The Data Reporting Services Regulations 2017

Functions of the FCA

17.—(1) The FCA is the competent authority for the purposes of Title V of the markets in financial instruments directive.

(2) The FCA has the functions conferred on it by these Regulations.

(3) In determining the general policy and principles by reference to which it performs particular functions under these Regulations, and giving general guidance under these Regulations, the FCA must, so far as is reasonably possible, act in a way which—

(a) is compatible with its strategic objective as defined in section 1B(2) of the Act(1) (the FCA’s general duties); and

(b) advances one or more of its operational objectives as defined in section 1B(3) of the Act.

(4) For the purposes of section 1B as applied by paragraph (3), section 1F of the Act must be read as if “relevant markets” includes the market for data reporting services.

(1)

2000 c.8; sections 1B and 1F were inserted by section 6 of the Financial Services Act 2012 (c.21). Section 1B was amended by paragraph 3 of Schedule 3 to the Pension Schemes Act 2015 (c.8).