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The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017

Type Statutory-Instrument
Publication 2017-06-21
Last updated 2025-10-23
State In force
Department King's Printer of Acts of Parliament
Source legislation.gov.uk
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(f) the resilience of its trading systems; (g) the ability to have sufficient capacity to deal with peak order and message volumes; (h) the ability to ensure orderly trading under conditions of severe market stress; (i) the effectiveness of business continuity arrangements to ensure the continuity of the exchange's services if there is any failure of its trading systems including the testing of the exchange's systems and controls; (j) the ability to reject orders that exceed predetermined volume or price thresholds or which are clearly erroneous; (k) the ability to ensure algorithmic trading systems cannot create or contribute to disorderly trading conditions on trading venues operated by the exchange; (l) the ability to ensure disorderly trading conditions which arise from the use of algorithmic trading systems, including systems to limit the ratio of unexecuted orders to transactions that may be entered into the exchange's trading system by a member or participant, are capable of being managed; (m) the ability to ensure the flow of orders is capable of being slowed down if there is a risk of system capacity being reached; (n) the ability to limit and enforce the minimum tick size which may be executed on its trading venues; and (o) the requirement for members and participants to carry out appropriate testing of algorithms. (3) For the purposes of sub-paragraph (2)(c), the exchange must— (a) establish and maintain effective arrangements and procedures including the necessary resource for the regular monitoring of the compliance by their members or participants with its rules; and (b) monitor orders sent including cancellations and the transactions undertaken by its members or participants under its systems in order to identify infringements of those rules, disorderly trading conditions or conduct that may indicate behaviour that is prohibited under the market abuse regulation or system disruptions in relation to a financial instrument. (4) For the purposes of sub-paragraph (2)(o) the exchange must provide environments to facilitate such testing. (5) The exchange must be adequately equipped to manage the risks to which it is exposed, to implement appropriate arrangements and systems to identify all significant risks to its operation, and to put in place effective measures to mitigate those risks. (3A) (1) The exchange must— (a) have written agreements with all investment firms pursuing a market making strategy on trading venues operated by it (“market making agreements”); (b) have schemes, appropriate to the nature and scale of a trading venue, to ensure that a sufficient number of investment firms enter into such agreements which require them to post firm quotes at competitive prices with the result of providing liquidity to the market on a regular and predictable basis; (c) monitor and enforce compliance with the market making agreements; (d) inform the FCA of the content of its market making agreements; and (e) provide the FCA with any information it requests which is necessary for the FCA to satisfy itself that the market making agreements comply with paragraphs (c) and (d) of this sub-paragraph and sub-paragraph (2). (2) A market making agreement must specify— (a) the obligations of the investment firm in relation to the provision of liquidity; (b) where applicable, any obligations arising from the participation in a scheme mentioned in sub-paragraph (1)(b); (c) any incentives in terms of rebates or otherwise offered by the exchange to the investment firm in order for it to provide liquidity to the market on a regular and predictable basis; and (d) where applicable, any other rights accruing to the investment firm as a result of participation in the scheme referred to in sub-paragraph (1)(b). (3) For the purposes of this paragraph, an investment firm pursues a market making strategy if— (a) the firm is a member or participant of one or more trading venues; (b) the firm's strategy, when dealing on own account, involves posting firm, simultaneous two-way quotes of comparable size and at competitive prices relating to one or more financial instruments on a single trading venue, or across different trading venues; and (c) the result is providing liquidity on a regular and frequent basis to the overall market. (3B) (1) The exchange must be able to— (a) temporarily halt or constrain trading on any trading venue operated by it if there is a significant price movement in a financial instrument on such a trading venue or a related trading venue during a short period; and (b) in exceptional cases cancel, vary, or correct, any transaction. (2) For the purposes of sub-paragraph (1) the exchange must ensure that the parameters for halting trading are calibrated in a way which takes into account— (a) the liquidity of different asset classes and sub-classes; (b) the nature of the trading venue market model; and (c) the types of users, to ensure the parameters avoid significant disruptions to the orderliness of trading. (3) The exchange must report the parameters mentioned in sub-paragraph (2) and any material changes to those parameters to the FCA in a format to be specified by the FCA. (4) If a trading venue operated by the exchange is material in terms of liquidity of the trading of a financial instrument and it halts trading in an EEA State in that instrument, it must have systems and procedures in place to ensure that it notifies the FCA. (3C) Where the exchange permits direct electronic access to a trading venue it operates it must— (a) ensure that a member of, or participant in, the trading venue is only permitted to provide direct electronic access to the venue if the member or participant— (i) is an investment firm, as defined by Article 4.1.1 of the markets in financial instruments directive (definitions), authorised in accordance with the directive; (ii) is a credit institution authorised in accordance with the capital requirements directive ; (iii) comes within Article 2.1(a), (e), (i), or (j) of the markets in financial instruments directive (exemptions) and has a Part 4A permission relating to investment services and activities; (iv) is a third country firm providing the direct electronic access in the course of exercising rights under Article 46.1 (general provisions) or 47.3 (equivalence decision) of the markets in financial instruments regulation; (v) is a third country firm and the provision of the direct electronic access by that firm is subject to the exclusion in article 72 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ; or (vi) is a third country firm which does not come within paragraph (iv) or (v) and is otherwise permitted to provide the direct electronic access under the Act; (b) ensure that appropriate criteria are set and applied for the suitability of persons to whom direct electronic access services may be provided; (c) ensure that a member of, or participant in, the trading venue retains responsibility for adherence to the requirements of the markets in financial instruments directive in respect of orders and trades executed using the direct electronic access service; (d) set appropriate standards for risk controls and thresholds on trading through direct electronic access; (e) be able to distinguish and if necessary stop orders or trading on that trading venue by a person using direct electronic access separately from— (i) other orders; or (ii) trading by the member or participant providing the direct electronic access; and (f) have arrangements in place to suspend or terminate the provision to a client of direct electronic access to that trading venue by a member of, or participant in, the trading venue in the case of non-compliance with this paragraph. (3D) The exchange's rules on co-location services must be transparent, fair and non-discriminatory. (3E) (1) The exchange's fee structure, for all fees it charges including execution fees and ancillary fees and rebates it grants, must— (a) be transparent, fair and non-discriminatory; (b) not create incentives to place, modify or cancel orders, or execute transactions, in a way which contributes to disorderly trading conditions or market abuse; and (c) impose market making obligations in individual shares or suitable baskets of shares for any rebates that are granted. (2) Nothing in sub-paragraph (1) prevents the exchange from— (a) adjusting its fees for cancelled orders according to the length of time for which the order was maintained; (b) calibrating its fees to each financial instrument to which they apply; (c) imposing a higher fee— (i) for placing an order which is cancelled than an order which is executed; (ii) on participants placing a high ratio of cancelled orders to executed orders; or (iii) on a person operating a high-frequency algorithmic trading technique, in order to reflect the additional burden on system capacity. (3F) The exchange must require members of and participants in trading venues operated by it to flag orders generated by algorithmic trading in order for it to be able to identify— (a) the different algorithms used for the creation of orders; and (b) the persons initiating those orders. (3G) (1) The exchange must adopt tick size regimes in respect of trading venues operated by it in— (a) shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments traded on each trading venue; and (b) any financial instrument for which regulatory technical standards are adopted by the European Commission pursuant to Article 49.3 or 4 of the markets in financial instruments directive which is traded on that trading venue. (2) The tick size regime must— (a) be calibrated to reflect the liquidity profile of the financial instrument in different markets and the average bid-ask spread taking into account the desirability of enabling reasonably stable prices without unduly constraining further narrowing of spreads; and (b) adapt the tick size for each financial instrument appropriately. (3) The tick size regime must comply with any regulatory technical standards adopted by the European Commission pursuant to Article 49.3 or 4 of the markets in financial instruments directive. (3H) The exchange must synchronise the business clocks it uses to record the date and time of any reportable event in accordance with regulatory technical standards adopted by the European Commission pursuant to Article 50 of the markets in financial instruments directive.

