Amendments to Part 3 (authorisation and exemption)
2.—(1) Section 39 (exemption of appointed representatives) is amended as follows.
(2) In subsection (1ZA)(1) after “(1A)” insert “, (1AA)”.
(3) In the opening words of subsection (1A)(a)(2) for “or a credit institution” substitute “, a credit institution, or a person mentioned in Article 3.1 (optional exemptions) of the markets in financial instruments directive”.
(4) After subsection (1A) insert—
“(1AA) This subsection applies to a person—
(a)if the person’s principal is an investment firm or a credit institution, and
(b)so far as the business for which the person’s principal has accepted responsibility is selling, or advising clients on, structured deposits as defined by Article 4.1.43 (definitions) of the markets in financial instruments directive,
unless the person is entered on the applicable register.”.
(5) In subsection (1B)(3)—
(a)in the opening words at the beginning insert “In subsections (1A) and (1AA)”;
(b)in paragraph (a)—
(i)omit the words from “which” to “appoint tied agents”;
(ii)for “Article 23” substitute “Article 29”; and
(iii)at the end insert “and”; and
(c)omit paragraph (b) (with the “and” following it).
(6) In subsection (7)(a)(4) for “4.1.25” substitute “4.1.29”.
(7) In subsection (8)(5), in the definition of “competent authority” for “4.1.22” substitute “4.1.26”.
Subsection (1ZA) was inserted by S.I. 2015/910.
Subsection (1A) was inserted by S.I. 2007/126 and amended by S.I. 2015/910.
Subsection (IB) was inserted by S.I. 2007/126 and amended by paragraph 5(2) of Schedule 18 to the Financial Services Act 2012 (c.21).
Subsection (7) was inserted by S.I. 2007/126.
Subsection (8) was inserted by S.I. 2007/126.