Part

REC Recognised Investment Exchanges and Recognised Clearing Houses

Chapter

EEA market operators in the United Kingdom

Printed on: 04/01/2025

Rulebook at: 15/06/2009

REC 6A

EEA market operators in the United
Kingdom

REC 6A.1

Exercise of passport rights by EEA market operator

  • 01/11/2007

REC 6A.1.1

handbook-guidance

Under section 312A of the Act, an EEA market operator may make arrangements in the United Kingdom to facilitate access to, or use of, a regulated market or multilateral trading facility operated by it if:

  1. (1) the operator has given its Home State regulator notice of its intention to make such arrangements; and
  2. (2) the Home State regulator has given the FSA notice of the operator's intention.
  • 01/11/2007

REC 6A.1.2

handbook-guidance
In making these arrangements, the operator has exempt person status as respects any regulated activity, which is carried on as a part of its business of operating the market or facility in question, or in connection with, or for the purposes of that business.
  • 01/11/2007

REC 6A.1.3

handbook-guidance
An EEA market operator has exempt person status as respects any regulated activity which is carried on as a part of its business of operating a regulated market or multilateral trading facility if the operator made arrangements in the United Kingdom on or before 31 October 2007 to facilitate access to, or use of, that regulated market or multilateral trading facility.
  • 01/11/2007

REC 6A.2

Removal of passport rights from EEA market operator

  • 01/11/2007

REC 6A.2.1

handbook-guidance

Under section 312B of the Act, the FSA may prohibit an EEA market operator from making or, as the case may be, continuing arrangements in the United Kingdom, to facilitate access to, or use of, a regulated market, or multilateral trading facility, operated by the operator if:

  1. (1) the FSA has clear and demonstrable grounds for believing that the operator has contravened a relevant requirement, and
  2. (2) the FSA has first complied with sections 312B(3) to (9) of the Act.
  • 01/11/2007

REC 6A.2.2

handbook-guidance

A requirement is relevant if it is imposed:

  1. (1) by the operator's Home State regulator in the implementation of MiFID or any Community legislation made under MiFID;
  2. (2) by provision implementing MiFID, or any Community legislation made under it, in the operator's Home State; or
  3. (3) by any directly applicable Community regulation made under MiFID.
  • 01/11/2007

REC 6A.2.3

handbook-guidance
The procedure the FSA will follow if it is to exercise this prohibition power is set out in sections 313B(3) to (9) of the Act.
  • 01/11/2007

REC 6A.2.4

handbook-guidance
If the FSA exercises this prohibition power it must at the earliest opportunity notify the Commission of the action taken in relation to the operator.
  • 01/11/2007

REC 6A.2.5

handbook-guidance
The operator's exempt person status ceases to apply if the FSA exercises this prohibition power.
  • 01/11/2007

REC 6A.2.6

handbook-guidance
The operator's right to make arrangements in the United Kingdom, to facilitate access to, or use of, a regulated market, or multilateral trading facility, operated by the operator may be reinstated (together with its exempt person status) if the FSA is satisfied that the contravention which led the FSA to exercise its prohibition power has been remedied.
  • 01/11/2007