Regulation (EU) No 600/2014 of the European Parliament and of the CouncilDangos y teitl llawn

[F1 TITLE IX U.K. REGULATIONS, DIRECTIONS [F2 , RULES] AND TRANSFERRED FUNCTIONS

Article 50 U.K. Treasury Regulations

1. Any power to make regulations conferred on the Treasury by this Regulation is exercisable by statutory instrument.

2. Such regulations may—

(a) make incidental, supplemental, consequential or transitional provision; and

(b) make different provision for different purposes.

3. Unless paragraph 5 applies, a statutory instrument containing regulations made under this Regulation is subject to annulment in pursuance of a resolution of either House of Parliament.

4. No regulations to which paragraph 5 applies may be made unless—

(a) a draft of the instrument containing them has been laid before Parliament and approved by a resolution of each House; or

(b) paragraph 6 applies.

5. This paragraph applies to any regulations made for the purposes set out in paragraphs 2 and 3 of Schedule 3 which contain a statement by the Treasury that, in their opinion, the effect (or one of the effects) of the proposed regulations would be that an activity which is not a regulated activity for the purposes of FSMA would become a regulated activity.

6. This paragraph applies if regulations to which paragraph 5 applies also contain a statement that the Treasury are of the opinion that, by reason of urgency, it is necessary to make the regulations without a draft being so laid and approved.

7. If paragraph 6 applies, the regulations—

(a) must be laid before Parliament after being made; and

(b) cease to have effect at the end of the relevant period unless before the end of that period the regulations are approved by a resolution of each House of Parliament (but without affecting anything done under the regulations or the power to make new regulations).

8. The “relevant period” is a period of 28 days beginning with the day on which the regulations are made.

9. In calculating the relevant period no account is to be taken of any time during which Parliament is dissolved or prorogued or during which both Houses are adjourned for more than four days.

Article 50A U.K. Treasury Directions

1. Treasury directions under this Regulation may be varied or revoked.

2. A direction given by the Treasury must be laid before each House of Parliament and published in a way appearing to the Treasury to be best calculated to bring it to the attention of the public.

Article 50B U.K. FCA Directions [F3 identifying relevant area of the UK]

1. A direction may only be given, amended or revoked by the FCA under F4 ... Article 14 (“an FCA direction”) with the approval of the Treasury.

2. An FCA direction—

(a) may specify different countries in relation to different financial instruments;

(b) must specify the date on which the direction comes into effect and the financial instruments or class of instruments to which it applies;

(c) may be amended or revoked.

3. The Treasury may refuse to approve an FCA direction if it appears to the Treasury that—

(a) the giving of that direction would prejudice any current or proposed negotiations for an international agreement between the United Kingdom and one or more other countries, international organisations or institutions; or

(b) there are grounds under section 410 (international obligations) of FSMA to direct the FCA not to give that direction.

4. For the purposes of paragraph 3, “international organisations” includes the European Union.

5. The Treasury must notify the FCA in writing whether or not they approve an FCA direction within four weeks from the day on which that direction is submitted to the Treasury for approval (“the relevant period”).

6. If the Treasury do not give notice under paragraph 5 before the end of the relevant period the Treasury are deemed to have approved the direction.

7. Provision of a draft direction to the Treasury for consultation does not amount to submission of the direction for approval.

8. A copy of each FCA direction given under this Article must be must be laid before Parliament and published in a way appearing to the FCA to be best calculated to bring it to the attention of the public.

Textual Amendments

F3 Words in Article 50B heading inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5) Sch. 10 para. 11; S.I. 2021/739, reg. 3(o)

F4 Words in Art. 50B omitted (29.8.2023 for specified purposes, 1.12.2024 in so far as not already in force) by virtue of Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 25 (with s. 2(3)); S.I. 2023/779, reg. 4(zz)(i)(ee); S.I. 2024/1071, reg. 4(b)(viii)

Modifications etc. (not altering text)

C1 Art. 50B applied (31.12.2020) by Regulation (EU) No. 567/2017, Art. 5(6) (as inserted by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 59(2)(e) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1))

[F5 Article 50C U.K. Other FCA directions

1. A direction by the FCA under Article 46(4) may make different provision in relation to different applications or categories of application.

2. A direction by the FCA under Article [F6 4a or] 46(5) may make different provision for different cases or categories of case.

