Financial Services and Markets Act 2000

[F1 354D. Information under the markets in financial instruments directive U.K.

(1) The appropriate regulator must give ESMA—

(a) information about any general difficulties encountered by UK investment firms in relation to their establishment of a branch or their provision of investment services and activities in a country or territory other than an EEA State;

(b) a return for each calendar year showing aggregated information about all—

(i) cases dealt with under section 177(2) (failure to comply with information gathering and investigation requirements treated as contempt of court) where the requirement was imposed in connection with the regulator’s markets in financial instruments directive functions;

(ii) convictions for an offence under section 177(3), (4) or (6) where the proceedings were instituted by the regulator in connection with the regulator’s markets in financial instruments directive functions;

(iii) final notices and supervisory notices given by the regulator in relation to the contravention of a markets in financial instruments directive requirement; and

(c) information about any complaint and redress procedures of the kind referred to in Article 53.1 of the markets in financial instruments directive which are available in the United Kingdom.

(2) The appropriate regulator must also give the information specified in subsection (1)(a) to the Commission.

(3) The PRA is the “appropriate regulator”—

(a) for the purposes of subsection (1)(a), in relation to UK investment firms which are PRA-authorised persons;

(b) for the purposes of subsection (1)(b)(i), where the case relates to a failure to comply with a requirement imposed by the PRA or by a person appointed by the PRA;

(c) for the purposes of subsection (1)(b)(ii), where the conviction is for an offence in relation to which the PRA is the appropriate regulator under section 401(3A);

(d) for the purposes of subsection (1)(b)(iii), where the notice was given by the PRA; and

(e) for the purposes of subsection (1)(c), where the procedure is only available in relation to investment firms which are PRA-authorised persons.

(4) The FCA is the “appropriate regulator” in any other case.

(5) The FCA must give ESMA—

(a) notice of any determination which the FCA makes in relation to any shares in compliance with Article 27.2 of the markets in financial instruments directive;

(b) a list of the regulated markets (within the meaning given by Article 4.1.14 of the markets in financial instruments directive) for which the United Kingdom is the home Member State (within the meaning given by Article 4.1.20(b) of that directive); and

(c) notice of any change to that list.

(6) The FCA must also give the information specified in subsection (5)(b) and (c) to all EEA States other than the United Kingdom.

(7) Section 424A (meaning of “investment firm”) has effect for the purposes of this section as if subsections (3) and (4) were omitted.

(8) In this section—

• “final notice” means a notice given under section 390;

• “markets in financial instruments directive function” means a function conferred by any provision made by or under this Act to the extent that it implements the markets in financial instruments directive;

• “markets in financial instruments directive requirement” means a requirement imposed—

  (a)

  by or under any provision made by or under this Act which implements the markets in financial instruments directive; or

  (b)

  by any directly applicable EU regulation made under the markets in financial instruments directive;

• “supervisory notice” has the meaning given by section 395(13); and

• “UK investment firm” means an investment firm whose home Member State (within the meaning given by Article 4.1.20(a) of the markets in financial instruments directive) is the United Kingdom.]

Textual Amendments

F1 Ss. 354D-354G and cross-heading inserted (8.12.2016) by The Financial Services and Markets (Disclosure of Information to the European Securities and Markets Authority etc. and Other Provisions) Regulations 2016 (S.I. 2016/1095), regs. 1, 3(3)