Source: http://www.legislation.gov.uk/ukpga/2000/8/part/XVIII/chapter/I/crossheading/general
Timestamp: 2019-08-17 18:21:43
Document Index: 125339292

Matched Legal Cases: ['art. 3', 'art. 3', 'art. 3', 'art 1', 'art 3', 'art 4', 'art. 2', 'art. 3', 'art. 2', 'art. 3', 'art. 2', 'art. 3', 'art. 2', 'art. 3', 'art. 2', 'art. 3', 'art. 2', 'art. 3']

Changes and effects yet to be applied to Part XVIII Chapter I Crossheading General:
s. 285 heading substituted by S.I. 2017/1064 reg. 2(9)(a)
s. 285A heading words substituted by S.I. 2017/1064 reg. 2(10)(a)
(a)“recognised investment exchange” means an investment exchange in relation to which a recognition order is in force; F1[F1...
(b)“recognised clearing house” means—
(i)a central counterparty in relation to which a recognition order is in force (in this Part referred to as a “recognised central counterparty”), or
(ii)a clearing house which provides clearing services in the United Kingdom without doing so as a central counterparty, and in relation to which a recognition order is in force;
(c)“EEA central counterparty” means a person established in an EEA State other than the United Kingdom who has been authorised by the competent authority of that State as a central counterparty pursuant to Article 17 of the EMIR regulation; and
(d)“third country central counterparty” means a person established in a State which is not an EEA State who has been recognised by ESMA as a central counterparty pursuant to Article 25 of the EMIR regulation.]
[F2(b)which is carried on for the purposes of, or in connection with, the provision by the exchange of services designed to facilitate the provision of clearing services by another person.]
(3)[F3A recognised clearing house which is not a recognised central counterparty] is exempt from the general prohibition as respects any regulated [F4activity—
(a)which is carried on for the purposes of, or in connection with, the provision of clearing services by the clearing house, or
(b)which is carried on for the purposes of, or in connection with, the provision by the clearing house of services designed to facilitate the provision of clearing services by another person.]
[F5(3A)A recognised central counterparty is exempt from the general prohibition as respects any regulated activity which is carried on for the purposes of, or in connection with, the services or activities specified in its recognition order.
(3B)An EEA central counterparty is exempt from the general prohibition as respects any regulated activity which is carried on for the purposes of, or in connection with, the services or activities specified in its authorisation granted pursuant to Article 17 of the EMIR regulation.
(3C)A third country central counterparty is exempt from the general prohibition as respects any regulated activity which is carried on for the purposes of, or in connection with, the services or activities specified in its recognition by ESMA pursuant to Article 25 of the EMIR regulation.]
[F6(4)The Treasury may by order amend paragraph (b) of subsection (2) or (3).]
F1S. 285(1)(b)-(d) substituted for s. 285(1)(b) and word (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 3(3)(a) (with regs. 52-58)
F2S. 285(2)(b) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 28(2), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F3Words in s. 285(3) substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 3(3)(b) (with regs. 52-58)
F4Words in s. 285(3) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 28(3), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F5S. 285(3A)-(3C) inserted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 3(3)(c) (with regs. 52-58)
F6S. 285(4) inserted (1.4.2013) by Financial Services Act 2012 (c. 21), ss. 28(4), 122(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
[F7285APowers exercisable in relation to recognised investment exchanges and clearing housesU.K.
(a)Part 1 makes provision for a memorandum of understanding between the appropriate regulators [F8, and between the FCA and the PRA,] with respect to the exercise of their functions in relation to recognised investment exchanges and clearing houses;
(c)Part 3 makes provision relating to the winding up, administration or insolvency of [F9recognised clearing houses]; and
(d)Part 4 makes provision about fees.]
F7S. 285A inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 29(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2; S.I. 2013/423, art. 3, Sch.
F8Words in s. 285A(3)(a) substituted (1.3.2017) by Bank of England and Financial Services Act 2016 (c. 14), s. 41(3), Sch. 2 para. 43 (with Sch. 3); S.I. 2017/43, reg. 2(g)
F9Words in s. 285A(3)(c) substituted (1.4.2013) by The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013 (S.I. 2013/504), regs. 1(2), 3(4) (with regs. 52-58)
(a)which must be satisfied by an investment exchange or clearing house if it is to qualify as a body in respect of which [F10the appropriate regulator] may make a recognition order under this Part; and
[F11(4A)If regulations under subsection (1) require an investment exchange to make information available to the public in accordance with—
the regulations may authorise [F12the FCA] to waive the requirement in the circumstances specified in the relevant provisions.
the regulations may authorise [F13the FCA] to defer the requirement in the circumstances specified, and subject to the requirements contained, in the relevant provisions.
[F14(4F)Regulations under subsection (1) may confer power on the appropriate regulator to make rules for the purposes of the regulations or of any specified provision made by the regulations.]
[F15(6)In the case of an investment exchange, requirements resulting from this section are in addition to requirements which must be satisfied by the exchange as a result of section 290(1A) before [F16the FCA] may make a recognition order declaring the exchange to be a recognised investment exchange.]
F10Words in s. 286(1)(a) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 2(2) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F11S. 286(4A)-(4E) inserted (6.12.2006) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) (Modification of Powers) Regulations 2006 (S.I. 2006/2975), reg. 8
F12Words in s. 286(4A) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 2(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F13Words in s. 286(4C) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 2(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F14S. 286(4F) inserted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 30, 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(b), Sch. Pt. 2; S.I. 2013/423, art. 3, Sch.
F15S. 286(6) inserted (1.4.2007 for certain purposes and 1.11.2007 otherwise) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2007 (S.I. 2007/126), regs. 1(2), 3(2), Sch. 2 para. 2
F16Words in s. 286(6) substituted (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 8 para. 2(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.