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The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017

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Changes and effects yet to be applied to Regulation 1:

  • reg. 1(2)(a)(v) omitted by S.I. 2018/1403 reg. 6(a)
  • reg. 1(3)(b) words substituted by S.I. 2018/1403, reg. 6(b)(i) (as substituted) by S.I. 2019/710 reg. 16(3)
  • reg. 1(3)(b)(i) words inserted by S.I. 2018/1403 reg. 6(b) (This amendment not applied to legislation.gov.uk. Reg. 6(b) substituted immediately before IP completion day by S.I. 2019/710, regs. 1(2), 16(3))
  • reg. 1(3)(b)(i) words inserted by S.I. 2018/1403, reg. 6(b)(ii) (as substituted) by S.I. 2019/710 reg. 16(3)
  • reg. 1(3)(b)(i) words substituted in earlier amending provision S.I. 2018/1403, reg. 6(b) (as amended by S.I. 2019/710, reg. 16(3)) by S.I. 2020/1301 reg. 3 Sch. para. 43(c)

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Citation and commencementU.K.

This section has no associated Explanatory Memorandum

1.—(1) These Regulations may be cited as the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017.

(2) These Regulations come into force on 29th June 2017 —

(a)to enable the following to be done under the Act, as amended and applied by these Regulations—

(i)rules to be made under section 137R F1 (financial promotion rules) of the Act;

(ii)rules to be made under sections 213 F2 (the compensation scheme) or 214 F3 (general) of the Act;

(iii)rules to be made under paragraph 23 of Schedule 1ZA F4 (the Financial Conduct Authority) to the Act, including rules that may be made as a result of amendments by these Regulations to the Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013 F5;

(iv)fees to be charged under any rules that are made by virtue of paragraph (iii); and

(v)rules to be made under paragraph 19(10) or 20(4C) F6 of Schedule 3 (EEA Passport Rights) to the Act; and

(b)to enable rules to be made under regulation 11 (FCA rules) of the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001 F7.

(3) These Regulations come into force on 3rd July 2017—

(a)to enable—

(i)applications to be made under regulation 4;

(ii)directions to be given under regulation 16(1) to establish position limits applying on or after 3rd January 2018;

(iii)applications to be made, directions to be given, and requirements to be imposed, under regulation 17;

(iv)requirements to be imposed and directions to be given under regulation 27;

(v)requirements to be imposed under regulations 31 and 33; and

(vi)the FCA and the PRA to prepare and issue a statement of policy under paragraph 14 of Schedule 1; and

(b)to enable notifications to be given, reports or applications to be made, directions to be given, and requirements to be imposed under regulation 47 for the purposes of—

(i)the markets in financial instruments directive, including any directly applicable EU regulation made under the directive, as it has effect on or after 3rd January 2018; and

(ii)the markets in financial instruments regulation, including any directly applicable EU regulation made under that regulation, as it applies under Article 55 F8 of that regulation; and

(c)for the purposes of—

(i)paragraphs 6, 7, 16, 19, 20, 22, 23 and 28 of Schedule 1; and

(ii)paragraphs 25 and 26 of that Schedule in so far as they relate to a matter referred to in sub-paragraph (a) or (b) or in paragraph (i) of this sub-paragraph.

(4) These Regulations come into force on 31st July 2017 —

(a)to enable the following to be done under the Act, as amended and applied by these Regulations—

(i)notices to be given or sent under section 312A(1)(b) F9 (exercise of passport rights by EEA market operator) or 312C F10 (exercise of passport rights by recognised investment exchange) of the Act;

(ii)entries to be added, removed, or altered in the record the FCA maintains under section 347(1) F11 of the Act;

(iii)notices relating to any relevant regulated activity to be given or received under paragraph 13(1) F12, (1B) F13, or (1C) F14 of Schedule 3 to the Act ;

(iv)the PRA to give consent under paragraph 13(1D) F15 of that Schedule;

(v)preparations to be made under paragraph 13(1E) F16 or (1F) F17 of that Schedule;

(vi)notices relating to any relevant regulated activity to be given or received under paragraph 14(1)(ba) F18, (1B) F19, or (1C) F20 of that Schedule ;

(vii)preparations to be made under paragraph 14(1D) F21 or 14(1E) F22 of that Schedule; and

(viii)notices relating to any relevant regulated activity to be given or received under paragraph 19(2) F23, (4) F24, (7B) F25, (8) F26, (11) F27, or (12) F28, or paragraph 20(1) F29, (3) F30, or (4) F31 of that Schedule; and

(b)to enable notices to be given under the following provisions of the Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001 F32 for the purposes of Schedule 3 to the Act, as amended and applied by these Regulations—

(i)regulation 4 F33 (management companies, credit institutions and financial institutions: changes);

(ii)regulation 4A F34 (investment firms: changes to branch details);

(iii)regulation 5A F35 (investment firms: changes to services);

(iv)regulation 11 F36 (UK management companies, credit institutions and financial institutions);

(v)regulation 11A F37 (UK investment firms: changes to branch details); and

(vi)regulation 12A F38 (UK investment firms: changes to services).

