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

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Transitional provision in relation to exempt investment firms

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3.  In Part 3 of the principal regulations (transitional and saving provisions), after regulation 9, insert—

Transitional provision: exempt investment firms

9A.(1) Except where paragraph (3) applies, an authorised person who immediately before 1st November 2007—

(a)is an investment firm within the meaning given in Article 4.1.1 of the markets in financial instruments directive,

(b)has his relevant office in the United Kingdom, and

(c)fulfils all the requirements set out in regulation 4C(3),

becomes an exempt investment firm with effect from that day as if he had applied as mentioned in regulation 4A(2) for a variation of his Part IV permission to permit him to carry on regulated activities as an exempt investment firm and the Authority had so varied the permission on that day.

(2) In paragraph (1) “relevant office” has the meaning given in regulation 4A(5).

(3) This paragraph applies—

(a)to an authorised person having a Part IV permission that, immediately before 1st November 2007—

(i)includes no requirement having the effect of prohibiting the person from holding clients’ funds, or

(ii)permits the person, in connection with the carrying on of regulated activities comprising any investment services and activities (excluding activities to which, by virtue of Article 2, the markets in financial instruments directive does not apply), to carry on the activity consisting of both the safeguarding of assets belonging to another and the administration of those assets; and

(b)to an authorised person who, before 1st November 2007, gives the Authority notice, in such form as the Authority may direct, that he does not wish to become an exempt investment firm.

(4) In paragraph (3)—

(a)“clients’ funds”, in sub-paragraph (a)(i), has the same meaning as in Article 3 of the markets in financial instruments directive, and

(b)sub-paragraph (a)(ii) is to be construed in accordance with section 22 of the Act, any relevant order made under that section and Schedule 2 to the Act.

(5) The variation of a person’s Part IV permission effected by paragraph (1) does not amount to the grant of an application for variation of a Part IV permission for the purpose of section 52(4) of the Act or to the determination of an application under Part IV for the purpose of section 55(1) of the Act..

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