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  4. Point in time
    2020-04-01

REC 4.2B Exercise of passport rights by a UK RIE

REC 4.2B.1GRP

1Under section 312C of the Act, if a UK RIE wishes to make arrangements in an EEA State other than the UK to facilitate access to or use of a regulated market,2multilateral trading facility, organised trading facility4 or auction platform2 operated by it, it must give the FCA 3written notice of its intention to do so. The notice must:

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  1. (1)

    describe the arrangements; and

  2. (2)

    identify the EEA State in which the UK RIE intends to make them.

[Note: MiFID RTS 3 and MiFID ITS 4, Annex IV provide for the format for notification by the operator of an MTF or OTF to its Home State competent authority of any arrangements to facilitate access to and trading on the trading venue by remote users, members or participants within the territory of another EEA State]4

REC 4.2B.2GRP

The FCA3 must, within one month of receiving the UK RIE's notice, send a copy of it to the Host State regulator.

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REC 4.2B.3GRP

The UK RIE may not make the arrangements until the FCA3 has sent a copy of the notice to the Host State regulator.

3
REC 4.2B.4GRP

The requirements that a UK RIE must give the FCA3 written notice and the UK RIE may not make the arrangements until the FCA3 has sent a copy of it to the Host State regulator do not apply to arrangements made by a UK RIE on or before 31 October 2007.

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