  • (7) In paragraph 4 of the Schedule (safeguards for investors), in sub-paragraph (2)—
  • (a) in paragraph (aa) omit “and non-discretionary”;
  • (b) in paragraph (ea) in both places for “financial markets” substitute “ trading venues ”;
  • (c) in paragraph (f) omit “(including the monitoring of transactions effected on the exchange)”;
  • (d) after paragraph (f) omit “and” and insert—

(fa) it immediately reports to the FCA any significant breaches of its rules or disorderly trading conditions or conduct that may indicate behaviour which is prohibited under the market abuse regulation or system disruptions in relation to a financial instrument; and

  • (8) Omit paragraphs 4A (provision of pre-trade information about share trading) and 4B (provision of post-trade information about share trading) of the Schedule .
  • (9) Before paragraph 6 of the Schedule insert—

(4C) (1) The exchange must make available to the public, without any charges, data relating to the quality of execution of transactions on the trading venues operated by the exchange on at least an annual basis. (2) Reports must include details about price, costs, speed and likelihood of execution for individual financial instruments.

  • (10) In paragraph 7A of the Schedule (admission of financial instruments to trading)—
  • (a) in sub-paragraph (1) for “financial market” substitute “ trading venue ”;
  • (b) omit sub-paragraphs (2) to (11).
  • (11) In paragraph 7B of the Schedule (access to the exchange's facilities)—
  • (a) in sub-paragraph (2)(b) for “the market” substitute “ its trading venues ”;
  • (b) in sub-paragraphs (2)(c), (d) and (e) and (4) for “financial market” substitute “ trading venue ”;
  • (c) omit sub-paragraph (3).
  • (12) After paragraph 7B of the Schedule insert—

(7BA) (1) An exchange operating a trading venue which trades commodity derivatives must apply position management controls on that venue, which must at least enable the exchange to— (a) monitor the open interest positions of persons; (b) access information, including all relevant documentation, from persons about— (i) the size and purpose of a position or exposure entered into; (ii) any beneficial or underlying owners; (iii) any concert arrangements; and (iv) any related assets or liabilities in the underlying market; (c) require a person to terminate or reduce a position on a temporary or permanent basis as the specific case may require and to unilaterally take appropriate action to ensure the termination or reduction if the person does not comply; and (d) where appropriate, require a person to provide liquidity back into the market at an agreed price and volume on a temporary basis with the express intent of mitigating the effects of a large or dominant position. (2) The position management controls must take account of the nature and composition of market participants and of the use they make of the contracts submitted to trading and must— (a) be transparent; (b) be non-discriminatory; and (c) specify how they apply to persons. (3) An exchange must inform the FCA of the details of the position management controls in relation to each trading venue it operates. (7BB) (1) This paragraph applies to an exchange operating a trading venue which trades commodity derivatives, emission allowances, or emission allowance derivatives. (2) The exchange must— (a) where it meets the minimum threshold, as specified in a delegated act adopted by the European Commission pursuant to Article 58.6 of the markets in financial instruments directive, make public a weekly report with the aggregate positions held by the different categories of persons for the different commodity derivatives, emission allowances or emission allowance derivatives traded on the trading venue specifying— (i) the number of long and short positions by such categories; (ii) changes of those positions since the previous report; (iii) the percentage of the total open interest represented by each category; and (iv) the number of persons holding a position in each category; and (b) provide the FCA with a complete breakdown of the positions held by all persons, including the members and participants and their clients, on the trading venue on a daily basis, or more frequently if that is required by the FCA. (3) For the weekly report mentioned in sub-paragraph (2)(a) the exchange must— (a) categorise persons in accordance with the classifications required under sub-paragraph (4); and (b) differentiate between positions identified as— (i) positions which in an objectively measurable way reduce risks directly relating to commercial activities; or (ii) other positions. (4) The exchange must classify persons holding positions in commodity derivatives, emission allowances or emission allowance derivatives according to the nature of their main business, taking account of any applicable authorisation or registration, as— (a) an investment firm or credit institution; (b) an investment fund, either as an undertaking for collective investments in transferable securities as defined in the UCITS Directive , or an alternative investment fund or an alternative investment fund manager as defined in the alternative investment fund managers directive ; (c) another financial institution, including an insurance undertaking, a reinsurance undertaking as defined in the Solvency 2 Directive and an institution for occupational retirement provision as defined in Directive 2003/41/EC of the European Parliament and of the Council of 3 June 2003 on the activities and supervision of institutions for occupational retirement ; (d) a commercial undertaking; or (e) in the case of emission allowances or emission allowance derivatives, an operator with compliance obligations under Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community . (5) The exchange must communicate the weekly report mentioned in sub-paragraph (2)(a) to the FCA and ESMA.

  • (13) In paragraph 7E of the Schedule (suspension and removal of financial instruments from trading)—
  • (a) the existing text becomes sub-paragraph (1);
  • (b) in sub-paragraph (1), for “regulated market” substitute “ trading venue ”;
  • (c) after sub-paragraph (1) insert—

(2) Where the exchange suspends or removes any financial instrument from trading on a trading venue it operates it must also suspend or remove from trading on that venue any derivative that relates or is referenced to that financial instrument where that is required to support the objectives of the suspension or removal from trading of that financial instrument. (3) Where the exchange suspends or removes any financial instrument from trading on a trading venue it operates, including any derivative in accordance with sub-paragraph (2), it must make that decision public and notify the FCA. (4) Where following a decision made under sub-paragraph (2) the exchange lifts a suspension or readmits any financial instrument to trading on a trading venue it operates, including any derivative suspended or removed from trading in accordance with that sub-paragraph, it must make that decision public and notify the FCA.

  • (14) In paragraph 9 of the Schedule (complaints), after sub-paragraph (5) insert—

(6) The exchange must have in place effective procedures for its employees to report potential or actual infringements of— (a) these Regulations, (b) provisions of the Act and subordinate legislation made under the Act (including rules) transposing the markets in financial instruments directive, (c) the markets in financial instruments regulation, and (d) directly applicable EU regulations made under the markets in financial instruments directive or the markets in financial instruments regulation, internally through a specific, independent and autonomous channel.

  • (15) After paragraph 9 of the Schedule insert—

(9ZA) (1) An exchange must have non-discretionary rules for the execution of orders on a regulated market operated by it. (2) An exchange must not on a regulated market operated by it— (a) execute any client orders against its proprietary capital; or (b) engage in matched principal trading. (9ZB) (1) The rules of the exchange must ensure that all— (a) financial instruments admitted to trading on a regulated market operated by it are capable of being traded in a fair, orderly and efficient manner; (b) transferable securities admitted to trading on a regulated market operated by it are freely negotiable; and (c) contracts for derivatives admitted to trading on a regulated market operated by it are designed so as to allow for their orderly pricing as well as for the existence of effective settlement conditions. (2) The rules of the exchange must provide that where it, without obtaining the consent of the issuer, admits to trading on a regulated market operated by it a transferable security which has been admitted to trading on another regulated market the exchange— (a) must inform the issuer of that security as soon as is reasonably practicable; and (b) may not require the issuer of that security to demonstrate compliance with the disclosure obligations. (3) The exchange must maintain effective arrangements to verify that issuers of transferable securities admitted to trading on a regulated market operated by it comply with the disclosure obligations. (4) The exchange must maintain arrangements to assist members of or participants in a regulated market operated by it to obtain access to information made public under the disclosure obligations. (5) The exchange must maintain arrangements to review regularly whether financial instruments admitted to trading on a regulated market operated by it comply with the admission requirements for those instruments. (6) In this paragraph— “the disclosure obligations” are the initial, ongoing and ad hoc disclosure requirements contained in— 1. Articles 17, 18 and 19 of the market abuse regulation ; 2. Articles 3, 5, 7, 8, 14 and 16 of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectuses to be published when securities are offered to the public or admitted to trading ; 3. Articles 4 to 6, 14 and 16 to 19 of Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 relating to the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market ; and 4. EU legislation made under the provisions mentioned in paragraphs (a) to (c); and the legislation referred to in paragraphs (b) and (c) is given effect— (a) in the United Kingdom by Part 6 of the Act and Part 6 rules (within the meaning of section 73A of the Act); or (b) in another EEA State by legislation transposing the relevant Articles in that State. (9ZC) The rules of the exchange about access to, or membership of, a regulated market operated by it must permit the exchange to give access to or admit to membership (as the case may be) only— (a) an investment firm authorised under Article 5 of the markets in financial instruments directive; (b) a credit institution authorised in accordance with the capital requirements directive; or (c) a person who— (i) is of sufficient good repute; (ii) has a sufficient level of trading ability, competence and experience; (iii) where applicable, has adequate organisational arrangements; and (iv) has sufficient resources for the role it is to perform, taking account of the exchange's arrangements under paragraph 4(2)(d). (9ZD) An exchange must only operate a multilateral system as a regulated market, a multilateral trading facility or an organised trading facility.

