{
  "url": "https://openlegislation.uk/draft-markets-in-financial-instruments-amendment-eu-exit-regulations-2018/regulation-42",
  "json_url": "https://openlegislation.uk/draft-markets-in-financial-instruments-amendment-eu-exit-regulations-2018/regulation-42.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/42",
  "kind": "regulation",
  "number": "42",
  "heading": "Organisation requirements",
  "text": "(1) In Article 21, omit the sub-heading in brackets.\n(2) In Article 22—\n(a) omit the sub-heading in brackets;\n(b) in paragraph 1—\n(i) for “Directive 2014/65/EU” substitute “UK law on markets in financial instruments (“UK obligations”)”;\n(ii) for “that Directive” substitute “UK law on markets in financial instruments”;\n(c) in paragraph 2(b), for “obligations under Directive 2014/65/EU” substitute “UK obligations”;\n(d) in paragraph 3—\n(i) in point (b) for “by Directive 2014/65/EU and” substitute “in relation to its UK obligations and by”;\n(ii) in point (c) for “obligations under Directive 2014/65/EU” substitute “UK obligations”.\n(3) In Article 23, omit the sub-heading in brackets.\n(4) In Article 24, omit the sub-heading in brackets.\n(5) In Article 25—\n(a) omit the sub-heading in brackets;\n(b) in paragraph 1—\n(i) in the first sentence, for “Directive 2014/65/EU” substitute “UK law on markets in financial instruments (“UK obligations”)”;\n(ii) in the second sentence, for “the obligations under Directive 2014/65/EU” substitute “UK obligations”.\n(6) In Article 26—\n(a) omit the sub-heading in brackets;\n(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”.\n(7) In Article 27, omit the sub-heading in brackets.\n(8) In Article 28, omit the sub-heading in brackets.\n(9) In Article 29—\n(a) omit the sub-heading in brackets;\n(b) in paragraph 2, in point (c) for “Directive 2014/65/EU” substitute “UK law on markets in financial instruments”;\n(c) in paragraph 6(b), for “a Member State” substitute “the United Kingdom”.\n(10) In Article 30—\n(a) omit the sub-heading in brackets;\n(b) in paragraph 1—\n(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”;\n(ii) for “Directive 2014/65/EU” substitute “UK law on markets in financial instruments”.\n(11) In Article 31—\n(a) omit the sub-heading in brackets;\n(b) in paragraph 1—\n(i) in the opening words and in point (b), for “Directive 2014/65/EU” substitute “UK law on markets in financial instruments”;\n(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)”;\n(c) in paragraph 5, for “Directive 2014/65/EU and its implementing measures” substitute “UK law on markets in financial instruments”.\n(12) In Article 32—\n(a) omit the sub-heading in brackets;\n(b) in paragraph 2—\n(i) in point (a) for “Directive 2014/65/EU” substitute “UK law on markets in financial instruments”;\n(ii) in point (c), for “Directive 2014/65/EU and its implementing measures” substitute “UK law on markets in financial instruments”;\n(iii) in point (d)—\n(aa) for “in the Union” substitute “in the United Kingdom”;\n(bb) for “Directive 2014/65/EU and its implementing measures and relevant national law” substitute “UK law on markets in financial instruments”;\n(c) in paragraph 3—\n(i) in the first subparagraph, for “Competent authorities shall publish on their”, substitute “The FCA must publish on its”;\n(ii) omit the second sub-paragraph.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "S.I. 2015/542."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2018/9780111173480/regulation/42",
    "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."
}