The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017

PART 1 Interpretation

Interpretation of Schedule 1

1.  In this Schedule—

“the EMIR regulation” means Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories(1);

“management body” in relation to a person (“P”) means—

(a)

the board of directors, or if there is no such board, the equivalent body responsible for the management of P; and

(b)

any other person who effectively directs the business of P;

“non-authorised counterparty” means—

(a)

a financial counterparty (within the meaning of Article 2.8 of the EMIR regulation) who is neither an authorised person nor a recognised body; or

(b)

a non-financial counterparty (within the meaning of Article 2.9 of the EMIR regulation) who meets the conditions in Article 10.1.b of that regulation;

“PRA-authorised person” has the meaning given in section 2B(5) of the Act(2);

“recognised body” has the meaning given in section 313(1) of the Act;

“senior management” has the meaning given by Article 4.1.37 of the markets in financial instruments directive.

Directly applicable EU regulations

2.—(1) In this Schedule, any reference to a requirement imposed by or under Part 3 or 4 of these Regulations includes a reference to a requirement imposed on a person to whom Part 3 or 4 of these Regulations applies under—

(a) a directly applicable EU regulation made under the markets in financial instruments directive or the markets in financial instruments regulation; and

(b) the markets in financial instruments regulation.

(2) In this Schedule, any reference to Article 28 of the markets in financial instruments regulation includes a reference to any directly applicable EU regulation made under that Article.

(1)

OJ No L173, 12/6/2014, p84.

(2)

Section 2B was inserted by section 6 of the Financial Services Act 2012 (c.21).