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The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017
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- UK Statutory Instruments
- 2017 No. 701
- PART 2
- CHAPTER 2
- Regulation 12
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The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017, Section 12 is up to date with all changes known to be in force on or before 29 November 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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Changes and effects yet to be applied to Regulation 12:
- reg. 16(1A)(1B) omitted by 2023 c. 29 Sch. 2 para. 46(4)
Changes and effects yet to be applied to the whole Instrument associated Parts and Chapters:
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
- reg. 16(1A)(1B) omitted by 2023 c. 29 Sch. 2 para. 46(4)
FCA power to intervene in relation to third country firms registered with [F1the FCA] U.K.
This section has no associated Explanatory Memorandum
12.—(1) The FCA may exercise its power of intervention in relation to a third country firm registered [F2with it] where it considers that —
(a)the firm has acted, or is acting, in a manner which is clearly prejudicial to the interests of investors or the orderly functioning of the markets; or
(b)the firm has seriously infringed provisions—
(i)applicable to the firm in the country in which it is established; and
[F3(ii)on the basis of which—
(aa)the Commission has adopted a decision in relation to the country under paragraph 1 of Article 47 of the markets in financial instruments regulation before IP completion day; or
(bb)the Treasury have made regulations in relation to the country under that paragraph after IP completion day;]
(2) Section 197 (procedure on exercise of power of intervention) applies to the exercise by the FCA of its power of intervention under paragraph (1) [F4as it applied] to the exercise by the FCA [F5before IP completion day] of its power of intervention under Part 13 of the Act generally.
(3) Where it appears to the FCA that the power of intervention is exercisable under paragraph (1) in relation to a third country firm registered [F6with it] the FCA must give—
F7(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)the firm written notice of its concerns which—
(i)requires the firm to put an end to the conduct which gives rise to the concern;
(ii)states that the FCA's power of intervention will become exercisable in accordance with this regulation; and
(iii)indicates any requirements that the FCA proposes to impose on the firm in exercise of its power of intervention in the event the power becomes exercisable.
(4) The FCA may then only exercise its power of intervention under paragraph (1) if—
(a)the FCA considers a reasonable time has elapsed since it gave the written [F8notice] under paragraph (3); [F9and]
(b)the firm has not put an end to the concerning conduct;
F10(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F10(d). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in reg. 12 heading substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(6)(a) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F2Words in reg. 12(1) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(6)(b)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F3Reg. 12(1)(b)(ii) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(6)(b)(ii) (with savings in S.I. 2019/680, reg. 11) (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. 12(c)(ii)); 2020 c. 1, Sch. 5 para. 1(1)
F4Words in reg. 12(2) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(6)(c)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F5Words in reg. 12(2) inserted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(6)(c)(ii) (with savings in S.I. 2019/680, reg. 11) (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. 12(c)(iii)); 2020 c. 1, Sch. 5 para. 1(1)
F6Words in reg. 12(3) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(6)(d)(i) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F7Reg. 12(3)(a) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(6)(d)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F8Word in reg. 12(4)(a) substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(6)(e)(i)(aa) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F9Word in reg. 12(4)(a) inserted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(6)(e)(i)(bb) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F10Reg. 12(4)(c)(d) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(6)(e)(ii) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
F11Reg. 12(5)(6) omitted (31.12.2020) by virtue of The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 8(6)(f) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
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