Section 424A (meaning of “investment firm”)U.K.
90.—(1) Section 424A M1 (meaning of “investment firm”) is amended as follows.
(2) In subsection (1), for “Article 4.1.1 of the markets in financial instruments directive” substitute “ paragraph 2.1A of the markets in financial instruments regulation ”.
(3) In subsection (2), for “subsections (3) to (5)” substitute “ subsection (5) ”.
(4) Omit subsections (3) M2 and (4).
(5) In subsection (5) M3, for paragraphs (a) and (b) substitute—
“(a)a person excluded from the definition of “investment firm” in Article 3(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) by paragraph (a) or (b) of that definition; or
(b)a firm which has a Part 4A permission to carry on regulated activities as an exempt investment firm within the meaning of regulation 8 of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701).”.
Commencement Information
I1Reg. 90 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
M1Section 424A was inserted by S.I. 2006/2975.
M2Subsection (3) was substituted by S.I. 2007/126.
M3Subsection (5) was amended by S.I. 2017/701.