Regulation 32 Supervisory measures on product intervention and positions

(1)

In Article 39—

(a)

omit paragraphs 1 and 2;

(b)

in paragraph 3—

(i)

for “Competent authorities” substitute “The FCA”;

(ii)

for “their Member State” substitute “the United Kingdom”.

(2)

Omit Articles 40 and 41.

(3)

In Article 42—

(a)

in paragraph 1—

(i)

for “A competent authority” substitute “The FCA”;

(ii)

for “that Member State” substitute “the United Kingdom”;

(b)

in paragraph 2—

(i)

in the first subparagraph—

(aa)

in the opening words, for “A competent authority” substitute “The FCA”;

(bb)

in point (a)(i), for “within at least one Member State” substitute “within the United Kingdom”;

(cc)

in point (b), for “Union law” substitute “the law of the United Kingdom (or any part of the United Kingdom)”;

(dd)

in point (c), at the end, insert “and”;

(ee)

omit points (d) and (e);

(ff)

in point (f), after “public bodies” insert “in the United Kingdom”;

(ii)

in the second and third subparagraphs, for “competent authority” substitute “FCA”;

(c)

for paragraph 3, substitute—

“3.

Subject to paragraph 4, the FCA must not impose a prohibition or restriction under this Article unless not less than one month before the measure is due to take effect, it has published details of the decision to impose the prohibition or restriction on its website in accordance with paragraph 5.;”;

(d)

in paragraph 4—

(i)

for “competent authority” each time it occurs, substitute “FCA”;

(ii)

omit the words from “with no less than 24” to “EBA,”;

(iii)

for “a one month notification period” substitute “waiting for one month”;

(e)

in paragraphs 5 and 6, for “competent authority” substitute “FCA”;

(f)

in paragraph 7—

(i)

for “The Commission shall adopt delegated acts in accordance with Article 50 specifying” substitute “The Treasury may by regulations specify”;

(ii)

for “competent authorities” substitute “the FCA”;

(iii)

for “at least one Member State” substitute “the United Kingdom”.

(4)

Omit Articles 43, 44 and 45.