Legalize / United Kingdom / Statutory-Instrument

The Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013

Type Statutory-Instrument

Publication 2013-02-26

State In force

Department King's Printer of Acts of Parliament

Source legislation.gov.uk

Reform history JSON API PDF

Made: 26th February 2013

Laid before Parliament: 27th February 2013

Coming into force: 1st April 2013

The Treasury, in the exercise of the powers conferred on them by the following sections of the Financial Services and Markets Act 2000 : 1A(6)(d); 1L(2)(b); 2A(6)(d); 39(4)(b); 66(2)(b), (2A)(b); 168(4)(k); 204A(2), (4); 293A; 296(1A), 297(2A)(c); 312E(2), (3); 380(6)(a), (9); 382(9)(a), (12); 384(7)(a), (10); and paragraph 23(2) of Schedule 1ZA, paragraph 31(2) of Schedule 1ZB and paragraphs 14(2)(d), 26(2)(c), 30(c) and 36(2)(b) of Schedule 17A to that Act make this Order.

Citation, commencement and interpretation

1

(1) This Order may be cited as the Financial Services and Markets Act 2000 (Qualifying Provisions) Order 2013 and comes into force on 1st April 2013.

(2) For the purposes of this Order—

“the Act” means the Financial Services and Markets Act 2000;

“the EU Benchmarks Regulation 2016” means 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;

“the European market infrastructure regulation” means Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories ;

“EuSEF Regulation” means Regulation (EU) No 346/2013 of the European Parliament and the Council of 17 April 2013 on European social entrepreneurship funds as amended by Regulation (EU) No 2017/1991 of the European Parliament and of the Council of 25 October 2017 amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds;

“EuVECA Regulation” means Regulation (EU) No 345/2013 of the European Parliament and the Council of 17 April 2013 on European venture capital funds as amended by Regulation (EU) No 2017/1991 of the European Parliament and of the Council of 25 October 2017 amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds;

“markets in financial instruments regulation” means 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;

“MMF Regulation” means Regulation (EU) No 2017/1131 of the European Parliament and of the Council of 14th June 2017 on Money Market Funds;

“PRIIPs regulation” means Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products;

recovery and resolution directive” means Directive 2014/59/EU of the European Parliament and of the Council of 15th May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms;

“UK auctioning regulations” means the Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021;

(3) Any reference in this Order to an EU Regulation, or part of an EU Regulation, is to be read as a reference to that EU Regulation, or that part of that EU Regulation, as amended from time to time.

(4) In this Order a reference to any directly applicable regulation made under an EU directive (“the parent EU Directive”) is a reference to—

(a) any EU regulation, originally made under the parent EU Directive, which is assimilated direct legislation,

(b) any technical standards made in relation to the parent EU Directive in accordance with Chapter 2A of Part 9A of the Act, and

(c) any subordinate legislation (within the meaning of the Interpretation Act 1978) which is made under a power substituted for a power of an EU entity to make a directly applicable regulation under the parent EU Directive by regulations made under section 8 of the European Union (Withdrawal) Act 2018.

(5) Subject to paragraph (5A), in this Order a reference to any directly applicable regulation (or EU regulation) made under an EU regulation (“the parent Regulation”) is a reference to—

(a) any EU regulation, originally made under the parent Regulation, which is assimilated direct legislation;

(b) technical standards made in relation to the parent Regulation in accordance with Chapter 2A of Part 9A of the Act, and

(c) any subordinate legislation (within the meaning of the Interpretation Act 1978) which is made under a power substituted for a power of an EU entity to make a directly applicable regulation under the parent Regulation by regulations made under section 8 of the European Union (Withdrawal) Act 2018.

(5A) In this Order a reference to any directly applicable regulation (or EU regulation) made under the PRIIPs regulation, the markets in financial instruments regulation or the European market infrastructure regulation (“the parent Regulation”) is a reference to—

(a) any EU regulation, originally made under the parent Regulation, which is assimilated direct legislation;

(b) technical standards made in relation to the parent Regulation in accordance with Chapter 2A of Part 9A of the Act;

(c) any subordinate legislation (within the meaning of the Interpretation Act 1978) which is made under a power substituted for a power of an EU entity to make a directly applicable regulation under the parent Regulation by regulations made under section 8 of the European Union (Withdrawal) Act 2018, and

(d) rules made under the parent Regulation.

