Regulation 29 Recognition of an administrator located in a third countryI1

United Kingdom

(1)

Article 32 (recognition of an administrator located in a third country) is amended as follows.

(2)

In paragraph 1—

(a)

for the words from “an equivalence” to “adopted” substitute “ regulations are made in accordance with Article 30(2) or (3) ”;

(b)

for “Union” substitute “ United Kingdom ”;

(c)

for “competent authority of its Member State of reference” substitute “ FCA ”.

(3)

In paragraph 2, in the second subparagraph, for “competent authority of the Member State of reference” substitute “ FCA ”.

(4)

In paragraph 3—

(a)

for “its Member State of reference” substitute “ the United Kingdom ”;

(b)

for “Union”, both times it occurs, substitute “ United Kingdom ”;

(c)

for “competent authority of the Member State of reference” substitute “ FCA ”.

(5)

Omit paragraph 4.

(6)

In paragraph 5—

(a)

in the first subparagraph—

(i)

for “competent authority of its Member State of reference” substitute “ FCA ”;

(ii)

for “satisfy the competent authority” substitute “ satisfy the FCA ”;

(iii)

for “Union” substitute “ United Kingdom ”;

(b)

in the second subparagraph—

(i)

for “competent authority” substitute “ FCA ”;

(ii)

for “2, 3 and 4” substitute “ 2 and 3 ”;

(c)

in the third subparagraph—

(i)

in the first sentence—

(aa)

for “competent authority” substitute “ FCA ”;

(bb)

for “2, 3 and 4” substitute “ 2 and 3 ”;

(ii)

in point (a)—

(aa)

for “competent authority of the Member State of reference” substitute “ FCA ”;

(bb)

for “regulatory technical standards adopted” substitute “ technical standards made ”;

(cc)

for “allows the competent authority” substitute “ allows the FCA ”;

(iii)

in point (b), for “competent authority” substitute “ FCA ”.

(7)

Omit paragraphs 6 and 7.

(8)

In paragraph 8, for “competent authority of the Member State of reference” substitute “ FCA ”.

(9)

In paragraph 9—

(a)

in the first subparagraph—

(i)

for “ESMA may develop draft regulatory” substitute “ The FCA may make ”;

(ii)

omit the words from “and, in particular,” to the end;

(b)

omit the second and third subparagraphs.

Annotations

Commencement

I1: Reg. 29 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)