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The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017
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Dewisiadau Agor
Changes over time for: Section 4
Version Superseded: 29/08/2023
Alternative versions:
- 03/01/2018- Amendment
- 03/01/2018
Point in time - 29/08/2023- Amendment
Status:
Point in time view as at 03/01/2018. This version of this provision has been superseded.
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Financial Services and Markets Act 2000 (Regulated Activities) Order 2001U.K.
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Memorandwm Esboniadol
4.—(1) The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(1) is amended as follows.
(2) In article 54(1)(b)(i)(2) (advice given in newspapers etc) after “securities” insert “, structured deposits,”.
(3) After article 72I(3) (registered consumer buy-to-let mortgage firms) insert—
“Persons seeking to use the exemption under Article 2.1(j) of the markets in financial instruments directive
72J.—(1) An activity which falls within Article 2.1(j)(i) or (ii) (exemptions) of the markets in financial instruments directive (“an Article 2.1(j) activity”) is excluded from the activities specified by articles 14, 21 and 25 if during a calendar year the person carrying on the activity—
(a)cannot perform the market threshold calculation to establish if the Article 2.1(j) activity falls within the exemption under Article 2.1(j) of the markets in financial instruments directive because the relevant data is not publicly available from an official source;
(b)carries on the Article 2.1(j) activity during a period of 8 weeks beginning with the day after the day on which the relevant data is made publicly available from an official source; or
(c)has made an application to the appropriate regulator for a Part 4A permission to carry on a regulated activity specified by articles 14, 21 and 25 which constitutes the Article 2.1(j) activity and the application has not been determined or withdrawn.
(2) The exclusion in paragraph (1) does not apply to an Article 2.1(j) activity carried on by a person who is an authorised person in relation to an activity which constitutes the Article 2.1(j) activity.
(3) In this paragraph—
“market threshold calculation” means the calculation of the size of trading activities referred to in Article 2 of the delegated regulation that must be carried out annually in the first quarter of a calendar year under the procedure set out in Article 4 (procedure for calculation) of that delegated regulation;
“official source” means an EU institution or a regulator;
“relevant data” means any data or other information that enables a calculation to be made of the overall market trading activity in an asset class under the procedure in Article 2.3 (overall market threshold) of the delegated regulation;
“the appropriate regulator” in relation to an application for a Part 4A permission means the appropriate regulator in relation to that application for the purposes of section 55A(4) (application for permission) of the Act; and
“the delegated regulation” means Commission Delegated Regulation (EU) 2017/592 of 1 December 2016 supplementing Directive 2014/65/EU of the European Parliament and the Council with regard to regulatory technical standards for the criteria to establish when an activity is considered to be ancillary to the main business (5).”.
Commencement Information
I1Reg. 4 in force at 3.1.2018, see reg. 2(b)
(1)
(2)
Article 54(1)(b)(i) was substituted by S.I. 2003/1475 and amended by S.I. 2003/1476.
(3)
Article 72I was inserted by S.I. 2015/910; there are amendments which are not relevant to these Regulations.
(4)
Section 55A was inserted by section 11(2) of the Financial Services Act 2012 (c. 21).
(5)
OJ L87, 31.3.2017, p. 492.
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