The Financial Services and Markets Act 2000 (Qualifying Provisions) Order 2013

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The Financial Services and Markets Act 2000 (Qualifying Provisions) Order 2013, Section 5 is up to date with all changes known to be in force on or before 01 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.

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Order revoked by 2023 c. 29 Sch. 1 Pt. 2

[F1Qualifying provisions]: injunctions and restitutionU.K.

This section has no associated Explanatory Memorandum

5.—(1) The instruments listed in paragraph (2) are specified [F2qualifying provisions] for the purposes of sections 380(6)(a), 382(9)(a) and 384(7)(a) of the Act.

(2) The instruments are—

(a)any directly applicable regulation made under the markets in financial instruments directive;

[F3(aa)the markets in financial instruments regulation and any directly applicable EU regulation made under that regulation [F4, except for Title VIII (Provision of services and performance of activities by third-country firms following an equivalence determination with or without a branch) and any directly applicable EU regulation made under that title];]

(b)any directly applicable regulation made under the UCITS directive;

[F5(ba)any directly applicable regulation made under the alternative investment fund managers directive;]

(c)the emission allowance auctioning regulation[F6, except for Article 38 (prohibition of insider dealing), Article 39 (other prohibited uses of inside information) and Article 41 (prohibition of market manipulation) of that regulation];

[F7(ca)the UK auctioning regulations;]

(d)the European market infrastructure regulation;

(e)any directly applicable regulation made under the European market infrastructure regulation;

[F8(f)the EuSEF Regulation and any directly applicable regulation made under that Regulation;

(g)the EuVECA Regulation and any directly applicable regulation made under that Regulation];

[F9(h)the CSD regulation and any directly applicable regulation made under that Regulation];

[F10(i)any directly applicable regulation made under the recovery and resolution directive];

F11(j). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F12(k)the market abuse regulation and any directly applicable regulation made under that Regulation, except for Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) and Article 15 (prohibition of market manipulation) of the market abuse regulation];

[F13(l)any directly applicable regulation made under the Solvency 2 Directive];

[F14(m)the PRIIPs regulation and any directly applicable regulation made under that Regulation[F15;]]

[F16(n)the EU Benchmarks Regulation 2016 and any directly applicable measure made under that Regulation];

[F17(o)any directly applicable regulation made under the insurance distribution directive];

[F18(p)the MMF Regulation and any directly applicable regulation or decision made under it];

[F19(q)the EU Securitisation Regulation 2017 and any directly applicable regulation made under that Regulation];

[F20[F21(r)the EU Prospectus Regulation and any directly applicable measure made under that Regulation.]]

(3) The instruments listed in paragraph (4) are also specified [F22qualifying EU provisions] for the purposes of section 380(6)(a) and 382(9)(a) of the Act.

(4) The instruments are—

(a)the short selling regulation;

(b)any directly applicable regulation made under the short selling regulation.

[F23(4A) The SFT regulation and any directly applicable regulation made under Article 4(9) or 4(10) of the SFT regulation are specified [F24qualifying provisions] for the purposes of section 380(6)(a) of the Act.]

(5) The appropriate regulator for the purposes of sections 380, 382 and 384 of the Act is—

(a)in relation to a contravention of a requirement imposed by a directly applicable regulation made under the markets in financial instruments directive [F25or the markets in financial instruments regulation]—

(i)if the authorised person concerned is a PRA-authorised person, the PRA or the FCA;

(ii)in any other case, the FCA;

(b)in relation to a contravention of the emission allowance auctioning regulation [F26, the UK auctioning regulations] or any directly applicable regulation made under the UCITS directive [F27or the alternative investment fund managers directive], the FCA;

(c)in relation to a contravention of the European market infrastructure regulation—

(i)if the authorised person concerned is a PRA-authorised person, the PRA or the FCA;

(ii)in any other case, the FCA;

(d)in relation to a contravention of any directly applicable regulation made under the European market infrastructure regulation, the FCA;

(e)in relation to a contravention of the short selling regulation or any directly applicable regulation made under that regulation, the FCA;

[F28(f)in relation to a contravention of a requirement imposed by the EuSEF Regulation, the EuVECA Regulation or any directly applicable regulation made under either the EuSEF Regulation or the EuVECA Regulation, the FCA];

[F29(g)in relation to a contravention of the CSD regulation or any directly applicable regulation made under the CSD regulation—

(i)if the authorised person concerned is a PRA-authorised person, the PRA or the FCA;

