Regulation 26 Article 29 (designation of competent authorities)

(1)

Article 29 is amended as follows.

(2)

For paragraphs (1), (2) and (3) substitute—

“1.

Compliance with the obligations set out in Article 5 of this Regulation is to be supervised as follows—

(a)
where the institutional investor is an insurance undertaking or a reinsurance undertaking, by the PRA;

(b)
where the institutional investor is an AIFM which markets or manages AIFs in the United Kingdom, by the FCA;

(c)
where the institutional investor is a management company or a UCITS which is an authorised open ended investment company as defined in section 237(3) of the 2000 Act, by the FCA;

(d)
where the institutional investor is an occupational pension scheme, by the Pensions Regulator;

(e)
where the institutional investor is a CRR firm—

(i)
by the PRA, if the investor is a PRA-authorised person;

(ii)
in any other case by the FCA.

2.

Compliance by a sponsor with the obligations set out in Articles 6, 7, 8 and 9 of this Regulation is to be supervised by the PRA, if the sponsor is a PRA-authorised person, and in any other case by the FCA.

3.

Paragraph 3A applies where an originator, original lender or SSPE is an insurance undertaking or a reinsurance undertaking, an AIFM, a management company, a UCITS which is an authorised open ended investment company, an institution for occupational retirement provision or a CRR firm.

3A.

Where this paragraph applies, compliance with the obligations set out in Articles 6, 7, 8 and 9 of this Regulation is to be supervised as follows—

(a)
where the originator, original lender or SSPE is a PRA-authorised person, by the PRA;

(b)
where the originator, original lender or SSPE is an institution for occupational retirement provision, by the Pensions Regulator; and

(c)
in any other case by the FCA.

3B.

In paragraphs (1) to (3A)—

(a)
‘AIF’ and AIFM’ have the meaning given in regulations 3 and 4(1) of the Alternative Investment Fund Managers Regulation 2013^f1;

(b)
‘CRR firm’ has the meaning given by Article 4(1)(2A) of Regulation (EU) No 575/2013;

(c)
‘occupational pension scheme’ has the meaning given in section 1(1) of the Pension Schemes Act 1993;

(d)
‘insurance undertaking’, ‘reinsurance undertaking’ and ‘PRA-authorised person’ have the meaning given in section 417(1) of the 2000 Act;

(e)
‘management company’ has the meaning given in section 237(2) of the 2000 Act^f2; and

(f)
‘UCITS’ has the meaning given in section 236A of the 2000 Act^f3.”.

(3)

In paragraph (4)—

(a)

in the first sentence for the words from “Union and” to “Member States” substitute “United Kingdom in relation to which paragraph 3A does not apply, the Treasury”; and

(b)

omit the second sentence;

(4)

In paragraph (5)—

(a)

in the first sentence for “Member States” substitute “The Treasury”; and

(b)

omit the second sentence.

(5)

Omit paragraphs (7) and (8).

Annotations

Footnotes

f1: S.I. 2013/1773, as amended by S.I. 2019/XXX [the Alternative Investment Fund Managers (Amendment etc.) (EU Exit) Regulations 2019].
f2: The definition was substituted by S.I. 2019/XXX [the Collective Investment Schemes (Amendment) (EU Exit) Regulations 2019].
f3: Section 236A was inserted by S.I. 2019/XXX [the Collective Investment Schemes (Amendment) (EU Exit) Regulations 2019].