OpenLegislation

The Financial Services and Markets Act 2000 (Qualifying Provisions) Order 2013

S.I. 2013/419 · Made 26 February 2013 · Extends to United Kingdom

Not fully up to date. 1 change made by later legislation has not yet been written into this text, which is revised to 19 January 2026.

See the changes not yet applied
ProvisionChangeMade by
OrderrevokedFinancial Services and Markets Act 2023 Sch. 1 Pt. 2

Financial Services And Markets

Made 26th February 2013

Laid before Parliament 27th February 2013

Coming into force 1st April 2013

The Treasury, in the exercise of the powers conferred on them by the following sections of the Financial Services and Markets Act 2000 M1: 1A(6)(d); 1L(2)(b); 2A(6)(d); 39(4)(b); 66(2)(b), (2A)(b); 168(4)(k); 204A(2), (4); 293A; 296(1A), 297(2A)(c); 312E(2), (3); 380(6)(a), (9); 382(9)(a), (12); 384(7)(a), (10); and paragraph 23(2) of Schedule 1ZA, paragraph 31(2) of Schedule 1ZB and paragraphs 14(2)(d), 26(2)(c), 30(c) and 36(2)(b) of Schedule 17A to that Act M2 make this Order.C1

Annotations to the whole text

Textual amendments

F1

Words in Title substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 187(2); 2020 c. 1, Sch. 5 para. 1(1)

Marginal citations

M1

2000 c. 8. Sections 1A to 3S were inserted by section 6 of the Financial Services Act 2012 (c.21); section 39(4) was substituted by Schedule 18 to that Act; section 66(2) and (2A) were substituted by Schedule 5 to that Act; section 168 was amended by Schedule 12 to that Act; sections 204A, 380, 382 and 384 were amended by Schedule 9 to that Act; section 293A was inserted by Schedule 8 to that Act; sections 296 and 297 were amended by Schedule 8 to that Act; section 312E was inserted by section 33 of that Act. There are other amendments to these provisions which are not relevant to this Order.

M2

Schedules 1ZA and 1ZB were inserted by Schedule 3 to the Financial Services Act 2012. Schedule 17A was inserted by Schedule 7 to that Act.

Modifications

C1

Order: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pt. 2; S.I. 2023/779, reg. 2(d)

Contents

  1. 1Citation, commencement and interpretation
  2. 2Qualifying provisions: general
  3. 3Qualifying provisions: disciplinary measures
  4. 4Qualifying provisions etc.: recognised investment exchanges, clearing houses and CSDs
  5. 5Qualifying provisions: injunctions and restitution
  6. 6Qualifying provisions: fees
  7. Signature
  8. Explanatory note

1Citation, commencement and interpretation

(1)

This Order may be cited as the Financial Services and Markets Act 2000 F1(Qualifying Provisions) Order 2013 and comes into force on 1st April 2013.

(2)

For the purposes of this Order—

  • “the Act” means the Financial Services and Markets Act 2000;

  • F2...

  • F3“the EU Benchmarks Regulation 2016” means Regulation EU 2016/1011 of the European Parliament and of the Council of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds and amending Directives 2008/48/EC and 2014/17/EU and Regulation (EU) No 596/2014;

  • F4...

  • F5...

  • “the European market infrastructure regulation” means Regulation (EU) 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories M1F6;

  • “EuSEF Regulation” means Regulation (EU) No 346/2013 of the European Parliament and the Council of 17 April 2013 on European social entrepreneurship funds F7as amended by Regulation (EU) No 2017/1991 of the European Parliament and of the Council of 25 October 2017 amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds;

  • “EuVECA Regulation” means Regulation (EU) No 345/2013 of the European Parliament and the Council of 17 April 2013 on European venture capital funds F8as amended by Regulation (EU) No 2017/1991 of the European Parliament and of the Council of 25 October 2017 amending Regulation (EU) No 345/2013 on European venture capital funds and Regulation (EU) No 346/2013 on European social entrepreneurship funds;

  • F9“markets in financial instruments regulation” means Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012;

  • F10“MMF Regulation” means Regulation (EU) No 2017/1131 of the European Parliament and of the Council of 14th June 2017 on Money Market Funds;

  • F11“PRIIPs regulation” means Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products;

  • F12recovery and resolution directive” means Directive 2014/59/EU of the European Parliament and of the Council of 15th May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms;

  • F13“UK auctioning regulations” means the Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021;

F14(3)

Any reference in this Order to an EU Regulation, or part of an EU Regulation, is to be read as a reference to that EU Regulation, or that part of that EU Regulation, as amended from time to time.

