The Markets in Financial Instruments Directive (Consequential Amendments) Regulations 2007

Amendments to the Companies Act 2006

3.—(1) The Companies Act 2006(1) is amended as follows.

(2) In section 384 (companies excluded from the small companies regime)—

(a) in subsection (1)(b), for “an ISD investment firm” substitute “a MiFID investment firm”;

(b) in subsection (2)(d), for “an ISD investment firm” substitute “a MiFID investment firm”.

(3) In section 467 (companies excluded from being treated as medium-sized), in subsection (2)(d), for “an ISD investment firm” substitute “a MiFID investment firm”.

(4) In section 474 (minor definitions relating to Part 15), in subsection (1)—

(a) omit the definition of “ISD investment firm”;

(b) at the appropriate place insert—

““MiFID investment firm” means an investment firm within the meaning of Article 4.1.1 of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, other than—

(a)

a company to which that Directive does not apply by virtue of Article 2 of that Directive,

(b)

a company which is an exempt investment firm within the meaning of regulation 4A(3) of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007, and

(c)

any other company which fulfils all the requirements set out in regulation 4C(3) of those Regulations;”.

(5) In section 478 (companies excluded from small companies exemption), in paragraph (b)(i), for “an ISD investment firm” substitute “a MiFID investment firm”.

(6) In section 481 (companies excluded from dormant companies exemption), in paragraph (a), for “an ISD investment firm” substitute “a MiFID investment firm”.

(7) In section 539 (minor definitions relating to Part 16)—

(a) omit the definition of “ISD investment firm”;

(b) at the appropriate place insert—

““MiFID investment firm” means an investment firm within the meaning of Article 4.1.1 of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, other than—

(a)

a company to which that Directive does not apply by virtue of Article 2 of that Directive,

(b)

a company which is an exempt investment firm within the meaning of regulation 4A(3) of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007, and

(c)

any other company which fulfils all the requirements set out in regulation 4C(3) of those Regulations;”.

(8) In Schedule 8 (index of defined expressions)—

(a) omit the entry for “ISD investment firm”;

(b) at the appropriate place insert—

““MiFID investment firm
—in Part 15	section 474(1).
—in Part 16	section 539”.

(1)

2006 c. 46.