{
  "url": "https://openlegislation.uk/financial-services-and-markets-act-2000-amendment-eu-exit-regulations-2019/regulation-156",
  "json_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-amendment-eu-exit-regulations-2019/regulation-156.json",
  "legislation": "uksi/2019/632",
  "legislation_title": "The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019",
  "legislation_url": "https://openlegislation.uk/financial-services-and-markets-act-2000-amendment-eu-exit-regulations-2019",
  "path": "regulation/156",
  "kind": "regulation",
  "number": "156",
  "heading": "Article 83 (options)",
  "text": "(1) Article 83 (options) is amended as follows.\n(2) In paragraph (1)(e) , for the words after “an option to which” substitute “ paragraph 5, 6, 7 or 10 of Part 1 of Schedule 2 (read with Articles 5, 6, 7, and 8 of the Commission Regulation) applies ”.\n(3) In paragraph (2)(d) —\n(a) in paragraph (i) omit “Section C of Annex I to the markets in financial instruments directive, the text of which is set out in”;\n(b) in paragraph (ii), for “Section C of Annex I to the markets in financial instruments directive” substitute “ Part 1 of that Schedule ”.\n(4) In paragraph (3)(c) , for “Section C of Annex I to the markets in financial instruments directive” substitute “ Part 1 of Schedule 2 ”.\n(5) In paragraph (4) , for sub-paragraphs (a) to (d) substitute—\n“(a) an investment firm or qualifying credit institution is providing or performing investment services and activities on a professional basis,\n(b) a management company which has a Part 4A permission to do so is providing the investment service specified in paragraph 4 or 5 of Part 3 of Schedule 2 or the ancillary service specified in paragraph 1 of Part 3A of that Schedule,\n(c) a market operator is providing the investment service specified in paragraph 8 or 9 of Part 3 of that Schedule, or\n(d) a full-scope UK AIFM which has a Part 4A permission to do so is providing the investment service specified in paragraph 1, 4 or 5 of Part 3 of that Schedule or the ancillary service specified in paragraph 1 of Part 3A of that Schedule.”.\n(6) Omit paragraph (5) .",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "M",
      "label": "M1",
      "text": "Paragraph (1)(e) was inserted by S.I. 2006/3384 and was amended by S.I. 2017/488."
    },
    {
      "type": "M",
      "label": "M2",
      "text": "Paragraph (2) was inserted by S.I. 2006/3384 and was amended by S.I. 2017/488."
    },
    {
      "type": "M",
      "label": "M3",
      "text": "Paragraph (3) was inserted by S.I. 2006/3384 and was amended by S.I. 2017/488."
    },
    {
      "type": "M",
      "label": "M4",
      "text": "Paragraph (4) was inserted by S.I. 2006/3384 and was amended by S.I. 2011/1613 and S.I. 2017/488."
    },
    {
      "type": "M",
      "label": "M5",
      "text": "Paragraph (5) was inserted by S.I. 2006/3384."
    },
    {
      "type": "C",
      "label": "C1",
      "text": "Pts. 3-6 modified in part (31.12.2020) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(2), 11(1)(4)(5) (with reg. 11(8)-(10)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 156 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)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2019/632/regulation/156",
    "retrieved_at": "2026-10-28T22:43:51.496494+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}