- Latest available (Revised)
- Point in Time (21/11/2014)
- Original (As made)
Version Superseded: 10/01/2015
Point in time view as at 21/11/2014.
The Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013 is up to date with all changes known to be in force on or before 24 April 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.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
Statutory Instruments
Financial Services And Markets
Made
26th February 2013
Laid before Parliament
27th February 2013
Coming into force
1st April 2013
The Treasury, in the exercise of the powers conferred on them by the following sections of the Financial Services and Markets Act 2000 M1: 1A(6)(d); 1L(2)(b); 2A(6)(d); 39(4)(b); 66(2)(b), (2A)(b); 168(4)(k); 204A(2), (4); 293A; 296(1A), 297(2A)(c); 312E(2), (3); 380(6)(a), (9); 382(9)(a), (12); 384(7)(a), (10); and paragraph 23(2) of Schedule 1ZA, paragraph 31(2) of Schedule 1ZB and paragraphs 14(2)(d), 26(2)(c), 30(c) and 36(2)(b) of Schedule 17A to that Act M2 make this Order.
Marginal Citations
M12000 c. 8. Sections 1A to 3S were inserted by section 6 of the Financial Services Act 2012 (c.21); section 39(4) was substituted by Schedule 18 to that Act; section 66(2) and (2A) were substituted by Schedule 5 to that Act; section 168 was amended by Schedule 12 to that Act; sections 204A, 380, 382 and 384 were amended by Schedule 9 to that Act; section 293A was inserted by Schedule 8 to that Act; sections 296 and 297 were amended by Schedule 8 to that Act; section 312E was inserted by section 33 of that Act. There are other amendments to these provisions which are not relevant to this Order.
M2Schedules 1ZA and 1ZB were inserted by Schedule 3 to the Financial Services Act 2012. Schedule 17A was inserted by Schedule 7 to that Act.
1.—(1) This Order may be cited as the Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013 and comes into force on 1st April 2013.
(2) For the purposes of this Order—
“the Act” means the Financial Services and Markets Act 2000;
“the European market infrastructure regulation” means Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories M3[F1;
“EuSEF Regulation” means Regulation (EU) No 346/2013 of the European Parliament and the Council of 17 April 2013 on European social entrepreneurship funds;
“EuVECA Regulation” means Regulation (EU) No 345/2013 of the European Parliament and the Council of 17 April 2013 on European venture capital funds.]
Textual Amendments
F1Words in art. 1(2) inserted (22.7.2013) by virtue of The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 22(2)
Marginal Citations
M3OJ no L 201, 27.7.2012, p1.
2.—(1) The instruments listed in paragraph (2) are specified qualifying EU provisions for the purposes of sections 1A(6)(d), 1L(2)(b), 39(4)(b), 66(2)(b) and 168(4)(k) of the Act.
(2) The instruments are—
(a)any directly applicable regulation made under the markets in financial instruments directive;
(b)any directly applicable regulation made under the UCITS directive;
[F2(ba)any directly applicable regulation made under the alternative investment fund managers directive;]
(c)the emission allowance auctioning regulation;
(d)the European market infrastructure regulation;
(e)any directly applicable regulation made under the European market infrastructure regulation;
[F3(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];
[F4(h)the CSD regulation and any directly applicable regulation made under that Regulation.]
(3) The instruments listed in paragraph (4) are also specified qualifying EU provisions for the purposes of sections 1A(6)(d), 1L(2)(b) and 168(4)(k) of the Act.
(4) The instruments are—
(a)the short selling regulation;
(b)any directly applicable regulation made under the short selling regulation.
(5) The instruments listed in paragraph (6) are specified qualifying EU provisions for the purposes of sections 2A(6)(d) and 66(2A)(b) of the Act.
(6) The instruments are—
(a)any directly applicable regulation made under the markets in financial instruments directive;
(b)the European market infrastructure regulation;
(c)any directly applicable regulation made under the European market infrastructure regulation;
[F5(d)the CSD regulation and any directly applicable regulation made under that Regulation.]
