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

Citation and commencement U.K.

1.—(1) These Regulations may be cited as the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017.

(2) These Regulations come into force on 29th June 2017 —

(a) to enable the following to be done under the Act, as amended and applied by these Regulations—

(i) rules to be made under section 137R M1 (financial promotion rules) of the Act;

(ii) rules to be made under sections 213 M2 (the compensation scheme) or 214 M3 (general) of the Act;

(iii) rules to be made under paragraph 23 of Schedule 1ZA M4 (the Financial Conduct Authority) to the Act, including rules that may be made as a result of amendments by these Regulations to the Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013 M5 ;

(iv) fees to be charged under any rules that are made by virtue of paragraph (iii); and

F1 (v) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) to enable rules to be made under regulation 11 (FCA rules) of the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001 M6 .

(3) These Regulations come into force on 3rd July 2017—

(a) to enable—

(i) applications to be made under regulation 4;

(ii) directions to be given under regulation 16(1) to establish position limits applying on or after 3rd January 2018;

(iii) applications to be made, directions to be given, and requirements to be imposed, under regulation 17;

(iv) requirements to be imposed and directions to be given under regulation 27;

(v) requirements to be imposed under regulations 31 and 33; and

(vi) the FCA and the PRA to prepare and issue a statement of policy under paragraph 14 of Schedule 1; and

(b) to enable notifications to be given, reports or applications to be made, directions to be given, and requirements to be imposed under regulation 47 for the purposes of—

(i) [F2 any UK legislation which was relied on by the United Kingdom before IP completion day to implement] the markets in financial instruments directive, including any [F3 retained EU law] made under the directive, as it has effect on or after 3rd January 2018; and

(ii) the markets in financial instruments regulation, including any [F3 retained EU law] made under that regulation, as it applies under Article 55 M7 of that regulation; and

(c) for the purposes of—

(i) paragraphs 6, 7, 16, 19, 20, 22, 23 and 28 of Schedule 1; and

(ii) paragraphs 25 and 26 of that Schedule in so far as they relate to a matter referred to in sub-paragraph (a) or (b) or in paragraph (i) of this sub-paragraph.

(4) These Regulations come into force on 31st July 2017 —

(a) to enable the following to be done under the Act, as amended and applied by these Regulations—

(i) notices to be given or sent under section 312A(1)(b) M8 (exercise of passport rights by EEA market operator) or 312C M9 (exercise of passport rights by recognised investment exchange) of the Act;

(ii) entries to be added, removed, or altered in the record the FCA maintains under section 347(1) M10 of the Act;

(iii) notices relating to any relevant regulated activity to be given or received under paragraph 13(1) M11 , (1B) M12 , or (1C) M13 of Schedule 3 to the Act ;

(iv) the PRA to give consent under paragraph 13(1D) M14 of that Schedule;

(v) preparations to be made under paragraph 13(1E) M15 or (1F) M16 of that Schedule;

(vi) notices relating to any relevant regulated activity to be given or received under paragraph 14(1)(ba) M17 , (1B) M18 , or (1C) M19 of that Schedule ;

(vii) preparations to be made under paragraph 14(1D) M20 or 14(1E) M21 of that Schedule; and

(viii) notices relating to any relevant regulated activity to be given or received under paragraph 19(2) M22 , (4) M23 , (7B) M24 , (8) M25 , (11) M26 , or (12) M27 , or paragraph 20(1) M28 , (3) M29 , or (4) M30 of that Schedule; and

(b) to enable notices to be given under the following provisions of the Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001 M31 for the purposes of Schedule 3 to the Act, as amended and applied by these Regulations—

(i) regulation 4 M32 (management companies, credit institutions and financial institutions: changes);

(ii) regulation 4A M33 (investment firms: changes to branch details);

(iii) regulation 5A M34 (investment firms: changes to services);

(iv) regulation 11 M35 (UK management companies, credit institutions and financial institutions);

(v) regulation 11A M36 (UK investment firms: changes to branch details); and

(vi) regulation 12A M37 (UK investment firms: changes to services).

(5) In paragraph (4) “relevant regulated activity” means a regulated activity which relates to any specified activity or specified investment in Part 2 or 3 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 M38 that was amended or inserted by the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 M39 .

(6) These Regulations come into force for all other purposes on 3rd January 2018.

Textual Amendments

F1 Reg. 1(2)(a)(v) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 6(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F2 Words in reg. 1(3)(b)(i) inserted (31.12.2020) by S.I. 2018/1403, reg. 6(b)(ii) (as substituted by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), regs. 1(2), 16(3) (as amended by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 43(c)); 2020 c. 1, Sch. 5 para. 1(1))

F3 Words in reg. 1(3)(b) substituted (31.12.2020) by S.I. 2018/1403, reg. 6(b)(i) (as substituted by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), regs. 1(2), 16(3); 2020 c. 1, Sch. 5 para. 1(1))

Marginal Citations

M1 Section 137R was inserted by section 24(1) of the Financial Services Act 2012.

