The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007

Made: 24th January 2007

Coming into force in accordance with regulation 1(2)

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PART 1 — GENERAL

Citation and commencement

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Interpretation

2

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Amendments of primary and secondary legislation

3

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PART 2 — PART IV PERMISSION: INVESTMENT FIRMS

4

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PART 3 — TRANSITIONAL AND SAVING PROVISIONS

Transitional and saving provisions: market operators

5

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Transitional and saving provisions: EEA firms

6

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Transitional provisions: UK investment firms exercising passport rights under the investment services directive

7

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Additional saving provision: UK investment firms

8

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Transitional provision: appointed representatives and tied agents

9

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Interpretation of Part 3

10

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SCHEDULE 1 — AMENDMENTS OF PART 13 OF THE ACT

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2

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3

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4

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SCHEDULE 2 — AMENDMENTS OF PART 18 OF THE ACT

1

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2

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3

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4

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5

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6

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7

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8

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9

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10

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11

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12

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13

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14

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15

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16

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SCHEDULE 3 — PART 18A OF THE ACT

1

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SCHEDULE 4 — AMENDMENTS OF SCHEDULE 3 TO THE ACT

1

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2

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3

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4

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6

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7

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8

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10

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11

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12

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SCHEDULE 5 — OTHER AMENDMENTS OF THE ACT

1

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Amendment of section 39

2

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Section 39A

3

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Amendment of section 45

4

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Amendment of section 66(2)

5

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Amendment of section 102B

6

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Amendment of section 167

7

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Amendment of section 168

8

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Amendment of section 171

9

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Amendment of section 205

10

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Amendment of section 206

11

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Amendment of section 347

12

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Amendment of section 380

13

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Amendment of section 382

14

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Amendment of section 384

15

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Amendment of section 392

16

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Amendment of section 405

17

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Sections 412A and 412B

18

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Amendment of section 417

19

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Amendment of section 422

20

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Amendment of section 424A

21

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Amendment of section 425

22

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Amendment of Schedule 1

23

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Amendment of Schedule 6

24

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SCHEDULE 6 — CONSEQUENTIAL AMENDMENTS OF OTHER ENACTMENTS

PART 1 — AMENDMENTS OF PRIMARY LEGISLATION

Amendment of the Judicial Pensions Act (Northern Ireland) 1951

1

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Amendment of the County Courts Act (Northern Ireland) 1959

2

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Amendment of the Resident Magistrates' Pensions Act (Northern Ireland) 1960

3

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Amendment of the Superannuation Act 1972

4

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Amendment of the Consumer Credit Act 1974

5

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Amendment of the Judicial Pensions Act 1981

6

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Amendment of the Companies Act 1985

7

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Amendment of the Finance Act 1986

8

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Amendment of the Building Societies Act 1986

9

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Amendment of the Friendly Societies Act 1992

10

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Amendment of the Judicial Pensions and Retirement Act 1993

11

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Amendment of the Data Protection Act 1998

12

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Amendment of the Competition Act 1998

13

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PART 2 — AMENDMENTS OF SECONDARY LEGISLATION

Amendment of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999

14

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Amendment of the Financial Services and Markets Act 2000 (Prescribed Markets and Qualifying Investments) Order 2001

15

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Amendment of the Financial Services and Markets Act 2000 (Consultation with Competent Authorities) Regulations 2001

16

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Amendment of the Insurers (Reorganisation and Winding Up) Regulations 2004

17

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Amendment of the Credit Institutions (Reorganisation and Winding up) Regulations 2004

18

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Amendment of the Financial Conglomerates and Other Financial Groups Regulations 2004

19

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Amendment of the Investment Recommendation (Media) Regulations 2005

20

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SCHEDULE 7 — EXERCISE OF PASSPORT RIGHTS UNDER THE INVESTMENT SERVICES DIRECTIVE

