The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 No. 701

Regulation 50(4)

SCHEDULE 5 U.K. Amendments to other secondary legislation

Income Tax (Manufactured Overseas Dividends) Regulations 1993 U.K.

1.  In regulation 5B(6) of the Income Tax (Manufactured Overseas Dividends) Regulations 1993 M1 (chains of payments involving central counterparties), in paragraph (b) of the definition of “recognised investment exchange”, for the words from “2004/39/EC” to “April 2004” substitute “ 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

Marginal Citations

M1 S.I. 1993/2004; regulation 5B(6) was inserted by S.I. 2011/2503, there are other amendments to this regulation but none is relevant.

Financial Markets and Insolvency (Settlement Finality) Regulations 1999 U.K.

2.  In regulation 2(1) of the Financial Markets and Insolvency (Settlement Finality) Regulations 1999 M2 (interpretation)—

(a) in paragraph (b) of the definition of “institution”, for the words from “2004/39/EC” to “April 2004” substitute “ 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”;

(b) in the definition of “securities”, for the words from “2004/39/EC” to “April 2004” substitute “ 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

Marginal Citations

M2 S.I. 1999/2979; regulation 2(1) was amended by S.I. 2007/126 and 2010/2993, there are other amendments to this regulation but none is relevant.

Uncertificated Securities Regulations 2001 U.K.

3.  In paragraph 28 of Schedule 1 to the Uncertificated Securities Regulations 2001 M3 (requirements for approval of a person as operator)—

(a) omit sub-paragraph (3) M4 ; and

(b) in sub-paragraph (4) M5 —

(i) in the definition of “branch”, for “4.1.26” substitute “ 4.1.30 ”;

(ii) in the definition of “financial instrument”, for “4.1.17” substitute “ 4.1.15 ”;

(iii) in the definition of “markets in financial instruments directive” for “2004/39/EC” substitute “ 2014/65/EU ”; and

(iv) in the definition of “markets in financial instruments directive” for “21st April 2004” substitute “ 15 May 2014 ”.

Marginal Citations

M3 S.I. 2001/3755; paragraph 28 was inserted by S.I. 2007/124.

M4 Paragraph 28(3) was inserted by S.I. 2007/124.

M5 Paragraph 28(4) was inserted by S.I. 2007/124 and amended by S.I. 2013/3115, there are other amendments to this paragraph but none is relevant.

Insurers (Reorganisation and Winding Up) Regulations 2004 U.K.

4.  In regulation 44(3) of the Insurers (Reorganisation and Winding Up) Regulations 2004 M6 (regulated markets)—

(a) for “4.1.14” substitute “ 4.1.21 ”;

(b) for “2004/39/EC” substitute “ 2014/65/EU ”;

(c) for “21 April 2004” substitute “ 15 May 2014 ”.

Marginal Citations

M6 S.I. 2004/353; regulation 44(3) was amended by S.I. 2007/126.

Credit Institutions (Reorganisation and Winding Up) Regulations 2004 U.K.

5.  In regulation 31(3) of the Credit Institutions (Reorganisation and Winding Up) Regulations 2004 M7 (protection of third party purchasers)—

(a) for “2004/39/EC” substitute “ 2014/65/EU ”;

(b) for “21 April 2004” substitute “ 15 May 2014 ”.

Marginal Citations

M7 S.I. 2004/1045; regulation 31(3) was amended by S.I. 2007/126.

Occupational Pension Schemes (Investment) Regulations 2005 U.K.

6.  In regulation 4(11) of the Occupational Pension Schemes (Investment) Regulations 2005 M8 (investment by trustees)—

(a) in the definition of “derivative instrument”, for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”;

(b) in paragraph (b) of the definition of “regulated market”, for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”.

Marginal Citations

M8 S.I. 2005/3378.

Authorised Investment Funds (Tax) Regulations 2006 U.K.

7.  In regulation 14ZD(6)(b) of the Authorised Investment Funds (Tax) Regulations 2006 M9 (index tracking funds), for the definition of “regulated market” substitute—

““regulated market” has the same meaning as in Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (see article 4.1.21).”.

Marginal Citations

M9 S.I. 2006/964; regulation 14ZD(6)(b) was inserted by S.I. 2011/2192.

Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 U.K.

8.   [F1 Parts 2 and 3 of, and Schedules 7 to 9 to,] the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 M10 are revoked.

Textual Amendments

F1 Words in Sch. 5 para. 8 inserted (2.1.2018) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (No.2) Regulations 2017 (S.I. 2017/1255), regs. 2(a), 38

Marginal Citations

M10 S.I. 2007/126; these Regulations were amended by S.I. 2007/763, 2007/2160, 2009/534, 2010/2628, 2011/1043, 2013/472, and 2013/3115.

Payment Services Regulations 2009 U.K.

9.  In regulation 19(15) of the Payment Services Regulations 2009 M11 (safeguarding requirements), in the definition of “authorised custodian”—

(a) for “Directive 2004/39/EC of 12th April 2004” substitute “ Directive 2014/65/EU of 15th May 2014 ”;

(b) for “Article 13” substitute “ Article 16 ”.

Marginal Citations

M11 S.I. 2009/209; there are amendments to regulation 19(15) but none is relevant to these Regulations.

Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009 U.K.

10.  In article 1(3) of the Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009 M12 (citation, commencement and interpretation)—

(a) in the definition of “financial instrument”, in paragraph (a), for “Chapter VI of the Commission Regulation 1287/2006/EC” substitute “ Articles 5 to 8, 10 and 11 of the Commission Delegated Regulation (EU) C(2016) 2398 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council ”;

(b) in the definition of “Markets in Financial Instruments Directive”, for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”;

(c) in the definition of “transferable securities”, for “4(18)” substitute “ 4.44 ”.

Marginal Citations

M12 S.I. 2009/322; article 1(3) was amended by S.I. 2009/1826, there are other amendments but none is relevant.

Offshore Funds (Tax) Regulations 2009 U.K.

11.  In regulation 12 of the Offshore Funds (Tax) Regulations 2009 M13 (general interpretation) , in the definition of “regulated market”—

(a) for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”;

(b) for “4.1(14)” substitute “ 4.1.21 ”.

Marginal Citations

M13 S.I. 2009/3001; regulation 12 was amended by S.I. 2011/1211, there are other amendments but none is relevant.

Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010 U.K.

12.  In regulation 35(2) of the Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010 M14 (further conditions applicable to automatic enrolment schemes), in paragraph (b) of the definition of “competent authority”, for “paragraph 22 of Article 4 of Directive 2004/39/EC” substitute “ paragraph 26 of Article 4 of Directive 2014/65/EU ”.

Marginal Citations

M14 S.I. 2010/772; regulation 35(2) was inserted by S.I. 2012/1257 and amended by S.I. 2013/3115, there are other amendments but none is relevant.

Electronic Money Regulations 2011 U.K.

13.  In regulation 21(7) of the Electronic Money Regulations 2011 M15 (safeguarding option 1), in the definition of “authorised custodian”—

(a) for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”;

(b) for “Article 13” substitute “ Article 16 ”.

Marginal Citations

M15 S.I. 2011/99; there are amendments to regulation 21(7) but none is relevant.

Recognised Auction Platforms Regulations 2011 U.K.

14.—(1) Schedule 3 (modifications of Chapter 3A of Part 18 of the Financial Services and Markets Act 2000 in relation to recognised auction platforms and EEA market operators of auction platforms) of the Recognised Auction Platforms Regulations 2011 M16 is amended as follows.

(2) In paragraph 1(a), for “regulated market” substitute “ trading venue ”.

(3) In paragraph 2(a), for “regulated market” substitute “ trading venue ”.

(4) In paragraph 3—

(a) in sub-paragraph (a), for “regulated market” substitute “ trading venue ”;

(b) in sub-paragraph (b), for “42.6” substitute “ 53.6 ”;

(5) In paragraph 4, for “42.6” substitute “ 53.6 ”.

Marginal Citations

M16 S.I. 2011/2699.

Investment Trust (Approved Company) (Tax) Regulations 2011 U.K.

15.  In regulation 45(6)(b) of the Investment Trust (Approved Company) (Tax) Regulations 2011 M17 (index tracking funds), for the words from “Directive” to “(see article 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) ”.

