Article 85 (contracts for differences etc)U.K.
158.—(1) Article 85 (contracts for differences etc) is amended as follows.
(2) In paragraph (3)(b) M1, for “Section C of Annex I to the markets in financial instruments directive” substitute “ Part 1 of Schedule 2 ”.
(3) In paragraphs (4) M2 and (4B) M3, for sub-paragraphs (a) to (d) substitute—
“(a)an investment firm or qualifying credit institution is providing or performing investment services and activities on a professional basis,
(b)a management company which has a Part 4A permission to do so is providing the investment service specified in paragraph 4 or 5 of Part 3 of Schedule 2 or the ancillary service specified in paragraph 1 of Part 3A of that Schedule,
(c)a market operator is providing the investment service specified in paragraph 8 or 9 of Part 3 of that Schedule,
(d)a full-scope UK AIFM which has a Part 4A permission to do so is providing the investment service specified in paragraph 1, 4 or 5 of Part 3 of that Schedule or the ancillary service specified in paragraph 1 of Part 3A of that Schedule.”.
(4) In paragraph (4A)(c) M4—
(a)for “Section C of Annex I to the markets in financial instruments directive” substitute “ Part 1 of Schedule 2 ”;
(b)for “the texts of which are set out in Parts 1 and 2 of Schedule 2” substitute “ the text of which is set out in Part 2 of Schedule 2 ”.
(5) Omit paragraph (5) M5.
Modifications etc. (not altering text)
C1Pts. 3-6 modified in part (31.12.2020) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(2), 11(1)(4)(5) (with reg. 11(8)-(10)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1)
Commencement Information
I1Reg. 158 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M1Paragraph (3) was inserted by S.I. 2006/3384.
M2Paragraph (4) was inserted by S.I. 2006/3384 and was amended by S.I. 2017/488.
M3Paragraph (4B) was inserted by S.I. 2017/488.
M4Paragraph (4A) was inserted by S.I. 2017/488.
M5Paragraph (5) was inserted by S.I. 2006/3384.