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The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges , Clearing Houses and Central Securities Depositories ) Regulations 2001

S.I. 2001/995 · Made 9 April 2001 · Extends to United Kingdom

Up to date with all changes known to legislation.gov.uk, revised to 6 July 2026.

FINANCIAL SERVICES AND MARKETS

Made 9th April 2001

Laid before Parliament 10th April 2001

Coming into force in accordance with regulation 2

The Treasury, in exercise of the powers conferred on them by sections 286(1), 426, 427 and 428(3) of the Financial Services and Markets Act 2000f1, and with the approval of the Secretary of State under section 286(2) of that Act, hereby make the following Regulations:C1C2

Annotations to the whole text

Textual amendments

F1

Words in Title substituted (28.11.2017) by The Central Securities Depositories Regulations 2017 (S.I. 2017/1064), regs. 1, 4(2) (with regs. 7(4), 9(1))

Modifications

C1

Regulations applied (with modifications) (temp.) (1.5.2014) by S.I. 2013/504, regs. 1(2), 52(5A) (as inserted by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) (Amendment) Regulations 2014 (S.I. 2014/905), regs. 1(2), 2(3))

C2

Regulations applied (with modifications) (temp.) (5.6.2025) by The Financial Services and Markets Act 2023 (Private Intermittent Securities and Capital Exchange System Sandbox) Regulations 2025 (S.I. 2025/583), regs. 1(2), 12, Sch. 1 para. 3 (with reg. 20)

Footnotes

f1

2000 c. 8.

