The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019

The Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001 U.K.

178.—(1) The Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001 M1 are amended as follows.

(2) In regulation 1 (citation, commencement and interpretation), in paragraph (2) M2 omit the definitions of “EEA credit institution” and “EEA investment firm”.

(3) In regulation 2 (descriptions of business for which appointed representatives are exempt)—

F1 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) in paragraph (1A) M3 , for “a person who has a Part 4A permission for the purposes of the capital requirements directive or the markets in financial instruments directive, an EEA investment firm, or an EEA credit institution,” substitute “ a CRR firm, or a relevant investment firm or credit institution, ”;

(c) for paragraph (1B) M4 substitute—

“(1B) In paragraph (1A)—

“clients” has the meaning given in Article 2.1.7 of the markets in financial instruments regulation;

“CRR firm” has the meaning given in Article 4.1.2A of the capital requirements regulation, except that it does not include an investment firm;

“financial instruments” has the meaning given in Article 2.1.9 of the markets in financial instruments regulation;

“relevant investment firm or credit institution” means a person falling within Article 1.2(a)(i) of the markets in financial instruments regulation.”.

(4) In regulation 3 (requirements applying to contracts between authorised persons and appointed representatives)—

(a) in paragraph (1) M5 , for the words before “must” substitute “ It is a prescribed requirement for the purposes of section 39(1)(a)(ii) of the Act that a contract between a principal and a representative ”;

(b) omit paragraph (1A) M6 ;

(c) in paragraph (6) M7 —

(i) in the words before sub-paragraph (a) omit “, except where paragraph (1A) applies,”;

(ii) in sub-paragraph (a), for “Article 4.1.29 (definitions) of the markets in financial directive” substitute “ Part 3 of Schedule 2 to the Regulated Activities Order M8 ”;

(iii) in sub-paragraph (b), for “Article 4.1.43 of that directive” substitute “ Article 2.1.23 of the markets in financial instruments regulation ”.

Textual Amendments

F1 Reg. 178(3)(a) omitted (31.12.2020 immediately before IP completion day) by virtue of The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 57(3)(e)

Modifications etc. (not altering text)

C1 Pts. 3-6 modified in part (31.12.2020) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(2), 11(1)(4)(5) (with reg. 11(8)-(10)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1)

Commencement Information

I1 Reg. 178 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Marginal Citations

M1 S.I. 2001/1217.

M2 Regulation 1(2) was amended by S.I. 2003/1475, 2003/1476, 2004/453, 2006/2383, 2006/3414, 2013/3115 and 2017/488.

M3 Regulation 2(1A) was inserted by S.I. 2006/3414 and amended by S.I. 2017/488 and 2017/701.

M4 Regulation 2(1B) was inserted by S.I. 2006/3414 and amended by S.I. 2017/701.

M5 Regulation 3(1) was amended by S.I. 2006/3414.

M6 Regulation 3(1A) was inserted by S.I. 2006/3414.

M7 Regulation 3(6) was inserted by S.I. 2017/701.

M8 S.I. 2001/544.