Article 3 Consequential amendment to the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017

In regulation 47 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (reports and applications)^f1, in paragraph (1), for sub-paragraph (b) substitute—

“(b)

report to the FCA the basis on which a person considers an activity—

(i)

to be ancillary to that person's main business in accordance with the criteria established under paragraph 2A(a) in Part 1 of Schedule 3 to the Regulated Activities Order; or

(ii)

to be below the annual threshold specified by the FCA as determined in accordance with the criteria established under paragraph 2A(b) in Part 1 of Schedule 3 to the Regulated Activities Order;”.