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The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017

S.I. 2017/701 · Made 21 June 2017 · 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 6 July 2026.

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ProvisionChangeMade by
reg. 47(1)(b)substitutedThe Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2025 art. 3

F1Financial Services And Markets

Made 21st June 2017

Laid before Parliament 22nd June 2017

Coming into force in accordance with regulation 1

M1M2The Treasury are a government department designated for the purposes of section 2(2) of the European Communities Act 1972 in relation to financial services.

The Treasury, in exercise of the powers conferred by section 2(2) of the European Communities Act 1972 and sections 286(1) M3 and (4F) M4, and 428(3) of the Financial Services and Markets Act 2000 make the following Regulations.C1

Annotations to the whole text

Textual amendments

F1

Regulations revoked (14.12.2023 for the revocation of reg. 51) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(xviii)

Marginal citations

M1

S.I. 2012/1759.

M2

1972 c.68. Section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c. 51) and by section 3 of, and the Schedule to, the European Union (Amendment) Act 2008 (c. 7). By virtue of the amendment of section 1(2) by section 1 of the European Economic Area Act 1993 (c.51) regulations may be made under section 2(2) of the European Communities Act to implement obligations of the United Kingdom created or arising by or under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073) and the Protocol adjusting the Agreement signed at Brussels on 17th March 1993 (Cm 2183).

M3

Subsection (1) was amended by paragraph 2(2) of Schedule 8 to the Financial Services Act 2012 (c.21).

M4

Subsection (4F) was inserted by section 30 of the Financial Services Act 2012.