M2 Section 213 was amended by S.I. 2011/1613 and paragraph 1 and 3 of Schedule 10 to the Financial Services Act 2012.

M3 Section 214 was amended by section 174(1) of the Banking Act 2009 (c.1) and paragraph 1 and 4 of Schedule 10 to the Financial Services Act 2012

M4 Schedule IZA was inserted by paragraph 1 of Schedule 3 to the Financial Services Act 2012.

M5 S.I. 2013/419.

M6 S.I. 2001/995, to which there are amendments not relevant to these Regulations.

M7 Article 55 was amended by Article 1.14 of Regulation (EU) No 2016/1033 of the European Parliament and of the Council of 23 June 2016 amending Regulation (EU) no 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories (OJ L 175, 30.6.2016, p. 1).

M8 Section 312A(1)(b) was inserted by S.I. 2007/126 and amended by paragraph 33 of Schedule 8 to the Financial Services Act 2012.

M9 Section 312C was inserted by S.I. 2007/126 and amended by paragraph 35 of Schedule 8 to the Financial Services Act 2012.

M10 Section 347(1) was amended by S.I. 2007/126, 2013/1388, and 2015/910.

M11 Paragraph 13(1) was amended by S.I. 2003/1473 and 2015/910.

M12 Paragraph 13 (1B) was inserted by paragraph 2(3) of Schedule 4 to the Financial Services Act 2012.

M13 Paragraph 13(1C) was inserted by paragraph 2(3) of Schedule 4 to the Financial Services Act 2012.

M14 Paragraph 13(1D) was inserted by paragraph 2(3) of Schedule 4 to the Financial Services Act 2012.

M15 Paragraph 13(1E) was inserted by paragraph 2(3) of Schedule 4 to the Financial Services Act 2012.

M16 Paragraph 13(1F) was inserted by paragraph 2(3) of Schedule 4 to the Financial Services Act 2012.

M17 Paragraph 14(1)(ba) was inserted by S.I. 2007/126 and amended by paragraph 3(2) of Schedule 4 to the Financial Services Act 2012.

M18 Paragraph 14(1B) was inserted by paragraph 3(3) of Schedule 4 to the Financial Services Act 2012.

M19 Paragraph 14(1C) was inserted by paragraph 3(3) of Schedule 4 to the Financial Services Act 2012.

M20 Paragraph 14(1D) was inserted by paragraph 3(3) of Schedule 4 to the Financial Services Act 2012.

M21 Paragraph 14(1E) was inserted by paragraph 3(3) of Schedule 4 to the Financial Services Act 2012.

M22 Paragraph 19(2) was amended by paragraph 10(2) of Schedule 4 to the Financial Services Act 2012.

M23 Paragraph 19(4) was amended by was amended by paragraph 10(2) of Schedule 4 to the Financial Services Act 2012.

M24 Paragraph 19(7B) was inserted by S.I. 2007/126 and amended by paragraph 10(2) of Schedule 4 to the Financial Services Act 2012.

M25 Paragraph 19(8) was amended by paragraph 10(2) of Schedule 4 to the Financial Services Act 2012.

M26 Paragraph 19(11) was amended by paragraph 10(2) of Schedule 4 to the Financial Services Act 2012.

M27 Paragraph 19(12) was amended by S.I. 2003/2066, paragraph 10(2) of Schedule 4 to the Financial Services Act 2012, and S.I. 2013/3115.

M28 Paragraph 20(1) was amended by S.I. 2007/3253, paragraph 11(2) of Schedule 4 to the Financial Services Act 2012, S.I. 2013/1773, and S.I. 2015/575.

M29 Paragraph 20(3) was amended by S.I. 2003/2066, S.I. 2007/126, paragraph 11(2) of Schedule 4 to the Financial Services Act 2012, S.I. 2013/3115, and S.I. 2015/910.

M30 Paragraph 20(4) was amended by S.I. 2001/1376 and paragraph 11(2) of Schedule 4 to the Financial Services Act 2012

M31 S.I. 2001/2511.

M32 Regulation 4 was amended by S.I. 2003/2066, 2006/3385, and 2013/642.

M33 Regulation 4A was inserted by S.I. 2006/3385.

M34 Regulation 5A was inserted by S.I. 2006/3385.

M35 Regulation 11 was amended by S.I. 2006/3385, 2003/2066, 2013/642, and 2013/3115.

M36 Regulation 11A was inserted by S.I. 2006/3385 and amended by S.I. 2013/642.

M37 Regulation 12A was inserted by S.I. 2006/3385 and amended by S.I. 2013/642.

M38 S.I. 2001/544.

M39 S.I. 2017/488.