- Latest available (Revised)
- Original (As made)
The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017, Paragraph 23 is up to date with all changes known to be in force on or before 24 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
23.—(1) Section 213 (the compensation scheme) is amended as follows.
(2) In subsection (1) M1—
(a)at the end of paragraph (a) omit “or”;
(b)after paragraph (a) insert—
“(aa)relevant exchanges are unable, or likely to be unable, to satisfy claims made against them in connection with a regulated activity relating to a trading facility carried on by the exchange, or”; and
(c)in paragraph (b) after “relevant persons” insert “ or relevant exchanges ”.
(3) In subsection (3)—
(a)for paragraphs (a) and (b) substitute—
“(a)to assess and pay compensation, in accordance with the scheme, to claimants in respect of claims made in connection with—
(i)a regulated activity carried on (whether or not with permission) by relevant persons; and
(ii)a regulated activity relating to a trading facility carried on (whether or not in accordance with any requirements relating to that activity resulting from section 286) by relevant exchanges; and
(b)to have power to impose levies for the purpose of meeting its expenses (including in particular expenses incurred, or expected to be incurred, in paying compensation, borrowing or insuring risks)—
(i)on authorised persons, or any class of authorised person;
(ii)on recognised investment exchanges carrying on a regulated activity relating to a trading facility, or any class of such exchanges; or
(iii)on authorised persons and on recognised investment exchanges carrying on a regulated activity relating to a trading facility, or on any class of such persons and exchanges.”.
(4) For subsection (4) substitute—
“(4) The compensation scheme may provide for the scheme manager to have power to impose levies—
(a)on authorised persons, or any class of authorised person;
(b)on recognised investment exchanges carrying on a regulated activity relating to a trading facility, or any class of such exchanges; or
(c)on authorised persons and on recognised investment exchanges carrying on a regulated activity relating to a trading facility, or on any class of such persons and exchanges,
for the purpose of recovering the cost (whenever incurred) of establishing the scheme.”.
(5) For subsection (5) M2 substitute—
“(5) In making any provision of the scheme by virtue of subsection (3)(b), the regulators must take account of the desirability of ensuring that the amount of the levies imposed on a particular —
(a)class of authorised person;
(b)class of recognised investment exchange carrying on a regulated activity relating to a trading facility; or
(c)class of authorised person and of recognised investment exchanges carrying on a regulated activity relating to a trading facility;
reflects, so far as is practicable, the amount of claims made, or likely to be made in respect of that class of person, exchange, or persons and exchanges.”.
(6) After subsection (11) M3 insert—
“(12) In this Part (except in sections 220 and 224) “relevant exchange” means a body corporate or unincorporated association which was a recognised investment exchange carrying on a regulated activity relating to a trading facility at the time the act or omission giving rise to the claim against it, or against a successor falling within subsection (1)(b), took place.
(13) In this Part “regulated activity relating to a trading facility” means—
(a)the regulated activity of operating a multilateral trading facility; or
(b)the regulated activity of operating an organised trading facility.”.
Marginal Citations
M1Subsection (1) was amended by paragraph 3(2) and (3)(a) and (b) of Schedule 10 to the Financial Services Act 2012.
M2Subsection (5) was amended by paragraph 3(2) of Schedule 10 to the Financial Services Act 2012.
M3Subsection (11) was inserted by S.I. 2011/16/13.
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: