 2019 (S.I. 2019/405) Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407) Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 (S.I. 2019/541) Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/542) Financial Services (Distance Marketing) (Amendment and Savings Provisions) (EU Exit) Regulations 2019 (S.I. 2019/574) Financial Regulators’ Powers (Technical Standards etc.) and Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/576) Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/589) Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632) Mortgage Credit (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/656) Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/657) Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660) Payment Accounts (Amendment) (EU Exit) Regulations 2019 (S.I 2019/661) Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/662) Insurance Distribution (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/663) Uncertificated Securities (Amendment and EU Exit) Regulations 2019 (S.I. 2019/679) Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680) Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681) Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/707) Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710) Financial Services and Markets (Insolvency) (Amendment of Miscellaneous Enactments) Regulations 2019 (S.I. 2019/755) Proxy Advisors (Shareholders’ Rights) Regulations 2019 (S.I 2019/926) Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1010) Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (Amendment) Regulations 2019 (S.I. 2019/1031) Financial Services and Markets Act 2000 (Prospectus) Regulations 2019 (S.I. 2019/1043) Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212) Capital Requirements (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1232) Risk Transformation and Solvency 2 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1233) Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234) Electronic Commerce and Solvency 2 (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1361) Cross-Border Distribution of Funds, Proxy Advisors, Prospectus and Gibraltar (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/1370) Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 3) Regulations 2019 (S.I. 2019/1390) Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/1416) Financial Services (Consequential Amendments) Regulations 2020 (S.I. 2020/56) Financial Services and Markets Act 2000 (Central Counterparties, Investment Exchanges, Prospectus and Benchmarks) (Amendment) Regulations 2020 (S.I. 2020/117) Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628) Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2020 (S.I. 2020/646) Equivalence Determinations for Financial Services (Amendment etc.) (EU Exit) Regulations 2020 (S.I. 2020/1055) Payment Services and Electronic Money (Amendment) Regulations 2020 (S.I. 2020/1275) Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301) Bearer Certificates (Collective Investment Schemes) Regulations 2020 (S.I. 2020/1346) Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I 2020/1350) Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385) Financial Holding Companies (Approval etc.) and Capital Requirements (Capital Buffers and Macro-prudential Measures) (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1406) Solvency 2 (Credit Risk Adjustment) Regulations 2021 (S.I. 2021/463) Capital Requirements Regulation (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/558) Financial Markets and Insolvency (Transitional Provision) (EU Exit) (Amendment) Regulations 2021 (S.I. 2021/782) Markets in Financial Instruments, Benchmarks and Financial Promotions (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/1074) Capital Requirements Regulation (Amendment) Regulations 2021 (S.I. 2021/1078) Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2021 (S.I. 2021/1252) Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376) Solvency 2 (Group Supervision) (Amendment) Regulations 2021 (S.I. 2021/1408) Financial Services and Markets Act 2000 (Qualifying Provisions) (Amendment) Order 2022 (S.I. 2022/1252)

Any provision made under any of the following EU directives—

Directive 98/26/EC of the European Parliament and of the Council of 19 May 1998 on settlement finality in payment and securities settlement systems;

Directive 2001/24/EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding up of credit institutions;

Directive 2001/34/EC of the European Parliament and of the Council of 28 May 2001 on the admission of securities to official stock exchange listing and on information to be published on those securities;

Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements;

Directive 2002/65/EC of the European Parliament and of the Council of 23 September 2002 concerning the distance marketing of consumer financial services;

Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate;

Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market;

Directive 2008/48/EC of the European Parliament and of the Council of 23 April 2008 on credit agreements for consumers;

Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities;

Directive 2009/103/EC of the European Parliament and of the Council of 16 September 2009 relating to insurance against civil liability in respect of the use of motor vehicles, and the enforcement of the obligation to insure against such liability;

Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions;

Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance;

Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers;

Directive 2011/89/EU of the European Parliament and of the Council of 16 November 2011 amending Directives 98/78/EC, 2002/87/EC, 2006/48/EC and 2009/138/EC as regards the supplementary supervision of financial entities in a financial conglomerate;

Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms;

Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property;

Directive 2014/49/EU of the European Parliament and of the Council of 16 April 2014 on deposit guarantee schemes;

Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse;

Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms;

Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments;

Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features;

Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market;

Directive (EU) 2016/97 of the European Parliament and of the Council of 20 January 2016 on insurance distribution;

Directive (EU) 2016/2341 of the European Parliament and of the Council of 14 December 2016 on the activities and supervision of institutions for occupational retirement provision;

Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms.

