C1PART 3Amendments to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001

Annotations:
Modifications etc. (not altering text)

C1Article 72 (overseas persons)I1C1147

1

Article 72 (overseas persons) is amended as follows.

2

In paragraph (8) M1, for “credit institution” substitute “ qualifying credit institution ”.

3

In paragraphs (8)(b) and (10) M2 omit “Member”.

4

In paragraph (9A) M3—

a

in sub-paragraph (a) omit “23(2) or”;

b

omit sub-paragraph (b) and the preceding “or”.

5

After paragraph (10) insert—

10A

This article does not apply in the following two cases.

6

In paragraph (11) M4, for “This Article does not apply” substitute “ The first case is ”.

7

After paragraph (11) insert—

11A

The second case is where the overseas person is—

a

a third-country firm, as defined by Article 2.1.42 of the markets in financial instruments regulation;

b

established in a county that is the subject of F2an equivalence determination; and

c

carrying on an activity a third country firm established in that third country may carry on, by virtue of the F3equivalence determination, under—

i

Article 46.1 of the markets in financial instruments regulation, if it is registered by the FCA in the register of third country firms established in accordance with Article 48 of that regulation, or

ii

Article 46.5 of that regulation.

8

In paragraph (12) M5—

a

for “paragraph (11)” substitute “ paragraphs (11) and (11A) ”;

b

in sub-paragraph (a)—

i

after “by the Commission”, in both places, insert “ before F1IP completion day”;

ii

omit the “and” at the end;

c

after sub-paragraph (b) insert—

F4c

“equivalence determination” means a determination made by the Treasury—

i

in regulations under Article 47.1 of the markets in financial instruments regulation and not revoked; or

ii

by direction under regulation 2 of the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 and not revoked;

F5d

a country is the subject of an equivalence determination if a period of more than three years has elapsed since—

i

the date on which the equivalence determination came into force, or

ii

where two or more equivalence determinations have been made in succession in relation to the country concerned, the date on which the first equivalence determination came into force;

e

for the purposes of sub-paragraph (d), an equivalence determination is not made in succession to an earlier determination if the earlier determination ceased to have effect before the later determination came into force.