  • (16) In paragraph 9A of the Schedule (operation of a multilateral trading facility)—
  • (a) in the heading insert at the end “ or an organised trading facility ”;
  • (b) in sub-paragraph (1), after “multilateral trading facility” insert “ or an organised trading facility ”;
  • (c) in sub-paragraph (2)—
  • (i) after “multilateral trading facility” insert “ or an organised trading facility ”;
  • (ii) for paragraph (b) substitute—

(b) any directly applicable EU regulation made under Chapter I,

  • (d) after sub-paragraph (3) insert—

(4) An exchange operating a multilateral trading facility or an organised trading facility must provide the FCA with a detailed description of— (a) the functioning of the multilateral trading facility or organised trading facility; (b) any links to another trading venue owned by the same exchange or to a systematic internaliser owned by the same exchange; and (c) a list of the facility's members, participants and users. (5) Any multilateral trading facility or an organised trading facility operated by the exchange must have at least three materially active members or users who each have the opportunity to interact with all the others in respect of price formation.

  • (17) After paragraph 9A of the Schedule insert—

(9B) (1) An exchange must have non-discretionary rules for the execution of orders on a multilateral trading facility operated by it. (2) An exchange must not on a multilateral trading facility operated by it— (a) execute any client orders against its proprietary capital; or (b) engage in matched principal trading. (9C) The rules of the exchange about access to, or membership of, a multilateral trading facility operated by it must permit the exchange to give access to or admit to membership (as the case may be) only to— (a) an investment firm authorised under Article 5 of the markets in financial instruments directive; (b) a credit institution authorised in accordance with the capital requirements directive; or (c) a person who— (i) is of sufficient good repute; (ii) has a sufficient level of trading ability, competence and experience; (iii) where applicable, has adequate organisational arrangements; and (iv) has sufficient resources for the role it is to perform, taking account of the financial arrangements the exchange has established in order to guarantee the adequate settlement of transactions. (9D) (1) The rules of the exchange must provide that where it, without obtaining the consent of the issuer, admits to trading on a multilateral trading facility operated by it a transferable security which has been admitted to trading on a regulated market, the exchange may not require the issuer of that security to demonstrate compliance with the disclosure obligations. (2) The exchange must maintain arrangements to provide sufficient publicly available information (or satisfy itself that sufficient information is publicly available) to enable users of a multilateral trading facility operated by it to form investment judgements, taking into account both the nature of the users and the types of instruments traded. (3) In this paragraph, “the disclosure obligations” has the same meaning as in paragraph 9ZB. (9E) (1) An exchange operating a multilateral trading facility which has registered that facility as an SME growth market in accordance with Article 33 of the markets in financial instruments directive (an “exchange-operated SME growth market”) must comply with rules made by FCA for the purposes of this paragraph. (2) An exchange-operated SME growth market must not admit to trading a financial instrument which is already admitted to trading on another SME growth market unless the issuer of the instrument has been informed of the proposed admission to trading and has not objected. (3) Where an exchange-operated SME growth market exchange admits a financial instrument to trading in the circumstances of sub-paragraph (2), that exchange-operated SME growth market may not require the issuer of the financial instrument to demonstrate compliance with— (a) any obligation relating to corporate governance, or (b) the disclosure obligations. (4) In this paragraph, “the disclosure obligations” has the same meaning as in paragraph 9ZB. (9F) (1) An exchange operating an organised trading facility must— (a) execute orders on that facility on a discretionary basis in accordance with sub-paragraph (4); (b) not execute any client orders on that facility against its proprietary capital or the proprietary capital of any entity that is part of the same group or legal person as the exchange unless in accordance with sub-paragraph (2); (c) not operate a systematic internaliser within the same legal entity; (d) ensure that the organised trading facility does not connect with a systematic internaliser in a way which enables orders in an organised trading facility and orders or quotes in a systematic internaliser to interact; and (e) ensure that the organised trading facility does not connect with another organised trading facility in a way which enables orders in different organised trading facilities to interact. (2) An exchange may only engage in— (a) matched principal trading on an organised trading facility operated by it in respect of— (i) bonds, (ii) structured finance products, (iii) emission allowances, and (iv) derivatives which have not been declared subject to the clearing obligation in accordance with Article 5 of the EMIR regulation , where the client has consented to that; or (b) dealing on own account on an organised trading facility operated by it, otherwise than in accordance with paragraph (a), in respect of sovereign debt instruments for which there is not a liquid market. (3) If the exchange engages in matched principal trading in accordance with sub-paragraph (2)(a) it must establish arrangements to ensure compliance with the definition of matched principal trading in Article 4.1.38 of the markets in financial instruments directive. (4) The discretion which the exchange must exercise in executing a client order may only be the discretion mentioned in sub-paragraph (5) or in sub-paragraph (6) or both. (5) The first discretion is whether to place or retract an order on the organised trading facility. (6) The second discretion is whether to match a specific client order with other orders available on the organised trading facility at a given time, provided the exercise of such discretion is in compliance with specific instructions received from the client and in accordance with the exchange's obligations under Article 27 of the markets in financial instruments directive. (7) Where the organised trading facility crosses client orders the exchange may decide if, when and how much of two or more orders it wants to match within the system. (8) Subject to the requirements of this paragraph, with regard to a system that arranges transactions in non-equities, the exchange may facilitate negotiation between clients so as to bring together two or more potentially comparable trading interests in a transaction. (9) The exchange must comply with rules made by the FCA as to how Articles 24, 25, 27 and 28 of the markets in financial instruments directive apply to its operation of an organised trading facility. (10) Nothing in this paragraph prevents an exchange from engaging an investment firm to carry out market making on an independent basis on an organised trading facility operated by the exchange provided the investment firm does not have close links with the exchange. (11) In this paragraph— - “close links” has the meaning given in Article 4.1.35 of the markets in financial instruments directive; - “investment firm” has the meaning given in Article 4.1.1 of the markets in financial instruments directive; - “non-equities” means bonds, structured finance products, emission allowances and derivatives traded on a trading venue to which Article 8(1) of the markets in financial instrument regulation applies. (9G) (1) The rules of the exchange must provide that where it, without obtaining the consent of the issuer, admits to trading on an organised trading facility operated by it a transferable security which has been admitted to trading on a regulated market, the exchange may not require the issuer of that security to demonstrate compliance with the disclosure obligations. (2) The exchange must maintain arrangements to provide sufficient publicly available information (or satisfy itself that sufficient information is publicly available) to enable users of an organised trading facility operated by it to form investment judgements, taking into account both the nature of the users and the types of instruments traded. (3) In this paragraph, “the disclosure obligations” has the same meaning as in paragraph 9ZB. (9H) (1) An exchange must, when requested to do so, provide the FCA with a detailed explanation in respect of an organised trading facility operated by it, or such a facility it proposes to operate, of— (a) why the organised trading facility does not correspond to and cannot operate as a multilateral trading facility, a regulated market or a systematic internaliser; (b) how discretion will be exercised in executing client orders, and in particular when an order to the organised trading facility may be retracted and when and how two or more client orders will be matched within the facility; and (c) its use of matched principal trading. (2) Any information required under sub-paragraph (1) must be provided to the FCA in the manner which it considers appropriate. (9I) An exchange providing data reporting services must comply with Title V of the markets in financial instruments directive.

