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You are here: BAILII >> Databases >> United Kingdom Statutory Instruments >> The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Amendment No. 2) Regulations 2007 No. 2160 URL: https://www.bailii.org/uk/legis/num_reg/2007/20072160.html |
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Made | 24th July 2007 | ||
Laid before Parliament | 25th July 2007 | ||
Coming into force in accordance with regulation 1(2) |
Amendment of the transitional provisions in the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007
2.
—(1) The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 are amended as follows.
(2) After regulation 6 insert—
that notice is on 1st November 2007 to be treated as having been given in relation to the investment service or activity specified in the second column of table 1 opposite that investment service.
(2) Where on or before 31st October 2007 an EEA investment firm has exercised an EEA right deriving from the investment services directive to establish a branch or to provide services in the United Kingdom, and the Authority has received in respect of that firm—
that notice is on 1st November 2007 to be treated as having been given in relation to the ancillary service specified in the second column of table 2 opposite that non-core service.
(3) Where on or before 31st October 2007 an EEA investment firm has exercised an EEA right deriving from the investment services directive to establish a branch or to provide services in the United Kingdom, and the Authority has received in respect of that firm—
that notice is on 1st November 2007 to be treated as having been given in relation to the investment service specified in paragraph 5 of Section A of Annex I to the markets in financial instruments directive (investment advice).
(4) Where on or before 31st October 2007 an EEA investment firm has exercised an EEA right deriving from the investment services directive to establish a branch or to provide services in the United Kingdom, and the Authority has received in respect of that firm—
that notice is on 1st November 2007 to be treated as having been given in relation to the financial instrument specified in the second column of table 3 opposite that instrument.
(5) If this regulation conflicts with any law of an EEA investment firm's home state, the law of the firm's home state shall prevail.
(6) In this regulation—
in relation to the non-core service specified in paragraph 6 of Section C of the Annex to the investment services directive (investment advice concerning one or more of the instruments listed in Section B).
(2) The Authority may during the period starting on 1st September 2007 and ending on 31st October 2007 give notice to the UK investment firm's host state regulator (within the meaning of paragraph 11 of Schedule 3) that from 1st November 2007 the firm will offer the ancillary service specified in paragraph 5 of Section B of Annex I to the markets in financial instruments directive (investment research and financial analysis).
(3) Regulation 11 or 12 of the EEA Passport Rights Regulations does not apply where the Authority has given a notice in accordance with paragraph (2).
(4) Where the UK investment firm concerned gave written notice to the Authority on or before 31st August 2007 to that effect, this regulation shall not apply to him.".
(5) After regulation 9D insert—
is from 1st November 2007 to be treated as having a Part IV permission to carry on that regulated activity subject to the same limitation or requirement described by reference to the category of clients specified in the second column of that table opposite.
(2) The activities are—
(3) Where the person concerned gave written notice to the Authority on or before 1st October 2007 to that effect, paragraph (1) shall not apply to him.".
Category of clients in limitation or requirement in Part IV permission immediately before 1st November 2007 | Category of clients in limitation or requirement in Part IV permission from 1st November 2007 |
Private customers only | Retail clients only |
Intermediate customers only | Professional clients only |
Private and intermediate customers only | Retail and professional clients only |
Intermediate customers and market counterparties only | Professional clients and eligible counterparties only". |
Alan Campbell
Frank Roy
Two of the Lords Commissioners of Her Majesty's Treasury
24th July 2007
[2] 1972 c.68; section 2(2) was amended by section 27 of the Legislative and Regulatory Reform Act 2006 (c. 51). By virtue of the amendment of section 1(2) made by section 1 of the European Economic Area Act 1993 (c. 51) regulations may be made under section 2(2) to implement obligations of the United Kingdom created by or arising under the Agreement on the European Economic Area signed at Oporto on 2nd May 1992 (Cm 2073, OJ No L 1, 3.11.1994, p. 3) and the Protocol adjusting that Agreement signed at Brussels on 17th March 1993 (Cm 2183, OJ No L 1, 3.1.1994, p. 572). For the decision of the EEA Joint Committee in relation to Directive 2004/39/EC, see Decision No 65/2005 of 29th April 2005 (OJ No L 239, 15.9.2005, p.50).back
[3] S.I. 2007/126 amended by S.I. 2007/763.back
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