Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (Text with EEA relevance)

Changes over time for: Article 46

Version Superseded: 01/07/2021

Alternative versions:

15/05/2014- Amendment
Exit day: start of implementation period31/01/2020 11pm- Amendment
End of implementation period31/12/2020- Amendment
31/12/2020
Point in time
01/07/2021- Amendment

Status:

Point in time view as at 31/12/2020. This version of this provision has been superseded.

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Regulation (EU) No 600/2014 of the European Parliament and of the Council, Article 46 is up to date with all changes known to be in force on or before 16 July 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

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Article 46U.K.General provisions

1.A third-country firm may provide investment services or perform investment activities with or without any ancillary services to eligible counterparties and to professional clients within [F1Part 2 of Schedule 1 to this Regulation] [F2in the United Kingdom] without the establishment of a branch where it is registered in the register of third-country firms kept by [F3the FCA] in accordance with Article 47.

2.[F4The FCA] shall register a third-country firm that has applied for the provision of investment services or performance of activities [F5in the United Kingdom] in accordance with paragraph 1 only where the following conditions are met:

(a)the Commission has adopted a decision in accordance with Article 47(1) [F6before IP completion day which has not been revoked before IP completion day, or the Treasury has adopted a decision in accordance with that Article on or after IP completion day,];

(b)the firm is authorised in the jurisdiction where its head office is established to provide the investment services or activities to be provided in the [F7United Kingdom] and it is subject to effective supervision and enforcement ensuring a full compliance with the requirements applicable in that third country;

(c)cooperation arrangements have been established pursuant to Article 47(2).

F83.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.The third-country firm referred to in paragraph 1 shall submit its application to [F9the FCA] after the adoption [F10before IP completion day] by the Commission of the decision referred to in Article 47 determining [F11or the making of regulations under that Article by the Treasury specifying] that the legal and supervisory framework of the third country in which the third-country firm is authorised is equivalent to the requirements described in Article 47(1).

The applicant third-country firm shall provide [F12the FCA] with all information necessary for its registration. Within 30 working days of receipt of the application, [F12the FCA] shall assess whether the application is complete. If the application is not complete, [F12the FCA] shall set a deadline by which the applicant third-country firm is to provide additional information.

The registration decision shall be based on the conditions set out in paragraph 2.

Within 180 working days of the submission of a complete application, [F13the FCA] shall inform the applicant third-country firm in writing with a fully reasoned explanation whether the registration has been granted or refused.

F14...

5.Third-country firms providing services in accordance with this Article shall inform clients established in the [F15United Kingdom], before the provision of any investment services, that they are not allowed to provide services to clients other than eligible counterparties and professional clients within the meaning of Section I of Annex II to Directive 2014/65/EU and that they are not subject to supervision in the [F15United Kingdom]. They shall indicate the name and the address of the competent authority responsible for supervision in the third country.

The information in the first subparagraph shall be provided in writing and in a prominent way.

F16... Where an eligible counterparty or professional client within [F17Part 2 of Schedule 1 to this Regulation] established or situated in the [F15United Kingdom] initiates at its own exclusive initiative the provision of an investment service or activity by a third-country firm, this Article does not apply to the provision of that service or activity by the third-country firm to that person including a relationship specifically related to the provision of that service or activity. An initiative by such clients shall not entitle the third-country firm to market new categories of investment product or investment service to that individual.

6.Third-country firms providing services or performing activities in accordance with this Article shall, before providing any service or performing any activity in relation to a client established in the [F18United Kingdom], offer to submit any disputes relating to those services or activities to the jurisdiction of a court or arbitral tribunal in [F19the United Kingdom].

7.[F20The FCA may make] technical standards to specify the information that the applicant third-country firm shall provide [F21to the FCA] in its application for registration in accordance with paragraph 4 and the format of information to be provided in accordance with paragraph 5.

F22...

Textual Amendments

F1Words in Art. 46(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 33(1)(a)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F2Words in Art. 46(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 33(1)(a)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F3Words in Art. 46(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 33(1)(a)(iii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F4Words in Art. 46(2) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 33(1)(b)(i)(aa) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F5Words in Art. 46(2) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 33(1)(b)(i)(bb) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F6Words in Art. 46(2)(a) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 33(1)(b)(ii) (with savings in S.I. 2019/680, reg. 11) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 12(k)(i)(aa) and S.I. 2020/1055, regs. 1(2), 10); 2020 c. 1, Sch. 5 para. 1(1)