The Markets in Financial Instruments Directive (Consequential Amendments) Regulations 2007

Amendments to the Companies (Northern Ireland) Order 1986

4.—(1) The Companies (Northern Ireland) Order 1986 is amended as follows.

(2) In Article 255A(1) (cases in which special provisions for small and medium-sized companies do not apply)—

(a) in paragraph (1B)(b), for “an ISD investment firm” substitute “a MiFID investment firm”;

(b) in paragraph (2)(ba), for “an ISD investment firm” substitute “a MiFID investment firm”.

(3) In Article 256 (exemption for small and medium-sized groups), in paragraph (2)(ba)(2), for “an ISD investment firm” substitute “a MiFID investment firm”.

(4) In Article 257AA (dormant companies), in paragraph (3)(a)(3), for “an ISD investment firm” substitute “a MiFID investment firm”.

(5) In Article 257B (cases where exemptions not available), in paragraph (1)(b)(4), for “an ISD investment firm” substitute “a MiFID investment firm”.

(6) In Article 270(5) (minor definitions relating to Part 8)—

(a) omit the definition of “ISD investment firm”;

(b) at the appropriate place insert—

““MiFID investment firm” means an investment firm within the meaning of Article 4.1.1 of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments, other than—

(a)

a company to which that Directive does not apply by virtue of Article 2 of that Directive,

(b)

a company which is an exempt investment firm within the meaning of regulation 4A(3) of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007, and

(c)

any other company which fulfils all the requirements set out in regulation 4C(3) of those Regulations;”.

(7) In Article 270A(6) (index of defined expressions)—

(a) omit the entry for “ISD investment firm”;

(b) at the appropriate place insert—

“MiFID investment firm

Article 270”.

(1)

Article 255A was inserted by S.R (N.I.) 1997 No 436 and paragraphs (1B)(b) and (2)(ba) were inserted by S.R. (N.I.) 2006 No 438.

(2)

Article 256 was inserted by S.I. 1990/593 (N.I. 5) and paragraph (2)(ba) was inserted by S.R. (N.I.) 2006 No 438.

(3)

Article 257AA was inserted by S.R. (N.I.) 2001 No 153, and paragraph (3)(a) was substituted by S.R. (N.I.) 2006 No 438.

(4)

Article 257B was inserted by S.R. (N.I.) 1995 No 128 and paragraph (1)(b) was substituted by S.R. (N.I.) 2006 No 438.

(5)

Article 270 was substituted by S.I. 1990/593 (N.I. 5) and the definition of “ISD investment firm” was inserted by S.R. (N.I.) 2006 No 438.

(6)

Article 270A was inserted by S.I. 1990/593 (N.I. 5) and the entry relating to “ISD investment firm” was inserted by S.R. (N.I.) 2006 No 438.