Any provision made under an instrument listed in Part 1 (including any such instrument as it had effect in EU law before IP completion day).

Any provision made under an instrument listed in Part 2.

Any technical standards to which Chapter 2A of Part 9A of FSMA 2000 applies.

In FSMA 2000—

section 55J(7A) to (7C);

section 55KA;

section 137A(6) and (7);

section 137G(6) and (7);

Chapter 2A of Part 9A;

Part 9D;

section 192XA(3) and (4);

section 300H(4) (as inserted by section 11(2) of this Act);

section 367(3)(za);

paragraph 10(5) of Schedule 17A.

EU-derived legislation not falling within Parts 1 to 3 so far as relating to financial services or markets (other than instruments excluded from this Part by regulations under section 1(5)).

For this purpose—

“EU-derived legislation” means—

EU-derived legislation is to be taken as “relating” to financial services or markets if its purpose, or one of its main purposes, is for or in connection with the imposition of requirements on the provision of financial services or the operation of financial markets or exchanges.

Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments is amended in accordance with this Part of this Schedule.

In Article 3 (pre-trade transparency requirements), after paragraph 3 insert—

For Article 4 substitute—

After Article 4 insert—

Omit Article 5 (volume cap mechanism).

For Articles 8 to 11 substitute—

In Article 2(1) (definitions), for points (12) and (12A) substitute—.

In Article 17a (tick sizes), in the second paragraph, omit “large in scale”.

For Article 18 substitute—

For Article 21 substitute—

In Article 22 (providing information for the purposes of transparency and other calculations), in paragraph 1 omit “and for determining whether an investment firm is a systematic internaliser”.

In Article 1(2E), omit “Article 23,”.

In Article 1(3) (subject matter and scope), for “financial counterparties” to the end substitute “counterparties that are relevant financial counterparties, or relevant non-financial counterparties, for the purposes of Article 28 (see paragraph 1A of that Article)”.

After Article 28 insert—

For Article 31 substitute—

In Article 2(1) (definitions), in point (17) (“liquid market”)—

omit paragraph (a);

in paragraph (b), for “Articles 4, 5 and 14” substitute “Article 14”.

In Article 12(1) after “accordance with” insert “, or with rules made under,”.

In Article 13(1) after “accordance with” insert “, or with rules made under,”.

Omit Article 19.

In Article 26(3), omit “and Article 21(5)(a)”.

In Article 47(1A)(a), after “Regulation” insert “or in rules made by the FCA under this Regulation”.

In Article 50B (FCA directions), omit “Article 5, Article 9 or”.

for “Article 46(6B) or 48A” substitute “this Regulation”;

for “modification in paragraph 3” substitute “modifications in paragraphs 2A and 3”.

Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories is amended in accordance with this Part of this Schedule.

After Article 6a insert—

After Article 84b insert—

Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012 (“the EU Securitisation Regulation 2017”) is amended in accordance with this Part of this Schedule.

After Article 28 (third party verifying STS compliance) insert—

The EU Securitisation Regulation 2017 is amended in accordance with paragraphs 35 to 37.

In Article 4 (requirements for securitisation special purpose entities)—

in the words before point (a), for “third country” substitute “country or territory outside the United Kingdom”;

in point (a), for “third country” substitute “country or territory”;

in point (b), for “third country”, in both places, substitute “country or territory”.

in point (a), omit “in the Union”;

omit point (e).

In Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending Regulation (EU) No 648/2012, in Article 242 (definitions), in point (10) (meaning of “simple, transparent and standardised securitisation” or “STS securitisation”)—

the words from “a securitisation” to the end become paragraph (a);

at the end of that paragraph, insert.

In Commission Delegated Regulation (EU) 2015/35 of 10 October 2014 supplementing Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II), in Article 1 (definitions), in point 18b (meaning of “STS securitisation”)—

the words from “a securitisation” to the end become paragraph (a);

at the end of that paragraph, insert.

In Article 11(1) of Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds (eligible securitisations and ABCPs), after paragraph (c) insert—

The Securitisation Regulations 2018 (S.I. 2018/1288) are amended in accordance with paragraphs 42 and 43.

In regulation 2 (interpretation), in the definition of “SRUP”, in paragraph (c), for “third country” substitute “country or territory outside the United Kingdom”.

In regulation 4 (designation of competent authorities), in paragraph (1)(b), for “third country” substitute “country or territory outside the United Kingdom”.

The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701) is amended in accordance with this Part of this Schedule.

In Part 3 (position limits and position management controls in commodity derivatives), before regulation 16 insert—

for “must” substitute “may”;

for the words from “traded” to the end substitute “to which requirements imposed by rules under regulation 15A apply”.

In regulation 29 (interpretation of Part 3), in paragraph (2)—

before the definition of “position” insert—;

after the definition of “position limit” insert—.

The following provisions are revoked—

paragraph 7BA of the Schedule to the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges, Clearing Houses and Central Securities Depositories) Regulations 2001 (S.I. 2001/995);

in the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017—

in Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments—

Commission Delegated Regulation (EU) 2017/591 of 1 December 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for the application of position limits to commodity derivatives.

The Electronic Money Regulations 2011 (S.I. 2011/99) are amended in accordance with paragraphs 53 to 62.

In regulation 48 (monitoring and enforcement), after paragraph (1)(a) insert—.

In regulation 49 (reporting requirements), after paragraph (1) insert—

In regulation 50 (public censure), after “Regulations” insert “or, in the case of an electronic money institution, section 312R of the 2000 Act”.

In regulation 51 (financial penalties)—

omit “or” at the end of paragraph (1)(a), and

after that paragraph insert—.

In regulation 52 (suspending authorisation etc), in paragraph (1) after “Regulations” insert “or by or under section 312R of the 2000 Act”.

In regulation 54 (injunctions)—

omit “or” at the end of paragraph (1)(a);

after paragraph (1)(b) insert—;

in paragraph (2)(a) after “Regulations” insert “or an electronic money institution has contravened a requirement imposed on it by or under section 312R of the 2000 Act”;

in the words after paragraph (2)(b), after “that person” insert “or institution”;

omit “or” at the end of paragraph (3)(a);

after that paragraph insert—;

in paragraph (3)(b) for “such a requirement” substitute “a requirement described in sub-paragraph (a) or (aa)”.

In regulation 55 (power to require restitution), in paragraph (1) after “requirement,” insert “or, where the electronic money issuer is an electronic money institution, has contravened a requirement imposed on it by or under section 312R of the 2000 Act, or been knowingly concerned in the contravention of such a requirement,”.

In regulation 57 (restitution orders), in paragraph (1) after “requirement,” insert “or, where the electronic money issuer is an electronic money institution, has contravened a requirement imposed on it by or under section 312R of the 2000 Act, or been knowingly concerned in the contravention of such a requirement,”.

In regulation 58 (complaints), in paragraph (1)—

the words from “a requirement” to the end become sub-paragraph (a), and

after that sub-paragraph insert

In Schedule 3 (application and modification of legislation)—

in paragraph 1(b), in the inserted text substituting section 66A of the 2000 Act—

in paragraph 3(d)(i), in the inserted subsection (1)(ab), after “2011” insert “or section 312R”.

The Payment Services Regulations 2017 (S.I. 2017/752) are amended in accordance with paragraphs 64 to 72.

In regulation 108 (monitoring and enforcement), after paragraph (1)(a) insert—.

In regulation 109 (reporting requirements), after paragraph (1) insert—

In regulation 110 (public censure), after “Regulations” insert “or, in the case of an authorised payment institution, small payment institution, or registered account information services provider, section 312R of the 2000 Act”.

In regulation 111 (financial penalties)—

omit “or” at the end of paragraph (1)(a), and

after that paragraph insert—.

In regulation 113 (injunctions)—

omit “or” at the end of paragraph (1)(a);

after paragraph (1)(b) insert—;

in paragraph (2)(a) after “Regulations” insert “or an authorised payment institution, small payment institution, or registered account information services provider has contravened a requirement imposed on it by or under section 312R of the 2000 Act”;

in the words after paragraph (2)(b), after “that person” insert “or institution or provider”;

omit “or” at the end of paragraph (3)(a);

after that paragraph insert—;

in paragraph (3)(b) for “such a requirement” substitute “a requirement described in sub-paragraph (a) or (aa)”.

In regulation 114 (power to require restitution), in paragraph (1) after “requirement,” insert “or, where the payment service provider is an authorised payment institution, small payment institution, or registered account information services provider, has contravened a requirement imposed on it by or under section 312R of the 2000 Act, or been knowingly concerned in the contravention of such a requirement,”.

