{
  "url": "https://openlegislation.uk/draft-markets-in-financial-instruments-amendment-eu-exit-regulations-2018/regulation-16",
  "json_url": "https://openlegislation.uk/draft-markets-in-financial-instruments-amendment-eu-exit-regulations-2018/regulation-16.json",
  "legislation": "ukdsi/2018/9780111173480",
  "legislation_title": "The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018",
  "legislation_url": "https://openlegislation.uk/draft-markets-in-financial-instruments-amendment-eu-exit-regulations-2018",
  "path": "regulation/16",
  "kind": "regulation",
  "number": "16",
  "heading": "Administration and Enforcement of Parts 3, 4 and 5",
  "text": "(1) In paragraph 1 of Schedule 1, for the definition of “senior management” substitute—\n““senior management” means natural persons who exercise executive functions within an investment firm, a market operator or a data reporting services provider and who are responsible, and accountable to the management body, for the day-to-day management of the entity, including for the implementation of the policies concerning the distribution of services and products to clients by the firm and its personnel.”.\n(2) In paragraph 2—\n(a) for the heading, substitute “retained EU law”;\n(b) in sub-paragraph (1)(a), for “directly applicable EU regulation” substitute “retained EU law”;\n(c) in sub-paragraph (2), for “directly applicable EU regulation” substitute “retained EU law”.\n(3) In paragraph 6—\n(a) in sub-paragraph (1)—\n(i) at the end of paragraph (a), insert “and”;\n(ii) at the end of paragraph (b), omit “and”;\n(iii) omit paragraph (c);\n(b) in sub-paragraph (2)—\n(i) at the end of paragraph (a), omit “and”;\n(ii) omit paragraph (b).",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2018/9780111173480/regulation/16",
    "retrieved_at": "2026-10-30T15:03:49.884760+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."
}