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The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007

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10.  In paragraph 19—

(a)in sub-paragraph (3) for “The” substitute “Subject to sub-paragraph (5B), the”;

(b)after sub-paragraph (5A)(1) insert—

(5B) If the firm is a UK investment firm, a notice of intention may not include ancillary services unless such services are to be provided in connection with the carrying on of one or more investment services and activities.

(5C) In sub-paragraph (5B) “ancillary services” has the meaning given in Article 4.1.3 of the markets in financial instruments directive.;

(c)in sub-paragraph (6)(2) for “the investment services directive or the UCITS directive” substitute “the UCITS directive or, in the case of a credit institution authorised under the banking consolidation directive, the markets in financial instruments directive”;

(d)after sub-paragraph (7A)(3) insert—

(7B) If the firm is a UK investment firm and the first condition is satisfied, the Authority must give a consent notice to the host state regulator within three months beginning with the date on which it received the firm’s notice of intention unless the Authority has reason to doubt the adequacy of the firm’s resources or its administrative structure..

(1)

Paragraph 19(5A) was inserted by S.I. 2003/1473.

(2)

Paragraph 19(6) was amended by S.I. 2003/2066.

(3)

Paragraph 19(7A) was inserted by S.I. 2003/1473.

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