Investment service in Section A of the Annex to the investment services directive	Corresponding investment service or activity in Section A of Annex I to the markets in financial instruments directive
1(a) (reception and transmission, on behalf of investors, of orders in relation to one or more of the instruments listed in Section B)	1 (reception and transmission of orders in relation to one or more financial instruments)
1(b) (execution of such orders other than for own account)	2 (execution of orders on behalf of clients)
2 (dealing in any of the instruments listed in Section B for own account)	3 (dealing on own account)
3 (managing portfolios of investments in accordance with mandates given by investors on a discretionary, client-by-client basis where such portfolios include one or more of the instruments listed in Section B)	4 (portfolio management)
4 (underwriting in respect of issues of any of the instruments listed in Section B and/or the placing of such issues)	6 (underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis) and 7 (placing of financial instruments without a firm commitment basis)
Non-core service in Section C of the Annex to the investment services directive	Corresponding ancillary service in Section B of Annex I to the markets in financial instruments directive
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1 (safekeeping and administration in relation to one or more of the instruments listed in Section B)	1 (safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management)
2 (safe custody services)	1
3 (granting credits or loans to an investor to allow him to carry out a transaction in one or more of the instruments listed in Section B, where the firm granting the credit or loan is involved in the transaction)	2 (granting credits or loans to an investor to allow him to carry out a transaction in one or more financial instruments, where the firm granting the credit or loan is involved in the transaction)
4 (advice to undertakings on capital structure, industrial strategy and related matters and advice and service relating to mergers and the purchase of undertakings)	3 (advice to undertakings on capital structure, industrial strategy and related matters and advice and services relating to mergers and the purchase of undertakings)
5 (services related to underwriting)	6 (services related to underwriting)
7 (foreign-exchange services where these are connected with the provision of investment services)	4 (foreign exchange services where these are connected to the provision of investment services)
Instrument in Section B of the Annex to the investment services directive	Corresponding financial instrument in Section C of Annex I to the markets in financial instruments directive
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1(a) (transferable securities)	1 (transferable securities)
1(b) (units in collective investment undertakings)	3 (units in collective investment undertakings)
2 (money-market instruments)	2 (money-market instruments)
3 (financial-futures contracts, including equivalent cash-settled instruments)	4 (options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, or other derivative instruments, financial indices or financial measures which may be settled physically or in cash)
4 (forward interest-rate agreements)	4
5 (interest-rate, currency and equity swaps)	4
6 (options to acquire or dispose of any instruments falling within this section of the Annex, including equivalent cash-settled instruments. This category includes in particular options on currency and on interest rates)	4

Signed

Kevin Brennan — Claire Ward — Two of the Lords Commissioners of Her Majesty's Treasury — 2007-01-24

Explanatory note

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Footnotes

[^f00001]: S.I. 1993/2661 and 2001/3495.

[^f00002]: 1972 c.68; by virtue of the amendment of section 1(2) made by section 1 of the European Economic Area Act 1993 (c. 51) regulations may be made under section 2(2) to implement obligations of the United Kingdom created by or arising under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073, OJ No L 1, 3.11.1994, p. 3) and the Protocol adjusting that Agreement signed at Brussels on 17th March 1993 (Cm 2183, OJ No L 1, 3.1.1994, p. 572). For the decision of the EEA Joint Committee in relation to Directive 2004/39/EC, see Decision No 65/2005 of 29th April 2005 (OJ No L 239, 15.9.2005, p.50).

[^f00003]: Paragraph 13(1) was amended by S.I. 2003/1473 and 2066.

[^f00004]: Relevant amendments to paragraph 14 were made by S.I. 2003/1473 and 2066.

[^f00005]: Relevant amendments to paragraph 19 were made by S.I. 2003/1473 and 2066.

[^f00006]: Relevant amendments to paragraph 20 were made by S.I. 2001/ 1376 and 2003/ 2066.

[^f00007]: 2000 c. 8.

[^f00008]: OJ No L 141, 11.6.1993, p. 27.

[^f00009]: OJ No L 145, 30.4.2004, p.1.

[^f00010]: Section 424A was inserted by S.I. 2006/2975.

[^f00011]: S.I. 2001/2511.

[^f00012]: Paragraph 10 was amended by S.I. 2003/1473.

[^f00013]: Section 303 was amended by the Enterprise Act 2002 (c. 40), section 278 and Schedule 25.

[^f00014]: Section 306 was amended by the Enterprise Act 2002 (c. 40), section 278 and Schedule 25.

[^f00015]: Section 307 was amended by the Enterprise Act 2002 (c. 40), section 278 and Schedule 25.

[^f00016]: Paragraph 10A was inserted by S.I. 2003/1473.

[^f00017]: Paragraph 19(5A) was inserted by S.I. 2003/1473.

[^f00018]: Paragraph 19(6) was amended by S.I. 2003/2066.

[^f00019]: Paragraph 19(7A) was inserted by S.I. 2003/1473.

[^f00020]: Paragraph 20(3) was amended by S.I. 2003/2066.

[^f00021]: Paragraph 20(4B) was inserted by S.I. 2001/1376.

[^f00022]: Section 102B was inserted by S.I. 2005/1433.

[^f00023]: OJ No L 241, 2.9.2006, p. 1.

[^f00024]: OJ No L 241, 2.9.2006, p. 26.

