Fifth Report Contents

Appendix 4

S.I. 2017/701

Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017

1.This memorandum responds to the Committee’s request for a memorandum on the points set out below:

a) in regulations 9(5), 10(2) and (3), the omission to state which Act the paragraph and sections referred to are part of

b) in regulations 12(1)(b)(ii), 15 (definition of ‘third country firm registered with ESMA’) and 46(2)(a), the omission to state whether the Article referred to is part of the markets in financial instruments regulation or part of the markets in in financial instruments directive;

c) the repetition of “a notice” in regulation 25(6);

d) the repetition of “the matter” in regulation 40(4)(d);

e) the repetition of “of the markets” in Schedule 2, paragraph 42(4) (inserted 2(b)(ii)); and

f) the use of XXXX in Schedule 2, paragraph 48(a) and Schedule 4, paragraphs 9(2)(c) and 9(5)(c).

2.These errors are regrettably due to oversight in the drafting process, in part due to the length and complexity of the instrument. The Treasury apologises for any inconvenience this has caused. An amending instrument is due to be laid in the near future which will correct these errors.

HM Treasury

27 November 2017

7 December 2017