Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No. 2) Regulations 2017

Consolidated Text As Enacted Cited authorities 42 Cited in Amendments 12 Related
Vincent
JurisdictionUK Non-devolved
CitationSI 2017/1255
Year2017
  • These Regulations may be cited as the Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017.
  • regulations 10 to 38 come into force on 2nd January 2018; and
  • the remaining provisions of these Regulations come into force on 3rd January 2018.
    • (1) The Financial Services and Markets Act 2000 is amended as follows.in the opening words of subsection (1) for the words “sections 380 to 383 which relates to a market abuse requirement” substitute “Part 25 which relates to the market abuse regulation”;in subsection (7) omit the definition of “market abuse requirement”; andafter subsection (8) insert—
    • (9) An application under Part 25 relates to the market abuse regulation if—
    • (a) it is made under section 380 or 382 and the relevant requirement for the purposes of that section is a requirement imposed by the market abuse regulation or a supplementary EU regulation; or
    • (b) it is made under section 381 or 383.
    it is made under section 380 or 382 and the relevant requirement for the purposes of that section is a requirement imposed by the market abuse regulation or a supplementary EU regulation; orit is made under section 381 or 383.(3) In section 165A(9) (b) for “4.1(17) ” substitute “4.1(15) ”.(4) For section 168(4) (jb) any provision made by or under this Act for the purposes of the market abuse regulation; ora requirement imposed on that person under sections 122A to 122C, 122G to 122I, 123A or 123B;a provision of the market abuse regulation other than Article 14 (prohibition of insider dealing) or 15 (prohibition of market manipulation) of that regulation; ora directly applicable EU regulation made under the market abuse regulation; or(1) The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(2) In article 54(1) (b) (i) (3) After article 72Icannot perform the market threshold calculation to establish if the Article 2.1(j) activity falls within the exemption under Article 2.1(j) of the markets in financial instruments directive because the relevant data is not publicly available from an official source;carries on the Article 2.1(j) activity during a period of 8 weeks beginning with the day after the day on which the relevant data is made publicly available from an official source; orhas made an application to the appropriate regulator for a Part 4A permission to carry on a regulated activity specified by articles 14, 21 and 25 which constitutes the Article 2.1(j) activity and the application has not been determined or withdrawn.The exclusion in paragraph (1) does not apply to an Article 2.1(j) activity carried on by a person who is an authorised person in relation to an activity which constitutes the Article 2.1(j) activity.In this paragraph—
    • “market threshold calculation” means the calculation of the size of trading activities referred to in Article 2 of the delegated regulation that must be carried out annually in the first quarter of a calendar year under the procedure set out in Article 4 (procedure for calculation) of that delegated regulation;
    • “official source” means an EU institution or a regulator;
    • “relevant data” means any data or other information that enables a calculation to be made of the overall market trading activity in an asset class under the procedure in Article 2.3 (overall market threshold) of the delegated regulation;
    • “the appropriate regulator” in relation to an application for a Part 4A permission means the appropriate regulator in relation to that application for the purposes of section 55A
      • (application for permission) of the Act; and
    • “the delegated regulation” means Commission Delegated Regulation (EU) 2017/592 of 1 December 2016 supplementing Directive 2014/65/EU of the European Parliament and the Council with regard to regulatory technical standards for the criteria to establish when an activity is considered to be ancillary to the main business .
  • Omit paragraph 7C(4)
  • in the definition of “derivative instrument” for “
  • in paragraph (b) of the definition of “regulated market” for “
    • (1) The Companies Act 2006for sub-paragraph (b) substitute—
    • (b) a company which is an exempt investment firm as defined by regulation 8 (meaning of “exempt investment firm”) of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017(S.I. 2017/701) ;
    ; and    a company which is an exempt investment firm as defined by regulation 8 (meaning of “exempt investment firm”) of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017(S.I. 2017/701) ;in paragraph (c) for “4C(3) ” substitute “6(3) ”.
  • In regulation 35(2)
  • for paragraph (a) substitute—
    • in subsection (1) the reference to the market abuse regulation were to the emission allowance market abuse regime;”;
  • omit paragraph (c) (ii) ; and
  • after paragraph (c) insert –
    • for subsection (8) there were substituted—
    • (8) An application under Part 25 relates to the emission allowance market abuse regime if —
    • (a) it is made under section 380 or 382 and the relevant requirement for the purposes of that section is a requirement imposed by the emission allowance market abuse regime; or
    • (b) it is made under section 381 or 383.
    it is made under section 380 or 382 and the relevant requirement for the purposes of that section is a requirement imposed by the emission allowance market abuse regime; orit is made under section 381 or 383.
  • in paragraph (1) (a) for “3rd January 2018” substitute “1st April 2018”; and
  • after paragraph (2) insert—
    • (2A) Notwithstanding article 15, paragraph (2B) applies where—
    • (a) an EEA firm gives notice to the appropriate regulator before 1st April 2018, in such form as the appropriate regulator directs, that the EEA firm wishes to carry on a permitted activity in relation to structured deposits;
    • (b) the appropriate regulator acknowledges receipt of the notice in writing; and
    • (c) the EEA firm—(i) immediately before 3rd January 2018 had permission under paragraph 15 of Schedule 3 (EEA passport rights) to the Act to carry on the...
    • an EEA firm gives notice to the appropriate regulator before 1st April 2018, in such form as the appropriate regulator directs, that the EEA firm wishes to carry on a permitted activity in relation to structured deposits;the appropriate regulator acknowledges receipt of the notice in writing; andimmediately before 3rd January 2018 had permission under paragraph 15 of Schedule 3 (EEA passport rights) to the Act to carry on the

    To continue reading

    Request your trial
    Navigation index

    VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT