The Financial Services (EEA State) Regulations 2007

Statutory Instruments

2007 No. 108

Banks and banking

Electronic communications

financial services and markets

insolvency

The Financial Services (EEA State) Regulations 2007

Made

22nd January 2007

Laid before Parliament

23rd January 2007

Coming into force

13th February 2007

The Treasury are a government department designated for the purposes of section 2(2) of the European Communities Act 1972(1) in relation to—

(a) measures relating to preventing the use of the financial system for the purpose of money laundering(2);

(b) measures relating to investment firms and to the provision of investment services and to the operation of regulated markets and clearing or settlement systems(3);

(c) measures relating to the movement of capital and to payments, between Member States and between Member States and countries which are not Member States(4);

(d) authorisation of the carrying on of insurance business and the regulation of such business and its conduct(5);

(e) measures relating to payment systems, and to collateral security provided to the central banks of Member States or to the European Central Bank(6);

(f) credit and financial institutions and the taking of deposits or other repayable funds from the public, and information society services(7);

(g) insolvency of insurers, authorisation and regulation of insurance intermediaries, and collective investment in transferable securities and other liquid assets(8);

(h) the distance marketing of consumer financial services(9);

(i) insider dealing and market manipulation(10).

The Treasury make these Regulations in exercise of the powers conferred on them by section 2(2) of that Act:

(1)

1972 c. 68; by virtue of the amendment of section 1(2) made by section 1 of the European Economic Area Act 1993 (c. 51) regulations may be made under section 2(2) to implement obligations of the United Kingdom created by or arising under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting that Agreement signed at Brussels on 17th March 1993 (Cm 2183). Section 57(1) of the Scotland Act 1998 (c. 46) provides that despite the transfer to the Scottish Ministers of functions in relation to observing and implementing obligations under Community law, any function of a Minister of the Crown shall continue to be exercisable by him as regards Scotland for the purposes specified in section 2(2) of the European Communities Act 1972.

(2)

S.I. 1992/1711.

(3)

S.I. 1993/2661.

(4)

S.I. 1994/757.

(5)

S.I. 1997/2781, under which the Treasury was designated in place of the Secretary of State.

(6)

S.I. 1998/2793.

(7)

S.I. 2001/3495.

(8)

S.I. 2002/2840.

(9)

S.I. 2004/1283.

(10)

S.I. 2004/2642.