3. A direction by the FCA under Article [F7 4a or] 46 may be varied or revoked by a further direction under that provision.

4. A direction by the FCA under Article [F8 4a or] 46 must—

(a) be in writing, and

(b) be published by the FCA in a manner suitable to bring it to the attention of persons likely to be affected by it.

Textual Amendments

F5 Arts. 50C, 50D inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 10 para. 12 (with Sch. 10 para. 13); S.I. 2021/739, reg. 3(o)

F6 Words in Art. 50C(2) inserted (29.10.2024) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 26(2) (with s. 2(3)); S.I. 2024/1071, reg. 2(e)(ii)

F7 Words in Art. 50C(3) inserted (29.10.2024) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 26(3) (with s. 2(3)); S.I. 2024/1071, reg. 2(e)(ii)

F8 Words in Art. 50C(4) inserted (29.10.2024) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 26(4) (with s. 2(3)); S.I. 2024/1071, reg. 2(e)(ii)

Article 50D U.K. FCA rules

1. The provisions of Part 9A of FSMA (rules and guidance) listed in paragraph 2 apply in relation to rules made by the FCA under [F9 this Regulation] as they apply in relation to rules made by the FCA under that Part of that Act, subject to the [F10 modifications in paragraphs 2A and 3].

2. The provisions are—

(a) section 137T (general supplementary powers);

(b) Chapter 2 (modification, waiver, contravention and procedural provisions), with the exception of section 138D (actions for damages) [F11 and section 138EA (matters to consider when making rules)];

(c) section 141A (power to make consequential amendments of references to rules etc).

[F12 2A. In its application to rules made under Article 31, section 138I has effect as if the reference to the PRA in subsection (1)(a) were a reference to the Bank of England.]

3. Section 137T applies as if the reference to authorised persons [F13 included a reference to persons who are not authorised persons but to whom any of the rules made by the FCA under this Regulation apply].]

Textual Amendments

F5 Arts. 50C, 50D inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 10 para. 12 (with Sch. 10 para. 13); S.I. 2021/739, reg. 3(o)

F9 Words in Art. 50D(1) substituted (29.10.2024 for specified purposes, 31.3.2025 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 27(2)(a) (with s. 2(3)); S.I. 2024/1071, regs. 3(b)(ix), 6(b)(iii)

F10 Words in Art. 50D(1) substituted (29.10.2024 for specified purposes, 31.3.2025 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 27(2)(b) (with s. 2(3)); S.I. 2024/1071, regs. 3(b)(ix), 6(b)(iii)

F11 Words in Art. 50D(2)(b) inserted (29.10.2024 for specified purposes, 31.3.2025 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 27(3) (with s. 2(3)); S.I. 2024/1071, regs. 3(b)(ix), 6(b)(iii)

F12 Art. 50D(2A) inserted (29.10.2024 for specified purposes, 31.3.2025 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 27(4) (with s. 2(3)); S.I. 2024/1071, regs. 3(b)(ix), 6(b)(iii)

F13 Words in Art. 50D(3) substituted (29.10.2024 for specified purposes, 31.3.2025 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 27(5) (with s. 2(3)); S.I. 2024/1071, regs. 3(b)(ix), 6(b)(iii)

Article 51 U.K. Transfer of MiFID functions

1. The Treasury may make regulations for the purposes specified in Part 1 of Schedule 3 to this Regulation.

2. The FCA may make technical standards for the purposes set out in Part 2 of Schedule 3 to this Regulation.

3. The FCA may make technical standards for the purposes set out in Part 3 of Schedule 3 to this Regulation applying to authorised persons who are not PRA-authorised persons.

4. The PRA may make technical standards for the purposes set out in Part 3 of Schedule 3 to this Regulation applying to authorised persons who are PRA-authorised persons.

5. For the purposes of this Article—

• “authorised persons” has the meaning given in section 31(2) of FSMA;

• “PRA-authorised person” has the meaning given in section 2B(5) of FSMA.]

Textual Amendments

F1 Title 9 substituted (31.12.2020) by The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1403), regs. 1(3), 34 (as amended by S.I. 2019/710, regs. 1(2), 16(16)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)

F2 Word in Title 9 heading inserted (1.7.2021) by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 10 para. 10; S.I. 2021/739, reg. 3(o)