F15(4)

In this Order a reference to any directly applicable regulation made under an EU directive (“the parent EU Directive”) is a reference to—

(a)

any EU regulation, originally made under the parent EU Directive, which is F16assimilated direct legislation,

(b)

any technical standards made in relation to the parent EU Directive in accordance with Chapter 2A of Part 9A of the Act, and

(c)

any subordinate legislation (within the meaning of the Interpretation Act 1978) which is made under a power substituted for a power of an EU entity to make a directly applicable regulation under the parent EU Directive by regulations made under section 8 of the European Union (Withdrawal) Act 2018.

(5)

F17Subject to paragraph (5A), in this Order a reference to any directly applicable regulation (or EU regulation) made under an EU regulation (“the parent Regulation”) is a reference to—

(a)

any EU regulation, originally made under the parent Regulation, which is F18assimilated direct legislation;

(b)

technical standards made in relation to the parent Regulation in accordance with Chapter 2A of Part 9A of the Act, and

(c)

any subordinate legislation (within the meaning of the Interpretation Act 1978) which is made under a power substituted for a power of an EU entity to make a directly applicable regulation under the parent Regulation by regulations made under section 8 of the European Union (Withdrawal) Act 2018.

(5A)

In this Order a reference to any directly applicable regulation (or EU regulation) made under F19the PRIIPs regulation, the markets in financial instruments regulation or the European market infrastructure regulation (“the parent Regulation”) is a reference to—

(a)

any EU regulation, originally made under the parent Regulation, which is F20assimilated direct legislation;

(b)

technical standards made in relation to the parent Regulation in accordance with Chapter 2A of Part 9A of the Act;

(c)

any subordinate legislation (within the meaning of the Interpretation Act 1978) which is made under a power substituted for a power of an EU entity to make a directly applicable regulation under the parent Regulation by regulations made under section 8 of the European Union (Withdrawal) Act 2018, and

(d)

rules made under the parent Regulation.

(6)

In this Order a reference to any directly applicable regulation made under Article 4(9) or 4(10) of the SFT Regulation is a reference to—

(a)

any EU regulation, originally made under those Articles, which is F21assimilated direct legislation;

(b)

technical standards made in relation to those Articles in accordance with Chapter 2A of Part 9A of the Act, and

(c)

any subordinate legislation (within the meaning of the Interpretation Act 1978) which is made under a power substituted for a power of an EU entity to make a directly applicable regulation under those Articles by regulations made under section 8 of the European Union (Withdrawal) Act 2018.

(7)

In articles 2(2)(m), 3(2)(p) and (3)(n), 5(2)(p) and (5)(o) and 6(2)(r) the reference to any directly applicable decision made under an EU regulation is a reference to—

(a)

a decision made under that regulation which is F22assimilated direct legislation, and

(b)

any subordinate legislation (within the meaning of the Interpretation Act 1978) which is made under a power substituted for a power of an EU entity to make a directly applicable decision under that regulation by regulations made under section 8 of the European Union (Withdrawal) Act 2018.

2Qualifying provisions: generalF43

(1)

The instruments listed in paragraph (2) are specified F1qualifying provisions for the purposes of sections 1A(6)(d), 1L(2)(b), 39(4)(b), F266A(4)(b) and 168(4)(k) of the Act.

(2)

The instruments are—

(a)

any directly applicable regulation made under the markets in financial instruments directive;

F3(aa)

the markets in financial instruments regulation and any directly applicable EU regulation made under that regulation;

(b)

any directly applicable regulation made under the UCITS directive;

F4(ba)

any directly applicable regulation made under the alternative investment fund managers directive;

(c)

the emission allowance auctioning regulation;

F5(ca)

the UK auctioning regulations;

(d)

the European market infrastructure regulation;

(e)

any directly applicable regulation made under the European market infrastructure regulation;

F6(f)

the EuSEF Regulation and any directly applicable regulation made under that Regulation;

(g)

the EuVECA Regulation and any directly applicable regulation made under that Regulation;

F7(h)

the CSD regulation and any directly applicable regulation made under that Regulation;

F8(i)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9(j)

the market abuse regulation and any directly applicable regulation made under that Regulation;

(k)

F10the PRIIPs regulation and any directly applicable regulation made under that Regulation;

F11(l)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F12(m)

the MMF Regulation and any directly applicable regulation or decision made under that Regulation;

F13(n)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

The instruments listed in paragraph (4) are also specified F14qualifying provisions for the purposes of sections 1A(6)(d), 1L(2)(b) and 168(4)(k) of the Act.

