The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001

[F1 Access to the exchange’s facilities U.K.

Textual Amendments

F1 Sch. 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 the market;

(c) its professional standards for staff of any investment firm or credit institution having access to or membership of a financial market operated by the exchange;

(d) conditions established under sub-paragraph (3)(c) for access to or membership of a financial market 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 financial market operated by the exchange.

(3) Rules 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 [F2 capital 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 financial market operated by the exchange on the same terms as a UK firm.

(5) The exchange must make arrangements regularly to provide [F3 the 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

F2 Words 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)

F3 Words 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)