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

[^key-84e835e3e1a05762bae4bc86dc8ea3c3]: Words in reg. 32(7) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 10(1)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-2009e2d72819cd43a4a8993a80ee61fa]: Word in reg. 32(8)(a) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 10(1)(d)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-4c2bdafe590c8f7dbcbbb52e78040905]: Reg. 32(8)(b) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 10(1)(d)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-c66e78b10a7802b37385fac5d8dc7d16]: Words in reg. 32(10) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 10(1)(e) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-58f3cc82ac25ed606a5746eaaa98b943]: Reg. 30(1A)(1B) inserted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 9(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-26498127b0ff48bd3af45cd7d8abd285]: Words in reg. 30(1)(a) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 9(2)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-37eb8e753723058095cdb52606aea417]: Reg. 30(1)(b) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 9(2)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-6c46176ddd2f9e765c1c345a01efcd37]: Words in reg. 30(1)(c) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 9(2)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-75e8c9c238d3e6f95e45784c9c84cc3b]: Words in reg. 30(6) inserted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 9(4) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-06d99d4cb675f1c7de386bc6ce167101]: Reg. 30(7) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 9(5) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-80336ad7c775d821fdc340826284358e]: Words in reg. 30(9) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 9(6) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-abd3ef967c5a4121a7b399183dbf2759]: Words in reg. 30(12) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 9(7)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-3364edca44bb4213ee46768c2fc92cbc]: Words in reg. 30(12) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 9(7)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-b56913748218fdc3a0d1353dfb75e897]: Words in reg. 30(12) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 9(7)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-53a74bfc5bf546c0e148bfe1cbeab38f]: Words in reg. 30(12) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 9(7)(d) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-fe8a331d85324be0e6f1bb230a734657]: Words in reg. 19 heading substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(11)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-a786a694710a7c07ecefd474754279b7]: Words in reg. 19(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(11)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-d92e7bde163c184c728dca7350dbe936]: Words in reg. 25(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(13)(a) (as amended by S.I. 2019/710, regs. 1(2), 16(5) and with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-792753650b36a64ce22c69b8387bebf3]: Reg. 25(5)-(7) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(13)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-25f8884d8ac090a14ee1ac05cef445d3]: Reg. 9 omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(4) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-79994c2a75d1ba9914c43e7413e6d649]: Reg. 10 omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(4) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-feaab3794b0229d6dd1de88e510d98a4]: Reg. 24 omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(12) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-8f8d6b20b09411baf2acbc29c24d3b27]: Words in reg. 26 heading omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(14)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-45ae4430fe95b76366de75e451944042]: Reg. 26(2) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(14)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-79dab55430d668d5051db6658473a496]: Words in reg. 28(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(15)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-b9ca23f45c940f9f49076dc2878782ae]: Words in reg. 28(2) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(15)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-d04edb988049d5902c9e8918e02a56ef]: Reg. 28A omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(16) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-318aea8f32a454ee36a566a3791b3550]: Reg. 31(3) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 9(8) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-3d9acfa58819f36dd11cf3a08ab2aa9c]: Reg. 33(2) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 10(2) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-430f180af4387656ef5d37c90e2f4c3e]: Words in reg. 38(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 14 (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-374977519501cc5793a2a963a727dcaf]: Reg. 41 omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 15(1) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-53f0b4f2ffcefe509ced8623e7804efe]: Reg. 42 omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 15(1) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-b232f87115ccb1da35637325952327a9]: Reg. 43 omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 15(1) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-4981431c4118f776c620a3961f942cf0]: Reg. 44(3) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 15(2) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-b6197e5dd6192dac726657fe554c185b]: Words in reg. 2(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-43f043ddc120bdcc22a9ddf5f324f64b]: Words in reg. 2(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(b) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-7d629bd18e453ffa95489ae7ec88c408]: Words in reg. 2(1) inserted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(c) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-c3ffc0c44d73667685ffd9c009e3bcdc]: Words in reg. 2(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(d) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-70592268ec88db31f88a8cda19683cce]: Words in reg. 2(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(e) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-6ba719be10861381a403eb9159d5b337]: Words in reg. 2(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(f) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-be6e7f655f934a4ac373b10ffaf0ac60]: Words in reg. 2(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(g) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-38556cc32c8f122df17f208051ff3dcc]: Words in reg. 2(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(h) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-5893ff4a55067e98b21bfb50f5615e43]: Words in reg. 2(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-4043cafed0dd40cc8370aec86a9a13a6]: Words in reg. 2(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(j) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-3bc8028551162a0f7499594710a0a883]: Words in reg. 2(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(k) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-f05ea55754d5b01ced67c245373a83ec]: Words in reg. 2(1) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(l) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-334e266efeaacee8a0b0c38ac920fd07]: Words in reg. 2(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(m) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-a4959fa7064dca9323a7843bef97de5f]: Words in reg. 2(1) inserted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(n) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-44282c6669c579370be2bb11f99d5872]: Words in reg. 2(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(o) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-3e996d46b02292f0152a6fb585861a1f]: Words in reg. 2(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(p) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-cf4f33c59a2f24b0d328be39fb5a396e]: Words in reg. 2(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(q) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-95cb6a43dbb89d7def681b1eb3f0513a]: Words in reg. 2(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(r) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-ff9564a9abbb1950c6cf0988ee25aa9a]: Words in reg. 2(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(s) (with savings in S.I. 2019/680, reg. 11) (as amended by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), regs. 1(2), 16(4)(a)(b)); 2020 c. 1, Sch. 5 para. 1(1)