(6) In this Order a reference to any directly applicable regulation made under Article 4(9) or 4(10) of the SFT Regulation is a reference to—

(a) any EU regulation, originally made under those Articles, which is assimilated direct legislation;

(b) technical standards made in relation to those Articles in accordance with Chapter 2A of Part 9A of the Act, and

(c) any subordinate legislation (within the meaning of the Interpretation Act 1978) which is made under a power substituted for a power of an EU entity to make a directly applicable regulation under those Articles by regulations made under section 8 of the European Union (Withdrawal) Act 2018.

(7) In articles 2(2)(m), 3(2)(p) and (3)(n), 5(2)(p) and (5)(o) and 6(2)(r) the reference to any directly applicable decision made under an EU regulation is a reference to—

(a) a decision made under that regulation which is assimilated direct legislation, and

(b) any subordinate legislation (within the meaning of the Interpretation Act 1978) which is made under a power substituted for a power of an EU entity to make a directly applicable decision under that regulation by regulations made under section 8 of the European Union (Withdrawal) Act 2018.

Qualifying EU provisions: general

2

(1) The instruments listed in paragraph (2) are specified qualifying provisions for the purposes of sections 1A(6)(d), 1L(2)(b), 39(4)(b), 66A(4)(b) and 168(4)(k) of the Act.

(2) The instruments are—

(a) any directly applicable regulation made under the markets in financial instruments directive;

(aa) the markets in financial instruments regulation and any directly applicable EU regulation made under that regulation;

(b) any directly applicable regulation made under the UCITS directive;

(ba) any directly applicable regulation made under the alternative investment fund managers directive;

(ca) the UK auctioning regulations;

(d) the European market infrastructure regulation;

(e) any directly applicable regulation made under the European market infrastructure regulation;

(f) the EuSEF Regulation and any directly applicable regulation made under that Regulation;

(g) the EuVECA Regulation and any directly applicable regulation made under that Regulation;

(h) the CSD regulation and any directly applicable regulation made under that Regulation;

(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(j) the market abuse regulation and any directly applicable regulation made under that Regulation;

(k) the PRIIPs regulation and any directly applicable regulation made under that Regulation;

(l) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(m) the MMF Regulation and any directly applicable regulation or decision made under that Regulation;

(n) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) The instruments listed in paragraph (4) are also specified qualifying provisions for the purposes of sections 1A(6)(d), 1L(2)(b) and 168(4)(k) of the Act.

(4) The instruments are—

(a) the short selling regulation;

(b) any directly applicable regulation made under the short selling regulation;

(4A) The SFT regulation and any directly applicable regulation made under Article 4(9) or 4(10) of the SFT regulation are specified qualifying provisions for the purposes of sections 1A(6)(d), 1L(2)(b) and 168(4)(k) of the Act.

(5) The instruments listed in paragraph (6) are specified qualifying provisions for the purposes of sections 2AB(3)(d) and 66B(4)(b) of the Act.

(6) The instruments are—

(a) any directly applicable regulation made under the markets in financial instruments directive;

(aa) the markets in financial instruments regulation and any directly applicable EU regulation made under that regulation;

(b) the European market infrastructure regulation;

(d) the CSD regulation and any directly applicable regulation made under that Regulation;

(e) any directly applicable regulation made under the recovery and resolution directive;

(f) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7) The instruments listed in paragraph (8) are specified qualifying provisions for the purposes of section 293A of the Act.

(8) The instruments are—

(a) any directly applicable regulation made under the markets in financial instruments directive;

(aa) the markets in financial instruments regulation and any directly applicable EU regulation made under that regulation;

(b) the emission allowance auctioning regulation;

(ba) the UK auctioning regulations;

(d) any directly applicable regulation made under the European market infrastructure regulation;

(e) the CSD regulation and any directly applicable regulation made under that Regulation;

(f) the market abuse regulation and any directly applicable regulation made under that Regulation;

(g) the SFT regulation and any directly applicable regulation made under Article 4(9) or 4(10) of the SFT regulation.

(9) Directly applicable regulations made under the recovery and resolution directive are specified qualifying provisions for the purpose of sections 66B(4)(b) and 192K(1)(c) of the Act.

(10) The market abuse regulation and any directly applicable regulation made under that Regulation are specified qualifying provisions for the purposes of section 66A(4)(b) of the Act.

