Regulation 10 Amendments of Part 18A of the 2000 Act

(1)

Part 18A of the 2000 Act (suspension and removal of financial instruments from trading)^f1 is amended as follows.

(2)

In section 313CA (suspension or removal of financial instruments from trading: notification and trading on other venues)^f2, for subsection (4) substitute—

“(4)
The FCA must publish a decision of any of the following kinds in such a manner as the FCA considers appropriate—

(a)
a decision to impose a requirement under section 313A;

(b)
a decision to revoke a requirement imposed under section 313A;

(c)
a decision to impose, or to revoke or not to impose, a requirement under subsection (2).

(5)
Subsection (4) does not require a decision to be published if it has already been published under section 313B(2)(b) or 313BE(5).”.

(3)

In section 313CB (suspension or removal of a financial instrument from trading by a trading venue: FCA duties)^f3—

(a)

for subsection (5) substitute—

“(5)
The FCA must publish any decision to impose, or to revoke or not to impose, a requirement under subsection (2) in such a manner as the FCA considers appropriate.”;

(b)

in subsection (6), for paragraph (c) substitute—

“(c)
a qualifying credit institution that has Part 4A permission to carry on the regulated activity of accepting deposits.”.

(4)

Omit section 313CC (suspension or removal of a financial instrument from trading in another EEA state: FCA duties)^f4.

(5)

In section 313D (interpretation of Part 18A)^f5—

(a)

in subsection (1)—

(i)

omit the definition of “competent authority”;

(ii)

in the definition of “derivative”, for the words from “points (4)” to “directive” substitute “paragraphs 4 to 10 of Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544)”^f6;

(iii)

for the definition of “financial instrument” substitute—

““financial instrument” means an instrument specified in Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;”;

(iv)

in the definition of “institution”, for paragraphs (c) and (d) substitute—

“(c)
a qualifying credit institution that has Part 4A permission to carry on the regulated activity of accepting deposits, when carrying out investment services or activities; or

(d)
a qualifying credit institution other than one that has Part 4A permission to carry on the regulated activity of accepting deposits;”;

(v)

in the definition of “regulatory information service”, omit paragraph (b) and the “or” that precedes it;

(vi)

for the definitions of “systematic internaliser” and “trading venue” substitute—

““systematic internaliser” has the meaning given in Article 2(1)(12) of the markets in financial instruments regulation;

“trading venue” means a UK trading venue, as defined by Article 2(1)(16A) of the markets in financial instruments regulation.”;

(b)

in subsection (2)—

(i)

for paragraph (a) (including the “or” at the end) substitute—

“(a)
it is established in the United Kingdom; or”;

(ii)

in paragraph (b)—

(aa)

in sub-paragraph (i), for “Article 4.1.30 of the directive” substitute “Article 2(1)(20) of the markets in financial instruments regulation”;

(bb)

in sub-paragraph (ii), for the words from “section 313CA(2)” to the end substitute “section 313CA(2) or 313CB(2)”.

Annotations

Footnotes

f1: Part 18A was inserted by S.I. 2007/126.
f2: Section 313CA was inserted by S.I. 2017/701.
f3: Section 313CB was inserted by S.I. 2017/701.
f4: Section 313CC was inserted by S.I. 2017/701.
f5: Section 313D was renumbered by S.I. 2017/701. In subsection (1), the definitions of “competent authority”, “derivative”, “systematic internaliser” and “trading venue” were inserted by S.I. 2017/701; the definition of “financial instrument” was amended by S.I. 2017/701. Subsection (2) was inserted by S.I. 2017/701.
f6: S.I. 2001/544. Schedule 2 was substituted by S.I. 2006/3384 and amended by S.I. 2017/488.