Amendments to Part 18 (recognised investment exchanges and clearing houses)
30. After section 287(1) (application by an investment exchange) insert—
“Application by an investment exchange: persons connected with an applicant
287A.—(1) Subsection (2) applies where—
(a)a body corporate or unincorporated association (“A”) makes an application under section 287 for an order declaring it to be a recognised investment exchange; and
(b)A is—
(i)connected with an EEA credit institution or EEA insurance undertaking; or
(ii)controlled by a person who also controls an EEA credit institution or EEA insurance undertaking.
(2) Before making a recognition order declaring A to be a recognised investment exchange under section 290, the FCA must consult the competent authority responsible for the supervision of the EEA credit institution or EEA insurance undertaking.
(3) A is connected with an EEA credit institution or EEA insurance undertaking if—
(a)A is a subsidiary undertaking of the EEA credit institution or EEA insurance undertaking; or
(b)A is a subsidiary undertaking of a parent undertaking of the EEA credit institution or EEA insurance undertaking.
(4) In this section—
“control” has the same meaning as in Article 4.1.35(b) (definitions) of the markets in financial instruments directive;
“EEA credit institution” means a credit institution (as defined by Article 4.1.27 of the markets in financial instruments directive) authorised in another EEA State under the capital requirements directive;
“EEA insurance undertaking” means an insurance undertaking (as defined by Article 13.1 of the Solvency 2 Directive) authorised in another EEA State.”.
There are amendments to section 287 but none is relevant.