[^key-d44b824540a553489c3b696697e3c634]: Words in reg. 2(1) inserted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(t) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-1555cb878ded2cf80e507158969a8adb]: Words in reg. 2(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(u) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-610914c03f4ff4f74b6158d1d5077e4b]: Words in reg. 2(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(1)(v) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-8f645602ea5239a5db2feb85e07403bc]: Reg. 2(3)-(5) inserted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 7(2) (with savings in S.I. 2019/680, reg. 11) (as amended by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 12(b)); 2020 c. 1, Sch. 5 para. 1(1)

[^key-6e311030246126a2f688901fcce8ba79]: Reg. 45 omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 15(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-7c8fc4a1dfcad0998f6a4ad9dbc794fb]: Reg. 46 omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 15(3) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-63179618661eb26588842e43ede61f55]: Words in Sch. 1 para. 1 substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 16(1) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

[^key-1ca7d539f86f68f76f54a74ecece0d1c]: Words in reg. 6(6) substituted (1.1.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/1376), regs. 1(3), 22

[^key-2b36a72a93a6ae7dc2d60f8ca21c3349]: Words in reg. 6(3)(c)(iii) inserted (17.8.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2022 (S.I. 2022/838), regs. 1(2), 11(a) (with regs. 24-26)

[^key-8f82c9251c708dadd0a9a57b01d1e329]: Words in reg. 6(6) inserted (17.8.2022) by The Financial Services Act 2021 (Prudential Regulation of Credit Institutions and Investment Firms) (Consequential Amendments and Miscellaneous Provisions) Regulations 2022 (S.I. 2022/838), regs. 1(2), 11(b) (with regs. 24-26)

[^M_F_1774686d-a781-4120-bc34-a2bdfefbf6e6]: Words in reg. 2A substituted (31.12.2020 immediately before IP completion day) by S.I. 2018/1403, regs. 1(2), 2 (as amended by The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), reg. 1(4), Sch. para. 1(1)(2)(l))

[^key-20a739bb371a55082749ef78d86396f5]: Reg. 47B(1)(a)(i) omitted (1.1.2024) by virtue of The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (S.I. 2023/1410), regs. 1(2), 12

[^key-6abbf23f51294ed384e5966641725bd8]: Reg. 15A inserted (29.10.2024 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 45 (with s. 2(3)); S.I. 2024/1071, reg. 3(c)(ii)

[^key-9cde550c355a3e4e2e61f0f82f9495c7]: Words in reg. 29(2) inserted (29.10.2024 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 49(a) (with s. 2(3)); S.I. 2024/1071, reg. 3(c)(iii)

