Version Superseded: 01/12/2001
Point in time view as at 25/02/2001. This version of this cross heading contains provisions that are not valid for this point in time.
Financial Services and Markets Act 2000, Cross Heading: General is up to date with all changes known to be in force on or before 07 March 2025. 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.
Valid from 01/12/2001
(1)In this Act—
(a)“recognised investment exchange” means an investment exchange in relation to which a recognition order is in force; and
(b)“recognised clearing house” means a clearing house in relation to which a recognition order is in force.
(2)A recognised investment exchange is exempt from the general prohibition as respects any regulated activity—
(a)which is carried on as a part of the exchange’s business as an investment exchange; or
(b)which is carried on for the purposes of, or in connection with, the provision of clearing services by the exchange.
(3)A recognised clearing house is exempt from the general prohibition as respects any regulated activity which is carried on for the purposes of, or in connection with, the provision of clearing services by the clearing house.
(1)The Treasury may make regulations setting out the requirements—
(a)which must be satisfied by an investment exchange or clearing house if it is to qualify as a body in respect of which the Authority may make a recognition order under this Part; and
(b)which, if a recognition order is made, it must continue to satisfy if it is to remain a recognised body.
(2)But if regulations contain provision as to the default rules of an investment exchange or clearing house, or as to proceedings taken under such rules by such a body, they require the approval of the Secretary of State.
(3)“Default rules” means rules of an investment exchange or clearing house which provide for the taking of action in the event of a person’s appearing to be unable, or likely to become unable, to meet his obligations in respect of one or more market contracts connected with the exchange or clearing house.
(4)“Market contract” means—
(a)a contract to which Part VII of the M1Companies Act 1989 applies as a result of section 155 of that Act or a contract to which Part V of the M2Companies (No. 2)(Northern Ireland) Order 1990 applies as a result of Article 80 of that Order; and
(b)such other kind of contract as may be prescribed.
(5)Requirements resulting from this section are referred to in this Part as “recognition requirements”.
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act without Schedules you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
