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Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 [SI 2017 No. 701]Introductory TextPart 1 Introductory provisions (regs. 1-3)Regulation 1 Citation and commencementRegulation 2 InterpretationRegulation 2A References to EU Regulations etcRegulation 3 Designation of competent authoritiesPart 2 Exempt and third-country investment firms (regs. 4-15)Chapter 1 Exempt investment firms (regs. 4-8)Regulation 4 Applications to be an exempt investment firmRegulation 5 Limitation on exempt investment firmsRegulation 6 Requirements applying to exempt investment firmsRegulation 7 Transitional provision: exempt investment firmsRegulation 8 Meaning of "exempt investment firm" in Chapter 1Chapter 2 Third country investment firms (regs. 9-15)Regulation 9 Third country firms with an EEA branch: provision of servicesRegulation 10 FCA power to intervene in relation to third country firms with an EEA branchRegulation 11 Third country firms registered with the FCA: provision of servicesRegulation 12 FCA power to intervene in relation to third country firms registered with the FCARegulation 13 Third country firms: provision of services to eligible counterparties or clients considered to be professionalsRegulation 14 Third country firms: financial promotionsRegulation 15 Interpretation of Chapter 2Part 3 Position limits and position management controls in commodity derivatives (regs. 15A-29)Regulation 15A FCA rules relating to position limitsRegulation 16 FCA duty to establish position limitsRegulation 17 Exemption for non-financial entitiesRegulation 18 Content of position limitsRegulation 19 FCA duty to use Regulation (EU) 2017/591 to establish position limits and to review if market changesRegulation 20 ESMA opinions on position limitsRegulation 21 Position limits affecting multiple EEA jurisdictionsRegulation 22 Cooperation with other competent authorities regarding position limits affecting multiple EEA jurisdictionsRegulation 23 General requirements for position limitsRegulation 24 FCA duty to notify ESMA of established position limits and position management controlsRegulation 25 Procedure in exceptional casesRegulation 26 Effect of position limits established by the FCARegulation 27 FCA power to require informationRegulation 28 FCA power to interveneRegulation 28A Cooperation with ESMA and other competent authorities in respect of interventions to restrict, reduce, or limit positionsRegulation 29 Interpretation of Part 3Part 4 Algorithmic trading etc by members of trading venues covered by certain exemptions from the markets in financial instruments directive (regs. 30-37)Regulation 30 Algorithmic tradingRegulation 31 Provision of information to the FCA concerning algorithmic tradingRegulation 32 Direct electronic accessRegulation 33 Provision of information to the FCA concerning direct electronic accessRegulation 34 Acting as a general clearing memberRegulation 35 Synchronisation of business clocksRegulation 36 FCA power to impose requirementsRegulation 37 Interpretation of Part 4Part 5 Removal of persons from the management board of an investment firm, credit institution, or recognised investment exchange (regs. 38-40)Regulation 38 FCA and PRA power to remove a person from a management boardRegulation 39 Right to refer matters to the TribunalRegulation 40 Removal of persons from management boards: procedurePart 6 Miscellaneous FCA functions in relation to the markets in financial instruments directive and markets in financial instruments regulation (regs. 41-47B)Regulation 41 Provision of FCA record of recognised investment exchanges to ESMA and other competent authoritiesRegulation 42 Provision of information to ESMA about multilateral trading facilities etcRegulation 43 Provision to ESMA of reports by recognised investment exchanges of infringements of the exchange's rules, disorderly trading, suspected market abuse, and systems disruptionsRegulation 44 Authorisation of members of management bodies to hold additional non-executive directorshipRegulation 45 Provision of information to ESMA regarding sanctions and measures imposed for the purposes of the markets in financial instruments directiveRegulation 46 Provision of information to other competent authorities regarding persons engaged in algorithmic trading or providing direct electronic accessRegulation 47 Reports and applicationsRegulation 47A Position management and publication of position reportsRegulation 47B Statements of PolicyPart 7 Miscellaneous (regs. 48-51)Regulation 48 Refund of fees by the Gambling CommissionRegulation 49 Administration and enforcement of the RegulationsRegulation 50 Amendments to legislationRegulation 51 ReviewSchedule 1 Administration and enforcement of Parts 3, 4, and 5Schedule 1, Part 1 Interpretation (paras. 1-2)Schedule 1, Part 2 The FCA and the PRA (paras. 3-8)Schedule 1, Part 3 Administrative sanctions and offences (paras. 9-17)Schedule 1, Part 4 Application of the Act for the purposes of the Regulations (paras. 18-26)Schedule 1, Part 5 Application of secondary legislation for the purposes of the Regulations (paras. 27-29)Schedule 2 Amendments to the Financial Services and Markets Act 2000Schedule 3 Amendments to secondary legislation made under the Financial Services and Markets Act 2000Schedule 4 Amendments to other primary legislationSchedule 5 Amendments to other secondary legislationSignatureExplanatory NoteImpact AssessmentExplanatory Memorandum
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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 3 January 2018 - onwards
Version 5 of 5

Schedule 1, Part 3 Administrative sanctions and offences (paras. 9-17)

Regulation 49

Administrative sanctions

Interpretation of Part 3

9.

(1) In this Part, "regulator" means the FCA or the PRA.

(2) In paragraphs 10 and 11, "appropriate regulator" means - (a) in relation to a contravention of a requirement imposed by the PRA on a PRA-authorised person under Part 5 of these Regulations, the PRA; and (b) in relation to any other contravention of these Regulations or of Article 28 of the markets in financial instruments regulation, the FCA.

Public censure

10. If the appropriate regulator considers that -

(a) a person ("P") has contravened a requirement imposed by or under these Regulations or by Article 28 of the markets in financial instruments regulation,

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