delete The Uncertificated Securities (Amendment and EU Exit) Regulations 2019
Brexit-related amendment to the Uncertificated Securities Regulations 2001 and related legislation. Replaces operator approval requirements with operating conditions, adds definitions for CSDs (recognised, EEA, third country), creates transition arrangements for existing CSD Operators, and makes numerous technical amendments to cross-referenced regulations. Part 5 comes into force on exit day.
While the regulation removes some redundant approval requirements and consolidates the framework for UK CSDs, it is fundamentally a Brexit technical amendment that retains the substantial EU-derived CSD regulatory framework. The 'operating conditions' substitution for approval merely shifts the regulatory mechanism rather than reducing burden. The regulation creates regulatory tiers between UK, EEA, and third-country CSDs, introduces new fee-charging powers for the Bank of England over third-country CSDs, and retains most substantive requirements from the CSD Regulation (EU 909/2014) that constrain market flexibility. A significant portion constitutes placeholder amendments awaiting future legislative action, providing false certainty while the regulatory architecture remains dependent on retained EU law.