Regulation 47 Investment Advice

(1)

In Article 52, omit the sub-heading in brackets.

(2)

In Article 53—

(a)

omit the sub-heading in brackets;

(b)

in paragraph 1, in the opening words, for “Article 24(7)(a) of Directive 2014/65/EU” substitute “rule 6.2B.11 of the Conduct of Business sourcebook”;

(c)

in paragraph 3(a), for “Article 24(4)(a) of Directive 2014/65/EU” substitute “rule 6.2B.33 of the Conduct of Business sourcebook”.

(3)

In Article 54—

(a)

omit the sub-heading in brackets;

(b)

in paragraph 1, for “Article 25(2) of Directive 2014/65/EU” substitute “rule 9A.2.1 of the Conduct of Business sourcebook”;

(c)

in paragraph 3, in the second sub-paragraph, for “Section 1 of Annex II to Directive 2014/65/EU” substitute “Part 2 of Schedule 1 to Regulation (EU) No 600/2014”;

(d)

in paragraph 6, in the second sub-paragraph, for “Section 2 of Annex II to Directive 2014/65/EU” substitute “Part 3 of Schedule 1 to Regulation (EU) No 600/2014”;

(e)

in paragraph 8, for “Article 25(2) of Directive 2014/65/EU” substitute “rule 9A.2.1 of the Conduct of Business sourcebook”.

(4)

In Article 55—

(a)

omit the sub-heading in brackets;

(b)

in paragraph 2, for “Article 25(2) and (3) of Directive 2014/65/EU” substitute “rules 9A.2.1 and 10A.2.1 of the Conduct of Business sourcebook”.

(5)

In Article 56—

(a)

omit the sub-heading in brackets;

(b)

in paragraph 1, for “Article 25(3) of Directive 2014/65/EU” substitute “rule 10A.1.1 of the Conduct of Business sourcebook”.

(6)

In Article 57—

(a)

omit the sub-heading in brackets;

(b)

in the opening words—

(i)

for “Article 25(4)(a) of Directive 2014/65/EU” substitute “rule 10A.4.1(2) of the Conduct of Business sourcebook”;

(ii)

for “Article 25(4)(a)(vi) of Directive 2014/65/EU” substitute “paragraph (2)(f) of that rule”;

(iii)

for point (a), substitute—

“(a)
it does not fall within Article 2(1)(24)(c) of Regulation (EU) No 600/2014 or paragraphs 4 to 11 of Part 1 of Schedule 2 to the Regulated Activities Order;”.

(7)

In Article 58—

(a)

omit the sub-heading in brackets;

(b)

in the first sub-paragraph, for “Section B(1) of Annex 1 to Directive 2014/65/EU” substitute “paragraph 1 of Part 3A of Schedule 2 to the Regulated Activities Order”;

(c)

in the second sub-paragraph, in point (c) for “Section B(1) of Annex 1 to Directive 2014/65/EU” substitute “paragraph 1 of Part 3A of Schedule 2 to the Regulated Activities Order”.

(8)

In Article 59, omit the sub-heading in brackets.

(9)

In Article 60—

(a)

omit the sub-heading in brackets;

(b)

in paragraph 3, in the second sub-paragraph, for the words from “Article 4(1)(44)(c) of” to the end substitute “Article 2(1)(24)(c) of Regulation (EU) No 600/2014 or paragraphs 4 to 11 of Part 1 of Schedule 2 to the Regulated Activities Order”.

(10)

In Article 61, omit the sub-heading in brackets.

(11)

In Article 62, omit the sub-heading in brackets.

(12)

In Article 63—

(a)

omit the sub-heading in brackets;

(b)

in paragraph 1, in the second sub-paragraph—

(i)

for “authorised under Directive 2000/12/EC of the European Parliament and of the Council” substitute “that is a CRR firm as defined in Article 4(1)(2A) of Regulation (EU) No 575/2013 of the European Parliament and of the Council on prudential requirements for credit institutions and investment firms”;

(ii)

for “of that Directive” substitute “of Article 2(1)(23A) of Regulation (EU) No 600/2014”.

(c)

in paragraph 2(d) for “Directive 2014/65/EU and its implementing measures” substitute “the UK law on markets in financial instruments”.