The Financial Services and Markets Act 2000 (Appointed Representatives) (Amendment) Regulations 2006

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" "EEA credit institution" means a credit institution authorised under the banking consolidation directive which has its relevant office in an EEA State other than the United Kingdom;
"EEA investment firm" means an investment firm as defined in section 424A of the Act[3] which has its relevant office in an EEA State other than the United Kingdom;".

     4. In regulation 2—

(a) after paragraph (1) insert—

    " (1A) In its application to a contract with a principal who is an EEA investment firm or an EEA credit institution, the list in paragraph (1) shall be treated as including in addition—


(a) the activity of placing financial instruments,

(b) the activity of providing advice to clients or potential clients in relation to the placing of financial instruments.



    (1B) In paragraph (1A), "clients" and "financial instruments" have the meanings given in, respectively, paragraphs 1.10 and 1.17 of Article 4 of the markets in financial instruments directive.";

(b) omit paragraphs (2) and (3).

     5. In regulation 3—

(a) in paragraph (1), for the words from the beginning to "representative", where it first occurs, substitute "Except where paragraph (1A) applies to a contract between a principal and a representative, it is a prescribed requirement for the purposes of section 39(1)(a)(ii) of the Act that such a contract";

(b) after paragraph (1) insert—

    " (1A) This paragraph applies to a contract where the principal is an EEA investment firm or an EEA credit institution.";

(c) after paragraph (5) insert—

    " (6) In the case of a representative to whom subsection (1A) of section 39 of the Act applies, it is a prescribed requirement for the purposes of subsection (1)(a)(ii) of that section, except where paragraph (1A) applies, that the contract between the principal and the representative must contain a provision that the representative is only permitted to provide the services and carry on the activities referred to in Article 4.1.25 of the markets in financial instruments directive while he is entered on the applicable register.".

Claire Ward

Dave Watts
Two of the Lords Commissioners of Her Majesty's Treasury

19th December 2006

[2] S.I. 2001/1217, amended by S.I. 2001/2508, S.I. 2003/1475, S.I. 2003/1476, S.I. 2004/453 and S.I. 2004/2737.back

[3] Section 424A was inserted by S.I. 2006/2975.back