(4)

The instruments are—

(F15a)

the short selling regulation;

(F16b)

any directly applicable regulation made under the short selling regulation;

F17(c)

any directly applicable regulation made under the recovery and resolution directive.

F18(4A)

The SFT regulation and any directly applicable regulation made under Article 4(9) or 4(10) of the SFT regulation are specified F19qualifying provisions for the purposes of sections 1A(6)(d), 1L(2)(b) and 168(4)(k) of the Act.

(5)

The instruments listed in paragraph (6) are specified F20qualifying provisions for the purposes of sections F212AB(3)(d) and F2266B(4)(b) of the Act.

(6)

The instruments are—

(a)

any directly applicable regulation made under the markets in financial instruments directive;

F23(aa)

the markets in financial instruments regulation and any directly applicable EU regulation made under that regulation;

(b)

the European market infrastructure regulation;

(c)

any directly applicable regulation made under the European market infrastructure regulation;

F24(d)

the CSD regulation and any directly applicable regulation made under that Regulation;

F25(e)

any directly applicable regulation made under the recovery and resolution directive;

F26(f)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(7)

The instruments listed in paragraph (8) are specified F27qualifying provisions for the purposes of section 293A of the Act.

(8)

The instruments are—

(a)

any directly applicable regulation made under the markets in financial instruments directive;

F28(aa)

the markets in financial instruments regulation and any directly applicable EU regulation made under that regulation;

(b)

the emission allowance auctioning regulation;

F29(ba)

the UK auctioning regulations;

(c)

the European market infrastructure regulation;

(d)

any directly applicable regulation made under the European market infrastructure regulation;

F30(e)

the CSD regulation and any directly applicable regulation made under that Regulation;

F31(f)

the market abuse regulation and any directly applicable regulation made under that Regulation;

F32(g)

the SFT regulation and any directly applicable regulation made under Article 4(9) or 4(10) of the SFT regulation.

F33(9)

Directly applicable regulations made under the recovery and resolution directive are specified F34qualifying provisions for the purpose of sections F3566B(4)(b) and 192K(1)(c) of the Act.

F36(10)

The market abuse regulation and any directly applicable regulation made under that Regulation are specified qualifying provisions for the purposes of section F3766A(4)(b) of the Act.

F38(11)

Directly applicable regulations made under the Solvency 2 Directive are specified qualifying provisions for the purposes of sections 2A(6)(d), 39(4)(b), 66B(4)(b) and 168(4)(k) of the Act.

F39(12)

The EU Benchmarks Regulation 2016 is a specified F40qualifying provision for the purpose of section 1A(6)(d) of the Act.

(13)

The EU Benchmarks Regulation 2016 and any directly applicable regulation made under the EU Benchmarks Regulation 2016 is a specified F41qualifying provision for the purposes of sections 1L(2)(b), 39(4)(b), 66A(4)(b), 168(4)(k), 192K(1)(c) and 293A of the Act.

F42(14)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3Qualifying provisions: disciplinary measuresF33

(1)

The instruments listed in paragraph (2) are specified F1qualifying provisions for the purposes of section 204A(2) of the Act.

(2)

The instruments are—

(a)

any directly applicable regulation made under the markets in financial instruments directive;

F2(aa)

the markets in financial instruments regulation and any directly applicable EU regulation made under that regulation F3, except for Title VIII (Provision of services and performance of activities by third-country firms following an equivalence determination with or without a branch) and any directly applicable EU regulation made under that title;

(b)

any directly applicable regulation made under the UCITS directive;

F4(ba)

any directly applicable regulation made under the alternative investment fund managers directive;

(c)

the emission allowance auctioning regulation;

F5(ca)

the UK auctioning regulations;

(d)

the European market infrastructure regulation;

(e)

any directly applicable regulation made under the European market infrastructure regulation;

F6(f)

the EuSEF Regulation and any directly applicable regulation made under that Regulation;

(g)

the EuVECA Regulation and any directly applicable regulation made under that Regulation;