In regulation 116 (restitution orders), in paragraph (1) after “requirement,” insert “or, where the payment service provider is an authorised payment institution, small payment institution, or registered account information services provider, has contravened a requirement imposed on it by or under section 312R of the 2000 Act, or been knowingly concerned in the contravention of such a requirement,”.

In regulation 117 (complaints), in paragraph (1)—

the words from “a requirement” to the end become sub-paragraph (a), and

after that sub-paragraph insert

In Schedule 6 (application and modification of legislation)—

in paragraph 1, in the inserted text substituting section 66A of the 2000 Act—

in paragraph 4(e), in the inserted subsection (1)(c), after “2017” insert “or section 312R”.

the description of persons who carry on activities;

the description of activities carried on by persons;

the relationship of persons with FMI entities.

The particular kinds of technology that may be used under the FMI sandbox arrangements for the purposes of assessing their efficiency or effectiveness.

to persons participating in the FMI sandbox arrangements, and

to other persons in connection with such arrangements.

Duties of the appropriate regulators to cooperate with each other for the purposes of implementing and operating the FMI sandbox arrangements.

conferring powers on the appropriate regulator;

applying provisions of FSMA 2000 in relation to enforcement;

imposing other means of enforcement set out in the arrangements.

suspend or terminate a person’s participation in the FMI sandbox arrangements;

impose civil penalties.

FSMA 2000 is amended as follows.

In section 1H (further interpretative provisions for sections 1B to 1G), in subsection (2)(c) after “invitations” insert “or inducements”.

In section 25 (contravention of section 21), in subsection (2)(a) after “section 21” insert “in accordance with subsection (2A) of that section”.

In section 55A (application for permission), after subsection (5) insert—

In section 55R (persons connected with an applicant), in subsection (1) after paragraph (b) insert— .

In section 55U (applications under Part 4A), after subsection (3) insert—

In section 55V (determination of applications), in subsection (5)—

omit “or” at the end of paragraph (c);

after paragraph (d) insert .

omit “or” at the end of paragraph (d);

after paragraph (e) insert— .

omit “or” at the end of paragraph (e);

after that paragraph insert— .

In section 55Z3 (right to refer matters to the Tribunal), after subsection (2) insert—

The Banking Act 2009 is amended as follows.

In the heading to Part 5 (payment systems), after “systems” insert “and service providers”.

In section 181 (overview), after “services” insert “, including”.

In the cross-heading before section 184 (recognition order), after “systems” insert “and service providers”.

In the heading to section 184 , after “order” insert “: payment system”.

In section 184, in subsection (4), after “constituting” insert “or connected with”.

After section 184 insert—

In the heading to section 185 (recognition criteria) after “criteria” insert “: payment system”.

After section 185 insert—

after first “system” insert “or by a recognised DSA service provider”,

after second “system” insert “or provider,”.

the words after “satisfied” become paragraph (a),

after that paragraph insert

the words after “publish” to the second “systems” become paragraph (a);

after that paragraph insert ;

the words after “and” become paragraph (c);

at end insert “or to such DSA service providers”.

In section 189 (codes of practice)—

the words after “about” to the first “systems” become paragraph (a);

after that paragraph, insert ;

omit “and”;

the words after “and” become paragraph (c);

at end insert “or to such DSA service providers”.

In section 190 (system rules), in subsection (1)(a)—

after “constituting” insert “, or connected with,”;

at end insert “, or a DSA service provider”.

After section 190 insert—

the words after the first “to” to the first “system” become paragraph (a);

after that paragraph insert ;

the words after “or” become paragraph (c);

at the end of that paragraph insert “or to such DSA service providers”.

in paragraph (a), omit “to the system”;

in paragraph (b), omit “to the system”.

after “operator” insert “, DSA service provider”;

after “operator’s” insert “, DSA service provider’s”.

After section 192 (role of FCA and PRA), insert—

after first “system” insert “, a recognised DSA service provider”;

after second “system” insert “or such a DSA service provider”.

after first “system” insert “, or a recognised DSA service provider”;

after second “system” insert “or such a DSA service provider”.

at end of sub-paragraph (i), omit “or” and insert— ;

in sub-paragraph (ii), after “system” insert “or a recognised DSA service provider”.

In section 196 (compliance failure)—

after first “system” insert “, a recognised DSA service provider”;

after second “system” insert “or such a DSA service provider”.

