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The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019

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Changes over time for: Section 200

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Changes to legislation:

The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019, Section 200 is up to date with all changes known to be in force on or before 17 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

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Giving, and effect, of transitional directionsU.K.

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200.—(1) A transitional direction—

(a)may not be given more than 2 years after [F1IP completion day] [F2, subject to paragraph (1B)],

(b)may specify the period in relation to which it has effect, subject to [F3paragraphs (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.

[F4(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 [F5IP completion day], and

(c)[F6subject to paragraph (2A),] is of no effect in relation to times more than 2 years after [F7IP completion day] (without prejudice to any continuing effect in relation to earlier times).

[F8(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 M1.

(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 M2.

(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 M3.

(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.

Textual Amendments

Commencement Information

I1Reg. 200 in force at 23.3.2019, see reg. 1(2)

Marginal Citations

M1Section 1B was inserted by section 6 of the Financial Services Act 2012; section 1IA was inserted by section 2 of the Financial Services (Banking Reform) Act 2013.

M2See sections 2B to 2D of the Act, which were inserted by section 6 of the Financial Services Act 2012. Section 2B was amended by section 1 of the Financial Services (Banking Reform) Act 2013.

M31998 c.11; section 2A was inserted by section 238 of the Banking Act 2009 (c.1).

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