F7(h)

the CSD regulation and any directly applicable regulation made under that Regulation;

F8(i)

any directly applicable regulation made under the recovery and resolution directive;

F9(j)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10(k)

the SFT regulation and any directly applicable regulation made under Article 4(9) or 4(10) of the SFT regulation;

F11(l)

any directly applicable regulation made under the Solvency 2 DirectiveF12;

(m)

F13the PRIIPs regulation and any directly applicable regulation made under that Regulation;

(F14n)

the EU Benchmarks Regulation 2016 and any directly applicable regulation made under the EU Benchmarks Regulation 2016;

F15(o)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(F16p)

the MMF Regulation and any directly applicable regulation or decision made under that Regulation;

F17(q)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

The appropriate regulator for the purposes of each provision in Part 14 of the Act in relation to the F18qualifying provisions specified by paragraph (1) is—

(a)

in relation to a contravention of a requirement imposed by a directly applicable regulation made under the markets in financial instruments directive F19or the markets in financial instruments regulation—

(i)

if the authorised person concerned is a PRA-authorised person, either the PRA or the FCA;

(ii)

in any other case, the FCA;

(b)

in relation to a contravention of a requirement imposed by the emission allowance auctioning regulation F20, the UK auctioning regulations or any directly applicable regulation made under the UCITS directive F21or the alternative investment fund managers directive, the FCA;

(c)

in relation to a contravention of a requirement imposed by the European market infrastructure regulation—

(i)

if the authorised person concerned is a PRA-authorised person, either the PRA or the FCA;

(ii)

in any other case, the FCA;

(d)

in relation to a contravention of a requirement imposed by any directly applicable regulation made under the European market infrastructure regulation, the FCA;

(F22e)

in relation to a contravention of a requirement imposed by the EuSEF Regulation, the EuVECA Regulation or any directly applicable regulation made under either the EuSEF Regulation or the EuVECA Regulation, the FCA;

(F23f)

in relation to a contravention of a requirement imposed by the CSD regulation or any directly applicable regulation made under the CSD regulation—

(i)

if the authorised person concerned is a PRA-authorised person, either the PRA or the FCA;

(ii)

in any other case, the FCA;

(F24g)

in relation to a contravention of a requirement imposed by any directly applicable regulation made under the recovery and resolution directive—

(i)

if the authorised person concerned is a PRA-authorised person, either the PRA or the FCA;

(ii)

in any other case, the FCA;

F25(h)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(F26i)

in relation to a contravention of a requirement imposed by the SFT regulation or any directly applicable regulation made under Article 4(9) or 4(10) of the SFT regulation, the FCA;

(F27j)

in relation to a contravention of a requirement imposed by a directly applicable regulation made under the Solvency 2 Directive, the PRA;

(k)

F28in relation to a contravention of a requirement imposed by the PRIIPs regulation or any directly applicable regulation made under that Regulation, the FCA;

(F29l)

in relation to a contravention of a requirement imposed by the EU Benchmarks Regulation 2016 or of any directly applicable regulation made under that Regulation, the FCA;

F30(m)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(F31n)

in relation to a contravention of a requirement imposed by the MMF Regulation or any directly applicable regulation or decision made under that Regulation, the FCA;

F32(o)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4Qualifying provisions etc.: recognised investment exchanges, clearing houses and CSDsF20F21

(1)

The instruments listed in paragraph (5) are specified directly applicable EU provisions for the purposes of section 296(1A) of the Act.

(2)

The instruments listed in paragraph (3) are specified directly applicable EU provisions for the purposes of section 297(2A)(c) of the Act.

(3)

The instruments are—

(a)

any directly applicable regulation made under the markets in financial instruments directive;

F1(aa)

the markets in financial instruments regulation and any directly applicable EU regulation made under that regulation;

(b)

the emission allowance auctioning regulation;

F2(ba)

the UK auctioning regulations;

(c)

the European market infrastructure regulation;

(d)

any directly applicable regulation made under the European market infrastructure regulation;

F3(e)

the CSD regulation and any directly applicable regulation made under that Regulation;

F4(f)

the SFT regulation and any directly applicable regulation made under Article 4(9) or 4(10) of the SFT regulation.

(4)

The instruments listed in paragraph (5) are specified F5qualifying provisions for the purposes of section 312E(2)(c) of the Act.

