Regulation 10 Direct electronic access

(1)

In regulation 32—

(a)

in paragraph (2)—

(i)

in sub-paragraph (a), for “M’s home Member State is” substitute “M is established in”;

(ii)

for sub-paragraph (b), substitute—

“(b)
M falls within paragraph (1A) of regulation 30; and”;

(iii)

in sub-paragraph (c), for “for the purposes of the directive” substitute “to carry on a regulated activity which is any of the investment services and activities”;

(b)

in paragraph (3), for “relevant United Kingdom national regime” substitute “law of the United Kingdom”;

(c)

in paragraph (7), for “markets in financial instruments directive” substitute “UK law on markets in financial instruments”;

(d)

in paragraph (8)—

(i)

at the end of sub-paragraph (a), omit “and”;

(ii)

omit sub-paragraph (b);

(e)

in paragraph (10), for “relevant United Kingdom national regime” substitute “law of the United Kingdom”;

(f)

after paragraph (10) insert—

“(11)
References to “UK law on markets in financial instruments” are to the law of the United Kingdom which was relied on by the United Kingdom immediately before exit day to implement Directive 2014/65/EU and its implementing measures—

(a)
as they have effect on exit day, in the case of rules made by the FCA or by the PRA under the Act;

(b)
as amended from time to time, in all other cases.”.

(2)

In regulation 33, omit paragraph (2).