Financial Services and Markets Act 2000

[F1 287A. Application by an investment exchange: persons connected with an applicant U.K.

(1) Subsection (2) applies where—

(a) a body corporate or unincorporated association (“A”) makes an application under section 287 for an order declaring it to be a recognised investment exchange; and

(b) A is—

(i) connected with an EEA credit institution or EEA insurance undertaking; or

(ii) controlled by a person who also controls an EEA credit institution or EEA insurance undertaking.

(2) Before making a recognition order declaring A to be a recognised investment exchange under section 290, the FCA must consult the competent authority responsible for the supervision of the EEA credit institution or EEA insurance undertaking.

(3) A is connected with an EEA credit institution or EEA insurance undertaking if—

(a) A is a subsidiary undertaking of the EEA credit institution or EEA insurance undertaking; or

(b) A is a subsidiary undertaking of a parent undertaking of the EEA credit institution or EEA insurance undertaking.

(4) In this section—

• “control” has the same meaning as in Article 4.1.35(b) (definitions) of the markets in financial instruments directive;

• “EEA credit institution” means a credit institution (as defined by Article 4.1.27 of the markets in financial instruments directive) authorised in another EEA State under the capital requirements directive;

• “EEA insurance undertaking” means an insurance undertaking (as defined by Article 13.1 of the Solvency 2 Directive) authorised in another EEA State.]

Textual Amendments

F1 S. 287A inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 30 (with reg. 7)