Part XVIIIRecognised investment exchanges, clearing houses and CSDs

F1CHAPTER 3APASSPORT RIGHTS

Recognised investment exchanges operating in EEA States (other than the United Kingdom)

312CExercise of passport rights by recognised investment exchange

(1)

Subject to subsection (4), a recognised investment exchange may, in pursuance of the right under the applicable provision, make arrangements in an EEA State (other than the United Kingdom) to facilitate access to, or use of, a F2trading venue operated by the exchange (“the relevant arrangements”).

(2)

The exchange must give the F3FCA written notice of its intention to make the relevant arrangements which—

(a)

describes the arrangements, and

(b)

identifies the EEA State in which it intends to make them.

(3)

The F3FCA must, within one month of receiving a notice under subsection (2), send a copy of it to the host state regulator.

(4)

The exchange may not make the relevant arrangements until the F3FCA has complied with subsection (3).

(5)

Subsection (6) applies if the F3FCA receives a request for information—

(a)

under the second sub-paragraph of Article F434.7 of the markets in financial instruments directive (in the case of relevant arrangements relating to a multilateral trading facility F5or an organised trading facility), or

(b)

under the third sub-paragraph of Article F653.6 of that directive (in the case of relevant arrangements relating to a regulated market),

from the host state regulator.

(6)

The F3FCA must, as soon as reasonably practicable, comply with the request.

(7)

”Host state regulator” means the competent authority (within the meaning of Article F74.1.26 of the markets in financial instruments directive) of the EEA State in which the exchange intends to make, or has made, the relevant arrangements.

(8)

This section does not apply to an overseas investment exchange.