19Growth market exemption: qualifying UK multilateral trading facilities etc
(1)Section 99A of FA 1986 (meaning of “recognised growth market” etc) is amended as follows.
(2)In subsection (5)—
(a)in the words before paragraph (a), after “recognised stock exchange” insert “or a qualifying UK multilateral trading facility”;
(b)in paragraph (a), for “£170 million” substitute “£450 million”.
(3)In subsection (6), at the end insert “;
“UK multilateral trading facility” has the meaning given by Article 2.1.14A of Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments as it forms part of assimilated law.”
(4)After subsection (6) insert—
“(6A)For the purposes of subsection (5) a UK multilateral trading facility is “qualifying” if—
(a)it is operated by an investment firm within the meaning given by article 3(1) of The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544), and
(b)the investment firm has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on the regulated activity (within the meaning of that Act) of operating a multilateral trading facility.”
(5)The amendments made by this section are treated as having come into force on 1 January 2024.