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

Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001

3.—(1) The Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001(1) are amended as follows.

(2) In regulation 2 (descriptions of business for which appointed representatives are exempt)—

(a) in paragraph (1)(a)(2) for “or relevant investments” substitute “, relevant investments or structured deposits”;

(b) in paragraph (1A)(3), for “an EEA investment firm or an EEA credit institution” substitute “a person who has a Part 4A permission for the purposes of the capital requirements directive or the markets in financial instruments directive, an EEA investment firm, or an EEA credit institution”; and

(c) in paragraph (1B)(4), for “1.10 and 1.17” substitute “1.9 and 1.15”.

(3) In regulation 3 (requirements applying to contracts between authorised persons and appointed representatives)—

(a) in the closing words of paragraph (2)(5) for “or a relevant investment” substitute “, a relevant investment or a structured deposit”.

(b) for paragraph (6)(6) substitute—

“(6) In the case of a representative to whom section 39(1A) or (1AA) of the Act applies (“R”), it is a prescribed requirement for the purposes of section 39(1)(a)(ii), except where paragraph (1A) applies, that the contract between the principal and R must—

(a) where section 39(1A) of the Act applies to R, contain a provision that R is only permitted to provide the services and carry on the activities referred to in Article 4.1.29 (definitions) of the markets in financial directive while R is entered on the applicable register; or

(b) where section 39(1AA) of the Act applies to R, contain a provision that R is only permitted to sell, or advise clients on, structured deposits as defined by Article 4.1.43 of that directive while R is entered on the applicable register.”.

(1)

S.I. 2001/1217.

(2)

Paragraph (1)(a) was amended by S.I. 2003/1476.

(3)

Paragraph (1A) was inserted by S.I. 2006/3414 and further amended by S.I. 2017/488.

(4)

Paragraph (1B) was inserted by S.I. 2006/3414.

(5)

The closing words of paragraph (2) were amended by S.I. 2003/1476; there are other amendments but none is relevant.

(6)

Paragraph (6) was inserted by S.I. 2006/3414.