Related provisions for REC 2.17.1

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REC 2.7.1UKRP
Schedule to the Recognition Requirements Regulations, Paragraph 4(2)(a)2Without prejudice to the generality of sub-paragraph [4(1)], the [UK RIE] must ensure that -access to the [UK RIE's] facilities is subject to criteria designed to protect the orderly functioning of the market and the interests of investors and is in accordance with paragraph 7B;
REC 2.7.1AUKRP
Schedule to the Recognition Requirements Regulations, Paragraph 7B2(1)The [UK RIE] must make transparent and non-discriminatory rules, based on objective criteria, governing access to, or membership of, its facilities.(2)In particular those rules must specify the obligations for users or members of its facilities arising from -(a)the constitution and administration of the [UK RIE];(b)rules relating to transactions on its trading venues4;(c)its professional standards for staff
REC 2.7.1BUKRP
Schedule to the Recognition Requirements Regulations, Paragraph 7C2(1)This paragraph applies to [a UK RIE] which provides central counterparty, clearing or settlement facilities.(2)The [UK RIE] must make transparent and non-discriminatory rules based on objective criteria, governing access to those facilities.(3)The rules under sub-paragraph (2) must enable an investment firm or a credit institution authorised by the competent authority of another EEA State (including a branch
REC 2.7.1CUKRP
4Schedule to the Recognition Requirements Regulations, Paragraph 9ZC[Note: this sub-paragraph is relevant to regulated markets only. See REC 2.16A regarding MTFs or OTFs.](1)The rules of the [UK RIE] about access to, or membership of, a regulated market operated by it must permit the [UK RIE] to give access to or admit membership to (as the case may be) only -(a)an investment firm authorised under article 5 of [MiFID];(b)a credit institution authorised in accordance with the capital
REC 2.6.1UKRP
Schedule to the Recognition Requirements Regulations, Paragraph 4(1)2The [UK RIE] must ensure that business conducted by means of itsfacilitiesis conducted in an orderly manner and so as to afford proper protection to investors.
REC 2.6.2UKRP
Schedule to the Recognition Requirements Regulations, Paragraph 4(2)(aa)2Without prejudice to the generality of sub-paragraph [4(1)], the [UK RIE] must ensure that -it has transparent7 rules and procedures -(i)to provide for fair and orderly trading, and(ii)to establish objective criteria for the efficient execution of orders;
REC 2.6.2AUKRP
7Schedule to the Recognition Requirements Regulations, Paragraph 4C(1)The [UK RIE] must make available to the public, without any charges, data relating to the quality of execution of transactions on the trading venues operated by the [UK RIE] on at least an annual basis. (2)Reports must include details about price, costs, speed and likelihood of execution for individual financial instruments.
REC 2.6.6BUKRP
7Schedule to the Recognition Requirements Regulations, Paragraph 9ZA [Note: This paragraph is relevant to regulated markets only. See REC 2.16A regarding MTFs or OTFs](1)A [UK RIE] must have non-discretionary rules for the execution of orders on a regulated market operated by it.(2)A [UK RIE] must not on a regulated market operated by it -(a)execute any client orders against its proprietary capital; or(b)engage in matched principal trading.
REC 2.5.1UKRP
Schedule to the Recognition Requirements Regulations, paragraphs 3 – 3H4Paragraph 3 – Systems and controls4(1)The [UK RIE] must ensure that the systems and controls, including procedures and arrangements,4 used in the performance of its functions and the functions of the trading venues it operates are adequate, effective4 and appropriate for the scale and nature of its business.(2)Sub-paragraph (1) applies in particular to systems and controls concerning - (a)the transmission
REC 2.5.1AUKRP
Schedule to the Recognition Requirements Regulations, paragraph 4(2)(ea)2Without prejudice to the generality of sub-paragraph [4(1)], the [UK RIE] must ensure that -appropriate arrangements are made to -(i)identify conflicts between the interests of the [UK RIE], its owners and operators and the interests of the persons who make use of itsfacilities or the interests of the trading venues4operated by it; and(ii)manage such conflicts so as to avoid adverse consequences for the operation
REC 2.5.1BRRP
4In paragraph 3B(3) of the Schedule to the Recognition Requirements Regulations, under which a UK RIE must report the parameters for halting trading to the FCA, such information must be provided to the FCA in writing and delivered by any one of the methods in REC 3.2.3R.
REC 2.5.4GRP
REC 2.5.5G to REC 2.5.20G4 set out other matters to which the FCA3 may have regard in assessing the UK RIE’s4 systems and controls used for the transmission of information, risk management, 4the operation of settlement arrangements (the matters covered in paragraph 4(2)(d) of the Schedule to the Recognition Requirements Regulations),4 the safeguarding and administration of assets and certain other aspects of its operations4. 33
REC 3.18.1GRP
(1) The purpose of REC 3.18 is to enable the FCA4 to monitor changes in the types of member admitted by UK recognised bodies and to ensure that the FCA4has notice of foreign jurisdictions in which the members of UK recognised bodies are based. UK recognised bodies may admit persons who are not authorised persons or persons who are not located in the United Kingdom, provided that the recognition requirements2or (for RAPs) RAP recognition requirements continue to be met.44(2) REC
REC 3.18.2RRP
Where a UK recognised body admits a member who is not an authorised person of a type of which, immediately before that time, that UK recognised body had not admitted to membership, it must immediately give the FCA4notice of that event, and:4(1) a description of the type of person whom it is admitting to membership;2(2) (in relation to a UK RIE ) 2particulars of its reasons for considering that, in admitting that type of person to membership, it is able to continue to satisfy the
REC 2.11.1UKRP
Schedule to the Recognition Requirements Regulations, Paragraph 4(2)(g)2Without prejudice to the generality of sub-paragraph [4(1)], the [UK RIE] must ensure that-where the [UK RIE's]facilitiesinclude making provision for the safeguarding and administration of assets belonging to users of thosefacilities, satisfactory arrangements are made for that purpose.
