The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017

Designation of competent authorities

3.—(1) The FCA is designated to carry out all the duties of a competent authority provided for in Titles 1 to 4, 6 and 7 of the markets in financial instruments directive and in the markets in financial instruments regulation (“duties of a competent authority”) unless paragraph (2), (3) or (4) applies.

(2) The PRA is designated to carry out any duty of a competent authority that relates to a PRA authorised person where the PRA has the function of carrying out that duty under—

(a) these Regulations;

(b) Parts 4A(1), 12 to 15, 22, and 25 of the Act and Schedule 3 to the Act; or

(c) rules made under section 137G(2) (the PRA’s general rules) of the Act or any other subordinate legislation conferring functions on the PRA made under the Act.

(3) Where a PRA authorised person is obliged to keep records at the disposal of the competent authority under Article 25 (obligation to maintain records) of the markets in financial instruments regulation both the FCA and PRA are designated as the competent authority.

(4) The Bank of England is designated to carry out any duty of a competent authority that relates to a central counterparty (as defined by section 313(1)(3) (interpretation of Part 18) of the Act) and is provided for in the following provisions of the markets in financial instruments regulation—

(a) Article 29 (clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing);

(b) Article 30 (indirect clearing arrangements);

(c) Article 35 (non-discriminatory access to a CCP);

(d) Article 36 (non-discriminatory access to a trading venue);

(e) Article 37 (non-discriminatory access to and obligation to licence benchmarks); and

(f) Article 54.2 (transitional provisions).

(5) In this regulation “PRA authorised person” has the meaning given by section 2B(5)(4) (the PRA’s general objective) of the Act.

(1)

Part 4A was inserted by section 11(2) of the Financial Services Act 2012.

(2)

Section 137G was inserted by section 24(1) of the Financial Services Act 2012.

(3)

Section 313(1) was amended by S.I. 2013/504; there are other amendments but none is relevant.

(4)

Section 2B(5) was inserted by section 6(1) of the Financial Services Act 2012.