(5)

The instruments are—

(a)

any directly applicable regulation made under the markets in financial instruments directive;

F6(aa)

the markets in financial instruments regulation and any directly applicable EU regulation made under that regulation;

(b)

the emission allowance auctioning regulation;

F7(ba)

the UK auctioning regulations;

(c)

the European market infrastructure regulation;

(d)

any directly applicable regulation made under the European market infrastructure regulation;

F8(e)

the CSD regulation and any directly applicable regulation made under that Regulation;

F9(f)

the SFT regulation and any directly applicable regulation made under Article 4(9) or 4(10) of the SFT regulation.

(6)

The instruments listed in paragraph (7) are specified F10qualifying provisions for the purposes of section 312E(3)(c) of the Act.

(7)

The instruments are—

(a)

any directly applicable regulation made under the markets in financial instruments directive;

F11(aa)

the markets in financial instruments regulation and any directly applicable EU regulation made under that regulation;

(b)

the European market infrastructure regulation;

(c)

any directly applicable regulation made under the European market infrastructure regulation;

F12(d)

the CSD regulation and any directly applicable regulation made under that Regulation;

F13(e)

the SFT regulation and any directly applicable regulation made under Article 4(9) or 4(10) of the SFT regulation.

(8)

The instruments listed in paragraph (9) are specified F14qualifying provisions for the purposes of paragraphs 14(2)(d) and 30(c) of Schedule 17A to the Act.

(9)

The instruments are—

(a)

the European market infrastructure regulation;

(b)

any directly applicable regulation made under the European market infrastructure regulation;

F15(c)

the CSD regulation and any directly applicable regulation made under that Regulation.

F16(10)

The market abuse regulation and any directly applicable regulation made under that Regulation are specified F17qualifying provisions for the purposes of sections 296(1A) and 297(2A)(c) of the Act.

F18(11)

The SFT regulation and any directly applicable regulation made under Article 4(9) or 4(10) of the SFT regulation are specified qualifying provisions for the purposes of paragraph 14(2)(d) of Schedule 17A to the Act.

F19(12)

The EU Benchmarks Regulation 2016 or any directly applicable regulation made under that Regulation are specified qualifying provisions for the purposes of sections 296(1A), 297(2A)(c) and 312E(2)(c).

5Qualifying provisions: injunctions and restitutionF46

(1)

The instruments listed in paragraph (2) are specified F1qualifying provisions for the purposes of sections 380(6)(a), 382(9)(a) and 384(7)(a) of the Act.

(2)

The instruments are—

(a)

any directly applicable regulation made under the markets in financial instruments directive;

F2(aa)

the markets in financial instruments regulation and any directly applicable EU regulation made under that regulation F3, except for Title VIII (Provision of services and performance of activities by third-country firms following an equivalence determination with or without a branch) and any directly applicable EU regulation made under that title;

(b)

any directly applicable regulation made under the UCITS directive;

F4(ba)

any directly applicable regulation made under the alternative investment fund managers directive;

(c)

the emission allowance auctioning regulationF5, except for Article 38 (prohibition of insider dealing), Article 39 (other prohibited uses of inside information) and Article 41 (prohibition of market manipulation) of that regulation;

F6(ca)

the UK auctioning regulations;

(d)

the European market infrastructure regulation;

(e)

any directly applicable regulation made under the European market infrastructure regulation;

F7(f)

the EuSEF Regulation and any directly applicable regulation made under that Regulation;

(g)

the EuVECA Regulation and any directly applicable regulation made under that Regulation;

F8(h)

the CSD regulation and any directly applicable regulation made under that Regulation;

F9(i)

any directly applicable regulation made under the recovery and resolution directive;

F10(j)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11(k)

the market abuse regulation and any directly applicable regulation made under that Regulation, except for Article 14 (prohibition of insider dealing and of unlawful disclosure of inside information) and Article 15 (prohibition of market manipulation) of the market abuse regulation;

F12(l)

any directly applicable regulation made under the Solvency 2 Directive;

(F13m)

the PRIIPs regulation and any directly applicable regulation made under that Regulation;

F14(n)

the EU Benchmarks Regulation 2016 and any directly applicable measure made under that Regulation;

F15(o)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F16(p)

the MMF Regulation and any directly applicable regulation or decision made under it;

F17(q)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F18(r)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(F193)

The instruments listed in paragraph (4) are also specified F20qualifying EU provisions for the purposes of section 380(6)(a) and 382(9)(a) of the Act.