REC 2.11.4GRP
Where a UK recognised body arranges for other persons to provide services for the safeguarding and administration services of assets belonging to users of its facilities, it will also need to satisfy the recognition requirement in Regulation 6 of the Recognition Requirements Regulations (see REC 2.2).
REC 2.4.1UKRP
Schedule to the Recognition Requirements Regulations, Paragraph 22(1) The [UK RIE] must be a fit and properpersonto perform the [ relevant functions ] of a [ UK RIE ].(2) In considering whether this requirement is satisfied, the [FCA]4 may (without prejudice to the generality of regulation 6(1)) take into account all the circumstances, including the [UK RIE's] connection with any person.42(3) The members of the management body5 must be of sufficiently good repute and possess sufficient
REC 2.4.5GRP
In assessing whether its connection with any person could affect whether a UK recognised body is a fit and proper person, the FCA4 may have regard to:4(1) the reputation and standing of that other person, including his standing with any relevant UK or overseas regulator;(2) breaches of any law or regulation by that other person; (3) the roles of any of the UK recognised body's key individuals who have a position within organisations under the control or influence of that other
MAR 5A.1.2GRP
1In addition:(1) In accordance with paragraph 15(9) of the Schedule to the Recognition Requirement Regulations and REC 2.16A.1GR, MAR 5A.3.9R applies to a UK RIE as though it was an investment firm.(2) GEN 2.2.22AR applies to ensure that a third country investment firm should not be treated in a more favourable way than an EEA firm.
REC 1.1.2GRP
(1) UK RIEs4 are exempt persons under section 285 of the Act (Exemption for recognised investment exchanges and clearing houses).4(2) UK RIEs4 must satisfy recognition requirements prescribed by the Treasury (in certain cases with the approval of the Secretary of State) in the Recognition Requirements Regulations. UK RIEs must also satisfy the MIFID/MiFIR requirements5.2RAPs must satisfy the recognition requirements prescribed by the Treasury in the RAP regulations, under the
REC 2.3.1UKRP
Schedule to the Recognition Requirements Regulations, Paragraph 12(1) The [UK RIE] must have financial resources sufficient for the proper performance of its [ relevant functions] as a [UK RIE].(2) In considering whether this requirement is satisfied, the [FCA]5must (without prejudice to the generality of regulation 6(1)) take into account all the circumstances, including the [UK RIE's] connection with any person , and any activity carried on by the [UK RIE], whether or not it
REC 1.2.3GRP
(1) This sourcebook contains quotations from the Act, the Recognition Requirements Regulations, the RAP regulations,5 the Companies Act 19895and, where necessary, words have been added to, or substituted for, the text of these provisions to facilitate understanding.32(2) The additions and substitutions are enclosed in square brackets ([ ]). The omission of words within a quotation is indicated by three dots (...).(3) Any words in these quotations which have the same meaning as
REC 2.2.1UKRP
Recognition Requirements Regulations, Regulation 62(1) In considering whether a [UK recognised body] or applicant satisfiesrecognition requirements applying to it under these [Recognition Requirements Regulations], the [FCA]3 may take into account all relevant circumstances including the constitution of the person concerned and its regulatory provisions within the meaning of section 300E3 of the Act.33(2) Without prejudice to the generality of paragraph (1), a [UK recognised body]
REC 2.13.1UKRP
Schedule to the Recognition Requirements Regulations, Paragraph 62(1) The [UK RIE] must be able and willing to promote and maintain high standards of integrity and fair dealing in the carrying on of regulated activities by persons in the course of using the facilities provided by the [UK RIE].(2) The [UK RIE] must be able and willing to cooperate by the sharing of information or otherwise, with the [FCA].4with any other authority, body or person having responsibility in the United
MAR 10.4.2GRP
1A UK regulated market which trades commodity derivatives or emission allowances must provide position reports in accordance with paragraph 7BB of the Schedule to the Recognition Requirements Regulations, as inserted by the MiFI Regulations. [Note: article 58(1) of MiFID]
REC 2.15.1UKRP
Schedule to the Recognition Requirements Regulations, Paragraph 82(1)The [UK RIE] must have -(a)effective arrangements (which include the monitoring of transactions effected on the [UK RIE]) for monitoring and enforcing compliance with its rules, including rules in relation to the provision of clearing services in respect of transactions other than transactions effected on the [UK RIE]);(b)effective arrangements for monitoring and enforcing compliance with the arrangements made