{
  "url": "https://openlegislation.uk/benchmarks-amendment-and-transitional-provision-eu-exit-regulations-2019/regulation-7",
  "json_url": "https://openlegislation.uk/benchmarks-amendment-and-transitional-provision-eu-exit-regulations-2019/regulation-7.json",
  "legislation": "uksi/2019/657",
  "legislation_title": "The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019",
  "legislation_url": "https://openlegislation.uk/benchmarks-amendment-and-transitional-provision-eu-exit-regulations-2019",
  "path": "regulation/7",
  "kind": "regulation",
  "number": "7",
  "heading": "Oversight function requirements",
  "text": "(1) Article 5 (oversight function requirements) is amended as follows.\n(2) In paragraphs 2 and 3(i), for “relevant competent authorities” substitute “ FCA ”.\n(3) In paragraph 5—\n(a) in the first subparagraph—\n(i) for “ESMA shall develop draft regulatory” substitute “ The FCA may make ”;\n(ii) the words from “the procedures regarding” to the end of the first sentence become point (a);\n(iii) the second sentence becomes point (b);\n(iv) in point (b), omit “In particular, ESMA shall develop”;\n(b) in the second subparagraph—\n(i) for “ESMA”, where it first occurs, substitute “ The technical standards ”;\n(ii) before “shall take into” insert “ when making the standards, the FCA ”;\n(iii) omit “ESMA draft regulatory”;\n(c) omit the third and fourth subparagraphs.\n(4) Omit paragraph 6.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 7 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)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2019/657/regulation/7",
    "retrieved_at": "2026-10-28T22:43:31.658757+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}