# The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019, Regulation 198: Power of the regulators to give transitional directions


(1) A regulator may direct that a relevant obligation to which a person is subject—
(a) is not to apply to the person, or
(b) is to apply to the person with modifications specified in the direction.
(2) Power under paragraph (1) is subject to regulation 200.
(3) Power of a regulator under paragraph (1) is exercisable on the regulator’s own initiative.
(4) Power of a regulator under paragraph (1), so far as it relates to rules made by the regulator, is in addition to (and does not limit) power of the regulator under section 138A of the Act.

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Source: https://www.legislation.gov.uk/ukdsi/2019/9780111179970/regulation/198 (the official version)
Page: https://openlegislation.uk/draft-financial-services-and-markets-act-2000-amendment-eu-exit-regulations-2019/regulation-198
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.