SCHEDULE 5 U.K.OTHER AMENDMENTS OF THE ACT

Amendment of section 347 U.K.

12.  In section 347 (record of authorised persons etc.)—

(a) after paragraph (h) of subsection (1), omit “and”;

(b) after that paragraph insert—

“(ha) person to whom subsection (2A) applies; and”;

(c) after subsection (2) insert—

“(2A) This subsection applies to—

(a) an appointed representative to whom subsection (1A) of section 39 applies for whom the applicable register (as defined by subsection (1B) of that section) is the record maintained by virtue of subsection (1)(ha) above;

(b) a person mentioned in subsection (1)(a) of section 39A if—

(i) the contract with an authorised person to which he is party complies with the applicable requirements (as defined by subsection (7) of that section), and

(ii) the authorised person has accepted responsibility in writing for the person's activities in carrying on investment services business (as defined by subsection (8) of that section); and

(c) any person not falling within paragraph (a) or (b) in respect of whom the Authority considers that a record must be maintained for the purpose of securing compliance with Article 23.3 of the markets in financial instruments directive (registration of tied agents).”.