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Modifications etc. (not altering text)
C1Pts. 3-6 modified in part (31.12.2020) by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(2), 11(1)(4)(5) (with reg. 11(8)-(10)) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 40(f)); 2020 c. 1, Sch. 5 para. 1(1)
156.—(1) Article 83 (options) is amended as follows.
(2) In paragraph (1)(e) M1, for the words after “an option to which” substitute “ paragraph 5, 6, 7 or 10 of Part 1 of Schedule 2 (read with Articles 5, 6, 7, and 8 of the Commission Regulation) applies ”.
(3) In paragraph (2)(d) M2—
(a)in paragraph (i) omit “Section C of Annex I to the markets in financial instruments directive, the text of which is set out in”;
(b)in paragraph (ii), for “Section C of Annex I to the markets in financial instruments directive” substitute “ Part 1 of that Schedule ”.
(4) In paragraph (3)(c) M3, for “Section C of Annex I to the markets in financial instruments directive” substitute “ Part 1 of Schedule 2 ”.
(5) In paragraph (4) M4, for sub-paragraphs (a) to (d) substitute—
“(a)an investment firm or qualifying credit institution is providing or performing investment services and activities on a professional basis,
(b)a management company which has a Part 4A permission to do so is providing the investment service specified in paragraph 4 or 5 of Part 3 of Schedule 2 or the ancillary service specified in paragraph 1 of Part 3A of that Schedule,
(c)a market operator is providing the investment service specified in paragraph 8 or 9 of Part 3 of that Schedule, or
(d)a full-scope UK AIFM which has a Part 4A permission to do so is providing the investment service specified in paragraph 1, 4 or 5 of Part 3 of that Schedule or the ancillary service specified in paragraph 1 of Part 3A of that Schedule.”.
(6) Omit paragraph (5) M5.
Commencement Information
I1Reg. 156 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)
Marginal Citations
M1Paragraph (1)(e) was inserted by S.I. 2006/3384 and was amended by S.I. 2017/488.
M2Paragraph (2) was inserted by S.I. 2006/3384 and was amended by S.I. 2017/488.
M3Paragraph (3) was inserted by S.I. 2006/3384 and was amended by S.I. 2017/488.
M4Paragraph (4) was inserted by S.I. 2006/3384 and was amended by S.I. 2011/1613 and S.I. 2017/488.
M5Paragraph (5) was inserted by S.I. 2006/3384.