[^key-ce8d0383bf5e37787888912effbf102d]: Words in reg. 29(2) inserted (29.10.2024 for specified purposes) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 49(b) (with s. 2(3)); S.I. 2024/1071, reg. 3(c)(iii)

[^key-2223e5dd373889d080bf0f5bcc895c7e]: Words in reg. 29(2) substituted (1.12.2024) by The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2024 (S.I. 2024/1115), regs. 2(1)(e), 6

[^key-a35d0356e78dd18667842874e7acf9ee]: Words in reg. 30(1B)(c) substituted (1.1.2025) by The Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) Order 2023 (S.I. 2023/548), arts. 1(2), 3(2)(a)

[^key-426a4bcc6bab947ddea37b6faccc226a]: Words in reg. 30(1B)(c) substituted (1.1.2025) by The Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) Order 2023 (S.I. 2023/548), arts. 1(2), 3(2)(b)

[^key-749413057469700a1cec88a5a9c8856d]: Reg. 47 heading substituted (1.1.2025) by The Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) Order 2023 (S.I. 2023/548), arts. 1(2), 3(3)(a)

[^key-579c9f3836dae86cb66cef00bb8614c1]: Reg. 47(1)(a) omitted (1.1.2025) by virtue of The Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) Order 2023 (S.I. 2023/548), arts. 1(2), 3(3)(b)

[^key-eb7fd51f2da1200e87e8e0b8cabab121]: Words in reg. 47(1)(b) omitted (1.1.2025) by virtue of The Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) Order 2023 (S.I. 2023/548), arts. 1(2), 3(3)(c)(i)

[^key-924a55a15f6f1cfa4306b6615e3d7247]: Words in reg. 47(1)(b) omitted (1.1.2025) by virtue of The Financial Services and Markets Act 2000 (Commodity Derivatives and Emission Allowances) Order 2023 (S.I. 2023/548), arts. 1(2), 3(3)(c)(ii)

[^key-df68901479ebc83583e8301415476c4f]: Sch. 5 para. 23 revoked (24.2.2025) by The Procurement Act 2023 (Consequential and Other Amendments) Regulations 2025 (S.I. 2025/163), reg. 1(2), Sch. Pt. 2

[^key-a3a9323f20d7cd2aa82098302e181bea]: Word in reg. 1(3)(b)(i) substituted (27.2.2025) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025 (S.I. 2025/82), reg. 1(2), Sch. 9 para. 22(a)

[^key-50e961383409f5e70c4430311e0afe6a]: Word in reg. 1(3)(b)(ii) substituted (27.2.2025) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025 (S.I. 2025/82), reg. 1(2), Sch. 9 para. 22(a)

[^key-8593986976f33620300897c46a4e2537]: Word in reg. 2A substituted (27.2.2025) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025 (S.I. 2025/82), reg. 1(2), Sch. 9 para. 22(b)

[^key-fa14720c2ef1eff2af124f3b7ce5a86f]: Word in reg. 38(1)(c) substituted (27.2.2025) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025 (S.I. 2025/82), reg. 1(2), Sch. 9 para. 22(c)

[^key-94ce23018caaec751d3c5334b00f7bb8]: Word in Sch. 1 para. 2 heading substituted (27.2.2025) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025 (S.I. 2025/82), reg. 1(2), Sch. 9 para. 22(d)(i)

[^key-13f460cfda1c5d1b413f1a6d34092f22]: Words in Sch. 1 para. 2(1)(a) substituted (27.2.2025) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025 (S.I. 2025/82), reg. 1(2), Sch. 9 para. 22(d)(ii)

[^key-67da28ae09e30a6f01f4348a96b94a88]: Word in Sch. 1 para. 2(2) substituted (27.2.2025) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025 (S.I. 2025/82), reg. 1(2), Sch. 9 para. 22(d)(iii)

[^key-f58bd56fa189704c6f25775c02c78b25]: Reg. 2B inserted (23.10.2025) by The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 13(3) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)

[^key-ec7e4fc300ea69803db2fb58288d9068]: Reg. 2(1A)(1B) inserted (23.10.2025) by The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 13(2)(b) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)

