The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025

Schedule 9 HM Treasury

Regulation 2 Part 1 Subordinate Legislation Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 1 The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 is amended as follows— (a) in article 3(1)— (i) in the definition of “EU Securitisation Regulation 2017” for “retained EU” substitute “assimilated”; (ii) in the definition of “markets in financial instruments regulation” for “retained EU” substitute “assimilated”; (b) in article 35A(2) for “retained EU” substitute “assimilated”. Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges, Clearing Houses and Central Securities Depositories) Regulations 2001 2 The Schedule to the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges, Clearing Houses and Central Securities Depositories) Regulations 2001 is amended as follows— (a) in paragraph 9(6)(d) for “retained direct EU” substitute “assimilated direct”; (b) in paragraph 9ZB(6), in paragraph (c) of the definition of “the disclosure obligations” for “retained direct EU” substitute “assimilated direct”; (c) in paragraph 9A(2)(b) for “retained direct EU” substitute “assimilated direct”; (d) in paragraph 9J(1) for “retained direct EU” substitute “assimilated direct”; (e) in paragraph 31A(1) for “retained direct EU” substitute “assimilated direct”; (f) in paragraph 37 for “retained direct EU” substitute “assimilated direct”; (g) in paragraph 39(1) for “retained direct EU” substitute “assimilated direct”; (h) in paragraph 40(1)(b) for “retained direct EU” substitute “assimilated direct”. Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 3 The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 are amended as follows— (a) in regulation 2— (i) in paragraph (b) of the definition of “capital requirements directive information” for “retained EU” substitute “assimilated”; (ii) in paragraph (b)(i) of the definition of “market in financial instruments information” for “retained EU” substitute “assimilated”; (iii) omit the definition of “retained EU law restrictions”; (iv) in paragraph (b) of the definition of “specified confidential EU law information” for “retained EU” substitute “assimilated”; (v) at the appropriate place insert— “assimilated law restrictions” means the restrictions imposed on the disclosure of confidential information by the relevant provisions, and (excluding those specified at paragraphs (h) and (j) of that definition) as they had effect immediately before IP completion day, and as modified as follows— requirements imposed on a Member State or an EU entity are to be read as if they are requirements imposed on the United Kingdom or, where relevant, a primary recipient; a restriction on the disclosure of confidential information to a person in a third country applies to any disclosure of confidential information to any person in a country or territory outside the United Kingdom; a requirement to seek the consent of an EU entity only applies where an equivalent requirement applies in relation to an equivalent entity in a third country; and for the purposes of sub-paragraph (b) a reference to a person in a third country, which is a third country regulatory authority, is to be read as including an ESA and the ESRB; ; (b) in regulation 3(3) for “retained EU” substitute “assimilated”; (c) in regulation 5(5) for “retained EU” substitute “assimilated”; (d) in regulation 9(2B)(b)(ii) for “retained EU” substitute “assimilated”; (e) in the heading to Part IV for “RETAINED EU” substitute “ASSIMILATED”; (f) in the heading to Schedule 1 for “RETAINED EU” substitute “ASSIMILATED”; (g) in the heading to Schedule 2 for “RETAINED EU” substitute “ASSIMILATED”. Financial Services and Markets Act 2000 (Gibraltar) Order 2001 4 The Financial Services and Markets Act 2000 (Gibraltar) Order 2001 is amended as follows— (a) in article 2(5D)(c)(ii) for “retained direct EU” substitute “assimilated direct”; (b) in article 2(8)(a), (b)(i)(bb) and (i)(i) for “retained direct EU” substitute “assimilated direct”; (c) in article 4(3A)(e) for “retained direct EU” substitute “assimilated direct”; (d) in article 4(3B)(e)(ii) for “retained direct EU” substitute “assimilated direct”; (e) in article 4(3D)(a)(i), in the substituted sub-paragraph (ii) for “retained direct EU” substitute “assimilated direct”; (f) in article 5(3)(b)(iii), in paragraph (b) of the substituted definition of “implementing provision” for “retained direct EU” substitute “assimilated direct”. Credit Institutions (Reorganisation and Winding up) Regulations 2004 5 In regulation 2(1A) of the Credit Institutions (Reorganisation and Winding up) Regulations 2004 for “retained EU” substitute “assimilated”. Regulated Covered Bonds Regulations 2008 6 In regulation 1(4) of the Regulated Covered Bonds Regulations 2008 for “retained EU” substitute “assimilated”. Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2009 7 The Financial Services and Markets Act 2000 (Law Applicable to Contracts of Insurance) Regulations 2009 is amended as follows— (a) in regulation 1(2), in the definition of “the Rome I Regulation” for “retained direct EU” substitute “assimilated direct”; (b) in regulation 3 for “retained direct EU” substitute “assimilated direct”. Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009 8 In article 1(6) of the Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009 for “retained EU” substitute “assimilated”. Alternative Investment Fund Managers Regulations 2013 9 The Alternative Investment Fund Managers Regulations 2013 are amended as follows— (a) in regulation 2(1), in paragraph (c) of the definition of “implementing provision” for “retained EU” substitute “assimilated”; (b) in regulation 2(2)(b) for “retained EU” substitute “assimilated”; (c) in regulation 33 for “retained EU” substitute “assimilated”; (d) in regulation 57(4)(a) for “retained EU” substitute “assimilated”; (e) in regulation 59(2)(d) for “retained EU” substitute “assimilated”; (f) in regulation 65 for “retained EU” substitute “assimilated”. Financial Services and Markets Act 2000 (Qualifying Provisions) Order 2013 10 The Financial Services and Markets Act 2000 (Qualifying Provisions) Order 2013 is amended as follows— (a) in article 1 for “retained direct EU” substitute “assimilated direct” in the following paragraphs— (i) (4)(a); (ii) (5)(a); (iii) (5A)(a); (iv) (6)(a); (v) (7)(a); (b) in article 5(7)(a) for “retained direct EU” substitute “assimilated direct”. Capital Requirements Regulations 2013 11 The Capital Requirements Regulations 2013 are amended as follows— (a) in regulation 2(1), in the definition of “Specified EU Regulations under the Capital Requirements Regulation” for “retained EU” substitute “assimilated”; (b) in regulation 2(3) for “retained EU” substitute “assimilated”. Financial Services and Markets Act 2000 (Qualifying Provisions) (No. 2) Order 2013 12 In Article 1(4)(a)(i) and (b)(i) of the Financial Services and Markets Act 2000 (Qualifying Provisions) (No. 2) Order 2013 for “retained direct EU” substitute “assimilated direct”. Capital Requirements (Country-by-Country Reporting) Regulations 2013 13 In regulation 1(3) of the Capital Requirements (Country-by-Country Reporting) Regulations 2013 for “retained EU” substitute “assimilated”. Central Securities Depositories Regulations 2014 14 The Central Securities Depositories Regulations 2014 are amended as follows— (a) in regulation 5N(1) for “retained EU” substitute “assimilated”; (b) in regulation 5O(2)(a)(ii) for “retained direct EU” substitute “assimilated direct”. Bank Recovery and Resolution (No. 2) Order 2014 15 The Bank Recovery and Resolution (No. 2) Order 2014 is amended as follows— (a) in article 2(4) for “retained EU” substitute “assimilated”; (b) in article 123(6)(f) for “retained EU” substitute “assimilated”; (c) in article 126(8)(a)(vi) for “retained EU” substitute “assimilated”. Financial Services (Banking Reform) Act 2013 (Disclosure of Confidential Information) Regulations 2014 16 The Financial Services (Banking Reform) Act 2013 (Disclosure of Confidential Information) Regulations 2014 is amended as follows— (a) in regulation 2— (i) omit the definition of “retained EU law restrictions”; (ii) at the appropriate place insert— “assimilated law restrictions” has the meaning given in regulation 2 of the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001; ; (b) in regulation 3(3) for “retained EU” substitute “assimilated”; (c) in regulation 5(4) for “retained EU” substitute “assimilated”. Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014 17 In regulation 2(2A) of the Capital Requirements (Capital Buffers and Macro-prudential Measures) Regulations 2014 for “retained EU” substitute “assimilated”. Banking Act 2009 (Banking Group Companies) Order 2014 18 In the definition of “the Capital Requirements Regulation” in article 2(2) of the Banking Act 2009 (Banking Group Companies) Order 2014 for “retained EU” substitute “assimilated”. Banking Act 2009 (Restriction of Special Bail-in Provision, etc.) Order 2014 19 In article 5(1) of the Banking Act 2009 (Restriction of Special Bail-in Provision, etc.) Order 2014 for “retained EU” substitute “assimilated”. Solvency 2 Regulations 2015 20 The Solvency 2 Regulations 2015 are amended as follows— (a) in regulation 39(8)(a) for “retained EU” substitute “assimilated”; (b) in regulation 43(5)(b) for “retained EU” substitute “assimilated”. Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 21 Regulation 2 of the Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 is amended as follows— (a) in the definition of “the market abuse regulation” for “retained EU” substitute “assimilated”; (b) in the definition of “supplementary market abuse enactment” for “retained direct EU” substitute “assimilated direct”. Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 22 The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 is amended as follows— (a) in regulation 1(3)(b)(i) and (ii) for “retained EU” substitute “assimilated”; (b) in regulation 2A for “retained EU” substitute “assimilated; (c) in regulation 38(1)(c) for “retained EU” substitute “assimilated”; (d) in paragraph 2 of Schedule 1— (i) in the heading for “Retained EU” substitute “Assimilated”; (ii) in paragraph (1)(a) for “a retained EU” substitute “an assimilated”; (iii) in paragraph (2) for “retained EU” substitute “assimilated”. Payment Services Regulations 2017 23 The Payment Services Regulations 2017 are amended as follows— (a) in regulation 107, in the heading and in paragraph (c), for “retained direct EU” substitute “assimilated direct”; (b) in paragraph 13(g) of Schedule 6 for “retained EU” substitute “assimilated”. Central Securities Depositories Regulations 2017 24 In regulation 7(2)(a) and (5)(b) of the Central Securities Depositories Regulations 2017 for “retained EU” substitute “assimilated”. Packaged Retail and Insurance-based Investment Products Regulations 2017 25 In regulation 6(1)(a)(ia) of the Packaged Retail and Insurance-based Investment Products Regulations 2017 for “retained direct EU” substitute “assimilated direct”. Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 26 The Financial Services and Markets Act 2000 (Benchmarks) Regulations 2018 are mended as follows— (a) in regulation 2(1), in the definition of “the EU Benchmarks Regulation 2016” for “retained EU” substitute “assimilated”; (b) in regulation 3— (i) in the heading for “Retained direct EU” substitute “Assimilated direct”; (ii) in the text of the regulation for “retained direct EU” substitute “assimilated direct”; (c) in regulation 8(2), (3) and (5) for the words “a retained EU” substitute “an assimilated”. Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 27 In the definition of “the EMIR Regulation” in regulation 1(4) of the Central Counterparties (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2018 for “retained EU” substitute “assimilated”. Securitisation Regulations 2018 28 In regulation 3 of the Securitisation Regulations 2018 for “retained direct EU” substitute “assimilated direct”. Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 29 In the definition of “EMIR regulation” in regulation 1(2) of the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 for “retained EU” substitute “assimilated”. Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 30 The Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 are amended as follows— (a) in regulation 1— (i) in paragraphs (4)(b) and (d) for “retained EU” substitute “assimilated”; (ii) in paragraph (5) for “retained EU law on IP completion day” substitute “assimilated law”; (b) in regulation 4(2)(c) for “retained EU” substitute “assimilated”; (c) in regulation 6(2)(b)(i) for “retained EU” substitute “assimilated”. Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 31 The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 are amended as follows— (a) in regulation 199(2), in paragraph (b) of the definition of “enactment” for “retained direct EU” substitute “assimilated direct”; (b) in regulation 202(2)(a)(i)(bb) and (c)(i)(cc) for “retained EU” substitute “assimilated”. Prospectus (Amendment etc.) (EU Exit) Regulations 2019 32 The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 are amended as follows— (a) in regulation 74(2) for “retained EU” substitute “assimilated”; (b) in regulation 75(2) for “retained EU” substitute “assimilated”. Equivalence Determinations for Financial Services (Amendment etc.) (EU Exit) Regulations 2020 33 The Equivalence Determinations for Financial Services (Amendment etc.) (EU Exit) Regulations 2020 are amended as follows— (a) in regulation 2(4) for “retained EU law on or after IP completion day” substitute “assimilated law”; (b) in regulation 8(1)(b) and (2)(a) for “retained EU” substitute “assimilated”; (c) in Table 1 in Schedule 1, in the heading of column 1 for “Retained EU law Regulation” substitute “Assimilated direct legislation”; (d) in Table 2 in Schedule 4, in the heading of column 2 for “retained EU” substitute “assimilated”; (e) in Table 3 in Schedule 4, in the heading of column 2 for “retained EU” substitute “assimilated”. Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 34 The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 are amended as follows— (a) in regulation 29, in the definition of “SFT Regulation” for “retained EU” substitute “assimilated”; (b) in regulation 36 in the definition of “Securitisation Regulation” for “retained EU” substitute “assimilated”. Payment and Electronic Money Institution Insolvency Regulations 2021 35 In paragraph (c) of the definition of “enactment” in the table in regulation 6 of the Payment and Electronic Money Institution Insolvency Regulations 2021 for “retained direct EU” substitute “assimilated direct”. Part 2 Assimilated Direct Legislation Regulation (EC) No 1060/2009 36 Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies is amended as follows— (a) in Article 4(6)(b) for “retained EU” substitute “assimilated”; (b) in Article 5, in paragraph (1)(b) and paragraph (7) for “retained EU” substitute “assimilated”. Commission Delegated Regulation (EU) No 231/2013 37 Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision is amended as follows— (a) in Article 7 for “retained EU” substitute “assimilated”; (b) in Article 8(1) for “retained EU” substitute “assimilated”. Regulation (EU) No 596/2014 38 In Article 6(2A) of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC for “retained EU” substitute “assimilated”. Regulation (EU) No 600/2014 39 Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 is amended as follows— (a) in Article 47(2) for “retained EU” substitute “assimilated”; (b) in Article 48A(9), in paragraph (a) of the definition of “enactment” for “retained direct EU” substitute “assimilated direct”; (c) in paragraph 7(2) of Schedule 3 for “retained EU” substitute “assimilated”. Regulation (EU) 2015/751 40 In Article 3(3A) of Regulation (EU) 2015/751 of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions for “retained EU” substitute “assimilated”. Regulation (EU) 2015/2365 41 In paragraph (g) of the definition of “financial counterparty” in Article 3(3) of Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on transparency of securities financing transactions and of reuse and amending Regulation (EU) No 648/2012 for “retained EU” substitute “assimilated”. Commission Delegated Regulation (EU) 2016/860 42 In Article 9(2)(a) of the Commission Delegated Regulation (EU) 2016/860 of 4 February 2016 specifying further the circumstances where exclusion from the application of write-down or conversion powers is necessary under Article 44(3) of Directive 2014/59/EU of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms for “retained EU” substitute “assimilated”. Regulation (EU) 2016/1011 43 In Article 2(2)(c) of Regulation (EU) 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014 for “retained EU” substitute “assimilated”. Commission Delegated Regulation (EU) 2017/567 44 In Article 5(1A)(c) of Commission Delegated Regulation (EU) 2017/567 of 18 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions for “retained EU” substitute “assimilated”. Regulation (EU) 2017/1131 45 Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds is amended as follows— (a) in Article 5(8)(b) for “retained direct EU” substitute “assimilated direct”; (b) in Article 7(6)(b) for “retained direct EU” substitute “assimilated direct”. Commission Delegated Regulation (EU) 2019/980 46 In Article 1(b), in the definition of “equivalent third country market” of the Commission Delegated Regulation (EU) 2019/980 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council as regards the format, content, scrutiny and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Commission Regulation (EC) No 809/2004 for “retained EU” substitute “assimilated”.