PART 3Amendment of subordinate legislation

The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 20189

1

The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 201824 are amended as follows.

2

In regulation 28(10)—

a

in sub-paragraph (a)—

i

after “in paragraph 1”, insert—

—

i

before ‘systematic internaliser’, insert ‘UK’;

ii

renumber the words from “for” to the end of the sub-paragraph as paragraph (ii);

b

after sub-paragraph (a), insert—

aa

after paragraph 1, insert—

1A

For the purposes of paragraph 1, a ‘UK systematic internaliser’ is a systematic internaliser which—

a

has its head office in the United Kingdom, or

b

operates through a branch in the United Kingdom.

3

In regulation 51—

a

in paragraph (1), for sub-paragraph (c), substitute—

c

in paragraph 2—

i

for “Article 4(1)(13) of Directive 2014/65/EU” substitute “regulation 2(1) of the Markets in Financial Instruments Regulation 2017”;

ii

for “Union” substitute “United Kingdom”.

b

in paragraph (2)(c), after paragraph (iii), insert—

iv

in the second subparagraph, for “competent authority” substitute “FCA”;