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There are outstanding changes not yet made by the legislation.gov.uk editorial team to The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001. Any changes that have already been made by the team appear in the content and are referenced with annotations.
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Textual Amendments
F1Sch. paras. 7A-7E and cross-headings inserted (1.11.2007) by The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) (Amendment) Regulations 2006 (S.I. 2006/3386), regs. 1, 9
7B.—(1) The exchange must make transparent and non-discriminatory rules, based on objective criteria, governing access to, or membership of, its facilities.U.K.
(2) In particular those rules must specify the obligations for users or members of its facilities arising from—
(a)the constitution and administration of the exchange;
(b)rules relating to transactions on [F2the market] [F2its trading venues];
(c)its professional standards for staff of any investment firm or credit institution having access to or membership of a [F3financial market] [F3trading venue] operated by the exchange;
(d)conditions established under sub-paragraph (3)(c) for access to or membership of a [F4financial market] [F4trading venue] operated by the exchange by persons other than investment firms or credit institutions; and
(e)the rules and procedures for clearing and settlement of transactions concluded on a [F5financial market] [F5trading venue] operated by the exchange.
(3) [F6Rules of the exchange about access to, or membership of, a financial market operated by it must permit the exchange to give access to or admit to membership (as the case may be) only—
(a)an investment firm,
(b)a credit institution, or
(c)a person who—
(i)is fit and proper,
(ii)has a sufficient level of trading ability and competence,
(iii)where applicable, has adequate organisational arrangements, and
(iv)has sufficient resources for the role he is to perform, taking account of the exchange's arrangements under paragraph 4(2)(d).]
(4) Rules under this paragraph must enable—
(a)an investment firm authorised under Article 5 of the markets in financial instruments directive, or
(b)a credit institution authorised under the [F7capital requirements directive],
by the competent authority of another EEA State (including a branch established in the United Kingdom of such a firm or institution) to have direct or remote access to, or membership of, any [F8financial market] [F8trading venue] operated by the exchange on the same terms as a UK firm.
(5) The exchange must make arrangements regularly to provide [F9the FCA] with a list of the users or members of its facilities.
(6) This paragraph is without prejudice to the generality of paragraph 4.]
Textual Amendments
F2Words in Sch. para. 7B(2)(b) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 1(11)(a) (with reg. 7)
F3Words in Sch. para. 7B(2)(c) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 1(11)(b) (with reg. 7)
F4Words in Sch. para. 7B(2)(d) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 1(11)(b) (with reg. 7)
F5Words in Sch. para. 7B(2)(e) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 1(11)(b) (with reg. 7)
F6Sch. para. 7B(3) omitted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes) by virtue of The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 1(11)(c) (with reg. 7)
F7Words in Sch. para. 7B(4)(b) substituted (1.1.2014) by The Capital Requirements Regulations 2013 (S.I. 2013/3115), reg. 1(2), Sch. 2 para. 52(3)
F8Words in Sch. para. 7B(4) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 1(11)(b) (with reg. 7)
F9Words in Sch. Pt. 1 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 36(d)(i)
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