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The Investment Exchanges, Clearing Houses and Central Securities Depositories (Amendment) (EU Exit) Regulations 2019

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Amendments of Part 18A of the 2000 Act

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10.—(1) Part 18A of the 2000 Act (suspension and removal of financial instruments from trading)(1) is amended as follows.

(2) In section 313CA (suspension or removal of financial instruments from trading: notification and trading on other venues)(2), for subsection (4) substitute—

(4) The FCA must publish a decision of any of the following kinds in such a manner as the FCA considers appropriate—

(a)a decision to impose a requirement under section 313A;

(b)a decision to revoke a requirement imposed under section 313A;

(c)a decision to impose, or to revoke or not to impose, a requirement under subsection (2).

(5) Subsection (4) does not require a decision to be published if it has already been published under section 313B(2)(b) or 313BE(5)..

(3) In section 313CB (suspension or removal of a financial instrument from trading by a trading venue: FCA duties)(3)—

(a)for subsection (5) substitute—

(5) The FCA must publish any decision to impose, or to revoke or not to impose, a requirement under subsection (2) in such a manner as the FCA considers appropriate.;

(b)in subsection (6), for paragraph (c) substitute—

(c)a qualifying credit institution that has Part 4A permission to carry on the regulated activity of accepting deposits..

(4) Omit section 313CC (suspension or removal of a financial instrument from trading in another EEA state: FCA duties)(4).

(5) In section 313D (interpretation of Part 18A)(5)—

(a)in subsection (1)—

(i)omit the definition of “competent authority”;

(ii)in the definition of “derivative”, for the words from “points (4)” to “directive” substitute “paragraphs 4 to 10 of Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544)”(6);

(iii)for the definition of “financial instrument” substitute—

“financial instrument” means an instrument specified in Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;;

(iv)in the definition of “institution”, for paragraphs (c) and (d) substitute—

(c)a qualifying credit institution that has Part 4A permission to carry on the regulated activity of accepting deposits, when carrying out investment services or activities; or

(d)a qualifying credit institution other than one that has Part 4A permission to carry on the regulated activity of accepting deposits;;

(v)in the definition of “regulatory information service”, omit paragraph (b) and the “or” that precedes it;

(vi)for the definitions of “systematic internaliser” and “trading venue” substitute—

“systematic internaliser” has the meaning given in Article 2(1)(12) of the markets in financial instruments regulation;

“trading venue” means a UK trading venue, as defined by Article 2(1)(16A) of the markets in financial instruments regulation.;

(b)in subsection (2)—

(i)for paragraph (a) (including the “or” at the end) substitute—

(a)it is established in the United Kingdom; or;

(ii)in paragraph (b)—

(aa)in sub-paragraph (i), for “Article 4.1.30 of the directive” substitute “Article 2(1)(20) of the markets in financial instruments regulation”;

(bb)in sub-paragraph (ii), for the words from “section 313CA(2)” to the end substitute “section 313CA(2) or 313CB(2)”.

(1)

Part 18A was inserted by S.I. 2007/126.

(2)

Section 313CA was inserted by S.I. 2017/701.

(3)

Section 313CB was inserted by S.I. 2017/701.

(4)

Section 313CC was inserted by S.I. 2017/701.

(5)

Section 313D was renumbered by S.I. 2017/701. In subsection (1), the definitions of “competent authority”, “derivative”, “systematic internaliser” and “trading venue” were inserted by S.I. 2017/701; the definition of “financial instrument” was amended by S.I. 2017/701. Subsection (2) was inserted by S.I. 2017/701.

(6)

S.I. 2001/544. Schedule 2 was substituted by S.I. 2006/3384 and amended by S.I. 2017/488.

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