(5) In paragraph (4) “relevant regulated activity” means a regulated activity which relates to any specified activity or specified investment in Part 2 or 3 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 F39 that was amended or inserted by the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2017 F40.

(6) These Regulations come into force for all other purposes on 3rd January 2018.

F1Section 137R was inserted by section 24(1) of the Financial Services Act 2012.

F2Section 213 was amended by S.I. 2011/1613 and paragraph 1 and 3 of Schedule 10 to the Financial Services Act 2012.

F3Section 214 was amended by section 174(1) of the Banking Act 2009 (c.1) and paragraph 1 and 4 of Schedule 10 to the Financial Services Act 2012

F4Schedule IZA was inserted by paragraph 1 of Schedule 3 to the Financial Services Act 2012.

F6Paragraph 4C was inserted by S.I. 2001/1376.

F7S.I. 2001/995, to which there are amendments not relevant to these Regulations.

F8Article 55 was amended by Article 1.14 of Regulation (EU) No 2016/1033 of the European Parliament and of the Council of 23 June 2016 amending Regulation (EU) no 600/2014 on markets in financial instruments, Regulation (EU) No 596/2014 on market abuse and Regulation (EU) No 909/2014 on improving securities settlement in the European Union and on central securities depositories (OJ L 175, 30.6.2016, p. 1).

F9Section 312A(1)(b) was inserted by S.I. 2007/126 and amended by paragraph 33 of Schedule 8 to the Financial Services Act 2012.

F10Section 312C was inserted by S.I. 2007/126 and amended by paragraph 35 of Schedule 8 to the Financial Services Act 2012.

F11Section 347(1) was amended by S.I. 2007/126, 2013/1388, and 2015/910.

F12Paragraph 13(1) was amended by S.I. 2003/1473 and 2015/910.

F13Paragraph 13 (1B) was inserted by paragraph 2(3) of Schedule 4 to the Financial Services Act 2012.

F14Paragraph 13(1C) was inserted by paragraph 2(3) of Schedule 4 to the Financial Services Act 2012.

F15Paragraph 13(1D) was inserted by paragraph 2(3) of Schedule 4 to the Financial Services Act 2012.

F16Paragraph 13(1E) was inserted by paragraph 2(3) of Schedule 4 to the Financial Services Act 2012.

F17Paragraph 13(1F) was inserted by paragraph 2(3) of Schedule 4 to the Financial Services Act 2012.

F18Paragraph 14(1)(ba) was inserted by S.I. 2007/126 and amended by paragraph 3(2) of Schedule 4 to the Financial Services Act 2012.

F19Paragraph 14(1B) was inserted by paragraph 3(3) of Schedule 4 to the Financial Services Act 2012.

F20Paragraph 14(1C) was inserted by paragraph 3(3) of Schedule 4 to the Financial Services Act 2012.

F21Paragraph 14(1D) was inserted by paragraph 3(3) of Schedule 4 to the Financial Services Act 2012.

F22Paragraph 14(1E) was inserted by paragraph 3(3) of Schedule 4 to the Financial Services Act 2012.

F23Paragraph 19(2) was amended by paragraph 10(2) of Schedule 4 to the Financial Services Act 2012.

F24Paragraph 19(4) was amended by was amended by paragraph 10(2) of Schedule 4 to the Financial Services Act 2012.

F25Paragraph 19(7B) was inserted by S.I. 2007/126 and amended by paragraph 10(2) of Schedule 4 to the Financial Services Act 2012.

F26Paragraph 19(8) was amended by paragraph 10(2) of Schedule 4 to the Financial Services Act 2012.

F27Paragraph 19(11) was amended by paragraph 10(2) of Schedule 4 to the Financial Services Act 2012.

F28Paragraph 19(12) was amended by S.I. 2003/2066, paragraph 10(2) of Schedule 4 to the Financial Services Act 2012, and S.I. 2013/3115.

F29Paragraph 20(1) was amended by S.I. 2007/3253, paragraph 11(2) of Schedule 4 to the Financial Services Act 2012, S.I. 2013/1773, and S.I. 2015/575.

F30Paragraph 20(3) was amended by S.I. 2003/2066, S.I. 2007/126, paragraph 11(2) of Schedule 4 to the Financial Services Act 2012, S.I. 2013/3115, and S.I. 2015/910.

F31Paragraph 20(4) was amended by S.I. 2001/1376 and paragraph 11(2) of Schedule 4 to the Financial Services Act 2012

F33Regulation 4 was amended by S.I. 2003/2066, 2006/3385, and 2013/642.

F34Regulation 4A was inserted by S.I. 2006/3385.

F35Regulation 5A was inserted by S.I. 2006/3385.

F36Regulation 11 was amended by S.I. 2006/3385, 2003/2066, 2013/642, and 2013/3115.

F37Regulation 11A was inserted by S.I. 2006/3385 and amended by S.I. 2013/642.

F38Regulation 12A was inserted by S.I. 2006/3385 and amended by S.I. 2013/642.

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