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Financial Services and Markets Act 2000

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[F1CHAPTER 3AU.K.PASSPORT RIGHTS

Textual Amendments

F1Pt. 18 Ch. 3A (ss. 312A-312D) inserted (1.4.2007 for certain purposes and 1.11.2007 otherwise) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(2), Sch. 2 para. 15 (with reg. 5)

Modifications etc. (not altering text)

C1Pt. 18 Ch. 3A applied (with modifications) (12.12.2011) by The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), reg. 8, Sch. 3 (as amended (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 5 para. 14(1) (with reg. 7))

EEA market operators in United KingdomU.K.

312AExercise of passport rights by EEA market operatorU.K.

(1)An EEA market operator may, in pursuance of the right under the applicable provision, make arrangements in the United Kingdom to facilitate access to, or use of, a specified [F2trading venue] operated by it if—

(a)the operator has given its home state regulator notice of its intention to make such arrangements; and

(b)the home state regulator has given [F3the FCA] notice of the operator's intention.

(2)In making arrangements under subsection (1), the operator is exempt from the general prohibition as respects any regulated activity which is carried on as a part of its business of operating the [F4venue] in question, or in connection with, or for the purposes of, that business.

(3)”Specified” means specified in the notice referred to in subsection (1)(a).

(4)This section does not apply to an overseas investment exchange.

Textual Amendments

F2Words in s. 312A(1) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 34(2) (with reg. 7)

F3Words in s. 312A(1)(b) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 33 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F4Word in s. 312A(2) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 34(3) (with reg. 7)

312B Removal of passport rights from EEA market operator U.K.

(1) The [F5FCA] may prohibit an EEA market operator from making or, as the case may be, continuing arrangements in the United Kingdom, in pursuance of the applicable provision, to facilitate access to, or use of, a [F6trading venue] operated by the operator if—

(a)the [F5FCA] has clear and demonstrable grounds for believing that the operator has contravened a relevant requirement, and

(b)the [F5FCA] has first complied with subsections (3) to (9).

(2)A requirement is relevant if it is imposed—

(a)by the operator's home state regulator in the implementation of the markets in financial instruments directive or any [F7EU] legislation made under that directive;

(b)by provision implementing that directive, or any [F7EU] legislation made under it, in the operator's home state; F8...

[F9(c)by the markets in financial instruments regulation; or

(d)by any directly applicable EU regulation made under that directive or that regulation]

(3)The [F10FCA] must notify the operator and its home state regulator of its finding under subsection (1)(a).

(4)The notice to the home state regulator under subsection (3) must—

(a)request that the home state regulator take all appropriate measures for the purpose of ensuring that the operator puts an end to the contravention; and

(b)state that the [F11FCA] proposes to exercise the power under subsection (1) if the operator continues the contravention.

(5)The [F12FCA] may not exercise the power under subsection (1) unless satisfied—

(a)either—

(i)that the home state regulator has failed or refused to take measures for the purpose mentioned in subsection (4)(a); or

(ii)that the measures taken by the home state regulator have proved inadequate for that purpose; and

(b)that the operator is acting in a manner which is clearly prejudicial to the interests of investors in the United Kingdom or the orderly functioning of the financial markets.

(6)If the [F13FCA] is satisfied as mentioned in subsection (5), it must give written notice to—

(a)the operator, and

(b)the home state regulator,

of its intention to exercise the power under subsection (1).

(7)A notice under subsection (6) must—

(a)state why the [F14FCA] intends to exercise its power under subsection (1), and

(b)in the case of the notice to the operator, inform the operator that it may make representations to the [F15FCA] before the end of the representation period.

(8)The representation period is—

(a)the period of two months beginning with the date on which the notice is given to the operator; or

(b)such longer period as the [F16FCA] may allow in a particular case.

(9)If, having considered any representations made by the operator, the [F17FCA] decides to exercise the power under subsection (1), it must—

(a)notify the operator in writing that it will be prohibited from making or, as the case may be, continuing the arrangements mentioned in that subsection from the date specified in the notice; and

(b)notify the home state regulator of the action to be taken in relation to the operator.

(10) If the [F17FCA] exercises the power under subsection (1) it must at the earliest opportunity notify the Commission [F18 and ESMA] of the action taken in relation to the operator.

(11)The exemption conferred on an operator by section 312A(2) ceases to apply if the [F17FCA] exercises the power under subsection (1) in relation to the operator.

(12)The right to make the arrangements mentioned in subsection (1) may be reinstated in relation to the operator (together with the exemption mentioned in subsection (11)) if the [F19FCA] is satisfied that the contravention which led to the [F19FCA] exercising the power under subsection (1) has been remedied.