[^key-99620c0b5c5fe67e3c1ef36ba505f260]: Words in reg. 2(1) inserted (23.10.2025) by The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 13(2)(a)(i) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)

[^key-f080771aaefd35772697d3d277608c43]: Words in reg. 2(1) inserted (23.10.2025) by The Markets in Financial Instruments (Miscellaneous Amendments) Regulations 2025 (S.I. 2025/1020), regs. 1(2), 13(2)(a)(ii) (with reg. 17); S.I. 2025/1078, reg. 2(b) (with reg. 11)

Cooperation with ESMA and other competent authorities in respect of interventions to restrict, reduce, or limit positions

28A

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

Interpretation of Part 3

References to EU Regulations etc

2A

Any reference in these Regulations to any EU Regulation, EU decision or EU tertiary legislation (within the meaning of section 20 of the European Union (Withdrawal) Act 2018) is, unless the contrary intention appears, to be treated as a reference to that EU regulation, EU decision or EU tertiary legislation as it forms part of assimilated law.

Designation of competent authorities

Statements of Policy

47B

• (1) The FCA must prepare and issue a statement of its policy in relation to the exercise of—

• (a) the following functions in the markets in financial instruments regulation—

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

• (ii) withdrawing a waiver under Article 9(3);

• (iii) suspending the obligations referred to in Article 8 under Article 9(4A);

• (iv) suspending the obligations referred to in Article 10 under Article 11(2A);

• (v) determining the class to which financial instruments belong under Article 14.6A;

• (vi) suspending the obligations referred to in Article 21(1) under Article 21(4A); and

• (b) its functions under Article 5(1A) of Commission Delegated Regulation 2017/567/EU supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions.

• (2) No statement may be issued under paragraph (1) or amended without the approval of the Treasury.

• (3) The Treasury may refuse to approve a statement of policy or amended statement of policy if it appears to the Treasury that—

• (a) the issue of that statement would prejudice any current or proposed negotiations for an international agreement between the United Kingdom and one or more other countries, international organisations or institutions; or

• (b) they may direct the FCA not to issue the statement of policy under section 410 (international obligations) of the Financial Services and Markets Act 2000.

• (4) For the purposes of paragraph (3), “international organisations” includes the European Union.

• (5) The Treasury must notify the FCA in writing whether or not they approve a statement of policy within four weeks from the day on which that statement is submitted to the Treasury for approval (“the relevant period”).

• (6) Provision of a draft statement of policy to the Treasury for consultation does not amount to submission of the statement for approval.

• (7) If the Treasury do not give notice under paragraph (5) before the end of the relevant period, the Treasury is deemed to have approved the statement of policy.

• (8) The FCA must publish any statement of policy issued under this Article in the way appearing to the FCA to be best calculated to bring it to the attention of the public.

Third country firms registered with the FCA: provision of services

FCA duty to use Regulation (EU) 2017/591 to establish position limits and to review if market changes

Position management and publication of position reports

47A

• (1) The FCA must maintain a database containing—

• (a) the position limits established by the FCA under regulation 16; and

• (b) the information the FCA receives from—

• (i) market operators operating trading venues summarising the position management controls in effect in relation to trading venues under paragraph 7BA(3) of the Schedule to the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges, Clearing Houses and Central Securities Depositories) Regulations 2001 (“the Recognition Requirements Regulations”); and

• (ii) firms operating MTF or OTF in the United Kingdom summarising the position management controls in effect in relation to trading venues under rule 10.3.3R of the Market Conduct sourcebook.

• (2) The FCA must ensure that the database referred to in paragraph (1) is published on its website.

• (3) The FCA must publish all weekly reports it receives from market operators and firms operating trading venues in the United Kingdom under—

• (a) paragraph 7BB(5) of the Schedule to the Recognition Requirements Regulations;

• (b) rule 10.4.3 of the Market Conduct sourcebook.

• (4) For the purpose of this regulation, “market operator” has the meaning given in Article 2(1)(10) of the markets in financial instruments regulation.

Statements of Policy

Retained EU law

FCA rules relating to position limits

15A

• (1) The FCA may by rules require relevant persons to establish and apply—

• (a) position limits in respect of specified commodity derivatives, or commodity derivatives of a specified class, that are traded on a trading venue, and

• (b) position management controls in relation to the trading of commodity derivatives.