[^f00025]: Section 424A was inserted by S.I. 2006/2975.

[^f00026]: Section 425(1)(a) was substituted by S.I. 2003/2066 and amended by S.I. 2004/3379.

[^f00027]: Paragraph 2 of Schedule 6 was amended by S.I. 2003/1476.

[^f00028]: 1951 c.20 (N.I.); section 11A was inserted by SI 1991/2631 (N.I.24) and subsection (7B) was inserted by S.I. 2001/3649.

[^f00029]: 1959 c.25 (N.I.; section 127A was inserted by S.I. 1991/2631 (N.I.24) and subsection (7B) was inserted by S.I. 2001/3649.

[^f00030]: 1960 c. 2 (N.I.); section 9A was inserted by S.I. 1991/2631 (N.I.24) and subsection (7B) was inserted by S.I. 2001/3649.

[^f00031]: 1972 c.11; section 1(9B) was inserted by S.I. 2001/3649.

[^f00032]: 1974 c.39; section 25(1C) was inserted by S.I. 2001/3649 and amended by S.I. 2006/3221.

[^f00033]: 1981 c.20; section 33A was inserted by section 82 of the Courts and Legal Services Act 1990 (c.41), and subsection (9B) was inserted by S.I. 2001/3649.

[^f00034]: 1985 c.6.

[^f00035]: Section 23 was substituted by section 129 of the Companies Act 1989 (c.40), and subsection (3B) was inserted by S.I. 1997/2306. Section 23 is prospectively repealed by the Companies Act 2006 (c. 46).

[^f00036]: Subsection (4) of section 162 was inserted by S.I. 2003/1116 and section 162 is prospectively repealed by the Companies Act 2006, Schedule 16.

[^f00037]: Section 162E was inserted by S.I. 2003/1116 and is prospectively repealed by the Companies Act 2006, Schedule 16.

[^f00038]: Section 226 was inserted by S.I. 2004/2947, and is prospectively repealed by the Companies Act 2006, Schedule 16.

[^f00039]: Section 227 was inserted by S.I. 2004/2947, and is prospectively repealed by the Companies Act 2006, Schedule 16.

[^f00040]: Section 228 is prospectively repealed by the Companies Act 2006, Schedule 16.

[^f00041]: Section 228A was inserted by S.I. 2004/2947, and is prospectively repealed by the Companies Act 2006, Schedule 16.

[^f00042]: 1986 c.41.

[^f00043]: Section 80B was inserted by section 97 of the Finance Act 1997 (c.16), and is prospectively repealed by section 113 of, and Part VII of Schedule 18 to, that Act.

[^f00044]: Section 88B was inserted by section 102 of the Finance Act 1997, and is prospectively repealed by section 132 of, and Part VII of Schedule 19 to, the Finance Act 1990 (c. 29).

[^f00045]: 1986 c.53; section 81B was inserted by S.I. 2004/3380.

[^f00046]: 1992 c.40.

[^f00047]: Section 69A was inserted by S.I. 2005/2211.

[^f00048]: Section 69E was inserted by S.I. 2005/2211.

[^f00049]: 1993 c.8; section 10(8B) was inserted by S.I. 2001/3649.

[^f00050]: 1998 c. 29; the definition of “instrument” in paragraph 6(3) of Schedule 7 was amended by S.I. 2002/1555.

[^f00051]: 1998 c.41.

[^f00052]: S.I. 1999/2979.

[^f00053]: S.I. 2001/996; the definition of “regulated market” was inserted by S.I. 2005/381.

[^f00054]: S.I. 2001/2509; regulation 7 was inserted by S.I. 2004/1862.

[^f00055]: S.I. 2004/353.

[^f00056]: S.I. 2004/1045.

[^f00057]: S.I. 2004/1862; the definition of “regulated entity” in regulation 1(2) was amended by S.I. 2006/3221.

[^f00058]: S.I. 2005/382.