(7) The instruments listed in paragraph (8) are specified qualifying EU provisions for the purposes of section 293A of the Act.
(8) The instruments are—
(a)any directly applicable regulation made under the markets in financial instruments directive;
(b)the emission allowance auctioning regulation;
(c)the European market infrastructure regulation;
(d)any directly applicable regulation made under the European market infrastructure regulation;
[F6(e)the CSD regulation and any directly applicable regulation made under that Regulation.]
Textual Amendments
F2Art. 2(2)(ba) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 22(3)(a)
F3Art. 2(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(3)(b)
F4Art. 2(2)(h) inserted (21.11.2014) by The Central Securities Depositories Regulations 2014 (S.I. 2014/2879), regs. 1(1), 9(2)(a)
F5Art. 2(6)(d) inserted (21.11.2014) by The Central Securities Depositories Regulations 2014 (S.I. 2014/2879), regs. 1(1), 9(2)(b)
F6Art. 2(8)(e) inserted (21.11.2014) by The Central Securities Depositories Regulations 2014 (S.I. 2014/2879), regs. 1(1), 9(2)(c)
3.—(1) The instruments listed in paragraph (2) are specified qualifying EU provisions for the purposes of section 204A(2) of the Act.
(2) The instruments are—
(a)any directly applicable regulation made under the markets in financial instruments directive;
(b)any directly applicable regulation made under the UCITS directive;
[F7(ba)any directly applicable regulation made under the alternative investment fund managers directive;]
(c)the emission allowance auctioning regulation;
(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.]
(3) The appropriate regulator for the purposes of each provision in Part 14 of the Act in relation to the qualifying EU provisions specified by paragraph (1) is—
(a)in relation to a contravention of a requirement imposed by a directly applicable regulation made under the markets in financial instruments directive—
(i)if the authorised person concerned is a PRA-authorised person, either the PRA or the FCA;
(ii)in any other case, the FCA;
(b)in relation to a contravention of a requirement imposed by the emission allowance auctioning regulation or any directly applicable regulation made under the UCITS directive [F10or the alternative investment fund managers directive], the FCA;
(c)in relation to a contravention of a requirement imposed by the European market infrastructure regulation—
(i)if the authorised person concerned is a PRA-authorised person, either the PRA or the FCA;
(ii)in any other case, the FCA;
(d)in relation to a contravention of a requirement imposed by any directly applicable regulation made under the European market infrastructure regulation, the FCA;
[F11(e)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];
[F12(f)in relation to a contravention of a requirement imposed by the CSD regulation or any directly applicable regulation made under the CSD regulation—
(i)if the authorised person concerned is a PRA-authorised person, either the PRA or the FCA;
(ii)in any other case, the FCA.]
Textual Amendments
F7Art. 3(2)(ba) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 22(4)(a)(i)
F8Art. 3(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(4)(a)(ii)
F9Art. 3(2)(h) inserted (21.11.2014) by The Central Securities Depositories Regulations 2014 (S.I. 2014/2879), regs. 1(1), 9(3)(a)
F10Words in art. 3(3)(b) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 22(4)(b)(i)
F11Art. 3(3)(e) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 22(4)(b)(ii)
F12Art. 3(3)(f) inserted (21.11.2014) by The Central Securities Depositories Regulations 2014 (S.I. 2014/2879), regs. 1(1), 9(3)(b)
4.—(1) The instruments listed in paragraph (5) are specified directly applicable EU provisions for the purposes of section 296(1A) of the Act.
(2) The instruments listed in paragraph (3) are specified directly applicable EU provisions for the purposes of section 297(2A)(c) of the Act.
(3) The instruments are—
(a)any directly applicable regulation made under the markets in financial instruments directive;
(b)the emission allowance auctioning regulation;
(c)the European market infrastructure regulation;
(d)any directly applicable regulation made under the European market infrastructure regulation;
[F13(e)the CSD regulation and any directly applicable regulation made under that Regulation.]