Marginal Citations

M17 S.I. 2011/2999.

Supervision of Accounts and Reports (Prescribed Body) and Companies (Defective Accounts and Directors' Reports) (Authorised Person) Order 2012 U.K.

16.  In article 1(3) of the Supervision of Accounts and Reports (Prescribed Body) and Companies (Defective Accounts and Directors' Reports) (Authorised Person) Order 2012 M18 (citation, coming into force and interpretation), in the definition of “regulated market” for the words from “Article” to “April 2004” substitute “ Article 4.1.21 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

Marginal Citations

M18 S.I. 2012/1439; there are amendments to article 1(3) but none is relevant.

Unauthorised Unit Trusts (Tax) Regulations 2013 U.K.

17.  In regulation 23(3) (no tax charge for disposal of interests in offshore non-reporting funds: qualifying index) of the Unauthorised Unit Trusts (Tax) Regulations 2013 M19 for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”.

Marginal Citations

M19 S.I. 2013/2819.

Capital Requirements Regulations 2013 U.K.

18.  In regulation 33 of the Capital Requirements Regulations 2013 M20 (colleges of supervisors)—

(a) in paragraph (4)(d), for “Articles 54 and 58 of Directive 2004/39/EC” substitute “ Articles 76 and 81 of Directive 2014/65/EU ”;

(b) in paragraph (8), for “Articles 54 and 58 of Directive 2004/39/EC” substitute “ Articles 76 and 81 of Directive 2014/65/EU ”.

Marginal Citations

M20 S.I. 2013/3115.

Stamp Duty and Stamp Duty Reserve Tax (Exchange Traded Funds) (Exemption) Regulations 2014 U.K.

19.  In regulation 2 of the Stamp Duty and Stamp Duty Reserve Tax (Exchange Traded Funds) (Exemption) Regulations 2014 M21 (interpretation), in the definition of “multilateral trading facility” and “regulated market”, for the words from “Directive” to “April 2004” substitute “ Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

Marginal Citations

M21 S.I. 2014/911.

Financial Services Act 2012 (Relevant Functions in Relation to Complaints Scheme) Order 2014 U.K.

20.—(1) The Financial Services Act 2012 (Relevant Functions in Relation to Complaints Scheme) Order 2014 M22 is amended as follows.

(2) After article 2(d) (relevant functions of the FCA) insert—

“(e) its functions under the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017, other than its functions under regulation 32 (guidance) of those Regulations.

(f) its functions under the Data Reporting Services Regulations 2017 M23 , other than its functions under regulation 21 (guidance) of those Regulations.”.

(3) After article 2 (relevant functions of the FCA) insert—

“Relevant functions of the PRA

3.   The functions of the PRA under the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 are relevant functions for the purposes of section 85(2) of the Financial Services Act 2012.”.

Marginal Citations

M22 S.I. 2014/1195.

M23 S.I. 2017/699.

Public Interest Disclosure (Prescribed Persons) Order 2014 U.K.

21.  In the Schedule to the Public Interest Disclosure (Prescribed Persons) Order 2014 M24 , in the entry in the second column relating to the entry in the first column for the Financial Conduct Authority—

(a) at the end of paragraph (k) omit “and”; and

(b) after paragraph (l) insert—

“(m) the conduct of persons who are subject to—

(i) Part 3 and 4 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017;

(ii) the Data Reporting Services Regulations 2017; or

(iii) Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments.”.

Marginal Citations

M24 S.I. 2014/2418.

Reports on Payments to Governments Regulations 2014 U.K.

22.  In regulation 2(1) of the Reports on Payments to Governments Regulations 2014 M25 (interpretation), in paragraph (a) of the definition of “public interest entity” for the words from “point (14)” to “April 2004” substitute “ point (21) of Article 4.1 of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 ”.

Marginal Citations

M25 S.I. 2014/3209; there are amendments to regulation 2(1) but none is relevant.

Public Contracts Regulations 2015 U.K.

23.  In regulation 10(1)(e)(i) of the Public Contracts Regulations 2015 M26 (specific exclusions for service contracts), for “Directive 2004/39/EC” substitute “ Directive 2014/65/EU ”.

Marginal Citations

M26 S.I. 2015/102.