The Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013

The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007

125.—(1) The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007(1) are amended as follows.

(2) In regulation 2 (interpretation)—

(a) after the definition of “the Act” insert—

““the appropriate regulator” means—

(a)

in relation to a person who is, or who is applying to become, a PRA-authorised person, the Prudential Regulatory Authority;

(b)

in any other case, the Financial Conduct Authority;”;

(b) omit the definition of “the Authority”;

(c) for the definition of “Part IV permission”, substitute—

““Part 4A permission” has the meaning given in section 55A(5) of the Act;”.

(3) In regulation 4(1) (general restrictions on giving permission), for “the Authority” substitute “the appropriate regulator”.

(4) In regulation 4A (applications to be an exempt investment firm)(2)—

(a) in paragraph (1), for “section 40”, substitute “section 55A”;

(b) in paragraph (2), for “section 44” substitute “section 55H or 55I”.

(5) In regulation 4C (requirements to be applied to exempt investment firms)(3)—

(a) in paragraph (1)—

(i) for “the Authority” in the first place those words appear, substitute “the appropriate regulator”;

(ii) for “included in the permission by the Authority under section 43” substitute “imposed under section 55L (where the Financial Conduct Authority is the appropriate regulator) or 55M (where the Prudential Regulatory Authority is the appropriate regulator)”;

(b) in paragraph (2)—

(i) for “the Authority” in each place it appears, substitute “the appropriate regulator”;

(ii) in subparagraph (a)—

(aa) for “the inclusion of the specified requirement in the Part IV permission” substitute “the treatment of the specified requirement as a requirement imposed under section 55L or 55M of the Act”;

(bb) for “section 52(6)” substitute “section 55X(1)”;

(cc) for “section 43(1)” in each place it appears, substitute “section 55L(1) or 55M(1)”;

(dd) for “section 52(9)” substitute “section 55X(4)”;

(ee) for “section 55(1)” substitute “section 55Z3(1)”;

(c) in subparagraph (b), omit “and, accordingly, section 43(5) shall not be treated as requiring the Authority to specify a period at the end of which they expire”;

(d) in subparagraph (c), for “section 44 of the Act to vary the permission by cancelling or varying” substitute “sections 55L(5) or 55M(5) of the Act to vary or cancel”.

(6) In paragraph (3), for “the Authority” substitute “the appropriate regulator”.

(1)

S.I. 2007/126, amended by S.I. 2007/763.

(2)

Inserted by S.I. 2007/763.

(3)

Inserted by S.I. 2007/763.