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The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017, SCHEDULE 5 is up to date with all changes known to be in force on or before 18 August 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.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Whole provisions yet to be inserted into this Instrument (including any effects on those provisions):
Regulation 50(4)
1. In regulation 5B(6) of the Income Tax (Manufactured Overseas Dividends) Regulations 1993 M1 (chains of payments involving central counterparties), in paragraph (b) of the definition of “recognised investment exchange”, for the words from “2004/39/EC” to “April 2004” substitute “ 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.
Marginal Citations
M1S.I. 1993/2004; regulation 5B(6) was inserted by S.I. 2011/2503, there are other amendments to this regulation but none is relevant.
2. In regulation 2(1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 M2 (interpretation)—
(a)in paragraph (b) of the definition of “institution”, for the words from “2004/39/EC” to “April 2004” substitute “ 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”;
(b)in the definition of “securities”, for the words from “2004/39/EC” to “April 2004” substitute “ 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.
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M2S.I. 1999/2979; regulation 2(1) was amended by S.I. 2007/126 and 2010/2993, there are other amendments to this regulation but none is relevant.
3. In paragraph 28 of Schedule 1 to the Uncertificated Securities Regulations 2001 M3 (requirements for approval of a person as operator)—
(a)omit sub-paragraph (3) M4; and
(b)in sub-paragraph (4) M5—
(i)in the definition of “branch”, for “4.1.26” substitute “ 4.1.30 ”;
(ii)in the definition of “financial instrument”, for “4.1.17” substitute “ 4.1.15 ”;
(iii)in the definition of “markets in financial instruments directive” for “2004/39/EC” substitute “ 2014/65/EU ”; and
(iv)in the definition of “markets in financial instruments directive” for “21st April 2004” substitute “ 15 May 2014 ”.
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M3S.I. 2001/3755; paragraph 28 was inserted by S.I. 2007/124.
M4Paragraph 28(3) was inserted by S.I. 2007/124.
M5Paragraph 28(4) was inserted by S.I. 2007/124 and amended by S.I. 2013/3115, there are other amendments to this paragraph but none is relevant.
4. In regulation 44(3) of the Insurers (Reorganisation and Winding Up) Regulations 2004 M6 (regulated markets)—
(a)for “4.1.14” substitute “ 4.1.21 ”;
(b)for “2004/39/EC” substitute “ 2014/65/EU ”;
(c)for “21 April 2004” substitute “ 15 May 2014 ”.
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M6S.I. 2004/353; regulation 44(3) was amended by S.I. 2007/126.
5. In regulation 31(3) of the Credit Institutions (Reorganisation and Winding Up) Regulations 2004 M7 (protection of third party purchasers)—
(a)for “2004/39/EC” substitute “ 2014/65/EU ”;
(b)for “21 April 2004” substitute “ 15 May 2014 ”.
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M7S.I. 2004/1045; regulation 31(3) was amended by S.I. 2007/126.
6. In regulation 4(11) of the Occupational Pension Schemes (Investment) Regulations 2005 M8 (investment by trustees)—
(a)in the definition of “derivative instrument”, for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”;
(b)in paragraph (b) of the definition of “regulated market”, for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”.
Marginal Citations
7. In regulation 14ZD(6)(b) of the Authorised Investment Funds (Tax) Regulations 2006 M9 (index tracking funds), for the definition of “regulated market” substitute—
““regulated market” has the same meaning as in Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (see article 4.1.21).”.
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M9S.I. 2006/964; regulation 14ZD(6)(b) was inserted by S.I. 2011/2192.
8. [F1Parts 2 and 3 of, and Schedules 7 to 9 to,] the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 M10 are revoked.
Textual Amendments
F1Words in Sch. 5 para. 8 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), 38
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M10S.I. 2007/126; these Regulations were amended by S.I. 2007/763, 2007/2160, 2009/534, 2010/2628, 2011/1043, 2013/472, and 2013/3115.
9. In regulation 19(15) of the Payment Services Regulations 2009 M11 (safeguarding requirements), in the definition of “authorised custodian”—
(a)for “Directive 2004/39/EC of 12th April 2004” substitute “ Directive 2014/65/EU of 15th May 2014 ”;
(b)for “Article 13” substitute “ Article 16 ”.
Marginal Citations
M11S.I. 2009/209; there are amendments to regulation 19(15) but none is relevant to these Regulations.
10. In article 1(3) of the Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009 M12 (citation, commencement and interpretation)—
(a)in the definition of “financial instrument”, in paragraph (a), for “Chapter VI of the Commission Regulation 1287/2006/EC” substitute “ Articles 5 to 8, 10 and 11 of the Commission Delegated Regulation (EU) C(2016) 2398 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council ”;
(b)in the definition of “Markets in Financial Instruments Directive”, for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”;
(c)in the definition of “transferable securities”, for “4(18)” substitute “ 4.44 ”.
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M12S.I. 2009/322; article 1(3) was amended by S.I. 2009/1826, there are other amendments but none is relevant.
