- Latest available (Revised)
- Original (As made)
This is the original version (as it was originally made). This item of legislation is currently only available in its original format.
2. After section 194 of the Act (general grounds on which power of intervention is exercisable) insert—
194A. (1) This section applies if—
(a)a relevant EEA firm has a branch in the United Kingdom; and
(b)the Authority ascertains that the firm has contravened, or is contravening, a requirement falling within subsection (3) (in a case to which Article 62.2 of the markets in financial instruments directive applies).
(2) “Relevant EEA firm” means an EEA firm falling within paragraph 5(a) or (b) of Schedule 3 which is exercising in the United Kingdom an EEA right deriving from the markets in financial instruments directive.
(3) A requirement falls within this subsection if it is imposed on the firm—
(a)by any provision of or made under this Act which implements the markets in financial instruments directive; or
(b)by any directly applicable Community regulation made under that directive.
(4) The Authority must give the firm written notice which—
(a)requires the firm to put an end to the contravention;
(b)states that the Authority’s power of intervention will become exercisable in relation to the firm if the firm continues the contravention; and
(c)indicates any requirements that the Authority proposes to impose on the firm in exercise of its power of intervention in the event of the power becoming exercisable.
(5) The Authority may exercise its power of intervention in respect of the firm if—
(a)a reasonable time has expired since the giving of the notice under subsection (4);
(b)the firm has failed to put an end to the contravention within that time; and
(c)the Authority has informed the firm’s home state regulator of its intention to exercise its power of intervention in respect of the firm.
(6) Subsection (5) applies whether or not the Authority’s power of intervention is also exercisable as a result of section 194.
(7) If the Authority exercises its power of intervention in respect of a relevant EEA firm by virtue of subsection (5), it must at the earliest opportunity inform the firm’s home state regulator and the Commission of—
(a)the fact that the Authority has exercised that power in respect of the firm; and
(b)any requirements it has imposed on the firm in exercise of the power.”.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: