PART 2Amendments to the Act
CHAPTER 17Part 29 of the Act: interpretation of the Act
Section 424A (meaning of “investment firm”)I190
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).