(4) The instruments listed in paragraph (5) are specified qualifying EU provisions for the purposes of section 312E(2)(c) of the Act.
(5) The instruments are—
(a)any directly applicable regulation made under the markets in financial instruments directive;
(b)the emission allowance auctioning regulation;
(c)the European market infrastructure regulation;
(d)any directly applicable regulation made under the European market infrastructure regulation;
[F14(e)the CSD regulation and any directly applicable regulation made under that Regulation.]
(6) The instruments listed in paragraph (7) are specified qualifying EU provisions for the purposes of section 312E(3)(c) of the Act.
(7) The instruments are—
(a)any directly applicable regulation made under the markets in financial instruments directive;
(b)the European market infrastructure regulation;
(c)any directly applicable regulation made under the European market infrastructure regulation;
[F15(d)the CSD regulation and any directly applicable regulation made under that Regulation.]
(8) The instruments listed in paragraph (9) are specified qualifying EU provisions for the purposes of paragraphs 14(2)(d) and 30(c) of Schedule 17A to the Act.
(9) The instruments are—
(a)the European market infrastructure regulation;
(b)any directly applicable regulation made under the European market infrastructure regulation;
[F16(c)the CSD regulation and any directly applicable regulation made under that Regulation.]
Textual Amendments
F13Art. 4(3)(e) inserted (21.11.2014) by The Central Securities Depositories Regulations 2014 (S.I. 2014/2879), regs. 1(1), 9(4)(a)
F14Art. 4(5)(e) inserted (21.11.2014) by The Central Securities Depositories Regulations 2014 (S.I. 2014/2879), regs. 1(1), 9(4)(b)
F15Art. 4(7)(d) inserted (21.11.2014) by The Central Securities Depositories Regulations 2014 (S.I. 2014/2879), regs. 1(1), 9(4)(c)
F16Art. 4(9)(c) inserted (21.11.2014) by The Central Securities Depositories Regulations 2014 (S.I. 2014/2879), regs. 1(1), 9(4)(d)
5.—(1) The instruments listed in paragraph (2) are specified qualifying EU 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;
(b)any directly applicable regulation made under the UCITS directive;
[F17(ba)any directly applicable regulation made under the alternative investment fund managers directive;]
(c)the emission allowance auctioning regulation;
(d)the European market infrastructure regulation;
(e)any directly applicable regulation made under the European market infrastructure regulation;
[F18(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];
[F19(h)the CSD regulation and any directly applicable regulation made under that Regulation.]
(3) The instruments listed in paragraph (4) are also specified qualifying 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.
(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—
(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 or any directly applicable regulation made under the UCITS directive [F20or 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;
[F21(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];
[F22(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.]
(6) The specified qualifying EU 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;
[F23(c)the CSD regulation and any directly applicable regulation made under that Regulation.]
Textual Amendments
F17Art. 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)
F18Art. 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)
F19Art. 5(2)(h) inserted (21.11.2014) by The Central Securities Depositories Regulations 2014 (S.I. 2014/2879), regs. 1(1), 9(5)(a)
F20Words in art. 5(5)(b) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 22(5)(b)(i)
F21Art. 5(5)(f) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 22(5)(b)(ii)
F22Art. 5(5)(g) inserted (21.11.2014) by The Central Securities Depositories Regulations 2014 (S.I. 2014/2879), regs. 1(1), 9(5)(b)
F23Art. 5(6)(c) inserted (21.11.2014) by The Central Securities Depositories Regulations 2014 (S.I. 2014/2879), regs. 1(1), 9(5)(c)
6.—(1) The instruments listed in paragraph (2) are specified qualifying EU provisions for the purposes of paragraph 23(2) of Schedule 1ZA to the Act.