  • (18) In paragraph 21A of the Schedule (access to central counterparty, clearing and settlement facilities) omit sub-paragraph (3).
  • (19) In paragraph 31 of the Schedule (access to central counterparty, clearing and settlement facilities) omit sub-paragraph (3).

Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

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In article 53(1C)(b)(i) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (advising on investments) after “security” insert “ , structured deposit ”.

Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001

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  • (1) The Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001 are amended as follows.
  • (2) In regulation 2 (descriptions of business for which appointed representatives are exempt)—
  • (a) in paragraph (1)(a) for “or relevant investments” substitute “ , relevant investments or structured deposits ”;
  • (b) in paragraph (1A) , for “an EEA investment firm or an EEA credit institution” substitute “ a person who has a Part 4A permission for the purposes of the capital requirements directive or the markets in financial instruments directive, an EEA investment firm, or an EEA credit institution ”; and
  • (c) in paragraph (1B) , for “1.10 and 1.17” substitute “ 1.9 and 1.15 ”.
  • (3) In regulation 3 (requirements applying to contracts between authorised persons and appointed representatives)—
  • (a) in the closing words of paragraph (2) for “or a relevant investment” substitute “ , a relevant investment or a structured deposit ”.
  • (b) for paragraph (6) substitute—

(6) In the case of a representative to whom section 39(1A) or (1AA) of the Act applies (“R”), it is a prescribed requirement for the purposes of section 39(1)(a)(ii), except where paragraph (1A) applies, that the contract between the principal and R must— (a) where section 39(1A) of the Act applies to R, contain a provision that R is only permitted to provide the services and carry on the activities referred to in Article 4.1.29 (definitions) of the markets in financial directive while R is entered on the applicable register; or (b) where section 39(1AA) of the Act applies to R, contain a provision that R is only permitted to sell, or advise clients on, structured deposits as defined by Article 4.1.43 of that directive while R is entered on the applicable register.

Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001

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  • (1) The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 are amended as follows.
  • (2) In regulation 2 (interpretation)—
  • (a) in the definition of “EEA competent authority”, after “the EMIR regulation” omit “, the market abuse regulation”;
  • (b) omit the definition of “market abuse regulation information”;
  • (c) in the definition of “markets in financial instruments directive information” after “markets in financial instruments directive” insert “ and the markets in financial instruments regulation ”;
  • (d) in the definition of “single market information” after “markets in financial instruments directive” insert “ , the markets in financial instruments regulation ”; and
  • (e) in the definition of “single market restrictions”—
  • (i) in paragraph (a) for “54 and 58” substitute “ 76 and 81 ”;
  • (ii) at the end of paragraph (m), after “;” insert “ and ”; and
  • (iii) omit paragraph (n).
  • (3) In regulation 8 (disclosure of single market information)—
  • (a) in paragraph (b)—
  • (i) in sub-paragraph (i) for “article 63” substitute “ article 88 ”; and
  • (ii) in sub-paragraph (ii) for “article 58.1” substitute “ article 81.1 ”;
  • (b) at the end of paragraph (d) insert “ and ”; and
  • (c) omit paragraph (e).
  • (4) In regulation 9 (disclosure by regulators or regulator workers to certain other persons) —
  • (a) in paragraph (1) after “(3F),” omit “(3G),”;
  • (b) in paragraph (2), for “, (2C) or (2D)” substitute “ or (2C) ”;
  • (c) in paragraph (2ZA) for “article 63” substitute “ article 88 ”;
  • (d) omit paragraph (2D) ;
  • (e) in paragraph (3A)(a) for “article 58.1” substitute “ article 81.1 ”; and
  • (f) omit paragraph (3G) .
  • (5) In regulation 11 (disclosure of confidential information not subject to single market restrictions)—
  • (a) in paragraph (d)—
  • (i) in sub-paragraph (i) for “article 63” substitute “ article 88 ”;
  • (ii) in sub-paragraph (ii) for “article 58.1” substitute “ article 81.1 ”; and
  • (b) omit paragraph (h).
  • (6) After regulation 12(4) (disclosure by and to a Schedule 1 or 2 person or disciplinary proceedings authority) insert—

(5) This regulation does not permit the disclosure of information if— (a) the information is confidential information received by the FCA in the course of discharging its functions as a competent authority under the market abuse regulation or any directly applicable EU regulation made under the market abuse regulation; and (b) the disclosure of the information contravenes the market abuse regulation.

Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001

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  • (1) The Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001 are amended as follows.
  • (2) In regulation 1(2) (citation, commencement and interpretation), in the definition of “tied agent”, for “4.1.25” substitute “ 4.1.29 ”.
  • (3) In regulation 3(2ZA) (contents of regulator's notice), for “31.5” substitute “ 34.6 ”.

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

6
  • (1) The Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013 is amended as follows.
  • (2) In article 2 (qualifying EU provisions: general)—
  • (a) after paragraph (2)(a) insert—

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

  • (b) in paragraph (5) for “2A(6)(d)” substitute “2AB(3)(d)”.
  • (c) after paragraph (6)(a) insert—

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

  • (d) after paragraph (8)(a) insert—

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

  • (3) In article 3 (qualifying EU provisions: disciplinary measures)—
  • (a) after paragraph (2)(a) insert—

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

  • (b) in paragraph (3)(a) after “directive” insert “ or the markets in financial instruments regulation ”.
  • (4) In article 4 (qualifying EU provisions etc: recognised investment exchanges and clearing houses)—
  • (a) after paragraph (3)(a) insert—

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

  • (b) after paragraph (5)(a) insert—

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

  • (c) after paragraph (7)(a) insert—

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

  • (5) In article 5 (qualifying EU provisions: injunctions and restitution)—
  • (a) after paragraph (2)(a) insert—

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

  • (b) in paragraph (5)(a) after “directive” insert “ or the markets in financial instruments regulation ”.
  • (6) In article 6 (qualifying EU provisions: fees)—
  • (a) after paragraph (2)(a) insert—

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

  • (b) after paragraph (4)(a) insert—

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

Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013

7

After regulation 55 of the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (transitional and saving provisions: designation orders under the Financial Markets and Insolvency (Settlement Finality) Regulations 1999) insert—

(55A) (1) The FCA may grant an exemption in accordance with Article 95(2) of the Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments. (2) The FCA must notify ESMA whenever it grants an exemption under paragraph (1).

Financial Services and Markets Act 2000 (PRA-Regulated Activities) Order 2013

8

In article 3(2)(c)(i) of the Financial Services and Markets Act 2000 (PRA-Regulated Activities) Order 2013 (dealing in investments as principal: designation by the PRA), for “31” substitute “ 34 ”.

Financial Services and Markets Act 2000 (Ring-Fenced Bodies and Core Activities) Order 2014

9

In article 10(5)(b) of the Financial Services and Markets Act 2000 (Ring-Fenced Bodies and Core Activities) Order 2014 (declaration of eligibility: determining assets held by an individual) for “4.1(18)” substitute “ 4.1(44) ”.

