The Financial Services and Markets Act 2000 (Central Counterparties, Investment Exchanges, Prospectus and Benchmarks) (Amendment) Regulations 2020
| Jurisdiction | UK Non-devolved |
| Citation | SI 2020/117 |
2020 No. 117
Financial Services
The Financial Services and Markets Act 2000 (Central Counterparties, Investment Exchanges, Prospectus and Benchmarks) (Amendment) Regulations 2020
Made 3rd February 2020
Laid before Parliament 5th February 2020
Coming into force in accordance with regulation 1(2)
The Treasury make these Regulations in exercise of the powers conferred by section 2(2) of the European Communities Act 19721.
The Treasury are a government department designated2for the purposes of section 2(2) of the European Communities Act 1972 in relation to financial services.
PART 1
General provision
Citation and commencement
1.—(1) These Regulations may be cited as the Financial Services and Markets Act 2000 (Central Counterparties, Investment Exchanges, Prospectus and Benchmarks) (Amendment) Regulations 2020.
(2) Subject to paragraph (3), these Regulations come into force at the end of the period of twenty-five days beginning with the day on which these Regulations are made.
(3) Regulation 4 comes into force on 26th March 2020.
PART 2
Amendment of primary legislation
The Financial Services and Markets Act 2000
2. In section 313(1) (interpretation of Part 18) of the Financial Services and Markets Act 20003, in the definition of “the EMIR regulation”4, after “trade repositories” insert “as last amended by Regulation (EU) 2019/2099 of the European Parliament and of the Council of 23 October 2019”.
PART 3
Amendment of secondary legislation
The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001
3. In article 35A (trade repositories) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 20015, in paragraph (2), for “the Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) (No.2) Regulations 2019” substitute “the Financial Services and Markets Act 2000 (Central Counterparties, Investment Exchanges, Prospectus and Benchmarks) (Amendment) Regulations 2020”.
The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges, Clearing Houses and Central Securities Depositories) Regulations 2001
4.—(1) Paragraph 3G (tick size regimes) of Schedule 1 to the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges, Clearing Houses and Central Securities Depositories) Regulations 20016is amended as follows.
(2) In sub-paragraph (1), for “The exchange” substitute “Subject to sub-paragraph (1A), the exchange”.
(3) After sub-paragraph (1), insert—
“1A. The application of tick sizes shall not prevent the exchange from matching orders that are large in scale (as determined in accordance with Article 4 of the markets in financial instruments regulation) at the mid-point within the current bid and offer prices.”.
The Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 2013
5. In article 1 (citation, commencement and interpretation) of the Financial Services and Markets Act 2000 (Qualifying EU Provisions) Order 20137, for paragraph (3A) substitute—
“3A. In this Order references to the EU Benchmarks Regulation 2016, the EU Prospectus Regulation and the European market infrastructure regulation are to be treated as a reference to the respective EU regulation as it has effect at the beginning of the day on which Financial Services and Markets Act 2000 (Central Counterparties, Investment Exchanges, Prospectus and Benchmarks) (Amendment) Regulations 2020 are made (but see regulation 2 of the European Union (Withdrawal) Act 2018 (Consequential Modifications and Repeals and Revocations) (EU Exit) Regulations 2019, which may further update the reference).”.
The Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013
6. In regulation 2 (interpretation)...
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