{
  "url": "https://openlegislation.uk/financial-services-miscellaneous-amendments-eu-exit-regulations-2022/note",
  "json_url": "https://openlegislation.uk/financial-services-miscellaneous-amendments-eu-exit-regulations-2022/note.json",
  "legislation": "uksi/2022/1080",
  "legislation_title": "The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2022",
  "legislation_url": "https://openlegislation.uk/financial-services-miscellaneous-amendments-eu-exit-regulations-2022",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations are made in exercise of the powers conferred by section 8(1) of, and paragraph 21 of Schedule 7 to, the European Union (Withdrawal) Act 2018 (c. 16) to address failures of retained EU law to operate effectively and other deficiencies arising from the withdrawal of the United Kingdom from the European Union (in particular, under paragraphs (a), (b), (c), (d) and (g) of section 8(2) of that Act).\nRegulation 2 amends regulation 14(8)(b) of the Payment Services Regulations 2017 (S.I. 2017/752), which provides for the conditions for the registration as a small payment institution. Regulation 14(8)(b) contains a deficient reference to the EEA, which is to amended to refer to the UK following the UK’s withdrawal from the EU.\nRegulation 3 amends Part 6 of the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 (S.I. 2018/1184), which makes transitional provision in relation to the provision of clearing services in the United Kingdom by central counterparties that are established outside the United Kingdom and that are currently in the United Kingdom’s temporary recognition regime. Subject to the conditions specified in new regulation 17(5A), the services, activities or classes of financial instrument in respect of which such central counterparties are to be taken to be recognised by the Bank of England is extended beyond the conditions specified in existing regulation 17(5) to include services, activities or classes of financial instrument which such central counterparties are authorised or permitted to provide in the country in which they are established, provided that they have notified the Bank of England of their intention to offer such services in the United Kingdom.\nRegulation 4 amends Part 7 of the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), which concerns the power of the regulators to give transitional directions. The period during which a transitional direction may be given is extended from two years after IP completion day to four years after that day, in respect of transitional directions relating to share trading and derivatives trading respectively, as regulated further to Articles 23(1) and 28 of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments. The time period during which transitional directions of this description may remain in effect is also extended from two years after IP completion day to four years after that day.\nRegulation 5 amends Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies which is retained direct EU legislation. Article 32 of the Regulation places professional secrecy obligations on the FCA (and its staff and agents etc) not to disclose “information covered by professional secrecy”, except where necessary for legal proceedings. Article 32 is omitted, and a consequential amendment is made to Article 34. The effect is to remove barriers for such information being subject to, and shared under, confidential information provisions in section 348 of the Financial Services and Markets Act 2000 (c. 8) and the exemption under section 349.\nRegulation 6 amends Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation. Regulation 18 of the Securitisation (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/660) provided temporary recognition of simple, transparent and standardised securitisations in the UK. The time period during which the temporary recognition remains in effect is extended from two years after IP completion day to four years after that day.\nA full impact assessment has not been produced for this instrument as no, or no significant, impact on the private, voluntary or public sector is foreseen. A de minimis impact assessment is available from HM Treasury, 1 Horse Guards Road, London, SW1A 2HQ and is published with the Explanatory Memorandum alongside this instrument at www.legislation.gov.uk.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2022/1080/note",
    "retrieved_at": "2026-10-28T21:54:43.463679+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."
}