Citation and commencement

1.-(1) This Order may be cited as the Financial Services and Markets Act 2000 (Qualifying EU Provisions) (Amendment) Order 2016.

(2) This Order comes into force on 12th October 2016.

Amendment of the Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013

2.-(1) The Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013(2) is amended as follows.

(2) In Article 2, after paragraph (10), insert-

"(11) Directly applicable regulations made under the Solvency 2 Directive(3) are specified qualifying EU provisions for the purposes of sections 2A(6)(d), 39(4)(b), 66B(4)(b) and 168(4)(k) of the Act.".

(3) In Article 3-

(a)in paragraph (2), after sub-paragraph (k), insert-

"(l)any directly applicable regulation made under the Solvency 2 Directive."; and

(b)in paragraph (3), after sub-paragraph (i), insert-

"(j)in relation to a contravention of a requirement imposed by a directly applicable regulation made under the Solvency 2 Directive, the PRA.".

(4) In Article 5-

(a)in paragraph (2), after sub-paragraph (k), insert-

"(l)any directly applicable regulation made under the Solvency 2 Directive."; and

(b)in paragraph (5), after sub-paragraph (j), insert-

"(k)in relation to a contravention of a requirement imposed by a directly applicable regulation made under the Solvency 2 Directive, the PRA.".

(5) In Article 6, in paragraph (4), after sub-paragraph (e), insert-

"(f)any directly applicable regulation made under the Solvency 2 Directive.".

EXPLANATORY NOTE

(This note is not part of the Order)

This Order amends the Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013 (S.I. 2013/419). As a result of the amendments, directly applicable regulations made under Directive 2009/138/EC of the European Parliament and of the Council on the taking-up and pursuit of the business of insurance and reinsurance (Solvency II) (OJ L 335, 17.12.2009, p.1) are specified as qualifying EU provisions for the purposes of various provisions of the Financial Services and Markets Act 2000 (c.8). This means that the Prudential Regulation Authority may use powers in the Financial Services and Markets Act 2000 (2000 c. 8) to enforce requirements imposed by directly applicable regulations made under that Directive.

An impact assessment of the effect that this instrument will have on the costs of business and the voluntary sector has not been prepared. This Order provides an enforcement mechanism for obligations which are imposed by directly applicable EU legislation and any impact on business or the voluntary sector will arise as a result of that EU legislation rather than this Order.