The Financial Services and Markets Act 2000 (Qualifying Provisions) ( No. 2) Order 2013

• Citation: S.I. 2013/3116
• Sections: 4

Section 1 Citation, commencement and interpretation

(1) This Order may be cited as the Financial Services and Markets Act 2000 (Qualifying Provisions) (No. 2) Order 2013 and comes into force on 1st January 2014.

(2) For the purposes of this Order—

“ the CRA Regulation ” means Regulation 1060/2009/ EC of the European Parliament and of the Council of 16 September 2009 on credit rating agencies ;

“ the CRD4 instruments ” means —

the capital requirements regulation; and

any directly applicable regulation made under the capital requirements regulation or the capital requirements directive;

“ FSMA ” means the Financial Services and Markets Act 2000.

(3) Any reference in this Order to an EU Regulation, or part of an EU Regulation, is to be read as a reference to that EU Regulation, or that part of that EU Regulation, as amended from time to time.

(4) In paragraph (2) in the definition of “the CRD4 instruments”—

(a) the reference to any directly applicable regulation made under the capital requirements regulation is a reference to—

(i) any EU regulation, originally made under the capital requirements regulation, which is assimilated direct legislation,

(ii) any technical standards made in relation to the capital requirements regulation in accordance with Chapter 2A of Part 9A of the Act, and

(iii) any subordinate legislation (within the meaning of the Interpretation Act 1978) which is made under a power substituted for a power of an EU entity to make a directly applicable regulation under the capital requirements regulation by regulations made under section 8 of the European Union (Withdrawal) Act 2018;

(b) the reference to any directly applicable regulation made under the capital requirements directive is a reference to—

(i) any EU regulation, originally made under the capital requirements directive, which is assimilated direct legislation,

(ii) any technical standards made in relation to the capital requirements directive in accordance with Chapter 2A of Part 9A of the Act, and

(iii) any subordinate legislation (within the meaning of the Interpretation Act 1978) which is made under a power substituted for a power of an EU entity to make a directly applicable regulation under the capital requirements directive by regulations made under section 8 of the European Union (Withdrawal) Act 2018.

Section 2 qualifying provisions

Articles 4(1), 5a, 8b, 8c, 8d and 25a of the CRA Regulation are specified qualifying provisions for the purposes of regulation 206(1)(a) of the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 and the following provisions of FSMA—

(a) sections 1A(6)(d), 1L(2)(b), 66A(4)(b) , 168(4)(k), 204A(2)(b), 380(6)(a)(i), 382(9)(a)(i) and 384(7)(a); and

(b) paragraph 23(2)(b) of Schedule 1ZA.

Section 3

The CRD4 instruments are specified qualifying provisions for the purposes of regulation 206(1)(a) of the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 and the following provisions of FSMA—

(a) sections 1A(6)(d), 1L(2)(b), 2A(6)(d), 39(4)(b), 66A(4)(b), 66B(4)(b) , 168(4)(k), 204A(2)(b), 380(6)(a)(i), 382(9)(a)(i) and 384(7)(a);

(b) paragraph 23(2)(b) of Schedule 1ZA; and

(c) paragraph 31(2)(b) of Schedule 1ZB.

Section 4 Appropriate regulator

The appropriate regulator for the purposes of each provision of Part 14 and sections 380, 382 and 384 of FSMA is—

(a) in relation to a contravention of a requirement imposed by Article 4(1), 5a, 8b, 8c or 8d of the CRA Regulation, the FCA;

(b) in relation to a contravention of a requirement imposed by a CRD4 instrument—

(i) the PRA, in the case of a PRA-authorised person; and

(ii) the FCA, in the case of any other person.