Regulation 210 Article 493 (transitional provisions for large exposures)

(1)

Article 493 (transitional provisions for large exposures) is amended as follows.

(2)

In paragraph 1—

(a)

for “points 5, 6, 7, 9 and 10 of Section C of Annex I to Directive 2004/39/EC” substitute “paragraphs 5, 6, 7, 9 and 10 of Part 1 of Schedule 2 to the Regulated Activities Order”;

(b)

omit from “or the date of entry” until the end.

(3)

In paragraph 3—

(a)

for the first sub-paragraph substitute—

“3.

By way of derogation from Article 400(2) and (3), the Treasury may, for a transitional period ending on 3 January 2029, make regulations fully or partially exempting the following exposures from the application of Article 395(1)—;”;

(b)

in point (b), for “Member States” substitute “the United Kingdom”.

(4)

In paragraph 5—

(a)

in points (a) to (c), for “central governments, central banks, or public sector entities of Member States” substitute “the central government of the United Kingdom, the Bank, or public sector entities of the United Kingdom”;

(b)

in points (d) and (e), for “Member States” substitute “the United Kingdom”.