11. In regulation 12 of the Offshore Funds (Tax) Regulations 2009 M13 (general interpretation) , in the definition of “regulated market”—
(a)for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”;
(b)for “4.1(14)” substitute “ 4.1.21 ”.
Marginal Citations
M13S.I. 2009/3001; regulation 12 was amended by S.I. 2011/1211, there are other amendments but none is relevant.
12. In regulation 35(2) of the Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010 M14 (further conditions applicable to automatic enrolment schemes), in paragraph (b) of the definition of “competent authority”, for “paragraph 22 of Article 4 of Directive 2004/39/EC” substitute “ paragraph 26 of Article 4 of Directive 2014/65/EU ”.
Marginal Citations
M14S.I. 2010/772; regulation 35(2) was inserted by S.I. 2012/1257 and amended by S.I. 2013/3115, there are other amendments but none is relevant.
13. In regulation 21(7) of the Electronic Money Regulations 2011 M15 (safeguarding option 1), in the definition of “authorised custodian”—
(a)for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”;
(b)for “Article 13” substitute “ Article 16 ”.
Marginal Citations
M15S.I. 2011/99; there are amendments to regulation 21(7) but none is relevant.
14.—(1) Schedule 3 (modifications of Chapter 3A of Part 18 of the Financial Services and Markets Act 2000 in relation to recognised auction platforms and EEA market operators of auction platforms) of the Recognised Auction Platforms Regulations 2011 M16 is amended as follows.
(2) In paragraph 1(a), for “regulated market” substitute “ trading venue ”.
(3) In paragraph 2(a), for “regulated market” substitute “ trading venue ”.
(4) In paragraph 3—
(a)in sub-paragraph (a), for “regulated market” substitute “ trading venue ”;
(b)in sub-paragraph (b), for “42.6” substitute “ 53.6 ”;
(5) In paragraph 4, for “42.6” substitute “ 53.6 ”.
Marginal Citations
15. In regulation 45(6)(b) of the Investment Trust (Approved Company) (Tax) Regulations 2011 M17 (index tracking funds), for the words from “Directive” to “(see article 4.1(14))” substitute “ Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (see article 4.1.21) ”.
Marginal Citations
16. In article 1(3) of the Supervision of Accounts and Reports (Prescribed Body) and Companies (Defective Accounts and Directors' Reports) (Authorised Person) Order 2012 M18 (citation, coming into force and interpretation), in the definition of “regulated market” for the words from “Article” to “April 2004” substitute “ Article 4.1.21 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.
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M18S.I. 2012/1439; there are amendments to article 1(3) but none is relevant.
17. In regulation 23(3) (no tax charge for disposal of interests in offshore non-reporting funds: qualifying index) of the Unauthorised Unit Trusts (Tax) Regulations 2013 M19 for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”.
Marginal Citations
18. In regulation 33 of the Capital Requirements Regulations 2013 M20 (colleges of supervisors)—
(a)in paragraph (4)(d), for “Articles 54 and 58 of Directive 2004/39/EC” substitute “ Articles 76 and 81 of Directive 2014/65/EU ”;
(b)in paragraph (8), for “Articles 54 and 58 of Directive 2004/39/EC” substitute “ Articles 76 and 81 of Directive 2014/65/EU ”.
Marginal Citations
19. In regulation 2 of the Stamp Duty and Stamp Duty Reserve Tax (Exchange Traded Funds) (Exemption) Regulations 2014 M21 (interpretation), in the definition of “multilateral trading facility” and “regulated market”, for the words from “Directive” to “April 2004” substitute “ Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.
Marginal Citations
20.—(1) The Financial Services Act 2012 (Relevant Functions in Relation to Complaints Scheme) Order 2014 M22 is amended as follows.
(2) After article 2(d) (relevant functions of the FCA) insert—
“(e)its functions under the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017, other than its functions under regulation 32 (guidance) of those Regulations.
(f)its functions under the Data Reporting Services Regulations 2017 M23, other than its functions under regulation 21 (guidance) of those Regulations.”.
(3) After article 2 (relevant functions of the FCA) insert—
3. The functions of the PRA under the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 are relevant functions for the purposes of section 85(2) of the Financial Services Act 2012.”.
21. In the Schedule to the Public Interest Disclosure (Prescribed Persons) Order 2014 M24, in the entry in the second column relating to the entry in the first column for the Financial Conduct Authority—
(a)at the end of paragraph (k) omit “and”; and
(b)after paragraph (l) insert—
“(m)the conduct of persons who are subject to—
(i)Part 3 and 4 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017;
(ii)the Data Reporting Services Regulations 2017; or
(iii)Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.”.
Marginal Citations
22. In regulation 2(1) of the Reports on Payments to Governments Regulations 2014 M25 (interpretation), in paragraph (a) of the definition of “public interest entity” for the words from “point (14)” to “April 2004” substitute “ point (21) of Article 4.1 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.
Marginal Citations
M25S.I. 2014/3209; there are amendments to regulation 2(1) but none is relevant.
23. In regulation 10(1)(e)(i) of the Public Contracts Regulations 2015 M26 (specific exclusions for service contracts), for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”.
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