(F214)

The instruments are—

(a)

the short selling regulation;

(b)

any directly applicable regulation made under the short selling regulation.

F22(4A)

The SFT regulation and any directly applicable regulation made under Article 4(9) or 4(10) of the SFT regulation are specified F23qualifying provisions for the purposes of section 380(6)(a) of the Act.

(5)

The appropriate regulator for the purposes of sections 380, 382 and 384 of the Act is—

(a)

in relation to a contravention of a requirement imposed by a directly applicable regulation made under the markets in financial instruments directive F24or the markets in financial instruments regulation—

(i)

if the authorised person concerned is a PRA-authorised person, the PRA or the FCA;

(ii)

in any other case, the FCA;

(b)

in relation to a contravention of the emission allowance auctioning regulation F25, the UK auctioning regulations or any directly applicable regulation made under the UCITS directive F26or the alternative investment fund managers directive, the FCA;

(c)

in relation to a contravention of the European market infrastructure regulation—

(i)

if the authorised person concerned is a PRA-authorised person, the PRA or the FCA;

(ii)

in any other case, the FCA;

(d)

in relation to a contravention of any directly applicable regulation made under the European market infrastructure regulation, the FCA;

(F27e)

in relation to a contravention of the short selling regulation or any directly applicable regulation made under that regulation, the FCA;

F28(f)

in relation to a contravention of a requirement imposed by the EuSEF Regulation, the EuVECA Regulation or any directly applicable regulation made under either the EuSEF Regulation or the EuVECA Regulation, the FCA;

F29(g)

in relation to a contravention of the CSD regulation or any directly applicable regulation made under the CSD regulation—

(i)

if the authorised person concerned is a PRA-authorised person, the PRA or the FCA;

(ii)

in any other case, the FCA;

F30(h)

in relation to a contravention of a requirement imposed by any directly applicable regulation made under the recovery and resolution directive—

(i)

if the person concerned is a PRA-authorised person, or a parent undertaking of a PRA-authorised person, either the PRA or the FCA;

(ii)

in any other case, the FCA;

F31(i)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F32(j)

in relation to a contravention of the market abuse regulation or any directly applicable regulation made under that Regulation, the FCA;

F33(k)

in relation to a contravention of a requirement imposed by a directly applicable regulation made under the Solvency 2 Directive, the PRA;

(l)

F34in relation to a contravention of a requirement imposed by the PRIIPs regulation or any directly applicable regulation made under that Regulation, the FCA;

F35(m)

in relation to a contravention of a requirement imposed by the EU Benchmarks Regulation 2016 or any directly applicable measure made under that Regulation, the FCA;

F36(n)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F37(o)

in relation to a contravention of a requirement imposed by the MMF Regulation or any directly applicable regulation or decision made under that Regulation, the FCA;

F38(p)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F39(q)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F40(5A)

The appropriate regulator for the purposes of section 380 of the Act, in relation to a contravention of the SFT regulation or any directly applicable regulation made under Article 4(9) or 4(10) of the SFT regulation, is the FCA.

(6)

The specified F41qualifying provisions for the purposes of paragraph 26(2)(c) of Schedule 17A to the Act are—

(a)

the European market infrastructure regulation;

(b)

any directly applicable regulation made under the European market infrastructure regulation;

F42(c)

the CSD regulation and any directly applicable regulation made under that Regulation;

F43(d)

the SFT regulation and any directly applicable regulation made under Article 4(9) or 4(10) of the SFT regulation.

F44(7)

In paragraphs (2)(n) and (5)(m) the reference to any directly applicable measure of the EU Benchmarks Regulation 2016 is a reference to—

(a)

any measure, originally adopted under that regulation, which is F45assimilated direct legislation,

(b)

technical standards made under that regulation in accordance with Chapter 2A of Part 9A of the Act, and

(c)

any subordinate legislation (within the meaning of the Interpretation Act 1978) which is made under a power substituted for a power of an EU entity to adopt a measure under that regulation by regulations made under section 8 of the European Union (Withdrawal) Act 2018.

