{
  "url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-amendment-eu-exit-regulations-2019/regulation-88",
  "json_url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-amendment-eu-exit-regulations-2019/regulation-88.json",
  "legislation": "ukdsi/2019/9780111179970",
  "legislation_title": "The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019",
  "legislation_url": "https://openlegislation.uk/draft-financial-services-and-markets-act-2000-amendment-eu-exit-regulations-2019",
  "path": "regulation/88",
  "kind": "regulation",
  "number": "88",
  "heading": "Section 422A (disregarded holdings)",
  "text": "In section 422A (disregarded holdings)—\n(a) in subsection (4)—\n(i) in paragraph (a), for the words from “article 4.1.7” to “directive” substitute “article 2.1.6 of the markets in financial instruments regulation”;\n(ii) for paragraph (b), substitute—\n“(b) has a Part 4A permission to carry on one or more investment services and activities;”;\n(b) in subsection (5), for “credit institution” substitute “qualifying credit institution”;\n(c) in subsection (6)—\n(i) in the opening words and in paragraph (b), for “credit institution” substitute “qualifying credit institution”;\n(ii) in paragraph (a)(ii), omit the words from “in accordance with” to the end;\n(d) in subsection (7), for “Article 2.1(b) of the UCITS Directive” substitute “section 237(2)”;\n(e) in subsection (9A), for the words from “Commission” to “financial instruments” substitute “the market abuse regulation and Commission Delegated Regulation (EU) No. 1052/2016 of 8 March 2016 supplementing Regulation (EU) No. 596/2014 of the European Parliament and the Council with regard to the regulatory technical standards for conditions applicable to buy-back programmes and stabilisation measures”;\n(f) omit subsection (10).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "Section 422A was substituted by S.I. 2009/534."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "Section 422A(4)(a) was amended by S.I. 2017/701."
    },
    {
      "type": "footnote",
      "label": "f3",
      "text": "Section 422A(7) was amended by S.I. 2011/1613."
    },
    {
      "type": "footnote",
      "label": "f4",
      "text": "Section 422A(9A) was inserted by S.I. 2015/1755."
    },
    {
      "type": "footnote",
      "label": "f5",
      "text": "Subsection (10) was amended by S.I. 2012/3115."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2019/9780111179970/regulation/88",
    "retrieved_at": "2026-10-30T15:01:09.462058+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."
}