In section 197 (publication), in subsection (1)—

after first “system” insert “, a recognised DSA service provider”;

after second “system” insert “or such a DSA service provider”.

In section 198 (penalty), in subsection (1)—

after first “system” insert “, a recognised DSA service provider”;

after second “system” insert “or such a DSA service provider”.

after “concerned” insert “, the DSA service provider concerned”;

after second “system” insert “, providing services,”;

after third “system” insert “or recognised DSA service provider”.

after first “system” insert “, or DSA service provider”;

after second “system” insert “, or a recognised DSA service provider”.

after “system” insert “, or of each recognised DSA service provider,”;

after “206A(2)(b)” insert “or 206A(2A)(b) (as the case may be).”

after first “system” insert “, or a recognised DSA service provider,”;

after second “system” insert “or such a DSA service provider”.

after “system” insert “, or of each recognised DSA service provider,”;

after “206A(2)(b)” insert “or 206A(2A)(b) (as the case may be).”

after first “system” insert “, on a DSA service provider,”;

after second “system” insert “or such a DSA service provider”;

in paragraph (a), after “operator” insert “, DSA service provider”;

in paragraph (b), after “operator” insert “, DSA service provider”;

in paragraph (d), after “operator” insert “, DSA service provider”.

after first “system” insert “or recognised DSA service provider”;

in paragraph (a), after “system” insert “, or DSA service provider”;

in paragraph (b), after “operator” insert “, or DSA service provider”;

in paragraph (d), after “operator” insert “or DSA service provider”.

In section 202 (appeal), in subsection (2)—

after first “system” insert “or recognised DSA service provider”;

after second “system” insert “or DSA service provider (as the case may be)”.

in paragraph (a)—

in the words following paragraph (b), after “operator” insert “, DSA service provider”.

in paragraph (a)—

in the words following paragraph (b), after “operator” insert “, DSA service provider,”.

In section 203 (fees), in subsection (1)—

after first “systems” insert “, recognised DSA service providers,”;

after second “systems” insert “or such DSA service providers”.

After section 203B (annual report) insert—

after first “system” insert “, a recognised DSA service provider,”;

after second “system” insert “or such a DSA service provider”.

after first “system” insert “, a recognised DSA service provider,”;

after second “system” insert “or such a DSA service provider”.

after first “systems” insert “, DSA service providers”;

after second “systems” insert “or DSA service providers”.

after first “systems” insert “, DSA service providers”;

after second “systems” insert “or DSA service providers”.

omit the words “persons who are”;

the words after “providers” become paragraph (a);

after that paragraph insert

After section 206A insert—

In section 259 (statutory instruments), in the Table in subsection (3), in Part 5, at the appropriate place insert—

The Financial Services (Banking Reform) Act 2013 is amended as follows.

In section 98 (duty of regulators to ensure co-ordinated exercise of functions), for paragraph (c) of subsection (5) substitute—

In section 110 (interpretation of Part), at the appropriate place insert— ; .

In section 112 (interpretation: infrastructure companies), after subsection (2)(a) insert—

In section 113 (interpretation: other expressions), in subsection (1) at the appropriate place insert— .

In section 143 (Parliamentary control of orders and regulations), after subsection (2)(a) insert— .

The Financial Services (Banking Reform) Act 2013 is amended as follows.

In section 39 (overview)—

after subsection (11) insert— ;

in subsection (12) for “107” substitute “107A”.

In section 53 (regulatory principles), in paragraph (c) at the end insert “, including in a way consistent with contributing towards achieving compliance by the Secretary of State with section 1 of the Climate Change Act 2008 (UK net zero emissions target) and section 5 of the Environment Act 2021 (environmental targets) where the Payment Systems Regulator considers the exercise of its functions to be relevant to the making of such a contribution;”.

After section 102 (power of PRA to require Regulator to refrain from specified action), insert—

Before section 103 (regulator’s general duty to consult) insert (under the italic heading “Consultation, accountability and oversight”)—

In section 104 (consultation in relation to generally applicable requirements)—

in subsection (1), in the words before paragraph (a) for “section” substitute “Part”;

in subsection (3) after paragraph (b) insert— ;

after subsection (12) insert—

After section 104 insert—

After section 107 insert—

In section 110(1) (interpretation), at the appropriate place insert— .

In section 143 (orders and regulations: Parliamentary control), in subsection (2), after paragraph (b) insert— .