6Qualifying provisions: feesF31

(1)

The instruments listed in paragraph (2) are specified F1qualifying provisions for the purposes of paragraph 23(2) of Schedule 1ZA to the Act F2and regulation 206(1)(a) of the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019;

(2)

The instruments are—

(a)

any directly applicable regulation made under the markets in financial instruments directive;

F3(aa)

the markets in financial instruments regulation and any directly applicable EU regulation made under that regulation;

(b)

any directly applicable regulation made under the UCITS directive;

F4(ba)

any directly applicable regulation made under the alternative investment fund managers directive;

(c)

the emission allowance auctioning regulation;

F5(ca)

the UK auctioning regulations;

(d)

the European market infrastructure regulation;

(e)

any directly applicable regulation made under the European market infrastructure regulation;

(F6f)

the short selling regulation;

(F7g)

any directly applicable regulation made under the short selling regulation;

F8(h)

the EuSEF Regulation and any directly applicable regulation made under that Regulation;

(i)

the EuVECA Regulation and any directly applicable regulation made under that Regulation;

F9(j)

the CSD regulation and any directly applicable regulation made under that Regulation;

F10(k)

any directly applicable regulation made under the recovery and resolution directive;

F11(l)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F12(m)

the market abuse regulation and any directly applicable regulation made under that Regulation;

F13(n)

the SFT regulation and any directly applicable regulation made under Article 4(9) or 4(10) of the SFT regulation;

(o)

F14the PRIIPs regulation and any directly applicable regulation made under that Regulation;

F15(p)

the EU Benchmarks Regulation 2016 and any directly applicable regulation made under the EU Benchmarks Regulation 2016;

F16(q)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F17(r)

the MMF Regulation and any directly applicable regulation or decision made under that Regulation;

F18(s)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F19(t)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3)

The instruments listed in paragraph (4) are specified F20qualifying provisions for the purposes of paragraph 31(2) of Schedule 1ZB to the Act F21and regulation 206(1)(a) of the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019.

(4)

The instruments are—

(a)

any directly applicable regulation made under the market in financial instruments directive;

F22(aa)

the markets in financial instruments regulation and any directly applicable EU regulation made under that regulation;

(b)

the European market infrastructure regulation;

(c)

any directly applicable regulation made under the European markets infrastructure regulation;

F23(d)

the CSD regulation and any directly applicable regulation made under that Regulation;

F24(e)

any directly applicable regulation made under the recovery and resolution directive;

F25(f)

any directly applicable regulation made under the Solvency 2 Directive;

F26(g)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5)

The instruments listed in paragraph (6) are specified F27qualifying provisions for the purposes paragraph 36(2)(b) of Schedule 17A to the Act F28and regulation 206(1)(a) of the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019.

(6)

The instruments are—

(a)

the European market infrastructure regulation;

(b)

any directly applicable regulation made under the European market infrastructure regulation;

F29(c)

the CSD regulation and any directly applicable regulation made under that Regulation;

F30(d)

the SFT regulation and any directly applicable regulation made under Article 4(9) or 4(10) of the SFT regulation.

Signature

Mark Lancaster

David Evennett

Two of the Lords Commissioners of Her Majesty's Treasury

Explanatory note

(This note is not part of the Order)

This Order identifies the directly applicable provisions of EU law which are specified as qualifying EU provisions and directly applicable EU provisions for the purposes of various provisions in the Financial Services and Markets Act 2000 (c.8) (“the Act”). The effect of the Order is to apply certain provisions of the Act for purposes connected with the specified EU provisions.

Article 2 specifies provisions of EU law for general purposes including sections 1A and 2A of the Act (the functions of the Financial Conduct Authority (“FCA”) and the functions of the Prudential Regulation Authority (“PRA”)) and section 168 of the Act (power of the regulators to appoint an investigator).

Article 3 specifies provisions of EU law for the purposes of disciplinary measures imposed under Part 14 of the Act. Article 3 also specifies which of the FCA or PRA is responsible for taking disciplinary action in relation to each specified provision of EU law.

Article 4 specifies provisions of EU law for purposes connected with the regulation of clearing houses and investment exchanges under Part 18 of the Act.

Article 5 specifies provisions of EU law for the purposes of the powers under Part 25 (including that Part as applied by Schedule 17A to the Act in connection with recognised clearing houses) to obtain injunctions or provide for restitution.

Article 6 specifies provisions of EU law for the purposes of the fee-raising powers of the FCA, the PRA and the Bank of England under the Act.

A full impact assessment of the effect that these Regulations will have on the costs of business and the voluntary sector is available from Her Majesty's Treasury, 1 Horse Guards Road, London SW1A 2HQ or on www.hm-treasury.gov.uk and is published alongside the Regulations on www.legislation.gov.uk.