(2) The instruments are—
(a)any directly applicable regulation made under the markets in financial instruments directive;
(b)any directly applicable regulation made under the UCITS directive;
[F24(ba)any directly applicable regulation made under the alternative investment fund managers directive;]
(c)the emission allowance auctioning regulation;
(d)the European market infrastructure regulation;
(e)any directly applicable regulation made under the European market infrastructure regulation;
(f)the short selling regulation;
(g)any directly applicable regulation made under the short selling regulation;
[F25(h)the EuSEF Regulation and any directly applicable regulation made under that Regulation;
(i)the EuVECA Regulation and any directly applicable regulation made under that Regulation];
[F26(j)the CSD regulation and any directly applicable regulation made under that Regulation.]
(3) The instruments listed in paragraph (4) are specified qualifying EU provisions for the purposes of paragraph 31(2) of Schedule 1ZB to the Act.
(4) The instruments are—
(a)any directly applicable regulation made under the market in financial instruments directive;
(b)the European market infrastructure regulation;
(c)any directly applicable regulation made under the European markets infrastructure regulation;
[F27(d)the CSD regulation and any directly applicable regulation made under that Regulation.]
(5) The instruments listed in paragraph (6) are specified qualifying EU provisions for the purposes paragraph 36(2)(b) of Schedule 17A to the Act.
(6) The instruments are—
(a)the European market infrastructure regulation;
(b)any directly applicable regulation made under the European market infrastructure regulation;
[F28(c)the CSD regulation and any directly applicable regulation made under that Regulation.]
Textual Amendments
F24Art. 6(2)(ba) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 22(6)(a)
F25Art. 6(2)(h)(i) inserted (22.7.2013) by The Alternative Investment Fund Managers Regulations 2013 (S.I. 2013/1773), reg. 1, Sch. 2 para. 22(6)(b)
F26Art. 6(2)(j) inserted (21.11.2014) by The Central Securities Depositories Regulations 2014 (S.I. 2014/2879), regs. 1(1), 9(6)(a)
F27Art. 6(4)(d) inserted (21.11.2014) by The Central Securities Depositories Regulations 2014 (S.I. 2014/2879), regs. 1(1), 9(6)(b)
F28Art. 6(6)(c) inserted (21.11.2014) by The Central Securities Depositories Regulations 2014 (S.I. 2014/2879), regs. 1(1), 9(6)(c)
Mark Lancaster
David Evennett
Two of the Lords Commissioners of Her Majesty's Treasury
(This note is not part of the Order)
This Order identifies the directly applicable provisions of EU law which are specified as qualifying EU provisions and directly applicable EU provisions for the purposes of various provisions in the Financial Services and Markets Act 2000 (c.8) (“the Act”). The effect of the Order is to apply certain provisions of the Act for purposes connected with the specified EU provisions.
Article 2 specifies provisions of EU law for general purposes including sections 1A and 2A of the Act (the functions of the Financial Conduct Authority (“FCA”) and the functions of the Prudential Regulation Authority (“PRA”)) and section 168 of the Act (power of the regulators to appoint an investigator).
Article 3 specifies provisions of EU law for the purposes of disciplinary measures imposed under Part 14 of the Act. Article 3 also specifies which of the FCA or PRA is responsible for taking disciplinary action in relation to each specified provision of EU law.
Article 4 specifies provisions of EU law for purposes connected with the regulation of clearing houses and investment exchanges under Part 18 of the Act.
Article 5 specifies provisions of EU law for the purposes of the powers under Part 25 (including that Part as applied by Schedule 17A to the Act in connection with recognised clearing houses) to obtain injunctions or provide for restitution.
Article 6 specifies provisions of EU law for the purposes of the fee-raising powers of the FCA, the PRA and the Bank of England under the Act.
A full impact assessment of the effect that these Regulations will have on the costs of business and the voluntary sector is available from Her Majesty's Treasury, 1 Horse Guards Road, London SW1A 2HQ or on www.hm-treasury.gov.uk and is published alongside the Regulations on www.legislation.gov.uk.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: