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REC 1.1 Application

[Note: ESMA has also issued guidelines under article 16(3) of the ESMA Regulation covering various topics relating to automated trading and direct electronic access. See

4www.esma.europa.eu/system/files/esma_2012_122_en.pdf]4
REC 1.1.1G

The rules and guidance in this sourcebook apply to recognised bodies and to applicants for recognition as RIEs4 under Part XVIII of the Act (Recognised Investment Exchanges and Clearing Houses) and (as RAPs)4 under the RAP regulations.3

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REC 1.1.1AG

The guidance in REC 6A applies to EEA market operators exercising passporting rights in the United Kingdom. 2

REC 1.1.2G
  1. (1)

    UK RIEs4 are exempt persons under section 285 of the Act (Exemption for recognised investment exchanges and clearing houses).

    4
  2. (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 implementing requirements in the MiFID Regulation.2RAPs must satisfy the recognition requirements prescribed by the Treasury in the RAP regulations, under the auction regulation and must also be UK RIEs and so are subject to requirements under the MiFID Regulation.3 ROIEs4 must satisfy recognition requirements laid down in section 292 of the Act (Overseas investment exchanges and overseas clearing houses).

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  3. (3)

    UK RIEs4 must also comply with notification requirements in, and with notification rules made under, sections 293 (Notification requirements) and 295 (Notification: overseas investment exchanges and clearing houses) of the Act.

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REC 1.1.3G
  1. (1)

    The recognition requirements for UK recognised bodies and the MiFID implementing requirements 2are set out, with guidance, in REC 2. The RAP recognition requirements (other than requirements under the auction regulation which are not reproduced in REC) are set out, with guidance, in REC 2A.3

  2. (2)

    The notification rules for UKrecognised bodies are set out in REC 3 together with guidance on those rules.

  3. (3)

    Guidance on the FCA's4 approach to the supervision of recognised bodies is given in REC 4.

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  4. (4)

    Guidance for applicants (and potential applicants) for UK recognised body status is given in REC 5.

  5. (5)

    The recognition requirements, notification rules, and guidance for ROIEs4 and guidance for applicants (and potential applicants) for ROIE4 status are set out in REC 6.

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  6. (5A)

    Guidance for EEA market operators exercising their passporting rights in the United Kingdom is set out in REC 6A.2

  7. (6)

    The fees rules for recognised bodies and applicants are set out in 1FEES 1, 2, 3 and 41.