# The Benchmarks (Amendment and Transitional Provision) (EU Exit) Regulations 2019, Regulation 7: Oversight function requirements

Extent: E+W+S+N.I.

(1) Article 5 (oversight function requirements) is amended as follows.
(2) In paragraphs 2 and 3(i), for “relevant competent authorities” substitute “ FCA ”.
(3) In paragraph 5—
(a) in the first subparagraph—
(i) for “ESMA shall develop draft regulatory” substitute “ The FCA may make ”;
(ii) the words from “the procedures regarding” to the end of the first sentence become point (a);
(iii) the second sentence becomes point (b);
(iv) in point (b), omit “In particular, ESMA shall develop”;
(b) in the second subparagraph—
(i) for “ESMA”, where it first occurs, substitute “ The technical standards ”;
(ii) before “shall take into” insert “ when making the standards, the FCA ”;
(iii) omit “ESMA draft regulatory”;
(c) omit the third and fourth subparagraphs.
(4) Omit paragraph 6.

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Source: https://www.legislation.gov.uk/uksi/2019/657/regulation/7 (the official version)
Page: https://openlegislation.uk/benchmarks-amendment-and-transitional-provision-eu-exit-regulations-2019/regulation-7
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.