Regulation 42 Organisation requirements

(1)

In Article 21, omit the sub-heading in brackets.

(2)

In Article 22—

(a)

omit the sub-heading in brackets;

(b)

in paragraph 1—

(i)

for “Directive 2014/65/EU” substitute “UK law on markets in financial instruments (“UK obligations”)”;

(ii)

for “that Directive” substitute “UK law on markets in financial instruments”;

(c)

in paragraph 2(b), for “obligations under Directive 2014/65/EU” substitute “UK obligations”;

(d)

in paragraph 3—

(i)

in point (b) for “by Directive 2014/65/EU and” substitute “in relation to its UK obligations and by”;

(ii)

in point (c) for “obligations under Directive 2014/65/EU” substitute “UK obligations”.

(3)

In Article 23, omit the sub-heading in brackets.

(4)

In Article 24, omit the sub-heading in brackets.

(5)

In Article 25—

(a)

omit the sub-heading in brackets;

(b)

in paragraph 1—

(i)

in the first sentence, for “Directive 2014/65/EU” substitute “UK law on markets in financial instruments (“UK obligations”)”;

(ii)

in the second sentence, for “the obligations under Directive 2014/65/EU” substitute “UK obligations”.

(6)

In Article 26—

(a)

omit the sub-heading in brackets;

(b)

in paragraph 5, for “Article 4(h) of Directive 2013/11/EU of the European Parliament and of the Council on consumer ADR” substitute “regulation 4 of the Alternative Dispute Resolution Regulations 2015^f1”.

(7)

In Article 27, omit the sub-heading in brackets.

(8)

In Article 28, omit the sub-heading in brackets.

(9)

In Article 29—

(a)

omit the sub-heading in brackets;

(b)

in paragraph 2, in point (c) for “Directive 2014/65/EU” substitute “UK law on markets in financial instruments”;

(c)

in paragraph 6(b), for “a Member State” substitute “the United Kingdom”.

(10)

In Article 30—

(a)

omit the sub-heading in brackets;

(b)

in paragraph 1—

(i)

for “the first sub-paragraph of Article 16(5) of Directive 2014/65/EU” substitute “rule 8.1.1 of the Senior Management Arrangements, Systems and Controls sourcebook and rule 2.1 of the Outsourcing Part of the PRA rulebook”;

(ii)

for “Directive 2014/65/EU” substitute “UK law on markets in financial instruments”.

(11)

In Article 31—

(a)

omit the sub-heading in brackets;

(b)

in paragraph 1—

(i)

in the opening words and in point (b), for “Directive 2014/65/EU” substitute “UK law on markets in financial instruments”;

(ii)

in point (c), for “to be authorised in accordance with Article 5 of Directive 2014/65/EU” substitute “to have permission under Part 4A of FSMA to carry on a regulated activity which is any of the investment services and activities (within the meaning of regulation 2(1) of the Markets in Financial Instruments Regulations 2017)”;

(c)

in paragraph 5, for “Directive 2014/65/EU and its implementing measures” substitute “UK law on markets in financial instruments”.

(12)

In Article 32—

(a)

omit the sub-heading in brackets;

(b)

in paragraph 2—

(i)

in point (a) for “Directive 2014/65/EU” substitute “UK law on markets in financial instruments”;

(ii)

in point (c), for “Directive 2014/65/EU and its implementing measures” substitute “UK law on markets in financial instruments”;

(iii)

in point (d)—

(aa)

for “in the Union” substitute “in the United Kingdom”;

(bb)

for “Directive 2014/65/EU and its implementing measures and relevant national law” substitute “UK law on markets in financial instruments”;

(c)

in paragraph 3—

(i)

in the first subparagraph, for “Competent authorities shall publish on their”, substitute “The FCA must publish on its”;

(ii)

omit the second sub-paragraph.

Annotations

Footnotes

f1: S.I. 2015/542.