SCHEDULE 4 — Amendments to other primary legislation

Building Societies Act 1986

1

In section 81B(1) of the Building Societies Act 1986 (interpretation of Part 8), in the definition of “regulated market”, for the words from “Article” to “2004” substitute “ Article 4.1.21 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

Finance Act 1991

2

In section 116(4)(aa) of the Finance Act 1991 (investment exchanges and clearing houses: stamp duty), for the words from “Directive” to “2004” substitute “ Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

Friendly Societies Act 1992

3
  • (1) The Friendly Societies Act 1992 is amended as follows.
  • (2) In section 69A(4) (duty to prepare individual accounts), for the words from “Directive” to “2004” substitute “ Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.
  • (3) In section 69E(5) (duty to prepare group accounts), for the words from “Directive” to “2004” substitute “ Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

Data Protection Act 1998

4

In paragraph 6(3) of Schedule 7 (miscellaneous exemptions) to the Data Protection Act 1998 , in the definition of “instrument”, for the words from “Directive” to “2004” substitute “ Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

Competition Act 1998

5

In paragraph 3(5) of Schedule 3 (general exclusions) to the Competition Act 1998 in paragraph (a) of the definition of “EEA regulated market”, for the words from “Article” to “2004” substitute “ Article 56 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

Terrorism Act 2000

6
  • (1) Schedule 3A to the Terrorism Act 2000 (regulated sector and supervisory authorities) is amended as follows.
  • (2) In paragraph 1(5)(a) for “point 14” substitute “ point 21 ”.
  • (3) In paragraph 3(1) , in the definition of “the Markets in Financial Instruments Directive”, for the words from “2004/36/EC” to “2004” substitute “ 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

Proceeds of Crime Act 2002

7
  • (1) Schedule 9 to the Proceeds of Crime Act 2002 (regulated sector and supervisory authorities) is amended as follows.
  • (2) In paragraph 1(5)(a) for “point 14” substitute “ point 21 ”.
  • (3) In paragraph 3(1) , in the definition of “the Markets in Financial Instruments Directive”, for the words from “2004/39/EC” to “2004” substitute “ 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

Income Tax (Trading and Other Income) Act 2005

8

In section 381E(3) of the Income Tax (Trading and Other Income) Act 2005 (exception for returns from certain shares) for the words from “Directive” to “4.1(14))” substitute “ Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (see Article 4.1.21) ”.

Companies Act 2006

9
  • (1) The Companies Act 2006 is amended as follows.
  • (2) In section 474(1) (minor definitions for Part 15), in the definition of “MiFID investment firm”—
  • (a) for the words from “Directive” to “2004” substitute “ Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”;
  • (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • (3) In section 494A (interpretation), in the definition of “transferable securities”, for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”.
  • (4) In section 519A(2) (meaning of “public interest company”, “non-public interest company” and “exempt reasons”), for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”.
  • (5) In section 539 (minor definitions), in the definition of “MiFID investment firm”—
  • (a) for the words from “Directive” to “2004” substitute “ Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”;
  • (b) at the end of paragraph (a) insert “ and ”; and
  • (c) for paragraphs (b) and (c) substitute—

(b) a company which is an exempt investment firm as defined by regulation 8 (Meaning of “exempt investment firm” in Chapter 1) of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/XXXX);

  • (6) In section 853E(6) (duty to notify trading status of shares) for the definition of “relevant market” substitute—

“relevant market” means— (a) a recognised investment exchange, as defined in section 285(1)(a) (exemption for recognised exemption exchanges and clearance houses) of the Financial Services and Markets Act 2000 (“the Act”); and (b) any other market which is a regulated market, but not an overseas investment exchange, as defined by section 313 (interpretation of Part 18) of the Act..

  • (7) In section 1173 (minor definitions: general)—
  • (a) in subsection (1) —
  • (i) in the definition of “regulated market” for the words from “Directive” to “4.1(14))” substitute “ Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (see Article 4.1.21)) ”;
  • (ii) in the definition of “transferable securities”, for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”; and
  • (b) in subsection (2), in the definition of “regulated market”, for the words from “Council” to “field” substitute “ Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments ”.
  • (8) In section 1241(3) (meaning of “registered third country auditor” and “UK-traded non-EEA company”)—
  • (a) in the definition of “regulated market”, for “Article 4.1(14) of Directive 2004/39/EC” substitute “ Article 4.1.21 of Directive 2014/65/EU ”; and
  • (b) in the definition of “transferable securities”, for “Article 4.1(18)” substitute “ Article 4.1.44 ”.
  • (9) In paragraph 20A of Schedule 10 (recognised supervisory bodies) in the definition of “transferable securities” for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”.

Income Tax Act 2007

10

In section 274(4) of the Income Tax Act 2007 (requirements for the giving of approval)—

  • (a) for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”; and
  • (b) for “Article 4.1(14)” substitute “ Article 4.1.21 ”.

Counter-Terrorism Act 2008

11

In paragraph 7 of Schedule 7 (terrorist financing and money laundering) to the Counter-Terrorism Act 2008 , in the definition of “the markets in financial instruments directive”, for the words from “Directive” to “2004” substitute “ Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

Corporation Tax Act 2010

12

In section 1158(4) (meaning of “investment trust”) of the Corporation Tax Act 2010 —

  • (a) for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”; and
  • (b) for “Article 4.1(14)” substitute “ Article 4.1.21 ”.

Finance Act 2010

13

In paragraph 45(15) of Schedule 1 (bank payroll tax) to the Finance Act 2010 , for the words from “Directive” to “2004” substitute “ Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

Finance Act 2011

14

In paragraph 13(4) of Schedule 19 to the Finance Act 2011 (the bank levy) in the definition of “dealing on own account”, for the words from “Directive” to “2004” substitute “ Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

Financial Services (Banking Reform) Act 2013

15

In section 11(3)(b) of the Financial Services (Banking Reform) Act 2013 (review of proprietary trading: interpretation), for the words from “Directive” to “2004” substitute “ Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

SCHEDULE 5 — Amendments to other secondary legislation

Income Tax (Manufactured Overseas Dividends) Regulations 1993

1

In regulation 5B(6) of the Income Tax (Manufactured Overseas Dividends) Regulations 1993 (chains of payments involving central counterparties), in paragraph (b) of the definition of “recognised investment exchange”, for the words from “2004/39/EC” to “April 2004” substitute “ 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

Financial Markets and Insolvency (Settlement Finality) Regulations 1999

2

In regulation 2(1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 (interpretation)—

  • (a) in paragraph (b) of the definition of “institution”, for the words from “2004/39/EC” to “April 2004” substitute “ 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”;
  • (b) in the definition of “securities”, for the words from “2004/39/EC” to “April 2004” substitute “ 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

Uncertificated Securities Regulations 2001

3

In paragraph 28 of Schedule 1 to the Uncertificated Securities Regulations 2001 (requirements for approval of a person as operator)—

  • (a) omit sub-paragraph (3) ; and
  • (b) in sub-paragraph (4) —
  • (i) in the definition of “branch”, for “4.1.26” substitute “ 4.1.30 ”;
  • (ii) in the definition of “financial instrument”, for “4.1.17” substitute “ 4.1.15 ”;
  • (iii) in the definition of “markets in financial instruments directive” for “2004/39/EC” substitute “ 2014/65/EU ”; and
  • (iv) in the definition of “markets in financial instruments directive” for “21st April 2004” substitute “ 15 May 2014 ”.

Insurers (Reorganisation and Winding Up) Regulations 2004

4

In regulation 44(3) of the Insurers (Reorganisation and Winding Up) Regulations 2004 (regulated markets)—

  • (a) for “4.1.14” substitute “ 4.1.21 ”;
  • (b) for “2004/39/EC” substitute “ 2014/65/EU ”;
  • (c) for “21 April 2004” substitute “ 15 May 2014 ”.

Credit Institutions (Reorganisation and Winding Up) Regulations 2004

5

In regulation 31(3) of the Credit Institutions (Reorganisation and Winding Up) Regulations 2004 (protection of third party purchasers)—

  • (a) for “2004/39/EC” substitute “ 2014/65/EU ”;
  • (b) for “21 April 2004” substitute “ 15 May 2014 ”.

