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Status: You are viewing the version of the handbook as on 2005-06-30.

MAR 3.1 Application

APPLICATION: WHO?

MAR 3.1.1R

This chapter applies to every firm except:

  1. (1)

    a service company, unless the service company is an ATS operator, in which case, MAR 3.4.10 G and MAR 3.4.10A G apply to the service company in relation to the operation of the ATS;3

  2. (2)

    a non-directive friendly society;

  3. (3)

    a non-directive insurer;

  4. (4)

    a UCITS qualifier.

APPLICATION: WHAT?

MAR 3.1.2R

This chapter applies to a firm:

  1. (1)

    when it carries on:

    1. (a)

      regulated activities; or

    2. (b)

      related ancillary activities;

  2. (2)

    to the extent that the regulated activity the firm is carrying on is:

    1. (a)

      dealing in investments as principal; or

    2. (b)

      dealing in investments as agent; or

    3. (c)

      acting as an arranger; or

    4. (d)

      giving transaction-specific advice;

  3. (3)

    but only if the activity referred to in (1) and (2) is in or is in respect of an inter-professional investment and is undertaken with or for a market counterparty.

MAR 3.1.2AR

In MAR 3.1.2 R, the exclusion in article 15 of the Regulated Activities Order (Absence of holding out etc) is to be disregarded in determining whether dealing in investments as principal (or agreeing to do so) is a regulated activity.2

MAR 3.1.3R

This chapter does not apply to the carrying on of the following activities:

  1. (1)

    the approval by a firm of a financial promotion; or

  2. (2)

    activities carried on between operators, or between operators and depositories, of the same collective investment scheme (when acting in that capacity); or

  3. (3)

    corporate finance business;4

  4. (4)

    safeguarding and administering investments and agreeing to carry on that regulated activity; or4

  5. (5)

    concluding a distance contract with a retail customer.4

APPLICATION: WHERE?

MAR 3.1.4R

This chapter applies only with respect to a firm's activities carried on from an establishment maintained by the firm in the United Kingdom.

RIGHTS OF ACTION FOR DAMAGES

MAR 3.1.5R

A contravention of the rules in MAR 3 does not give rise to a right of action by a private person under section 150 of the Act (and each of the rules in this instrument is specified under section 150(2) of the Act as a provision giving rise to no such right of action).1