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REC 6A.2 Removal of passport rights from EEA market operator

REC 6A.2.1GRP

1Under 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.

REC 6A.2.2GRP

A requirement is relevant if it is imposed:

  1. (1)

    by the operator's Home State regulator in the implementation of MiFID or any EU2 legislation made under MiFID;

    2
  2. (2)

    by provision implementing MiFID, or any EU2 legislation made under it, in the operator's Home State; or

    2
  3. (3)

    by any directly applicable EU2 regulation made under MiFID.

    2
REC 6A.2.3GRP

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.

REC 6A.2.4GRP

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.

REC 6A.2.5GRP

The operator's exempt person status ceases to apply if the FSA exercises this prohibition power.

REC 6A.2.6GRP

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.