Occupational Pension Schemes (Investment) Regulations 2005

6

In regulation 4(11) of the Occupational Pension Schemes (Investment) Regulations 2005 (investment by trustees)—

  • (a) in the definition of “derivative instrument”, for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”;
  • (b) in paragraph (b) of the definition of “regulated market”, for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”.

Authorised Investment Funds (Tax) Regulations 2006

7

In regulation 14ZD(6)(b) of the Authorised Investment Funds (Tax) Regulations 2006 (index tracking funds), for the definition of “regulated market” substitute—

“regulated market” has the same meaning as in Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (see article 4.1.21).

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

8

Parts 2 and 3 of, and Schedules 7 to 9 to, the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 are revoked.

Payment Services Regulations 2009

9

In regulation 19(15) of the Payment Services Regulations 2009 (safeguarding requirements), in the definition of “authorised custodian”—

  • (a) for “Directive 2004/39/EC of 12th April 2004” substitute “ Directive 2014/65/EU of 15th May 2014 ”;
  • (b) for “Article 13” substitute “ Article 16 ”.

Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009

10

In article 1(3) of the Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009 (citation, commencement and interpretation)—

  • (a) in the definition of “financial instrument”, in paragraph (a), for “Chapter VI of the Commission Regulation 1287/2006/EC” substitute “ Articles 5 to 8, 10 and 11 of the Commission Delegated Regulation (EU) C(2016) 2398 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council ”;
  • (b) in the definition of “Markets in Financial Instruments Directive”, for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”;
  • (c) in the definition of “transferable securities”, for “4(18)” substitute “ 4.44 ”.

Offshore Funds (Tax) Regulations 2009

11

In regulation 12 of the Offshore Funds (Tax) Regulations 2009 (general interpretation) , in the definition of “regulated market”—

  • (a) for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”;
  • (b) for “4.1(14)” substitute “ 4.1.21 ”.

Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010

12

In regulation 35(2) of the Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010 (further conditions applicable to automatic enrolment schemes), in paragraph (b) of the definition of “competent authority”, for “paragraph 22 of Article 4 of Directive 2004/39/EC” substitute “ paragraph 26 of Article 4 of Directive 2014/65/EU ”.

Electronic Money Regulations 2011

13

In regulation 21(7) of the Electronic Money Regulations 2011 (safeguarding option 1), in the definition of “authorised custodian”—

  • (a) for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”;
  • (b) for “Article 13” substitute “ Article 16 ”.

Recognised Auction Platforms Regulations 2011

14
  • (1) Schedule 3 (modifications of Chapter 3A of Part 18 of the Financial Services and Markets Act 2000 in relation to recognised auction platforms and EEA market operators of auction platforms) of the Recognised Auction Platforms Regulations 2011 is amended as follows.
  • (2) In paragraph 1(a), for “regulated market” substitute “ trading venue ”.
  • (3) In paragraph 2(a), for “regulated market” substitute “ trading venue ”.
  • (4) In paragraph 3—
  • (a) in sub-paragraph (a), for “regulated market” substitute “ trading venue ”;
  • (b) in sub-paragraph (b), for “42.6” substitute “ 53.6 ”;
  • (5) In paragraph 4, for “42.6” substitute “ 53.6 ”.

Investment Trust (Approved Company) (Tax) Regulations 2011

15

In regulation 45(6)(b) of the Investment Trust (Approved Company) (Tax) Regulations 2011 (index tracking funds), for the words from “Directive” to “(see article 4.1(14))” substitute “ Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (see article 4.1.21) ”.

Supervision of Accounts and Reports (Prescribed Body) and Companies (Defective Accounts and Directors' Reports) (Authorised Person) Order 2012

16

In article 1(3) of the Supervision of Accounts and Reports (Prescribed Body) and Companies (Defective Accounts and Directors' Reports) (Authorised Person) Order 2012 (citation, coming into force and interpretation), in the definition of “regulated market” for the words from “Article” to “April 2004” substitute “ Article 4.1.21 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

Unauthorised Unit Trusts (Tax) Regulations 2013

17

In regulation 23(3) (no tax charge for disposal of interests in offshore non-reporting funds: qualifying index) of the Unauthorised Unit Trusts (Tax) Regulations 2013 for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”.

Capital Requirements Regulations 2013

18

In regulation 33 of the Capital Requirements Regulations 2013 (colleges of supervisors)—

  • (a) in paragraph (4)(d), for “Articles 54 and 58 of Directive 2004/39/EC” substitute “ Articles 76 and 81 of Directive 2014/65/EU ”;
  • (b) in paragraph (8), for “Articles 54 and 58 of Directive 2004/39/EC” substitute “ Articles 76 and 81 of Directive 2014/65/EU ”.

Stamp Duty and Stamp Duty Reserve Tax (Exchange Traded Funds) (Exemption) Regulations 2014

19

In regulation 2 of the Stamp Duty and Stamp Duty Reserve Tax (Exchange Traded Funds) (Exemption) Regulations 2014 (interpretation), in the definition of “multilateral trading facility” and “regulated market”, for the words from “Directive” to “April 2004” substitute “ Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

Financial Services Act 2012 (Relevant Functions in Relation to Complaints Scheme) Order 2014

20
  • (1) The Financial Services Act 2012 (Relevant Functions in Relation to Complaints Scheme) Order 2014 is amended as follows.
  • (2) After article 2(d) (relevant functions of the FCA) insert—

(e) its functions under the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017, other than its functions under regulation 32 (guidance) of those Regulations. (f) its functions under the Data Reporting Services Regulations 2017 , other than its functions under regulation 21 (guidance) of those Regulations.

  • (3) After article 2 (relevant functions of the FCA) insert—

(3) The functions of the PRA under the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 are relevant functions for the purposes of section 85(2) of the Financial Services Act 2012.

Public Interest Disclosure (Prescribed Persons) Order 2014

21

In the Schedule to the Public Interest Disclosure (Prescribed Persons) Order 2014 , in the entry in the second column relating to the entry in the first column for the Financial Conduct Authority—

  • (a) at the end of paragraph (k) omit “and”; and
  • (b) after paragraph (l) insert—

(m) the conduct of persons who are subject to— (i) Part 3 and 4 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017; (ii) the Data Reporting Services Regulations 2017; or (iii) Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.

Reports on Payments to Governments Regulations 2014

22

In regulation 2(1) of the Reports on Payments to Governments Regulations 2014 (interpretation), in paragraph (a) of the definition of “public interest entity” for the words from “point (14)” to “April 2004” substitute “ point (21) of Article 4.1 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

Public Contracts Regulations 2015

23

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Signed

David Evennett — Andrew Griffiths — Two Lords Commissioners of Her Majesty's Treasury — 2017-06-21

Explanatory note

(This note is not part of the Regulations)

Footnotes

[^f00001]: S.I. 2012/1759.

[^f00002]: 1972 c.68. Section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c. 51) and by section 3 of, and the Schedule to, the European Union (Amendment) Act 2008 (c. 7). By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c.51) regulations may be made under section 2(2) of the European Communities Act to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting the Agreement signed at Brussels on 17th March 1993 (Cm 2183).

[^f00003]: Subsection (1) was amended by paragraph 2(2) of Schedule 8 to the Financial Services Act 2012 (c.21).

[^f00004]: Subsection (4F) was inserted by section 30 of the Financial Services Act 2012.

[^f00005]: Section 137R was inserted by section 24(1) of the Financial Services Act 2012.

[^f00006]: Section 213 was amended by S.I. 2011/1613 and paragraph 1 and 3 of Schedule 10 to the Financial Services Act 2012.

[^f00007]: Section 214 was amended by section 174(1) of the Banking Act 2009 (c.1) and paragraph 1 and 4 of Schedule 10 to the Financial Services Act 2012

[^f00008]: Schedule IZA was inserted by paragraph 1 of Schedule 3 to the Financial Services Act 2012.

[^f00009]: S.I. 2013/419.