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

(12) The EU Benchmarks Regulation 2016 is a specified qualifying provision for the purpose of section 1A(6)(d) of the Act.

(13) The EU Benchmarks Regulation 2016 and any directly applicable regulation made under the EU Benchmarks Regulation 2016 is a specified qualifying provision for the purposes of sections 1L(2)(b), 39(4)(b), 66A(4)(b), 168(4)(k), 192K(1)(c) and 293A of the Act.

(14) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Qualifying EU provisions: disciplinary measures

3

(1) The instruments listed in paragraph (2) are specified qualifying provisions for the purposes of section 204A(2) of the Act.

(2) The instruments are—

(a) any directly applicable regulation made under the markets in financial instruments directive;

(aa) the markets in financial instruments regulation and any directly applicable EU regulation made under that regulation , except for Title VIII (Provision of services and performance of activities by third-country firms following an equivalence determination with or without a branch) and any directly applicable EU regulation made under that title;

(b) any directly applicable regulation made under the UCITS directive;

(ba) any directly applicable regulation made under the alternative investment fund managers directive;

(ca) the UK auctioning regulations;

(d) the European market infrastructure regulation;

(e) any directly applicable regulation made under the European market infrastructure regulation;

(f) the EuSEF Regulation and any directly applicable regulation made under that Regulation;

(g) the EuVECA Regulation and any directly applicable regulation made under that Regulation;

(h) the CSD regulation and any directly applicable regulation made under that Regulation;

(i) any directly applicable regulation made under the recovery and resolution directive;

(j) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(k) the SFT regulation and any directly applicable regulation made under Article 4(9) or 4(10) of the SFT regulation;

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

(m) the PRIIPs regulation and any directly applicable regulation made under that Regulation;

(n) the EU Benchmarks Regulation 2016 and any directly applicable regulation made under the EU Benchmarks Regulation 2016;

(o) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(p) the MMF Regulation and any directly applicable regulation or decision made under that Regulation;

(q) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) The appropriate regulator for the purposes of each provision in Part 14 of the Act in relation to the qualifying provisions specified by paragraph (1) is—

(a) in relation to a contravention of a requirement imposed by a directly applicable regulation made under the markets in financial instruments directive or the markets in financial instruments regulation—

(i) if the authorised person concerned is a PRA-authorised person, either the PRA or the FCA;

(ii) in any other case, the FCA;

(b) in relation to a contravention of a requirement imposed by the emission allowance auctioning regulation , the UK auctioning regulations or any directly applicable regulation made under the UCITS directive or the alternative investment fund managers directive, the FCA;

(i) if the authorised person concerned is a PRA-authorised person, either the PRA or the FCA;

(ii) in any other case, the FCA;

(d) in relation to a contravention of a requirement imposed by any directly applicable regulation made under the European market infrastructure regulation, the FCA;

(e) in relation to a contravention of a requirement imposed by the EuSEF Regulation, the EuVECA Regulation or any directly applicable regulation made under either the EuSEF Regulation or the EuVECA Regulation, the FCA;

(f) in relation to a contravention of a requirement imposed by the CSD regulation or any directly applicable regulation made under the CSD regulation—

(i) if the authorised person concerned is a PRA-authorised person, either the PRA or the FCA;

(ii) in any other case, the FCA;

(g) in relation to a contravention of a requirement imposed by any directly applicable regulation made under the recovery and resolution directive—

(i) if the authorised person concerned is a PRA-authorised person, either the PRA or the FCA;

(ii) in any other case, the FCA;

(h) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(i) in relation to a contravention of a requirement imposed by the SFT regulation or any directly applicable regulation made under Article 4(9) or 4(10) of the SFT regulation, the FCA;

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

(k) in relation to a contravention of a requirement imposed by the PRIIPs regulation or any directly applicable regulation made under that Regulation, the FCA;

(l) in relation to a contravention of a requirement imposed by the EU Benchmarks Regulation 2016 or of any directly applicable regulation made under that Regulation, the FCA;

(m) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(n) in relation to a contravention of a requirement imposed by the MMF Regulation or any directly applicable regulation or decision made under that Regulation, the FCA;

(o) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Qualifying EU provisions etc.: recognised investment exchanges, clearing houses and CSDs

4

(1) The instruments listed in paragraph (5) are specified directly applicable EU provisions for the purposes of section 296(1A) of the Act.

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