There are outstanding changes not yet made by the legislation.gov.uk editorial team to The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001. Any changes that have already been made by the team appear in the content and are referenced with annotations.
2.—(1) The exchange must be a fit and proper person to perform the functions of a recognised investment exchange.U.K.
(2) In considering whether this requirement is satisfied, [F1the FCA] may (without prejudice to the generality of regulation 6(1)) take into account all the circumstances, including the exchange’s connection with any person.
[F2[F3(3) The persons who effectively direct the business and operations of the exchange must be of sufficiently good repute and sufficiently experienced to ensure the sound and prudent management and operation of the financial markets operated by it.]
[F3(3) The members of the management body must be of sufficiently good repute and possess sufficient knowledge, skills and experience to perform their duties.]
(4) The persons who are in a position to exercise significant influence over the management of the exchange, whether directly or indirectly, must be suitable.]
Textual Amendments
F1Words in Sch. Pt. 1 substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 (S.I. 2013/472), art. 1(1), Sch. 2 para. 36(d)(i)
F2Sch. para. 2(3)(4) inserted (1.11.2007) by The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) (Amendment) Regulations 2006 (S.I. 2006/3386), regs. 1, 5
F3Sch. para. 2(3) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 1(4) (with reg. 7)
Commencement Information
I1Sch. para. 2 in force at 1.12.2001, see reg. 2
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