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23.—(1) The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001(1) is amended as follows.
(2) In article 35 (international securities self-regulating organisations), in paragraph (3), after sub-paragraph (ba) insert—
“(bb)the body or association is also not eligible to become an EEA CSD (as defined in section 285(1)(f) of the Act) or a third country CSD (as defined in section 285(1)(g) of the Act);”.
(3) In article 72 (overseas persons) after paragraph (9) insert—
“(9A) Paragraphs (1) to (5) do not apply—
(a)where the overseas person is a central securities depository which provides the services referred to in Article 23(2) or 25(2) of the CSD regulation in the United Kingdom (including through a branch in the United Kingdom); or
(b)where the overseas person is an EEA CSD which provides services in the United Kingdom for which it is not authorised under Article 16 of the CSD regulation.”.
S.I. 2001/544. Article 35(3)(ba) was inserted by S.I. 2013/504. Article 72 was amended by S.I. 2003/1476, 2006/2383, 2006/3384, 2009/1342, 2013/504, 2015/910 and 2017/488.
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