SCHEDULE 4Amendments to other primary legislation
Building Societies Act 19861
In section 81B(1) of the Building Societies Act 1986243 (interpretation of Part 8), in the definition of “regulated market”, for the words from “Article” to “2004” substitute “Article 4.1.21 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014”.
Finance Act 19912
In section 116(4)(aa) of the Finance Act 1991244 (investment exchanges and clearing houses: stamp duty), for the words from “Directive” to “2004” substitute “Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014”.
Friendly Societies Act 19923
1
The Friendly Societies Act 1992245 is amended as follows.
2
In section 69A(4)246 (duty to prepare individual accounts), for the words from “Directive” to “2004” substitute “Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014”.
3
In section 69E(5)247 (duty to prepare group accounts), for the words from “Directive” to “2004” substitute “Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014”.
Data Protection Act 19984
In paragraph 6(3) of Schedule 7 (miscellaneous exemptions) to the Data Protection Act 1998248, in the definition of “instrument”, for the words from “Directive” to “2004” substitute “Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014”.
Competition Act 19985
In paragraph 3(5) of Schedule 3 (general exclusions) to the Competition Act 1998249 in paragraph (a) of the definition of “EEA regulated market”, for the words from “Article” to “2004” substitute “Article 56 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014”.
Terrorism Act 20006
1
Schedule 3A to the Terrorism Act 2000250 (regulated sector and supervisory authorities) is amended as follows.
2
In paragraph 1(5)(a)251 for “point 14” substitute “point 21”.
3
In paragraph 3(1)252, in the definition of “the Markets in Financial Instruments Directive”, for the words from “2004/36/EC” to “2004” substitute “2014/65/EU of the European Parliament and of the Council of 15 May 2014”.
Proceeds of Crime Act 20027
1
Schedule 9 to the Proceeds of Crime Act 2002253 (regulated sector and supervisory authorities) is amended as follows.
2
In paragraph 1(5)(a)254 for “point 14” substitute “point 21”.
3
In paragraph 3(1)255, in the definition of “the Markets in Financial Instruments Directive”, for the words from “2004/39/EC” to “2004” substitute “2014/65/EU of the European Parliament and of the Council of 15 May 2014”.
Income Tax (Trading and Other Income) Act 20058
In section 381E(3) of the Income Tax (Trading and Other Income) Act 2005256 (exception for returns from certain shares) for the words from “Directive” to “4.1(14))” substitute “Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (see Article 4.1.21)”.
Companies Act 20069
1
The Companies Act 2006257 is amended as follows.
2
In section 474(1)258 (minor definitions for Part 15), in the definition of “MiFID investment firm”—
a
for the words from “Directive” to “2004” substitute “Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014”;
b
at the end of paragraph (a) insert “and”; and
c
for paragraphs (b) and (c) substitute—
b
a company which is an exempt investment firm as defined by regulation 8 (meaning of “exempt investment firm” in Chapter 1) of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/XXXX);
3
In section 494A259 (interpretation), in the definition of “transferable securities”, for “Directive 2004/39/EC” substitute “Directive 2014/65/EU”.
4
In section 519A(2)260 (meaning of “public interest company”, “non-public interest company” and “exempt reasons”), for “Directive 2004/39/EC” substitute “Directive 2014/65/EU”.
5
In section 539261 (minor definitions), in the definition of “MiFID investment firm”—
a
for the words from “Directive” to “2004” substitute “Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014”;
b
at the end of paragraph (a) insert “and”; and
c
for paragraphs (b) and (c) substitute—
b
a company which is an exempt investment firm as defined by regulation 8 (Meaning of “exempt investment firm” in Chapter 1) of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/XXXX);
6
In section 853E(6)262 (duty to notify trading status of shares) for the definition of “relevant market” substitute—
“relevant market” means—
- a
a recognised investment exchange, as defined in section 285(1)(a) (exemption for recognised exemption exchanges and clearance houses) of the Financial Services and Markets Act 2000 (“the Act”); and
- b
any other market which is a regulated market,
but not an overseas investment exchange, as defined by section 313 (interpretation of Part 18) of the Act..
7
In section 1173 (minor definitions: general)—
a
in subsection (1)263—
i
in the definition of “regulated market” for the words from “Directive” to “4.1(14))” substitute “Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (see Article 4.1.21))”;
ii
in the definition of “transferable securities”, for “Directive 2004/39/EC” substitute “Directive 2014/65/EU”; and
b
in subsection (2), in the definition of “regulated market”, for the words from “Council” to “field” substitute “Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments”.
8
In section 1241(3) (meaning of “registered third country auditor” and “UK-traded non-EEA company”)—
a
in the definition of “regulated market”, for “Article 4.1(14) of Directive 2004/39/EC” substitute “Article 4.1.21 of Directive 2014/65/EU”; and
b
in the definition of “transferable securities”, for “Article 4.1(18)” substitute “Article 4.1.44”.
9
In paragraph 20A of Schedule 10 (recognised supervisory bodies)264 in the definition of “transferable securities” for “Directive 2004/39/EC” substitute “Directive 2014/65/EU”.
Income Tax Act 200710
In section 274(4) of the Income Tax Act 2007265 (requirements for the giving of approval)—
a
for “Directive 2004/39/EC” substitute “Directive 2014/65/EU”; and
b
for “Article 4.1(14)” substitute “Article 4.1.21”.
Counter-Terrorism Act 200811
In paragraph 7 of Schedule 7 (terrorist financing and money laundering) to the Counter-Terrorism Act 2008266, in the definition of “the markets in financial instruments directive”, for the words from “Directive” to “2004” substitute “Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014”.
Corporation Tax Act 201012
In section 1158(4) (meaning of “investment trust”) of the Corporation Tax Act 2010267 —
a
for “Directive 2004/39/EC” substitute “Directive 2014/65/EU”; and
b
for “Article 4.1(14)” substitute “Article 4.1.21”.
Finance Act 201013
In paragraph 45(15) of Schedule 1 (bank payroll tax) to the Finance Act 2010268, for the words from “Directive” to “2004” substitute “Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014”.
Finance Act 201114
In paragraph 13(4) of Schedule 19 to the Finance Act 2011269 (the bank levy) in the definition of “dealing on own account”, for the words from “Directive” to “2004” substitute “Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014”.
Financial Services (Banking Reform) Act 201315
In section 11(3)(b) of the Financial Services (Banking Reform) Act 2013270 (review of proprietary trading: interpretation), for the words from “Directive” to “2004” substitute “Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014”.