2022 No. 1297
The Markets in Financial Instruments (Investor Reporting) (Amendment) Regulations 2022
Made
Laid before Parliament
Coming into force in accordance with regulation 1
The Treasury, in exercise of the powers conferred by Articles 50 and 51(1) of, and paragraphs 4 and 9 of Part 1 of Schedule 3 to, Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on Markets in Financial Instruments1 make the following Regulations.
Citation and commencement1
1
These Regulations may be cited as the Markets in Financial Instruments (Investor Reporting) (Amendment) Regulations 2022.
2
Subject to paragraph (3), these Regulations come into force on 7th June 2023.
3
Regulation 2(4) comes into force on the fortieth day after the day on which these Regulations are laid before Parliament.
Amendment of Commission Delegated Regulation (EU) 2017/5652
1
Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive2 is amended as follows.
2
In Article 3 (conditions applying to the provision of information)—
a
in paragraph 1—
i
for “retail clients, or potential retail clients”, substitute “clients or potential clients”
;
ii
for the words from “shall have the right to” to the end of sub-paragraph (b), substitute “must provide that information in electronic format, subject to paragraphs 1ZA and 1A.”
;
b
after paragraph 1 insert—
1ZA
Where the client or potential client to whom the information is required to be provided is a retail client or potential retail client, investment firms must provide that information in electronic format if—
a
the retail client or potential retail client has been informed of the right to receive the information on paper instead of in electronic format; and
b
the retail client or potential retail client has not requested the information on paper.
3
Omit paragraph 1B.
4
Omit Article 62 (additional reporting obligations for portfolio management or contingent liability transactions).
(This note is not part of the Regulations)