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The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017

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Amendments to Part 23 (public record, disclosure of information and co-operation)

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44.—(1) Section 347 (the record of authorised persons etc) is amended as follows.

(2) In subsection (1)(a) for the “and” after paragraph (hb)(1) insert—

(hc)appointed representative to whom subsection (2C) applies; and.

(3) In subsection (2A)(2)—

(a)in paragraph (a) after “subsection (1A)” insert “or (1AA)”; and

(b)in paragraph (c)(3) for “23.3” substitute “29.3”.

(4) After subsection (2B)(4) insert—

(2C) This subsection applies to an appointed representative of an authorised person who has a Part 4A permission by virtue of regulation 4 or 7 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/XXXX)..

(5) After subsection (3) insert—

(3A) But if a person ceases to be a person to whom one of the paragraphs of subsection (1) applies as a result of—

(a)a cancellation of that person’s Part 4A permission under section 55J(6)(5) because one or more of the conditions in 55K(1)(b) to (d) was met; or

(b)a cancellation of that person’s Part 4A permission to carry on regulated activities as an exempt investment firm under section 55J(1) to (3) because—

(i)the person has contravened a requirement imposed on that person by or under the Act for the purposes of Article 3.2(a) of the markets in financial instruments directive; and

(ii)one or more of the conditions mentioned in Article 8(b) to (d) of the directive was met;

the power conferred by subsection (3) is not exercisable for a period of five years from the date on which the person ceased to be a person to whom subsection (1) applied.

(3B) Where the power conferred by subsection (3) is not exercisable in respect of an entry in the record as a result of subsection (3A) the FCA must—

(a)make a note in the record that it considers the person to whom the entry relates has ceased to be person to whom one of the paragraphs of subsection (1) applies as a result of a cancellation of that person’s Part 4A permission for a reason mentioned in subsection (3A)(a) or (b); and

(b)state why it considers that is the case..

(6) At the end of subsection (4)(b) insert “in any case where it has not already done so under subsection (3B)”.

(7) In subsection (8A)(6) at the appropriate place insert—

“exempt investment firm” means an authorised person who—

(a)

is an investment firm; and

(b)

has a Part 4A permission;

but to whom Title II of the markets in financial instruments directive does not apply by virtue of Article 3 of the directive...

(1)

Paragraph (hb) was inserted by S.I. 2015/910.

(2)

Subsection (2A) was inserted by S.I. 2007/126.

(3)

Paragraph (c) was amended by paragraph 16(2) of Schedule 12 to the Financial Services Act 2012.

(4)

Subsection (2B) was inserted by S.I. 2015/910.

(5)

Section 55J96) was inserted by section 11(2) of the Financial Services Act 2012.

(6)

Subsection (8A) was inserted by section 34(3) of the Financial Services (Banking Reform) Act 2013.

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