[^f00010]: Paragraph 4C was inserted by S.I. 2001/1376.

[^f00011]: S.I. 2001/995, to which there are amendments not relevant to these Regulations.

[^f00012]: Article 55 was amended by Article 1.14 of Regulation (EU) No 2016/1033 of the European Parliament and of the Council of 23 June 2016 amending Regulation (EU) no 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories (OJ L 175, 30.6.2016, p. 1).

[^f00013]: Section 312A(1)(b) was inserted by S.I. 2007/126 and amended by paragraph 33 of Schedule 8 to the Financial Services Act 2012.

[^f00014]: Section 312C was inserted by S.I. 2007/126 and amended by paragraph 35 of Schedule 8 to the Financial Services Act 2012.

[^f00015]: Section 347(1) was amended by S.I. 2007/126, 2013/1388, and 2015/910.

[^f00016]: Paragraph 13(1) was amended by S.I. 2003/1473 and 2015/910.

[^f00017]: Paragraph 13 (1B) was inserted by paragraph 2(3) of Schedule 4 to the Financial Services Act 2012.

[^f00018]: Paragraph 13(1C) was inserted by paragraph 2(3) of Schedule 4 to the Financial Services Act 2012.

[^f00019]: Paragraph 13(1D) was inserted by paragraph 2(3) of Schedule 4 to the Financial Services Act 2012.

[^f00020]: Paragraph 13(1E) was inserted by paragraph 2(3) of Schedule 4 to the Financial Services Act 2012.

[^f00021]: Paragraph 13(1F) was inserted by paragraph 2(3) of Schedule 4 to the Financial Services Act 2012.

[^f00022]: Paragraph 14(1)(ba) was inserted by S.I. 2007/126 and amended by paragraph 3(2) of Schedule 4 to the Financial Services Act 2012.

[^f00023]: Paragraph 14(1B) was inserted by paragraph 3(3) of Schedule 4 to the Financial Services Act 2012.

[^f00024]: Paragraph 14(1C) was inserted by paragraph 3(3) of Schedule 4 to the Financial Services Act 2012.

[^f00025]: Paragraph 14(1D) was inserted by paragraph 3(3) of Schedule 4 to the Financial Services Act 2012.

[^f00026]: Paragraph 14(1E) was inserted by paragraph 3(3) of Schedule 4 to the Financial Services Act 2012.

[^f00027]: Paragraph 19(2) was amended by paragraph 10(2) of Schedule 4 to the Financial Services Act 2012.

[^f00028]: Paragraph 19(4) was amended by was amended by paragraph 10(2) of Schedule 4 to the Financial Services Act 2012.

[^f00029]: Paragraph 19(7B) was inserted by S.I. 2007/126 and amended by paragraph 10(2) of Schedule 4 to the Financial Services Act 2012.

[^f00030]: Paragraph 19(8) was amended by paragraph 10(2) of Schedule 4 to the Financial Services Act 2012.

[^f00031]: Paragraph 19(11) was amended by paragraph 10(2) of Schedule 4 to the Financial Services Act 2012.

[^f00032]: Paragraph 19(12) was amended by S.I. 2003/2066, paragraph 10(2) of Schedule 4 to the Financial Services Act 2012, and S.I. 2013/3115.

[^f00033]: Paragraph 20(1) was amended by S.I. 2007/3253, paragraph 11(2) of Schedule 4 to the Financial Services Act 2012, S.I. 2013/1773, and S.I. 2015/575.

[^f00034]: Paragraph 20(3) was amended by S.I. 2003/2066, S.I. 2007/126, paragraph 11(2) of Schedule 4 to the Financial Services Act 2012, S.I. 2013/3115, and S.I. 2015/910.

[^f00035]: Paragraph 20(4) was amended by S.I. 2001/1376 and paragraph 11(2) of Schedule 4 to the Financial Services Act 2012

[^f00036]: S.I. 2001/2511.

[^f00037]: Regulation 4 was amended by S.I. 2003/2066, 2006/3385, and 2013/642.

[^f00038]: Regulation 4A was inserted by S.I. 2006/3385.

[^f00039]: Regulation 5A was inserted by S.I. 2006/3385.

[^f00040]: Regulation 11 was amended by S.I. 2006/3385, 2003/2066, 2013/642, and 2013/3115.

[^f00041]: Regulation 11A was inserted by S.I. 2006/3385 and amended by S.I. 2013/642.

[^f00042]: Regulation 12A was inserted by S.I. 2006/3385 and amended by S.I. 2013/642.

[^f00043]: S.I. 2001/544.

[^f00044]: S.I. 2017/488.

[^f00045]: 2000 c.8.

[^f00046]: OJ No L 331, 15.12.2010, p.84.

[^f00047]: OJ L 87, 31.3.2017, p. 1.

[^f00048]: OJ No L 173, 12.06.2014, p.1.

[^f00049]: OJ No L 173, 12.06.2014, p.349; the Directive was amended by Regulation (EU) No 909/2014 of the European Parliament and of the Council of 23 July 2014 (OJ No L 257, 28.8.2014 p.1) and Directive (EU) 2016 of the European Parliament and of the Council of 23 June 2016 (OJ No L 175 30.6.2016 p.8).

[^f00050]: OJ No L 173, 12.06.2014, p.84.

[^f00051]: Section 55A(5) was inserted by section 11(2) of the Financial Services Act 2012.

[^f00052]: Section 285(1)(a) was amended by S.I. 2013/504.

[^f00053]: Section 22 was amended by section 7(1)(a) to (d) of the Financial Services Act 2012.

[^f00054]: Part 4A was inserted by section 11(2) of the Financial Services Act 2012.

[^f00055]: Section 137G was inserted by section 24(1) of the Financial Services Act 2012.

[^f00056]: Section 313(1) was amended by S.I. 2013/504; there are other amendments but none is relevant.

[^f00057]: Section 2B(5) was inserted by section 6(1) of the Financial Services Act 2012.

[^f00058]: Section 55A was inserted by section 11(2) of the Financial Services Act 2012.

[^f00059]: Section 55H was inserted by section 11(2) of the Financial Services Act 2012 and amended by S.I. 2013/1773.

[^f00060]: Section 55I was inserted by section 11(2) of the Financial Services Act 2012.

[^f00061]: Section 55L was inserted by section 11(2) of the Financial Services Act 2012.

[^f00062]: Section 55M was inserted by section 11(2) of the Financial Services Act 2012.

[^f00063]: Section 55X(1) was inserted by section 11(2) of the Financial Services Act 2012.

[^f00064]: Section 55X(4) was inserted by section 11(2) of the Financial Services Act 2012.

[^f00065]: Section 55Z3 was inserted by section 11(2) of the Financial Services Act 2012.

[^f00066]: OJ No L 176, 27.6.2013, p. 338.

[^f00067]: OJ L315, 14/11/2012, p.74.

[^f00068]: S.I. 2007/126; regulation 9A was inserted by S.I. 2007/763.

[^f00069]: Regulation 4C was inserted by S.I. 2007/263 and was amended by S.I. 2013/472 and 2013/3115.

[^f00070]: Regulation 4(1) and (2) were amended by S.I. 2013/472.

[^f00071]: Paragraph 14(1)(b) was amended by S.I. 2003/1473, paragraph 3(2) of Schedule 4 to the Financial Services Act 2012, and S.I. 2015/910.

[^f00072]: Sub-paragraphs (1)(b) and (ba) of paragraph 14 were amended as mentioned previously. The remaining provisions of paragraph 14 were amended by S.I. 2003/1473, paragraphs (2), (3), (4), (5), (6)(a) and (b), and (7) of Schedule 4 to the Financial Services Act 2012, S.I. 2012/1906, S.I. 2013/1773, and S.I. 2015/910,

[^f00073]: Paragraph 5(a) was amended by S.I. 2007/126.

[^f00074]: Section 197 was amended by paragraph 37(2), (3), (4)(a) and (b), and (5) of Schedule 4 to the Financial Services Act 2012.