Contents

  1. 1Citation
  2. 2Commencement
  3. 3Interpretation
  4. 3AHigh message intraday rate
  5. 4Recognition requirements for investment exchanges
  6. 5Recognition requirements for clearing houses which are not central counterparties
  7. 5ARecognition requirements for central counterparties
  8. 5BRecognition requirements for central securities depositories
  9. 6Method of satisfying recognition requirements
  10. 7Dealings and transactions not involving investments
  11. 8Exchanges and clearing houses which do not enter into market contracts
  12. 9Effect of recognition under the Financial Services Act 1986
  13. 10Revocation of recognition: action taken before commencement
  14. 11FCA rules
  15. Signature
  16. Schedule
  17. Part I: Recognition requirements for investment exchanges
  18. Financial resources
  19. 1Paragraph 1
  20. Suitability
  21. 2Paragraph 2
  22. Management body
  23. 2AParagraph 2A
  24. Management body: significant exchanges
  25. 2BParagraph 2B
  26. Systems and controls
  27. 3Paragraph 3
  28. Market making agreements
  29. 3AParagraph 3A
  30. Halting trading
  31. 3BParagraph 3B
  32. Direct electronic access
  33. 3CParagraph 3C
  34. Co-location services
  35. 3DParagraph 3D
  36. Fee structures
  37. 3EParagraph 3E
  38. Algorithmic trading
  39. 3FParagraph 3F
  40. Tick size regimes
  41. 3GParagraph 3G
  42. Synchronisation of business clocks
  43. 3HParagraph 3H
  44. Safeguards for investors
  45. 4Paragraph 4
  46. Provision of pre-trade information about share trading
  47. 4AParagraph 4A Repealed
  48. Provision of post-trade information about share trading
  49. 4BParagraph 4B Repealed
  50. Publication of data regarding execution of transactions
  51. 4CParagraph 4C Repealed
  52. Disclosure by issuers of securities
  53. 5Paragraph 5 Repealed
  54. Promotion and maintenance of standards
  55. 6Paragraph 6
  56. Rules and consultation
  57. 7Paragraph 7
  58. Admission of financial instruments to trading
  59. 7AParagraph 7A
  60. Access to the exchange’s facilities
  61. 7BParagraph 7B
  62. Position management
  63. 7BAParagraph 7BA Repealed
  64. Position reporting
  65. 7BBParagraph 7BB
  66. Access to central counterparty, clearing and settlement facilities
  67. 7CParagraph 7C
  68. Choice of settlement facilities
  69. 7DParagraph 7D
  70. Suspension and removal of financial instruments from trading
  71. 7EParagraph 7E
  72. Significant damage to investors’ interests or orderly functioning of financial markets
  73. 7FParagraph 7F
  74. Discipline
  75. 8Paragraph 8
  76. Complaints
  77. 9Paragraph 9
  78. Specific requirements for regulated markets: execution of orders
  79. 9ZAParagraph 9ZA
  80. Specific requirements for regulated markets: admission of financial instruments to trading
  81. 9ZBParagraph 9ZB
  82. Specific requirements for regulated markets: access to a regulated market
  83. 9ZCParagraph 9ZC
  84. Multilateral systems
  85. 9ZDParagraph 9ZD
  86. Operation of a multilateral trading facility or an organised trading facility
  87. 9AParagraph 9A
  88. Specific requirements for multilateral trading facilities: execution of orders
  89. 9BParagraph 9B
  90. Specific requirements for multilateral trading facilities: access to a facility
  91. 9CParagraph 9C
  92. Specific requirements for multilateral trading facilities: disclosure
  93. 9DParagraph 9D
  94. SME growth markets
  95. 9EParagraph 9E
  96. Specific requirements for organised trading facilities: execution of orders
  97. 9FParagraph 9F
  98. Specific requirements for organised trading facilities: disclosure
  99. 9GParagraph 9G
  100. Specific requirements for organised trading facilities: FCA request for information
  101. 9HParagraph 9H
  102. Provision of data reporting services
  103. 9IParagraph 9I
  104. Reporting of infringements
  105. 9JParagraph 9J
  106. Part II: Recognition requirements for investment exchanges: default rules in respect of market contracts
  107. Default rules in respect of market contracts
  108. 10Paragraph 10
  109. Content of rules
  110. 11Paragraph 11
  111. 12Paragraph 12
  112. 12AParagraph 12A
  113. Notification to other parties affected
  114. 13Paragraph 13
  115. Cooperation with other authorities
  116. 14Paragraph 14
  117. Margin
  118. 15Paragraph 15 Repealed
  119. Part III: Recognition requirements for clearing houses
  120. Financial resources
  121. 16Paragraph 16
  122. Suitability
  123. 17Paragraph 17
  124. Systems and controls
  125. 18Paragraph 18
  126. Safeguards for investors
  127. 19Paragraph 19
  128. Promotion and maintenance of standards
  129. 20Paragraph 20
  130. Rules
  131. 21Paragraph 21
  132. Access to central counterparty, clearing and settlement facilities
  133. 21AParagraph 21A
  134. Discipline
  135. 22Paragraph 22
  136. Complaints
  137. 23Paragraph 23
  138. Recovery Plans
  139. 23AParagraph 23A
  140. Part IV: Recognition requirements applying to clearing houses: default rules in respect of market contracts
  141. Default rules in respect of market contracts
  142. 24Paragraph 24
  143. Content of rules
  144. 25Paragraph 25
  145. 25AParagraph 25A
  146. Notification to other parties affected
  147. 26Paragraph 26
  148. Cooperation with other authorities
  149. 27Paragraph 27
  150. Margin
  151. 28Paragraph 28
  152. Part 5: Recognition requirements for central counterparties
  153. Requirements of the EMIR regulation
  154. 29Paragraph 29
  155. Loss allocation
  156. 29AParagraph 29A
  157. Recovery plans
  158. 29BParagraph 29B
  159. Market abuse or financial crime
  160. 30Paragraph 30
  161. Access to central counterparty, clearing and settlement facilities
  162. 31Paragraph 31
  163. Reporting of infringements
  164. 31AParagraph 31A
  165. Part 6: Recognition requirements applying to central counterparties: default rules
  166. Introduction
  167. 32Paragraph 32
  168. Interpretation
  169. 33Paragraph 33
  170. Portability of accounts: default rules going beyond requirements of EMIR
  171. 34Paragraph 34
  172. Liquidation of accounts
  173. 35Paragraph 35
  174. Loss allocation
  175. 36Paragraph 36
  176. Part 7: Recognition requirements for Central Securities Depositories
  177. Requirements of the CSD regulation
  178. 37Paragraph 37
  179. Access to settlement facilities
  180. 38Paragraph 38
  181. Reporting of infringements
  182. 39Paragraph 39
  183. Investment services and activities
  184. 40Paragraph 40
  185. Explanatory note