Financial Services and Markets Act 2000

302 Interpretation

(1) In this Chapter and Chapter III—

• “practices” means—

  (a)

  in relation to a recognised investment exchange, the practices of the exchange in its capacity as such; and

  (b)

  in relation to a recognised clearing house, the practices of the clearing house in respect of its clearing arrangements;

• “regulatory provisions” means—

  (a)

  the rules of an investment exchange or a clearing house;

  (b)

  any guidance issued by an investment exchange or clearing house;

  (c)

  in the case of an investment exchange, the arrangements and criteria mentioned in section 287(3);

  (d)

  in the case of a clearing house, the arrangements and criteria mentioned in section 288(3).

(2) For the purposes of this Chapter, regulatory provisions or practices have a significantly adverse effect on competition if—

(a) they have, or are intended or likely to have, that effect; or

(b) the effect that they have, or are intended or likely to have, is to require or encourage behaviour which has, or is intended or likely to have, a significantly adverse effect on competition.

(3) If regulatory provisions or practices have, or are intended or likely to have, the effect of requiring or encouraging exploitation of the strength of a market position they are to be taken, for the purposes of this Chapter, to have an adverse effect on competition.

(4) In determining under this Chapter whether any regulatory provisions have, or are intended or likely to have, a particular effect, it may be assumed that persons to whom the provisions concerned are addressed will act in accordance with them.