[^f00075]: Section 199 was amended by S.I. 2007/126, S.I. 2007/3253, S.I. 2011/1613, paragraph 39(2) to (5) of Schedule 4 to the Financial Services Act 2012, and S.I. 2012/916, S.I. 2012/2015 and S.I. 2013/1773.

[^f00076]: OJ L331, 15/12/2010, p.84.

[^f00077]: S.I. 2001/544; article 3(1) was amended by S.I. 2006/3384, there are other amendments but none is relevant.

[^f00078]: S.I. 2001/544; article 72 was amended by S.I. 2003/1476, 2006/2383 and 3384, 2009/1342, 2013/504 and 2015/910.

[^f00079]: Section 1B(3) was inserted by section 6(1) of the Financial Services Act 2012.

[^f00080]: Section 347 was amended by S.I. 2007/126 paragraph 16(2), (3), (4)(a) and (b) and (5) of the Financial Services Act 2012, section 34(2)(a) and (b), (3) and (4) of, and paragraph 11 of Schedule 5 to, the Financial Services (Banking Reform) Act (c.33) 2013, S.I. 2013/1388, and S.I. 2015/910.

[^f00081]: S.I. 2001/995; there are amendments to regulation 3 but none is relevant.

[^f00082]: Section 138A was inserted by section 24(1) of the Financial Services Act 2012 and amended by paragraph 8 of Schedule 3 to the Financial Services (Banking Reform) Act 2013 and S.I. 2013/1388.

[^f00083]: S.I. 2001/544; article 85(4A) and (4B) were inserted by S.I. 2017/488.

[^f00084]: 2005 c.19.

[^f00085]: OJ No L173, 12/6/2014, p84.

[^f00086]: Section 2B was inserted by section 6 of the Financial Services Act 2012 (c.21).

[^f00087]: Sections 1B and 1F were inserted by section 6 of the Financial Services Act 2012.

[^f00088]: Section 2B was inserted by section 6 of the Financial Services Act 2012 and amended by section 1 of the Financial Services (Banking Reform) Act 2013 (c.33).

[^f00089]: Section 2H was substituted by section 130 of the Financial Services (Banking Reform) Act 2013.

[^f00090]: Section 3D was inserted by section 6 of the Financial Services Act 2012.

[^f00091]: Sections 139A and 139B were inserted by section 24 of the Financial Services Act 2012. There are amendments to section 139A but none is relevant.

[^f00092]: Section 393(4) was amended by paragraph 32 of Schedule 9 to the Financial Services Act 2012.

[^f00093]: Part 9 was amended by section 23 of the Financial Services Act 2012, section 4 of the Financial Services (Banking Reform) Act 2013, paragraph 83 of Schedule 9 to the Crime and Courts Act 2013 (c.22), S.I. 2010/22, 2013/1388, 2014/3329 and 2016/680.

[^f00094]: Part 11 was amended by paragraph 54 of Schedule 26 to the Criminal Justice Act 2003 (c.44), paragraph 33 of Schedule 7 to the Counter Terrorism Act 2008 (c.28), section 18 of and Schedule 2 to the Financial Services Act 2010 (c.28), Schedule 12 to and paragraph 8 of Schedule 18 to the Financial Services Act 2012, paragraphs 36 and 37 of Schedule 2 to the Bank of England and Financial Services Act 2016 (c.14), paragraph 9 of Schedule 2 to the Investigatory Powers Act 2016 (c.25), S.I. 2001/1090, 2005/1433, 2007/126, 2011/1043, 2012/2554, 2013/1773, 2015/575 and 2016/680. There are other amendments but none is relevant.

[^f00095]: Section 348 was amended by paragraph 26 of Schedule 2 to the Financial Services Act 2010 (c.28), paragraph 18 of Schedule 12 to the Financial Services Act 2012, paragraph 5 of Schedule 8 to the Financial Services (Banking Reform) Act 2013, paragraph 45 of Schedule 2 to the Bank of England and Financial Services Act 2016 and S.I. 2016/1239. Section 349 was amended by section 964 of the Companies Act 2006 (c.46), paragraph 19 of Schedule 12 to the Financial Services Act 2012, S.I. 2006/1183, 2007/1093 and 2011/1043. Section 352 was amended by paragraph 54 of Schedule 26 to the Criminal Justice Act 2003 (c.44).

[^f00096]: Part 25 was amended by paragraphs 19, 21, 23, 24 and 25 of Schedule 9 to the Financial Services Act 2012, paragraph 3 of Schedule 10 to the Financial Services (Banking Reform) Act 2013 and S.I. 2007/126, 2013/1773, 2015/1755, 2016/225 and 680. There are other amendments but none is relevant.

[^f00097]: Part 26 was amended by paragraph 11 of Schedule 4 to the Regulation of Investigatory Powers Act 2000 (c.23), sections 13 and 24 of and paragraphs 28 and 29 of Schedule 2 to the Financial Services Act 2010, sections 17, 18, 19 and 24 of and paragraph 37 of Schedule 8, Schedule 9 and paragraph 8 of Schedule 13 to the Financial Services Act 2012, section 4 of and Schedule 3 to the Financial Services (Banking Reform) Act 2013, paragraph 43 of Schedule 10 to the Investigatory Powers Act 2016, S.I. 2005/381, 2005/1433, 2007/126, 2007/1973, 2009/534, 2010/22, 2010/747, 2012/916, 2013/1388, 2013/3115, 2014/2879, 2015/1755, 2016/225, 2016/680, 2016/715 and 2016/1239. There are other amendments but none is relevant.

[^f00098]: Section 425A was inserted by paragraph 32 of Schedule 2 to the Financial Services Act 2010 and amended by S.I. 2013/655 and 2013/3115.

[^f00099]: Part 27 was amended by section 95 of and paragraphs 37, 38 and 40 of Schedule 9 to the Financial Services Act 2012 and S.I. 2013/1881 and 2016/1239. There are other amendments but none is relevant.

[^f00100]: Schedule 1ZA was inserted by Schedule 3 to the Financial Services Act 2012 and is amended by section 109 of, paragraph 7 of Schedule 8 to and paragraph 4 of Schedule 10 to the Financial Services (Banking Reform) Act 2013, section 29 of the Bank of England and Financial Services Act 2016 and S.I. 2013/1773. There are other amendments but none is relevant.

[^f00101]: Schedule 1ZB was inserted by Schedule 3 to the Financial Services Act 2012 and is amended by section 109 of, paragraph 7 of Schedule 8 to and paragraph 4 of Schedule 10 to the Financial Services (Banking Reform) Act 2013, paragraph 50 of Schedule 2 to the Bank of England and Financial Services Act 2016 and S.I. 2013/1773. There are other amendments but none is relevant.

[^f00102]: S.I. 2001/1420.

[^f00103]: S.I. 2001/2188.

[^f00104]: S.I. 2001/2587.

[^f00105]: Subsection (1ZA) was inserted by S.I. 2015/910.

[^f00106]: Subsection (1A) was inserted by S.I. 2007/126 and amended by S.I. 2015/910.

[^f00107]: Subsection (IB) was inserted by S.I. 2007/126 and amended by paragraph 5(2) of Schedule 18 to the Financial Services Act 2012 (c.21).

[^f00108]: Subsection (7) was inserted by S.I. 2007/126.

[^f00109]: Subsection (8) was inserted by S.I. 2007/126.

[^f00110]: Section 39A was inserted by S.I. 2007/126.

[^f00111]: Paragraph (c) was amended by paragraph 6 of Schedule 18 to the Financial Services Act 2012.

[^f00112]: Section 55K was inserted by section 11(2) of the Financial Services Act 2012.

[^f00113]: Section 55R was inserted by section 11(2) of the Financial Services Act 2012.

[^f00114]: Subsection (6) was inserted by S.I. 2013/3115.

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