In Schedule 4 (the Payment Systems Regulator), after paragraph 7(2)(b) insert— .

In Schedule 4, after paragraph 7 insert—

In Schedule 4, after paragraph 14 insert—

After Part 8A of FSMA 2000 (short selling) insert—

FSMA 2000 is amended as follows.

In section 3D (duty of FCA and PRA to ensure co-ordinated exercise of functions), in subsection (4), after “operational objectives”, insert “, or the purpose for which the FCA must exercise its functions under Part 8B (see section 131U(1))”.

In section 55H (variation by FCA at request of authorised person), in subsection (4), after “objectives” insert “, or the purpose for which the FCA must exercise its functions under Part 8B (see section 131U(1))”.

In section 55L (imposition of requirements by FCA), in subsection (6), after “objectives” insert “, or the purpose for which the FCA must exercise its functions under Part 8B (see section 131U(1))”.

In section 55T (persons whose interests are protected), after “operational objectives,” insert “the purpose for which the FCA must exercise its functions under Part 8B,”.

In section 232A (ombudsman scheme operator’s duty to provide information to FCA), after “objectives,” insert “, or the purpose for which the FCA must exercise its functions under Part 8B (see section 131U(1)),”.

In section 395 (the FCA’s and PRA’s procedures), in subsection (13), after paragraph (bbzb) insert—

In section 429 (Parliamentary control of statutory instruments), in subsection (2), in the list of sections beginning with “90B” insert at the appropriate place “131O(7),”.

After Part 5 of the Banking Act 2009 (payment systems) insert—

Part 6 of the Financial Services (Banking Reform) Act 2013 (special administration for operators of certain infrastructure systems) is amended as follows.

In section 111 (financial market infrastructure administration), in the heading, after “market” insert “and cash”.

in paragraph (a), for “(2)(a) or (b)” substitute “(2)(a), (b) or (ba)”;

in paragraph (b), after “question” insert “or, in the case of a person falling within subsection (2)(ba), a relevant function”.

In section 113 (interpretation: other expressions), in subsection (1)—

in the definition of “the relevant system”, after paragraph (b) insert—;

at the end insert—

In section 115 (objective of FMI administration), after subsection (1A) insert—

In section 119 (continuity of supply), in subsection (6), in the definition of “supply”, after paragraph (a) insert—.

In section 120 (power to direct FMI administrator), in subsection (8), at the end insert “or section 206M of that Act (directions) in relation to a person recognised for the purposes of Part 5A of that Act”.

In section 127 (interpretation of Part), in subsection (1), at the end insert—

The Banking Act 2009 is amended as follows.

In section 259 (statutory instruments), in subsection (3), in the Table, after the entry for section 206A (services forming part of recognised payment systems) insert—

In section 261 (index of defined terms)—

in the entry for “FCA”, in the second column, for “& 183” substitute “, 183 & 206F”;

in the entry for “Payment Systems Regulator”, in the second column, after “183” insert “& 206F”;

in the entry for “PRA”, in the second column, for “& 183” substitute “, 183 & 206F”.

The Financial Services Act 2012 is amended as follows.

in the words before paragraph (a), for “Part 5” substitute “Parts 5 and 5A”;

in paragraph (a), for “and 189” substitute “,189, 206K and 206L”;

in paragraph (b), at the end insert “and 206T(3)”.

omit the “and” at the end of paragraph (c);

at the end of paragraph (d) insert

In section 98 of the Financial Services (Banking Reform) Act 2013 (duty of regulators to ensure co-ordinated exercise of functions), in subsection (5)(b), at the end insert “or Part 5A of that Act (wholesale cash distribution)”.

In Part 18 of FSMA 2000 (recognised investment exchanges, clearing houses and CSDs), before Chapter 3B insert—

FSMA 2000 is amended as follows.

In section 59AB(1) (specifying functions as controlled functions: transitional provision), after “this Part”, in both places, insert “or Chapter 2A of Part 18”.

In section 133(7A) (proceedings before Tribunal: general provision), after paragraph (l) insert—.

In section 138A (modification or waiver of rules), in subsection (2), after paragraph (b) insert—

In the heading of Chapter 3B of Part 18, at the end insert “in respect of recognised bodies”.

Section 312FA is omitted.