• (2) The power to make rules under paragraph (1) is exercisable only if the FCA considers that the rules are necessary or expedient for the purpose of advancing one or more of its operational objectives referred to in section 1B(3) of the Act.

• (3) In making rules under paragraph (1) the FCA must have regard to its competitiveness and growth objective in section 1EB of the Act.

• (4) Rules under paragraph (1) may provide for matters that relevant persons must have regard to when establishing position limits, or position management controls, under requirements imposed by the rules.

• (5) Rules under paragraph (1) may provide for exemptions from the requirements imposed by the rules to such extent, and in such cases, as the rules may specify.

• (6) The reference in paragraph (1)(b) to position management controls includes (for example) arrangements under which—

• (a) the open interest positions of persons can be monitored;

• (b) information and documentation can be obtained from persons about the size of positions entered into;

• (c) requirements can be imposed on persons to terminate or reduce positions or to provide liquidity.

• (7) The following provisions of Part 9A of the Act (rules and guidance) apply in relation to rules made by the FCA under this regulation as they apply in relation to rules made by the FCA under that Part of the Act, subject to the modification in paragraph (8)—

• (a) section 137T (general supplementary powers);

• (b) Chapter 2 (modification, waiver, contravention and procedural provisions), with the exception of sections 138D (actions for damages) and 138EA (matters to consider when making rules);

• (c) section 141A (power to make consequential amendments of references to rules etc).

• (8) Section 137T applies as if the reference to authorised persons were a reference to relevant persons to whom rules under this regulation apply.

• (9) A requirement imposed by rules under this regulation is, for the purposes of section 296 of the Act (regulator’s power to give directions), to be treated as an obligation imposed under the Act.

• (10) In this Part “relevant persons” means market operators and investment firms operating a trading venue.

FCA duty to establish position limits

Exemption for non-financial entities

Content of position limits

FCA duty to use Regulation (EU) 2017/591 to establish position limits and to review if market changes

ESMA opinions on position limits

Position limits affecting multiple EEA jurisdictions

Cooperation with other competent authorities regarding position limits affecting multiple EEA jurisdictions

General requirements for position limits

FCA duty to notify ESMA of established position limits and position management controls

Procedure in exceptional cases

Effect of position limits established by the FCA ...

FCA power to require information

FCA power to intervene

Cooperation with ESMA and other competent authorities in respect of interventions to restrict, reduce, or limit positions

Interpretation of Part 3

Reports and applications

Assimilated law

High message intraday rate

2B

• (1) For the purposes of the definition of “high-frequency algorithmic trading technique” in regulation 2(1), a high message intraday rate consists of the submission on average of either of the following—

• (a) at least 2 messages per second with respect to any single financial instrument traded on a trading venue;

• (b) at least 4 messages per second with respect to all financial instruments traded on a trading venue.

• (2) Paragraphs (3) to (7) have effect for the purposes of the calculation in paragraph (1).

• (3) The following are to be included in the calculation—

• (a) messages concerning financial instruments for which there is a liquid market in accordance with Article 2(1)(17) of the markets in financial instruments regulation;

• (b) messages introduced for the purpose of a market-making strategy that satisfies the criteria in paragraph (4).

• (4) A market-making strategy satisfies the criteria in this paragraph where the strategy—

• (a) is pursued by the investment firm as a member or participant in one or more trading venues when dealing on own account, and

• (b) 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, with the result of providing liquidity on a regular and frequent basis to the overall market.

• (5) Messages introduced for the purpose of dealing on own account are to be included in the calculation.

• (6) Messages introduced through trading techniques other than those relying on dealing on own account are to be included in the calculation where the firm’s execution technique is structured in such a way as to avoid the execution taking place on own account.

• (7) For the calculation of a high message intraday rate in relation to direct electronic access providers, messages submitted by their clients with direct electronic access are to be excluded from the calculations.

• (8) In this regulation “dealing on own account” means trading against proprietary capital resulting in the conclusion of transactions in one or more financial instruments.

Designation of competent authorities