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

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Amendments to Part 4A (permission to carry on regulated activities)

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5.—(1) Section 55R(1) (persons connected with an applicant) is amended as follows.

(2) In subsection (2)—

(a)in paragraph (a) after “intermediaries))” insert “or “an EEA market operator”; and

(b)in the closing words after “the firm’s” insert “ or the market operator’s”.

(3) After subsection (3) insert—

(3A) A person (“P”) is connected with an EEA market operator if—

(a)P is an investment firm and is a subsidiary undertaking of the market operator, or

(b)P is an investment firm and is a subsidiary undertaking of a parent undertaking of the market operator.

(3B) In subsection (2)—

“EEA market operator” has the meaning given in section 312D (interpretation of Chapter 3A); and

“home state regulator”, in relation to an EEA market operator, has the meaning given in section 312D..

(4) After subsection (6)(2) insert—

(7) Subsection (8) applies where—

(a)an investment firm (“C”) makes an application for permission under section 55A to carry on a regulated activity which is any of the investment services and activities;

(b)the requirement for C to obtain permission under section 55A to carry on that activity derives from Chapter 1 of Title II of the markets in financial instruments directive; and

(c)C is controlled by a person who also controls—

(i)an EEA credit institution,

(ii)an EEA investment firm, or

(iii)an EEA insurance undertaking.

(8) Before granting C’s application for permission, the regulator concerned must—

(a)in a case falling within subsection (7)(c)(i) consult the competent authorities of the other EEA State responsible for the authorisation or supervision of the credit institution;

(b)in case falling within subsection (7)(c)(ii) consult the competent authority of the other EEA State responsible for the authorisation of the investment firm;

(c)in a case falling within subsection (7)(c)(iii), consult the competent authorities of the other EEA State responsible for the authorisation or supervision of the insurance undertaking.

(9) In subsections (7)—

“controls” has the same meaning as in Article 4.1.35(b)(definitions) of the markets in financial instruments directive;

“EEA credit institution” means a credit institution, as defined by Article 4.1.27 of the markets in financial instruments directive, authorised in another EEA State pursuant to Title III of the capital requirements directive;

“EEA insurance undertaking” means an insurance undertaking, as defined by Article 13.1 of the Solvency 2 Directive, authorised in another EEA State;

“EEA investment firm” means an investment firm, as defined by Article 4.1.1 of the markets in financial instruments directive, authorised in another EEA State pursuant to Chapter 1 of Title II of that directive..

(1)

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

(2)

Subsection (6) was inserted by S.I. 2013/3115.

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