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Regulation (EU) No 600/2014 of the European Parliament and of the CouncilDangos y teitl llawn

Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (Text with EEA relevance)

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Regulation (EU) No 600/2014 of the European Parliament and of the Council, TITLE VIII is up to date with all changes known to be in force on or before 15 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. Help about Changes to Legislation

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TITLE VIIIU.K.PROVISION OF SERVICES AND PERFORMANCE OF ACTIVITIES BY THIRD-COUNTRY FIRMS FOLLOWING AN EQUIVALENCE DECISION WITH OR WITHOUT A BRANCH

Article 46U.K.General provisions

1.A third-country firm may provide investment services or perform investment activities with or without any ancillary services to eligible counterparties and to professional clients within [F1Part 2 of Schedule 1 to this Regulation] [F2in the United Kingdom] without the establishment of a branch where it is registered in the register of third-country firms kept by [F3the FCA] in accordance with Article 47.

2.[F4The FCA] shall register a third-country firm that has applied for the provision of investment services or performance of activities [F5in the United Kingdom] in accordance with paragraph 1 only where the following conditions are met:

(a)the Commission has adopted a decision in accordance with Article 47(1) [F6before IP completion day which has not been revoked before IP completion day, or the Treasury has adopted a decision in accordance with that Article on or after IP completion day,];

(b)the firm is authorised in the jurisdiction where its head office is established to provide the investment services or activities to be provided in the [F7United Kingdom] and it is subject to effective supervision and enforcement ensuring a full compliance with the requirements applicable in that third country;

(c)cooperation arrangements have been established pursuant to Article 47(2).

F83.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.The third-country firm referred to in paragraph 1 shall submit its application to [F9the FCA] after the adoption [F10before IP completion day] by the Commission of the decision referred to in Article 47 determining [F11or the making of regulations under that Article by the Treasury specifying] that the legal and supervisory framework of the third country in which the third-country firm is authorised is equivalent to the requirements described in Article 47(1).

The applicant third-country firm shall provide [F12the FCA] with all information necessary for its registration. Within 30 working days of receipt of the application, [F12the FCA] shall assess whether the application is complete. If the application is not complete, [F12the FCA] shall set a deadline by which the applicant third-country firm is to provide additional information.

The registration decision shall be based on the conditions set out in paragraph 2.

Within 180 working days of the submission of a complete application, [F13the FCA] shall inform the applicant third-country firm in writing with a fully reasoned explanation whether the registration has been granted or refused.

F14...

5.Third-country firms providing services in accordance with this Article shall inform clients established in the [F15United Kingdom], before the provision of any investment services, that they are not allowed to provide services to clients other than eligible counterparties and professional clients within the meaning of Section I of Annex II to Directive 2014/65/EU and that they are not subject to supervision in the [F15United Kingdom]. They shall indicate the name and the address of the competent authority responsible for supervision in the third country.

The information in the first subparagraph shall be provided in writing and in a prominent way.

F16... Where an eligible counterparty or professional client within [F17Part 2 of Schedule 1 to this Regulation] established or situated in the [F15United Kingdom] initiates at its own exclusive initiative the provision of an investment service or activity by a third-country firm, this Article does not apply to the provision of that service or activity by the third-country firm to that person including a relationship specifically related to the provision of that service or activity. An initiative by such clients shall not entitle the third-country firm to market new categories of investment product or investment service to that individual.

6.Third-country firms providing services or performing activities in accordance with this Article shall, before providing any service or performing any activity in relation to a client established in the [F18United Kingdom], offer to submit any disputes relating to those services or activities to the jurisdiction of a court or arbitral tribunal in [F19the United Kingdom].

7.[F20The FCA may make] technical standards to specify the information that the applicant third-country firm shall provide [F21to the FCA] in its application for registration in accordance with paragraph 4 and the format of information to be provided in accordance with paragraph 5.

F22...

F22...

Textual Amendments

Article 47U.K.Equivalence [F23determination]

1.[F24The Treasury may by regulations specify that the legal and supervisory arrangements of a third country] ensure that firms authorised in that third country comply with legally binding prudential and business conduct requirements which have equivalent effect to the requirements set out in this Regulation [F25, in the law of the United Kingdom which was relied on by the United Kingdom before IP completion day to implement], in Directive 2013/36/EU and in Directive 2014/65/EU and in the implementing measures adopted under this Regulation and under those Directives and that the legal framework of that third country provides for an effective equivalent system for the recognition of investment firms authorised under third-country legal regimes.

The prudential and business conduct framework of a third country may be considered to have equivalent effect where that framework fulfils all the following conditions:

(a)firms providing investment services and activities in that third country are subject to authorisation and to effective supervision and enforcement on an ongoing basis;

(b)firms providing investment services and activities in that third country are subject to sufficient capital requirements and appropriate requirements applicable to shareholders and members of their management body;

(c)firms providing investment services and activities are subject to adequate organisational requirements in the area of internal control functions;

(d)firms providing investment services and activities are subject to appropriate conduct of business rules;

(e)it ensures market transparency and integrity by preventing market abuse in the form of insider dealing and market manipulation

[F26For the purposes of this paragraph, references to requirements resulting from the law of the United Kingdom which was relied upon by the United Kingdom before IP completion day to implement Directives 2013/36/EU and 2014/65/EU are to those requirements as they apply on the day on which regulations are made by the Treasury under this Article.]

2.[F27The FCA] shall establish cooperation arrangements with the relevant competent authorities of third countries whose legal and supervisory frameworks have been recognised as effectively equivalent in accordance with paragraph 1 [F28or in retained EU law by a decision made by the Commission under paragraph 1 as it had effect in EU law before IP completion day]. Such arrangements shall specify at least:

(a)the mechanism for the exchange of information between [F27the FCA] and the competent authorities of third countries concerned, including access to all information regarding the [F29non-United Kingdom] firms authorised in third countries that is requested by [F27the FCA];

(b)the mechanism for prompt notification to [F27the FCA] where a third-country competent authority deems that a third-country firm that it is supervising and [F27the FCA] has registered in the register provided for in Article 48 infringes the conditions of its authorisation or other law to which it is obliged to adhere;

(c)the procedures concerning the coordination of supervisory activities including, where appropriate, on-site inspections.

F303.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.A third-country firm may no longer use the rights under Article 46(1) where [F31the Treasury revokes regulations made] under paragraph 1 of this Article in relation to that third country.

Textual Amendments

Article 48U.K.Register

[F32The FCA] shall keep a register of the third-country firms allowed to provide investment services or perform investment activities in [F33the United Kingdom] in accordance with Article 46. The register shall be publicly accessible on the website of [F32the FCA] and shall contain information on the services or activities which the third-country firms are permitted to provide or perform and the reference of the competent authority responsible for their supervision in the third country.

Textual Amendments

Article 49U.K.Withdrawal of registration

1.[F34The FCA] shall withdraw the registration of a third-country firm in the register established in accordance with Article 48 where:

(a)[F34the FCA] has well-founded reasons based on documented evidence to believe that, in the provision of investment services and activities in the [F35United Kingdom], the third-country firm is acting in a manner which is clearly prejudicial to the interests of investors or the orderly functioning of markets; or

(b)[F34the FCA] has well-founded reasons based on documented evidence to believe that, in the provision of investment services and activities in the [F35United Kingdom], the third-country firm has seriously infringed the provisions applicable to it in the third country and on the basis of which [F36the Treasury has made regulations] in accordance with Article 47(1);

(c)[F34the FCA] has referred the matter to the competent authority of the third country and that third-country competent authority has not taken the appropriate measures needed to protect investors and the proper functioning of the markets in the [F35United Kingdom] or has failed to demonstrate that the third-country firm concerned complies with the requirements applicable to it in the third country; and

(d)[F34the FCA] has informed the third-country competent authority of its intention to withdraw the registration of the third-country firm at least 30 days before the withdrawal.

2.[F37 The FCA] shall inform [F38the Treasury] of any measure adopted in accordance with paragraph 1 without delay and shall publish its decision on its website.

3.The [F39Treasury] shall assess whether the conditions under which [F40regulations under Article 47(1) have been made] continue to persist in relation to the third country concerned.

Textual Amendments

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