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

Draft. This instrument was laid in draft and may differ from the one made. Look for the made version under its title.

Draft 2018, ISBN 9780111173480

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

Draft Regulations laid before Parliament under paragraph 1 of Schedule 7 to the European Union (Withdrawal) Act 2018, for approval by resolution of each House of Parliament.

Exiting The European Union

Financial Services

Made ***

Coming into force in accordance with regulation 1(2) and (3)

The Treasury are a government department designatedf1 for the purposes of section 2(2) of the European Communities Act 1972f2 in relation to financial services.

The Treasury, in exercise of the powers conferred by section 2(2) of the European Communities Act 1972 and section 8(1) of, and paragraph 21 of Schedule 7 to, the European Union (Withdrawal) Act 2018f3, make the following Regulations.

A draft of these Regulations has been approved by a resolution of each House of Parliament in accordance with paragraph 1 of Schedule 7 to the European Union (Withdrawal) Act 2018.

Annotations to the whole text

Footnotes

f1

S.I. 2012/1759.

f2

1972 c.68. Section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c.51) and by section 3 of, and the Schedule to, the European Union (Amendment) Act 2008 (c.7). By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c.51), regulations may be made under section 2(2) of the European Communities Act 1972 to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting that Agreement signed at Brussels on 17th March 1993 (Cm 2183). Paragraph 1A was inserted into Schedule 2 by section 28 of the Legislative and Regulatory Reform Act 2006. The European Communities Act 1972 is repealed with effect from exit day by section 1 of the European Union (Withdrawal) Act 2018.

f3

2018 c.16.

Contents

  1. Part 1: General
  2. 1Citation and commencement
  3. Part 2: Amendment of secondary legislation: European Communities Act 1972
  4. 2The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017
  5. 3The Data Reporting Services Regulations 2017
  6. Part 3: Amendment of secondary legislation: European Union (Withdrawal) Act 2018
  7. Chapter 1: The Regulated Activities Order
  8. 4Amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
  9. Chapter 2: The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017
  10. 5The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017
  11. 6Introductory provisions
  12. 7Interpretation
  13. 8Exempt and third country investment firms
  14. 9Algorithmic trading
  15. 10Direct electronic access
  16. 11Acting as a general clearing member
  17. 12Synchronisation of business clocks
  18. 13Interpretation of Part 4
  19. 14Removal of persons from the management board
  20. 15Miscellaneous FCA functions
  21. 16Administration and Enforcement of Parts 3, 4 and 5
  22. Chapter 3: The Data Reporting Services Regulations 2017
  23. 17The Data Reporting Services Regulations 2017
  24. 18Introductory provisions
  25. 19Authorisation of data reporting services
  26. 20Temporary authorisation
  27. 21Operating requirements
  28. 22Administration and enforcement
  29. 23Miscellaneous
  30. Part 4: Amendment of EU Regulations
  31. Chapter 1: Amendment of Markets in Financial Instruments Regulation
  32. 24Markets in Financial Instruments Regulation
  33. 25Subject matter and scope
  34. 26Definitions
  35. 27Transparency for trading venues
  36. 28Transparency for systematic internalisers and investment firms trading OTC
  37. 29Transaction reporting
  38. 30Derivatives
  39. 31Non-discriminatory clearing access for financial instruments
  40. 32Supervisory measures on product intervention and positions
  41. 33Provision of services and performance of activities by third-country firms following an equivalence decision
  42. 34Delegated and implementing acts
  43. 35Final provisions
  44. 36Professional clients
  45. 37Transfer of Functions
  46. Chapter 2: Commission Delegated Regulation 2017/565
  47. 38Commission Regulation 2017/565
  48. 39Application, scope and definitions
  49. 40Systematic internalisers
  50. 41Algorithmic trading and electronic access
  51. 42Organisation requirements
  52. 43Conflicts of interest
  53. 44Investment research and marketing
  54. 45Underwriting and placing
  55. 46Information to clients
  56. 47Investment Advice
  57. 48Best execution
  58. 49Eligible counterparties
  59. 50Record-keeping
  60. 51SME growth market
  61. 52Operating obligations for trading venues
  62. 53Position reporting in commodity derivatives
  63. 54Data provision obligations for data reporting service providers
  64. 55Final provisions
  65. 56Annexes
  66. Chapter 3: Commission Delegated Regulation 2017/567
  67. 57Commission Delegated Regulation 2017/567
  68. 58Interpretation
  69. 59Determining liquid markets for equity instruments
  70. 60Data publication obligations for systematic internalisers
  71. 61Supervisory measures on product intervention and position management
  72. Signature
  73. Explanatory note