[F20(13) If the [F21FCA] is satisfied as mentioned in subsection (5), it may refer the matter to ESMA (and ESMA may act in accordance with the powers conferred on it under Article 19 of Regulation ( EU ) No. 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority)).]

Textual Amendments

F5Word in s. 312B(1) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 34 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F6Words in s. 312B(1) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 35(2) (with reg. 7)

F7Words in s. 312B(2)(a)(b) substituted (22.4.2011 with application in accordance with art. 3 of the amending S.I.) by virtue of The Treaty of Lisbon (Changes in Terminology) Order 2011 (S.I. 2011/1043), art. 6(2)-(5)

F8Word in s. 312B(2)(b) omitted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by virtue of The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 35(3)(a) (with reg. 7)

F9S. 312B(2)(c)(d) substituted for s. 312B(2)(c) (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 35(3)(b) (with reg. 7)

F10Word in s. 312B(3) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 34 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F11Word in s. 312B(4)(b) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 34 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F12Word in s. 312B(5) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 34 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F13Word in s. 312B(6) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 34 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F14Word in s. 312B(7)(a) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 34 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F15Word in s. 312B(7)(b) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 34 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F16Word in s. 312B(8)(b) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 34 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F17Word in s. 312B(9)-(11) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 34 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F19Word in s. 312B(12) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 34 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F21Word in s. 312B(13) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 34 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

Recognised investment exchanges operating in EEA States (other than the United Kingdom)U.K.

312CExercise of passport rights by recognised investment exchangeU.K.

(1)Subject to subsection (4), a recognised investment exchange may, in pursuance of the right under the applicable provision, make arrangements in an EEA State (other than the United Kingdom) to facilitate access to, or use of, a [F22trading venue] operated by the exchange (“the relevant arrangements”).

(2)The exchange must give the [F23FCA] written notice of its intention to make the relevant arrangements which—

(a)describes the arrangements, and

(b)identifies the EEA State in which it intends to make them.

(3)The [F23FCA] must, within one month of receiving a notice under subsection (2), send a copy of it to the host state regulator.

(4)The exchange may not make the relevant arrangements until the [F23FCA] has complied with subsection (3).

(5)Subsection (6) applies if the [F23FCA] receives a request for information—

(a)under the second sub-paragraph of Article [F2434.7] of the markets in financial instruments directive (in the case of relevant arrangements relating to a multilateral trading facility [F25or an organised trading facility]), or

(b)under the third sub-paragraph of Article [F2653.6] of that directive (in the case of relevant arrangements relating to a regulated market),

from the host state regulator.

(6)The [F23FCA] must, as soon as reasonably practicable, comply with the request.

(7)”Host state regulator” means the competent authority (within the meaning of Article [F274.1.26] of the markets in financial instruments directive) of the EEA State in which the exchange intends to make, or has made, the relevant arrangements.

(8)This section does not apply to an overseas investment exchange.

Textual Amendments

F22Words in s. 312C(1) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 36(2) (with reg. 7)

F23Word in s. 312C(2)-(6) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 35 (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.

F24Word in s. 312C(5)(a) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 36(3)(a)(i) (with reg. 7)

F25Words in s. 312C(5)(a) inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 36(3)(a)(ii) (with reg. 7)

F26Word in s. 312C(5)(b) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 36(3)(b) (with reg. 7)

F27Word in s. 312C(7) substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 36(4) (with reg. 7)

InterpretationU.K.

312DInterpretation of Chapter 3AU.K.

In this Chapter—

  • the applicable provision” means—

    (a)

    in the case of arrangements relating to a multilateral trading facility, [F28or an organised trading facility, Article 34.6] of the markets in financial instruments directive; and

    (b)

    in the case of arrangements relating to a regulated market, the first sub-paragraph of Article [F2953.6] of that directive;

  • EEA market operator” means a person who is a market operator (within the meaning of Article [F304.1.18] of the markets in financial instruments directive) whose home state is an EEA State other than the United Kingdom;

  • home state”, in relation to an EEA market operator, means the EEA State in which it has its registered office, or if it has no registered office, its head office;

  • home state regulator” means the competent authority (within the meaning of Article [F314.1.26] of the markets in financial instruments directive) of the EEA State which is the home state in relation to the EEA market operator concerned.]

Textual Amendments

F28Words in s. 312D substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 37(a)(i) (with reg. 7)

F29Word in s. 312D substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 37(a)(ii) (with reg. 7)

F30Word in s. 312D substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 37(b) (with reg. 7)

F31Word in s. 312D substituted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 2 para. 37(c) (with reg. 7)

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