Regulation 2 Interpretation

For the purpose of this Part—

(a)

the “appropriate regulator” in relation to—

(i)

the EU Regulations specified in Part 1 of the Schedule, is the FCA;

(ii)

the EU Regulations specified in Part 2 of the Schedule, is the PRA;

(iii)

the EU Regulations specified in Part 3 of the Schedule, is the Bank of England;

(iv)

the EU Regulations specified in Part 4 of the Schedule, is both the FCA and the PRA;

(v)

the EU Regulations specified in Part 5 of the Schedule, is both the FCA and the Bank of England;

(vi)

the EU Regulation specified in Part 6 of the Schedule, is the Payment Systems Regulator;

(vii)

EU-derived provisions, means whichever of the FCA, the PRA or the Bank of England made the provisions,

and for the purposes of this paragraph, reference to EU Regulations includes a reference to part of an EU Regulation;

(b)

“authorised persons” and “PRA-authorised persons” have the meaning given in sections 31(2) and 2B(5) respectively of the Financial Services and Markets Act 2000^f1;

(c)

“central counterparty” has the meaning given in section 313 of the Financial Services and Markets Act 2000^f2;

(d)

“central securities depository” has the meaning given in section 417 of the Financial Services and Markets Act 2000^f3;

(e)

“the EMIR regulation” means Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories^f4;

(f)

“EU-derived provisions” means rules and other enactments made by the FCA, the PRA or the Bank of England which fall within the definition of “EU-derived domestic legislation” within the meaning of section 2(2) of the European Union (Withdrawal) Act 2018;

(g)

“EU Exit instrument” means an instrument in writing made in accordance with regulation 3(1);

(h)

“FCA” means the Financial Conduct Authority;

(i)

“PRA” means the Prudential Regulation Authority;

(j)

“Payment Systems Regulator” means the body established under section 40 of the Financial Services (Banking Reform) Act 2013^f5;

(k)

“regulators” mean the FCA, the PRA, the Bank of England and the Payment Systems Regulator;

(l)

“specified EU Regulations” mean the EU Regulations or parts of EU Regulations forming part of retained EU law which are specified in the Schedule;

(m)

a person is connected with another person in the circumstances set out in section 165(11) of the Financial Services and Markets Act 2000^f6.

Annotations

Footnotes

f1: Section 2B was substituted, with the rest of Part 1A for Part 1 by section 6(1) of the Financial Services Act 2012 (c.21).
f2: The definition of “central counterparty” was inserted by S.I. 2013/504.
f3: The definition of “central securities depository” was inserted by S.I. 2017/1064. There are other amendments to s.417 of the Financial Services and Markets Act 2000 which are not relevant to these Regulations.
f4: OJ L201, 27.7.2012, p.1 as lasted amended by Commission Regulation (EU) 2017/979, OJ L148,10.6.2017, p.1.
f5: 2013 c.33.
f6: Section 165(11) was amended by paragraph 1 of Schedule 12 to the Financial Services Act 2012 (c.21).