In section 313 (interpretation of Part 18), in subsection (1)—

omit the definition of “application”;

omit the definition of “applicant”.

in paragraph (g), for “or Part 9C prohibition order” substitute “, Part 9C prohibition order or Part 18 prohibition order”;

after paragraph (h), insert—.

in paragraph (f), after “prohibition order” insert “, Part 9C prohibition order or Part 18 prohibition order”;

after paragraph (h) insert—.

in the definition of “designated senior management function”, for the words after “function”” substitute.

at the end insert—

In section 391 (publication of notices), in subsection (1ZB), after paragraph (k) insert—.

In section 395 (the FCA’s and PRA’s procedures), in subsection (13), after paragraph (fa) insert—.

In section 429 (Parliamentary control of statutory instruments)

in subsection (2), in the list of sections beginning with “90B” insert at the appropriate place “309Z8,”;

in subsection (2B), after paragraph (ba) insert—.

In Schedule 2A (Gibraltar-based persons carrying on activities in the UK), in paragraph 19 (power to reject: prohibition order in respect of senior manager), in sub-paragraph (2)(b)—

omit the “or” at the end of paragraph (ii) and insert—;

in paragraph (iii) for “or 143S” substitute “, 143S or 309B”.

in paragraph (b), for “clearing house or central securities depository” substitute “person”;

at the end insert—

the words after “etc)” become paragraph (a);

after that paragraph insert—

the words after “(notices) apply” become paragraph (a);

in that paragraph, after “192L,” insert “309C, 309D, 309M, 309P, 309V, 309Z4,”;

after that paragraph insert—

transfer to a private sector purchaser (paragraph 27),

transfer to a bridge central counterparty (paragraph 29),

transfer of ownership (paragraph 30),

terminating clearing member contracts (paragraph 31),

making a cash call (paragraph 32),

reducing variation margin payments (paragraph 33),

writing down liabilities (paragraphs 34 and 35), and

taking control of the CCP (paragraph 38).

the share transfer powers (paragraphs 41 and 49 to 53),

the property transfer powers (paragraphs 54 and 67 to 74), and

the other resolution powers (paragraphs 31 to 35 and 38).

the Bank,

the Treasury,

the PRA, and

the FCA.

powers and requirements in relation to CCPs which are exercisable by the Bank in advance of reliance on the special resolution regime (see Parts 2 to 4);

powers relating to information, investigation and enforcement in relation to requirements under this Schedule (see Part 6);

third-country resolution action (see Part 7);

other general provision, financial provision and consequential amendments (see Parts 8 to 10).

to enter into or revise an agreement for the provision of services relating to the provision of critical clearing services;

to limit its maximum individual and aggregate exposures to loss;

to produce information which is relevant to the exercise of the stabilisation powers, and to provide that information to the Bank;

to dispose of specified assets;

to cease carrying out specified activities, or observe restrictions in relation to the carrying out of specified activities;

to cease the development of new or existing business operations, or observe restrictions in relation to the development of such operations;

to make specified changes to its recovery plan, rules or contractual arrangements;

in order to ensure that it is possible for the performance of critical clearing services to be legally or operationally separated from the performance of other functions—

to change its operational and financial arrangements so as to separate specified classes of assets from other specified classes of assets;

to restrict netting sets in relation to specified classes of assets;

to establish a parent company in the United Kingdom.

facilitating the exercise of the stabilisation powers, or

ensuring that the exercise of a stabilisation power does not have an adverse effect on any other entities in the group.

the CCP or entity in question,

the market for financial services within the United Kingdom, and

the financial stability of the United Kingdom.

must be in writing,

may be given with general effect or with respect to a particular CCP or class of CCPs, and

may be varied or revoked.

states when the direction takes effect (see sub-paragraphs (2) and (3)),

gives the Bank’s reasons for giving the direction, and

specifies a reasonable period within which the person may make representations to the Bank about the direction.

immediately it is given to the relevant person, or

on a later date specified in the direction.

it has been confirmed by a notice under sub-paragraph (5), and

the period during which the direction may be referred to the Upper Tribunal (under sub-paragraph (6)) has expired and, if the matter was so referred, the reference and any appeal against the Tribunal’s determination, has been finally disposed of.

whether to confirm or revoke the direction, and

if the direction is revoked, whether to give a different direction.

if no representations are made within that specified period, give the relevant person written notice that the direction is confirmed, and

if representations are made, give the relevant person written notice of its decision under sub-paragraph (4).

inform the relevant person of the right to refer the matter to the Upper Tribunal, and

indicate the procedure on such a reference.