Modifications

C1

Regulations: 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. Part 1: Introductory provisions
  2. 1Citation and commencement
  3. 2Interpretation
  4. 2AReferences to EU Regulations etc
  5. 2BHigh message intraday rate
  6. 3Designation of competent authorities
  7. Part 2: Exempt and third-country investment firms
  8. Chapter 1: Exempt investment firms
  9. 4Applications to be an exempt investment firm
  10. 5Limitation on exempt investment firms Repealed
  11. 6Requirements applying to exempt investment firms
  12. 7Transitional provision: exempt investment firms
  13. 8Meaning of “exempt investment firm” in Chapter 1
  14. Chapter 2: Third country investment firms
  15. 9Third country firms with an EEA branch: provision of services Repealed
  16. 10FCA power to intervene in relation to third country firms with an EEA branch Repealed
  17. 11Third country firms registered with the FCA: provision of services
  18. 12FCA power to intervene in relation to third country firms registered with the FCA
  19. 13Third country firms: provision of services to eligible counterparties or clients considered to be professionals
  20. 14Third country firms: financial promotions
  21. 15Interpretation of Chapter 2
  22. Part 3: Position limits and position management controls in commodity derivatives
  23. 15AFCA rules relating to position limits
  24. 16FCA power to establish position limits
  25. 17Exemption for non-financial entities Repealed
  26. 18Content of position limits Repealed
  27. 19FCA duty to use Regulation (EU) 2017/591 to establish position limits and to review if market changes Repealed
  28. 20ESMA opinions on position limits Repealed
  29. 21Position limits affecting multiple EEA jurisdictions Repealed
  30. 22Cooperation with other competent authorities regarding position limits affecting multiple EEA jurisdictions Repealed
  31. 23General requirements for position limits
  32. 24FCA duty to notify ESMA of established position limits and position management controls Repealed
  33. 25Procedure in exceptional cases Repealed
  34. 26Effect of position limits established by the FCA ...
  35. 27FCA power to require information
  36. 28FCA power to intervene
  37. 28ACooperation with ESMA and other competent authorities in respect of interventions to restrict, reduce, or limit positions Repealed
  38. 29Interpretation of Part 3
  39. Part 4: Algorithmic trading etc by members of trading venues covered by certain exemptions from the markets in financial instruments directive
  40. 30Algorithmic trading
  41. 31Provision of information to the FCA concerning algorithmic trading
  42. 32Direct electronic access
  43. 33Provision of information to the FCA concerning direct electronic access
  44. 34Acting as a general clearing member
  45. 35Synchronisation of business clocks
  46. 36FCA power to impose requirements
  47. 37Interpretation of Part 4
  48. Part 5: Removal of persons from the management board of an investment firm, credit institution, or recognised investment exchange
  49. 38FCA and PRA power to remove a person from a management board
  50. 39Right to refer matters to the Tribunal
  51. 40Removal of persons from management boards: procedure
  52. Part 6: Miscellaneous FCA functions in relation to the markets in financial instruments directive and markets in financial instruments regulation
  53. 41Provision of FCA record of recognised investment exchanges to ESMA and other competent authorities Repealed
  54. 42Provision of information to ESMA about multilateral trading facilities etc Repealed
  55. 43Provision to ESMA of reports by recognised investment exchanges of infringements of the exchange's rules, disorderly trading, suspected market abuse, and systems disruptions Repealed
  56. 44Authorisation of members of management bodies to hold additional non-executive directorship
  57. 45Provision of information to ESMA regarding sanctions and measures imposed for the purposes of the markets in financial instruments directive Repealed
  58. 46Provision of information to other competent authorities regarding persons engaged in algorithmic trading or providing direct electronic access Repealed
  59. 47Reports and applications
  60. 47APosition management and publication of position reports
  61. 47BStatements of Policy
  62. Part 7: Miscellaneous
  63. 48Refund of fees by the Gambling Commission
  64. 49Administration and enforcement of the Regulations
  65. 50Amendments to legislation
  66. 51Review Repealed
  67. Signature
  68. Schedule 1: Administration and enforcement of Parts 3, 4, and 5
  69. Part 1: Interpretation
  70. 1Interpretation of Schedule 1
  71. 2Assimilated law
  72. Part 2: The FCA and the PRA
  73. Functions of the FCA and the PRA
  74. 3Functions of the FCA
  75. 4Functions of the PRA
  76. Supervision
  77. 5Monitoring and enforcement
  78. 6Co-operation
  79. 7Guidance
  80. 8Reporting requirements
  81. Part 3: Administrative sanctions and offences
  82. Administrative sanctions
  83. 9Interpretation of Part 3
  84. 10Public censure
  85. 11Financial penalties
  86. 12Warning notice
  87. 13Decision notice
  88. 14Statements of policy
  89. 15Statements of policy: procedure
  90. Offences
  91. 16Misleading the FCA or PRA
  92. 17Restriction on penalties
  93. Part 4: Application of the Act for the purposes of the Regulations
  94. 18Application of Part 9 of the Act (hearings and appeals)
  95. 19Application of Part 11 of the Act (information gathering and investigations)
  96. 20Restrictions on disclosure of information
  97. 21Application of Part 25 of the Act (injunctions and restitution)
  98. 22Application of Part 26 of the Act (notices)
  99. 23Application of Part 27 of the Act (offences)
  100. 24Application of section 413 of the Act (protected items)
  101. 25FCA: penalties, fees and exemption from liability in damages
  102. 26PRA: penalties, fees and exemption from liability in damages
  103. Part 5: Application of secondary legislation for the purposes of the Regulations
  104. 27Service of notices
  105. 28Disclosure of confidential information
  106. 29Communications by auditors
  107. Schedule 2: Amendments to the Financial Services and Markets Act 2000
  108. 1Paragraph 1
  109. 2Amendments to Part 3 (authorisation and exemption)
  110. 3Paragraph 3
  111. 4Amendments to Part 4A (permission to carry on regulated activities)
  112. 5Paragraph 5
  113. 6Amendments to Part 6 (official listing)
  114. 7Paragraph 7
  115. 8Paragraph 8
  116. 9Amendments to Part 8 (provisions relating to market abuse)
  117. 10Paragraph 10
  118. 11Paragraph 11
  119. 12Paragraph 12
  120. 13Paragraph 13
  121. 14Paragraph 14
  122. 15Paragraph 15
  123. 16Paragraph 16
  124. 17Paragraph 17
  125. 18Amendments to Part 9A (rules and guidance)
  126. 19Amendments to Part 12 (control over authorised persons)
  127. 20Amendments to Part 13 (incoming firms: intervention by FCA or PRA)
  128. 21Paragraph 21
  129. 22Amendments to Part 14 (disciplinary measures)
  130. 23Amendments to Part 15 (the financial services compensation scheme)
  131. 24Paragraph 24
  132. 25Paragraph 25
  133. 26Paragraph 26
  134. 27Paragraph 27
  135. 28Paragraph 28
  136. 29Amendments to Part 18 (recognised investment exchanges and clearing houses)
  137. 30Paragraph 30
  138. 31Paragraph 31
  139. 32Paragraph 32
  140. 33Paragraph 33
  141. 34Paragraph 34
  142. 35Paragraph 35
  143. 36Paragraph 36
  144. 37Paragraph 37
  145. 38Paragraph 38
  146. 39Amendments to Part 18A (suspension and removal of financial instruments from trading)
  147. 40Paragraph 40
  148. 41Paragraph 41
  149. 42Paragraph 42
  150. 43Amendments to Part 20 (provision of financial services by members of the professions)
  151. 44Amendments to Part 23 (public record, disclosure of information and co-operation)
  152. 45Amendments to Part 26 (notices)
  153. 46Paragraph 46
  154. 47Paragraph 47
  155. 48Amendments to Part 27 (offences)
  156. 49Amendments to Part 28 (miscellaneous)
  157. 50Paragraph 50
  158. 51Amendments to Part 29 (interpretation)
  159. 52Paragraph 52
  160. 53Paragraph 53
  161. 54Amendments to Schedule 3 (EEA passport rights)
  162. 55Amendments to Schedule 10A (liability of issuers)
  163. Schedule 3: Amendments to secondary legislation made under the Financial Services and Markets Act 2000
  164. 1The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001
  165. 2Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
  166. 3Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001
  167. 4Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001
  168. 5Financial Services and Markets Act 2000 (EEA Passport Rights) Regulations 2001
  169. 6Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013
  170. 7Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013
  171. 8Financial Services and Markets Act 2000 (PRA-Regulated Activities) Order 2013
  172. 9Financial Services and Markets Act 2000 (Ring-Fenced Bodies and Core Activities) Order 2014
  173. Schedule 4: Amendments to other primary legislation
  174. 1Building Societies Act 1986
  175. 2Finance Act 1991
  176. 3Friendly Societies Act 1992
  177. 4Data Protection Act 1998
  178. 5Competition Act 1998
  179. 6Terrorism Act 2000
  180. 7Proceeds of Crime Act 2002
  181. 8Income Tax (Trading and Other Income) Act 2005
  182. 9Companies Act 2006
  183. 10Income Tax Act 2007
  184. 11Counter-Terrorism Act 2008
  185. 12Corporation Tax Act 2010
  186. 13Finance Act 2010
  187. 14Finance Act 2011
  188. 15Financial Services (Banking Reform) Act 2013
  189. Schedule 5: Amendments to other secondary legislation
  190. 1Income Tax (Manufactured Overseas Dividends) Regulations 1993
  191. 2Financial Markets and Insolvency (Settlement Finality) Regulations 1999
  192. 3Uncertificated Securities Regulations 2001
  193. 4Insurers (Reorganisation and Winding Up) Regulations 2004
  194. 5Credit Institutions (Reorganisation and Winding Up) Regulations 2004
  195. 6Occupational Pension Schemes (Investment) Regulations 2005
  196. 7Authorised Investment Funds (Tax) Regulations 2006
  197. 8Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007
  198. 9Payment Services Regulations 2009
  199. 10Banking Act 2009 (Restriction of Partial Property Transfers) Order 2009
  200. 11Offshore Funds (Tax) Regulations 2009
  201. 12Occupational and Personal Pension Schemes (Automatic Enrolment) Regulations 2010
  202. 13Electronic Money Regulations 2011
  203. 14Recognised Auction Platforms Regulations 2011
  204. 15Investment Trust (Approved Company) (Tax) Regulations 2011
  205. 16Supervision of Accounts and Reports (Prescribed Body) and Companies (Defective Accounts and Directors' Reports) (Authorised Person) Order 2012
  206. 17Unauthorised Unit Trusts (Tax) Regulations 2013
  207. 18Capital Requirements Regulations 2013
  208. 19Stamp Duty and Stamp Duty Reserve Tax (Exchange Traded Funds) (Exemption) Regulations 2014
  209. 20Financial Services Act 2012 (Relevant Functions in Relation to Complaints Scheme) Order 2014
  210. 21Public Interest Disclosure (Prescribed Persons) Order 2014
  211. 22Reports on Payments to Governments Regulations 2014
  212. 23Public Contracts Regulations 2015 Repealed
  213. Explanatory note