On the Office of Public Sector Information website there has been published a draft of The Financial Services and Markets Act 2000 (Amendments to Part 18A etc) Regulations 2010. This instrument comes into force on 6 April 2010.
These Regulations continue the implementation of part of the Markets in Financial Instruments Directive (MiFID). They amend Part 18A of the Financial Services and Markets Act 2000 (the Act), which transposed Articles 14.7, 41 and 50.2(j) and (k) of MiFID. A transposition note setting out how the main elements of MiFID, and the Community legislation adopted under it, have been given effect in UK law was set out as Annex A to the Explanatory Note to the Markets in Financial Instruments Directive (Consequential Amendments) Regulations 2007.
Regulation 2 amends section 313A of the Act to make it clear that the FSA has power to require a class of institutions to suspend or remove a financial instrument from trading.
Regulation 3 amends section 313B to provide that this power may be exercised by the publication of a notice by means of a regulatory information service, as an alternative to the provision of written notice to each of the institutions concerned, and specifies what information must be published.
Regulation 4 inserts sections 313BA to 313BE into Part 18A of the Act, to clarify the procedure which will apply when representations are made against the imposition of such a requirement, or an institution or an issuer applies for the revocation of the requirement. These sections set out; (a) what decisions the FSA may take in response to such representations or application where the requirement was made in relation to a class of institutions; (b) when the FSA is required to give written notice of its decisions; and (c) when information about those decisions must be published by means of a regulatory information system.
Regulation 6 defines ‘regulatory information service’ for the purpose of Part 18A of the Act.
Regulation 7 makes consequential amendments to the Financial Services and Markets Act 2000 (Service of Notices) Regulations 2001.
An Impact Assessment of the effect of these Regulations on the costs of business has been prepared and is annexed to the Explanatory Memorandum which is available alongside the instrument on the OPSI website.