Regulation 88 Section 422A (disregarded holdings)I1

United Kingdom

M1In section 422A (disregarded holdings)—

I2(a)

in subsection (4)—

(i)

in paragraph (a) M2, for the words from “article 4.1.7” to “directive” substitute “ article 2.1.6 of the markets in financial instruments regulation ”;

(ii)

for paragraph (b), substitute—

“(b)
has a Part 4A permission to carry on one or more investment services and activities;”;

(b)

in subsection (5), for “credit institution” substitute “ qualifying credit institution ”;

(c)

in subsection (6)—

(i)

in the opening words and in paragraph (b), for “credit institution” substitute “ qualifying credit institution ”;

(ii)

in paragraph (a)(ii), omit the words from “in accordance with” to the end;

(d)

in subsection (7) M3, for “Article 2.1(b) of the UCITS Directive” substitute “ section 237(2) ”;

(e)

in subsection (9A) M4, for the words from “Commission” to “financial instruments” substitute “ the market abuse regulation and Commission Delegated Regulation (EU) No. 1052/2016 of 8 March 2016 supplementing Regulation (EU) No. 596/2014 of the European Parliament and the Council with regard to the regulatory technical standards for conditions applicable to buy-back programmes and stabilisation measures ”;

F1(f)

for subsection (10), substitute—

“(10)
For the purposes of this section “qualifying credit institution” includes a credit institution which is authorised under the law of Gibraltar relied on immediately before IP completion day to implement the capital requirements directive.”

Annotations

Textual amendments

F1: Reg. 88(f) substituted (31.12.2020 immediately before IP completion day) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 9(5) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(d)(ii)); 2020 c. 1, Sch. 5 para. 1(1)

Marginal citations

M1: Section 422A was substituted by S.I. 2009/534.
M2: Section 422A(4)(a) was amended by S.I. 2017/701.
M3: Section 422A(7) was amended by S.I. 2011/1613.
M4: Section 422A(9A) was inserted by S.I. 2015/1755.

Commencement

I1: Reg. 88(e) in force at 23.3.2019, see reg. 1(2)(d)
I2: Regs. 88(a)-(d)(f) in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)