The Markets in Financial Instruments (Amendment) (EU Exit) Regulations 2018

Transaction reporting U.K.

29.—(1) In Article 24, for the words from the beginning to “Regulation (EU) No 1095/2010”, substitute “ The FCA ”.

(2) In Article 25—

(a) in paragraph 1—

(i) for “Directive 2005/60/EC of the European Parliament and of the Council” substitute “ the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 M1 ”;

(ii) omit the final sentence;

(b) in paragraph 2, omit the final sentence;

(c) in paragraph 3—

(i) in the first subparagraph, for “ESMA shall develop draft regulatory” substitute “ The FCA may make ”;

(ii) in the second subparagraph, omit “draft regulatory”;

(iii) omit the third and fourth subparagraphs.

(3) In Article 26—

(a) in paragraph 1, omit the second and third subparagraphs;

(b) in paragraph 2, for “trading venue” each time it occurs, substitute “ UK [F1 , Gibraltar] or EU trading venue ”;

(c) in paragraph 3, for “Article 57 of Directive 2014/65/EU” substitute “ Part 3 of the Markets in Financial Instruments Regulations 2017 ”;

(d) in paragraph 6, omit the second subparagraph;

(e) in paragraph 7—

(i) in the third subparagraph, for “Article 66(4) of Directive 2014/65/EU” substitute “ regulation 16(3)(d) of the Data Reporting Services Regulations ”;

(ii) in the fifth subparagraph, for “The home Member State” both times it occurs, substitute “ The FCA ”;

(f) omit paragraph 8;

(g) in paragraph 9—

(i) in the first subparagraph—

(aa) for “ESMA shall develop draft regulatory” substitute “ The FCA may make ”;

(bb) omit point (b);

[F2 (cc) in point (f), for “Member States” substitute “ the United Kingdom; ”;]

(ii) omit the second and third subparagraphs;

(h) in paragraph 10—

(i) in the first sentence—

(aa) for “ESMA shall submit a report to the Commission” substitute “ the FCA must publish a report ”;

(bb) omit “received and exchanged between competent authorities”;

(ii) omit the second and third sentences.

[F3 (i) after paragraph 10, insert—

“11.   For the purposes of paragraph 2—

(a) ‘Gibraltar trading venue’ means a Gibraltar regulated market, a Gibraltar multilateral trading facility or a Gibraltar organised trading facility;

(b) for the purposes of subparagraph (a)—

(i) ‘Gibraltar regulated market’ means a regulated market which is authorised and functions regularly and in accordance with Part 3 of the Financial Services (Markets in Financial Instruments) Act 2018 of Gibraltar (as amended from time to time) F4 ;

(ii) ‘Gibraltar multilateral trading facility’ means a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments (in the system and in accordance with non-discretionary rules) in a way which results in a contract in accordance with Part 2 of the Financial Services (Markets in Financial Instruments) Act 2018 of Gibraltar (as amended from time to time);

(iii) ‘Gibraltar organised trading facility’ means a multilateral system—

(aa) which is not a regulated market or an MTF;

(bb) in which multiple third-party buying and selling interests in bonds, structured finance products, emission allowances or derivatives are able to interact in the system in a way that results in a contract, in accordance with Part 2 of the Financial Services (Markets in Financial Instruments) Act 2018 of Gibraltar (as amended from time to time).”]

(4) In Article 27—

(a) in paragraph 1—

(i) in the first subparagraph, for “competent authorities” substitute “ the FCA ”;

(ii) in the second subparagraph—

(aa) for “26(2)” substitute “ 26(2)(b) or (c) ”;

(bb) for “its competent authority” substitute “ the FCA ”;

(iii) in the third subparagraph—

(aa) in the first sentence, for “competent authority” substitute “ FCA ”;

(bb) for the third sentence, substitute “ This data is to be transmitted without delay to the FCA, which must publish it as soon as practicable on its website. ”.

(iv) omit the fourth sentence;

(b) in paragraph 2—

(i) in the opening words—

(aa) for “competent authorities” the first time it occurs, substitute “ the FCA ”;

(bb) for “ESMA and the competent authorities” substitute “ the FCA ”;

(ii) in point (a), for “ESMA and the competent authorities” substitute “ the FCA ”;

(iii) omit point (c);

(c) in paragraph 3—

(i) in the first sub-paragraph—

(aa) in the opening words, for “ESMA shall develop draft regulatory” substitute “ The FCA may make ”;

(bb) in point (a), for “competent authorities and transmitting it to ESMA”, substitute “ the FCA ”;

(cc) in point (b), for “ESMA and the competent authorities” substitute “ the FCA ”;

(ii) omit the second and third sub-paragraphs.

Textual Amendments

F1 Word in reg. 29(3)(b) inserted (31.12.2020 immediately before IP completion day) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), regs. 1(2), 16(13)(a); 2020 c. 1, Sch. 5 para. 1(1)

F2 Reg. 29(3)(g)(i)(cc) inserted (31.12.2020 immediately before IP completion day) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), regs. 1(2), 16(13)(b); 2020 c. 1, Sch. 5 para. 1(1)

F3 Reg. 29(3)(i) inserted (31.12.2020 immediately before IP completion day) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/710), regs. 1(2), 16(13)(c); 2020 c. 1, Sch. 5 para. 1(1)

F4 L.N. 2017/135.

Commencement Information

I1 Reg. 29 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Marginal Citations

M1 S.I. 2017/692.