Transitional provision: exempt investment firms

9A

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Transitional provision: operators of alternative trading systems

9B

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Transitional provision for investment firms and credit institutions in relation to options, futures and contracts for differences

9C

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Transitional provision for management companies in relation to options, futures and contracts for differences

9D

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Interpretation of Part 3

Editorial notes

Transitional provision: investment research and financial analysis

7A

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Additional saving provision: UK investment firms

Transitional provision: appointed representatives and tied agents

Transitional provision: exempt investment firms

Transitional provision: operators of alternative trading systems

Transitional provision for investment firms and credit institutions in relation to options, futures and contracts for differences

Transitional provision for management companies in relation to options, futures and contracts for differences

Transitional provision in relation to client classification

9E

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Interpretation of Part 3

General restriction on giving Part IV permission

Applications to be an exempt investment firm

4A

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Limitation on exempt investment firms

4B

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Requirements to be applied to exempt investment firms

4C

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Transitional provisions: EEA investment firms exercising passport rights under the investment services directive

6A

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Transitional provisions: UK investment firms exercising passport rights under the investment services directive

Transitional provision: investment research and financial analysis

Additional saving provision: UK investment firms

Transitional provision: appointed representatives and tied agents

Transitional provision: exempt investment firms

Transitional provision: operators of alternative trading systems

Transitional provision for investment firms and credit institutions in relation to options, futures and contracts for differences

Transitional provision for management companies in relation to options, futures and contracts for differences

Transitional provision in relation to client classification

Interpretation of Part 3

SCHEDULE 8 — TRANSITIONAL PROVISION FOR PART IV PERMISSIONS

TABLE

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SCHEDULE 9 — TRANSITIONAL PROVISION IN RELATION TO CLIENT CLASSIFICATION

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TABLE

Investment in relation to which the person has Part IV permission immediately before 1st November 2007	Additional investments to which the person’s Part IV permission is extended from 1st November 2007
(1)“Commodity” is amended by the CRD (Consequential Amendments) Instrument 2006 and the Handbook Administration (No 4) Instrument 2006 (2006/64) made by the Authority under the Act on 21st December 2006.	(1)“Commodity” is amended by the CRD (Consequential Amendments) Instrument 2006 and the Handbook Administration (No 4) Instrument 2006 (2006/64) made by the Authority under the Act on 21st December 2006.
(2)“Rolling spot forex contract” is defined in the 2001 Instrument.	(2)“Rolling spot forex contract” is defined in the 2001 Instrument.
(3)The definition of “future” in the 2001 Instrument is from 1st November 2007 affected by the amendment made to article 84 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) by article 27 of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384).	(3)The definition of “future” in the 2001 Instrument is from 1st November 2007 affected by the amendment made to article 84 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) by article 27 of the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No. 3) Order 2006 (S.I. 2006/3384).
(4)“Spread bet” is defined in the 2001 Instrument..	(4)“Spread bet” is defined in the 2001 Instrument..
Option (excluding commodity options and options on a commodity future) within the meaning of the General Provisions and Glossary Instrument 2001 (2001/7) made by the Authority under the Act on 21st June 2001(“the 2001 Instrument”) as amended by the Handbook Administration (No 3) Instrument 2006 (2006/21) made by the Authority under the Act on 22nd June 2006 and the CRD (Consequential Amendments) Instrument 2006 (2006/53) made by the Authority under the Act on 23rd November 2006	Those options within the meaning of the 2001 Instrument as last amended by the Glossary (MIFID) Instrument 2007 (2007/1) made by the Authority under the Act on 25th January 2007 (“the 2007 Instrument”) which are options falling within paragraph 10 of Section C of Annex I to the markets in financial instruments directive (“Section C”)
Commodity option within the meaning of the 2001 Instrument	Those commodity options within the meaning of the 2001 Instrument as last amended by the 2007 Instrument which are options falling within paragraphs 4, 5, 6 and 7 of Section C
Option on a commodity future within the meaning of the 2001 Instrument	Those options on a commodity future within the meaning of the 2001 Instrument as last amended by the 2007 Instrument which are options falling within paragraphs 4, 5, 6 and 7 of Section C
Future (excluding commodity futures and rolling spot forex contracts) within the meaning of the 2001 Instrument	Those futures (excluding commodity futures and rolling spot forex contracts) which are futures falling within paragraph 10 of Section C
Commodity future within the meaning of the 2001 Instrument	Those commodity futures within the meaning of the 2001 Instrument as last amended by the 2007 Instrument which are futures falling within paragraphs 5, 6 and 7 of Section C
Contract for differences (excluding spread bets and rolling spot forex contracts) within the meaning of the 2001 Instrument	Those contracts for differences (excluding spread bets and rolling spot forex contracts) within the meaning of the 2001 Instrument as last amended by the 2007 Instrument which are derivative instruments for the transfer of credit risk falling within paragraph 8 of Section C
Category of clients in limitation or requirement in Part IV permission immediately before 1st November 2007	Category of clients in limitation or requirement in Part IV permission from 1st November 2007
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Private customers only	Retail clients only
Intermediate customers only	Professional clients only
Private and intermediate customers only	Retail and professional clients only
Intermediate customers and market counterparties only	Professional clients and eligible counterparties only

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