Regulation 5 Interpretation

in point (a), for “Section C of Annex I to Directive 2004/39/EC” substitute “Part 1 of Schedule 2 to the Regulated Activities Order 2001”;

for point (d), substitute—

• ““sovereign issuer” means the United Kingdom, including any government department, or an agency or a special purpose vehicle of the United Kingdom;”

omit points (i) and (j);

in point (k)—

after point (k), insert—

“(ka)

for the purposes of point (k), the firms referred to in this point are firms which provide investment services and/or perform investment activities consisting exclusively in dealing on own account on markets in financial futures or options or other derivatives and on cash markets for the sole purpose of hedging positions on derivatives markets or which deal for the accounts of other members of those markets or make prices for them and which are guaranteed by clearing members of the same markets, where responsibility for ensuring the performance of contracts entered into by such firms is assumed by clearing members of the same markets;”

for point (l), substitute—

• ““trading venue” means—

  1. (i)

     a UK regulated market within the meaning of point (13B) of Article 2(1) of Regulation (EU) No 600/2014^f1;

  2. (ii)

     a UK multilateral trading facility within the meaning of point (14A) of Article 2(1) of Regulation (EU) No 600/2014;”;

for point (p), substitute—

“(p)

“trading day” in relation to a trading venue, means a day during which the trading venue concerned is open for trading;”;

for point (q) substitute—

“(q)

“turnover”, in relation to a financial instrument, means the sum of the results of multiplying the number of units of that instrument exchanged between buyers and sellers in a defined period of time, pursuant to transactions taking place on a trading venue or otherwise, by the unit price applicable to each transaction;”;

after point (q), insert—

“(r)

“FCA” means the Financial Conduct Authority;

(s)

“competent authority” means—

(i)

in relation to the United Kingdom, the FCA;

(ii)

in relation to a Member State of the European Union, the authority which has been designated by that Member State as its competent authority for the purposes of Article 32 of this Regulation as it was in force immediately before exit day; and

(iii)

in relation to a third country which is not a Member State of the European Union, the supervisory authority which exercises functions equivalent to those exercised by competent authorities in Member States under this Regulation as it was in force immediately before exit day;

(t)

“credit institution” has the meaning given in Article 2(1)(17) of Regulation (EU) No 600/2014;

(u)

“investment firm” has the meaning given in Article 2(1A) of Regulation (EU) No 600/2014;

(v)

references to a “third country” (including in expressions including the words “third country”) are to be read as references to a country other than the United Kingdom;

(w)

“Regulated Activities Order 2001” means the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001^f2;

(x)

“PRA” means the Prudential Regulation Authority”.

for “Commission shall be empowered to adopt delegated acts in accordance with Article 42 specifying” substitute “Treasury may by regulations specify”;

for “in particular specifying” substitute “and in particular specify”.