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The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017
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- UK Statutory Instruments
- 2017 No. 701
- PART 2
- CHAPTER 2
- Regulation 9
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Changes over time for: Section 9
Version Superseded: 31/12/2020
Alternative versions:
- 29/06/2017- Amendment
- 02/01/2018- Amendment
- 02/01/2018
Point in time - 31/12/2020- Amendment
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The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017, Section 9 is up to date with all changes known to be in force on or before 19 July 2024. 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.
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Third country firms with an EEA branch: provision of servicesU.K.
This section has no associated Explanatory Memorandum
9.—(1) A third country firm with an EEA branch is not to be regarded as carrying on a regulated activity if it carries on the activity in the course of exercising rights under Article 47.3 (equivalence decision) of the markets in financial instruments regulation.
(2) But paragraph (1) only applies once the third country firm with an EEA branch satisfies the service conditions for incoming EEA investment firms.
(3) The service conditions for incoming EEA investment firms apply to a third country firm for the purposes of paragraph (1) with the modifications set out in paragraphs [F1(4) and (5)].
(4) A reference to the home state regulator has effect as if in each place it were a reference to the competent authority of the EEA State in which [F2the relevant branch of] the third country firm with an EEA branch is established (“supervising EEA competent authority”).
(5) In paragraph 14(1)(b) M1(services) of Schedule 3 (EEA passport rights) [F3to the Act] the requirement for a regulator's notice to contain such information as may be prescribed has effect as if it were a requirement for the notice to contain—
(a)a statement by that competent authority that the [F4relevant] branch—
(i)is authorised in accordance with Article 39 (establishment of a branch) of the markets in financial instruments directive;
(ii)is entitled to exercise rights under Article 47.3 of the markets in financial services regulation; and
(iii)intends to exercise those rights in the United Kingdom; and
(b)the [F5relevant] branch's programme of operations provided to the supervising EEA competent authority in accordance with Article 40(b) (obligation to provide information) of the markets in financial instruments directive.
(6) In this regulation “service conditions for incoming EEA investment firms” means the service conditions set out in paragraph 14(1) M2 of Schedule 3 to the Act which apply to an EEA firm as defined by paragraph 5(a) M3 (EEA firm) of that Schedule.
[F6(7) For the purposes of this regulation the relevant branch of a third country firm with an EEA branch is the branch mentioned in paragraph (b) of the definition of “third country firm with an EEA branch” in regulation 15 (interpretation).]
Textual Amendments
F1Words in reg. 9(3) substituted (2.1.2018) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017 (S.I. 2017/1255), regs. 2(a), 15(a)
F2Words in reg. 9(4) inserted (2.1.2018) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017 (S.I. 2017/1255), regs. 2(a), 15(b)
F3Words in reg. 9(5) inserted (2.1.2018) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017 (S.I. 2017/1255), regs. 2(a), 15(c)(i)
F4Word in reg. 9(5)(a) inserted (2.1.2018) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017 (S.I. 2017/1255), regs. 2(a), 15(c)(ii)
F5Word in reg. 9(5)(b) inserted (2.1.2018) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017 (S.I. 2017/1255), regs. 2(a), 15(c)(iii)
F6Reg. 9(7) inserted (2.1.2018) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017 (S.I. 2017/1255), regs. 2(a), 15(d)
Marginal Citations
M1Paragraph 14(1)(b) was amended by S.I. 2003/1473, paragraph 3(2) of Schedule 4 to the Financial Services Act 2012, and S.I. 2015/910.
M2Sub-paragraphs (1)(b) and (ba) of paragraph 14 were amended as mentioned previously. The remaining provisions of paragraph 14 were amended by S.I. 2003/1473, paragraphs (2), (3), (4), (5), (6)(a) and (b), and (7) of Schedule 4 to the Financial Services Act 2012, S.I. 2012/1906, S.I. 2013/1773, and S.I. 2015/910,
M3Paragraph 5(a) was amended by S.I. 2007/126.
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