The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 No. 632

PART 3 Amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

Schedule 4 (relevant text of the insurance distribution directive)

160.  In Schedule 4(1) (relevant text of the insurance distribution directive), after Part 5 insert—

“PART 6 Modifications of Article 1.3, 2.1(2) and (4) and 2.2

1.   This Part has effect for the purposes of article 4(5).

2.   Article 2.1(2) of the insurance distribution directive has effect—

(a) as if “within the meaning of the Financial Services and Markets Act 2000” were inserted after “a reinsurance undertaking”, and

(b) as if “within the meaning given by article 33B(4) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001” were inserted after “a reinsurance intermediary”.

3.   Article 2.1(4) of the insurance distribution directive has effect as if “within the meaning of the Financial Services and Markets Act 2000” were substituted for “as defined in points (1) and (2) of Article 4(1) of Regulation (EU) No 575/2013 of the European Parliament and of the Council”.

4.   Article 2.2 of the insurance distribution directive has effect as if, as the end, there were inserted—

“In points (b), (c) and (d) “insurance undertaking” and “reinsurance undertaking” have the same meaning as in the Financial Services and Markets Act 2000.””.

(1)

Schedule 4 was inserted by S.I. 2003/1476 and was amended by S.I. 2018/546.