(ii)in any other case, the FCA];

[F30(h)in relation to a contravention of a requirement imposed by any directly applicable regulation made under the recovery and resolution directive—

(i)if the person concerned is a PRA-authorised person, or a parent undertaking of a PRA-authorised person, either the PRA or the FCA;

(ii)in any other case, the FCA];

F31(i). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F32(j)in relation to a contravention of the market abuse regulation or any directly applicable regulation made under that Regulation, the FCA];

[F33(k)in relation to a contravention of a requirement imposed by a directly applicable regulation made under the Solvency 2 Directive, the PRA];

[F34(l)in relation to a contravention of a requirement imposed by the PRIIPs regulation or any directly applicable regulation made under that Regulation, the FCA[F35;]]

[F36(m)in relation to a contravention of a requirement imposed by the EU Benchmarks Regulation 2016 or any directly applicable measure made under that Regulation, the FCA];

[F37(n)in relation to a contravention of a requirement imposed by any directly applicable regulation made under the insurance distribution directive, the FCA];

[F38(o)in relation to a contravention of a requirement imposed by the MMF Regulation or any directly applicable regulation or decision made under that Regulation, the FCA];

[F39(p)in relation to a contravention of a requirement imposed by the EU Securitisation Regulation 2017 or any directly applicable regulation made under that Regulation—

(i)the FCA if it is the competent authority under that Regulation for the person concerned;

(ii)the PRA if it is the competent authority under that Regulation for the person concerned];

[F40[F41(q)in relation to a contravention of a requirement imposed by the EU Prospectus Regulation or any directly applicable measure made under that Regulation, the FCA.]]

[F42(5A) The appropriate regulator for the purposes of section 380 of the Act, in relation to a contravention of the SFT regulation or any directly applicable regulation made under Article 4(9) or 4(10) of the SFT regulation, is the FCA.]

(6) The specified [F43qualifying provisions] for the purposes of paragraph 26(2)(c) of Schedule 17A to the Act are—

(a)the European market infrastructure regulation;

(b)any directly applicable regulation made under the European market infrastructure regulation;

[F44(c)the CSD regulation and any directly applicable regulation made under that Regulation];

[F45(d)the SFT regulation and any directly applicable regulation made under Article 4(9) or 4(10) of the SFT regulation.]

[F46(7) In paragraphs (2)(n) and (5)(m) the reference to any directly applicable measure of the EU Benchmarks Regulation 2016 is a reference to—

(a)any measure, originally adopted under that regulation, which is retained direct EU legislation,

(b)technical standards made under that regulation in accordance with Chapter 2A of Part 9A of the Act, and

(c)any subordinate legislation (within the meaning of the Interpretation Act 1978) which is made under a power substituted for a power of an EU entity to adopt a measure under that regulation by regulations made under section 8 of the European Union (Withdrawal) Act 2018.]

Textual Amendments

F1Words in art. 5 heading substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 187(4)(d); 2020 c. 1, Sch. 5 para. 1(1)

F2Words in art. 5(1) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 187(4)(d); 2020 c. 1, Sch. 5 para. 1(1)

F3Art. 5(2)(aa) inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes, 31.7.2017 for specified purposes, 3.1.2018 in so far as not already in force) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 6(5)(a) (with reg. 7)

F4Words in art. 5(2)(aa) inserted (1.1.2023) by The Financial Services and Markets Act 2000 (Qualifying Provisions) (Amendment) Order 2022 (S.I. 2022/1252), arts. 1(1), 3(3)

F5Art. 5(2)(ba) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 22(5)(a)(i)

F6Words in art. 5(2)(c) inserted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 22(4)(a)

F7Art. 5(2)(ca) inserted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 7(6)(a)

F8Art. 5(2)(f)(g) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 22(5)(a)(ii)

F9Art. 5(2)(h) inserted (21.11.2014) by The Central Securities Depositories Regulations 2014 (S.I. 2014/2879), regs. 1(1), 9(5)(a)

F10Art. 5(2)(i) inserted (10.1.2015) by The Bank Recovery and Resolution (No. 2) Order 2014 (S.I. 2014/3348), art. 1(2), Sch. 3 para. 12(5)(a)

F11Art. 5(2)(j) omitted (1.1.2024) by virtue of The Financial Services and Markets Act 2023 (Consequential Amendments) Regulations 2023 (S.I. 2023/1410), regs. 1(2), 8(5)(a)