# The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019, Regulation 200: Giving, and effect, of transitional directions

Extent: E+W+S+N.I.

(1) A transitional direction—
(a) may not be given more than 2 years after IP completion day , subject to paragraph (1B),
(b) may specify the period in relation to which it has effect, subject to paragraphs (2) and (2A),
(c) may be given subject to conditions, and
(d) may be given to a particular person or particular persons, or to persons of a description specified in the direction.
(1A) This paragraph applies to a transitional direction which may be given by the Financial Conduct Authority in accordance with this Part in respect of—
(a) a relevant obligation relating to share trading imposed by or under Article 23(1) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (the Markets in Financial Instruments Regulation), including the transitional direction entitled “FCA Transitional Direction for the Share Trading Obligation” dated 22nd December 2020;
(b) a relevant obligation relating to derivatives trading imposed by or under Article 28 of the Markets in Financial Instruments Regulation, including the transitional direction entitled “FCA Transitional Direction for the Derivatives Trading Obligation” dated 30th December 2020.
(1B) A transitional direction to which paragraph (1A) applies may not be given more than four years after IP completion day.
(2) A transitional direction—
(a) is of no effect in relation to times before it is given,
(b) is of no effect in relation to times before IP completion day, and
(c) subject to paragraph (2A), is of no effect in relation to times more than 2 years after IP completion day (without prejudice to any continuing effect in relation to earlier times).
(2A) A transitional direction to which paragraph (1A) applies is of no effect in relation to times more than four years after IP completion day (without prejudice to any continuing effect in relation to earlier times).
(3) A regulator may not give a transitional direction, or a set of two or more transitional directions, to any person or persons unless the regulator is satisfied that the direction, or the directions viewed collectively, will prevent or mitigate disruption that could reasonably be expected to arise—
(a) for the person, or
(b) (as the case may be) for the persons viewed collectively,
from compliance with the unmodified obligation, or with the unmodified obligations viewed collectively, at times in relation to which the direction is, or the directions are, to have effect.
(4) The Financial Conduct Authority may not give a transitional direction, or a set of two or more transitional directions, unless the Authority is satisfied that doing so would not adversely affect the advancement of its key objectives viewed collectively; and here the reference to the Authority's key objectives is to its objectives set out in section 1B of the Act, read with section 1IA of the Act .
(5) The Prudential Regulation Authority may not give a transitional direction, or a set of two or more transitional directions, unless the Authority is satisfied that doing so would not adversely affect the advancement of its objectives under the Act .
(6) The Bank of England may not give a transitional direction, or a set of two or more transitional directions, unless the Bank is satisfied that doing so would not adversely affect the advancement of the Bank's financial stability objective set out in section 2A(1) of the Bank of England Act 1998 .
(7) For the purposes of this regulation, two or more transitional directions given by a regulator are a “set” if the regulator declares them to be a set.

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Source: https://www.legislation.gov.uk/uksi/2019/632/regulation/200 (the official version)
Page: https://openlegislation.uk/financial-services-and-markets-act-2000-amendment-eu-exit-regulations-2019/regulation-200
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.