Related provisions for REC 2.17.1

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REC 2.16A.1UKRP
Schedule to the Recognition Requirements Regulations, Paragraph 9A1(1)[A UK RIE] operating a multilateral trading facility must also operate a regulated market.(2)[A UK RIE] operating a multilateral trading facility must comply with those requirements of-(a)Chapter I of Title II of [MiFID], and(b)MiFID implementing Directive,which are applicable to a market operator ... operating such a facility.(3)The requirements of this paragraph do not apply for the purposes of section 292(3)(a)
REC 2.12.1UKRP
Schedule to the Recognition Requirements Regulations, Paragraph 4(2)(c)4Without prejudice to the generality of sub-paragraph [4(1)], the [UK RIE] must ensure that -(c)appropriate arrangements are made forrelevant informationto be made available (whether by the [UK RIE] or, where appropriate, byissuersof the [specified investments]) topersonsengaged indealingin [specified investments] on the [UK RIE];
REC 2.12.2UKRP
Schedule to the Recognition Requirements Regulations, Paragraph 4(3)4In sub-paragraph [4(2)(c)],"relevant information" means information which is relevant in determining the current value of the [specified investments].
REC 2.12.2AUKRP
Schedule to the Recognition Requirements Regulations, Paragraph 7A4(1)The [UK RIE] must make clear and transparent rules concerning the admission of financial instruments to trading on any financial market operated by it.(2)The rules must ensure that all financial instruments admitted to trading on any regulated market operated by the [UK RIE] are capable of being traded in a fair, orderly and efficient manner (in accordance with Chapter V of the [MiFID Regulation], where applicable).(3)The
REC 2.5.1UKRP
Schedule to the Recognition Requirements Regulations, paragraph 32(1)The [UK RIE] must ensure that the systems and controls used in the performance of its [relevant functions] are adequate, 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 of information;(b)the assessment, mitigation and management of risks to the performance of the [UK RIE'srelevant functions];(c)the effecting
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 financial markets operated by it; and(ii)manage such conflicts so as to avoid adverse consequences for the
REC 2.5.4GRP
The following paragraphs set out other matters to which the FSA may have regard in assessing the systems and controls used for the transmission of information, risk management, the effecting and monitoring of transactions, the operation of settlement arrangements (the matters covered in paragraphs 4(2)(d) and 19(2)(b) of the Schedule to the Recognition Requirements Regulations) and the safeguarding and administration of assets .
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 the market;(c)its professional standards for staff of any investment
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 2.17.2UKRP
Schedule to the Recognition Requirements Regulations, Part II2Paragraph 10 (Default rules in respect of market contracts)(1)The [UK RIE] must havedefault ruleswhich, in the event of amemberof the [UK RIE] being or appearing to be unable to meet his obligations in respect of one or moremarket contracts, enable action to be taken in respect of unsettledmarket contractsto which he is party.(2)The [default rules] may authorise the taking of the same or similar action in relation to
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 transparent and non-discretionary rules and procedures -(i)to provide for fair and orderly trading, and(ii)to establish objective criteria for the efficient execution of orders;
REC 2.8.1UKRP
Schedule to the Recognition Requirements Regulations, Paragraph 4(2)(d)2Without prejudice to the generality of sub-paragraph [4(1)], the [UK RIE] must ensure that -satisfactory arrangements which comply with paragraph 7D are made for securing the timely discharge (whether by performance, compromise or otherwise) of the rights and liabilities of the parties to transactions effected on the [UK RIE] (being rights and liabilities in relation to those transactions);
REC 2.8.1AUKRP
Schedule to the Recognition Requirements Regulations, Paragraph 7D2(1)The rules of the [UK RIE] must permit a user or member of a regulated market operated by it to use whatever settlement facility he chooses for a transaction.(2)Sub-paragraph (1) only applies where -(a)such links and arrangements exist between the chosen settlement facility and any other settlement facility as are necessary to ensure the efficient and economic settlement of the transaction; and(b)the [UK RIE]
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 2.1.3GRP
(1) The paragraphs in the Schedule to the Recognition Requirements Regulations are grouped in this sourcebook in sections which give guidance on the same subject for both UK RIEs and UK RCHs.(2) The table in REC 2.1.4 G indicates in which section each of those paragraphs (and the associated guidance) can be found.2
REC 2.1.4GRP
Location of recognition requirements and guidanceRecognition Requirements RegulationsSubjectSection in REC 2Regulation 6Method of satisfying recognition requirements2.2Part I of the ScheduleUK RIE recognition requirementsParagraph 1Financial resources2.3Paragraph 2Suitability2.4Paragraph 3Systems and controls2.5Paragraphs 4(1) and 4(2)(aa)22General safeguards for investors 2.6Paragraph 4(2)(a)Access to facilities2.7Paragraph 4(2)(b)Proper markets2.12Paragraph 4(2)(c)Availability
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 [FSA] 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.2(3) The persons who effectively direct the business and operations of the [UK RIE] must be
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 FSA may have regard to:(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 person,
REC 3.18.1GRP
(1) The purpose of REC 3.18 is to enable the FSA to monitor changes in the types of member admitted by UK recognised bodies and to ensure that the FSA has 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 requirements continue to be met.(2) REC 3.18.2 R focuses on the admission of persons
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 FSA notice of that event, and:(1) a description of the type of person whom it is admitting to membership; and (2) particulars of its reasons for considering that, in admitting that type of person to membership, it is able to continue to satisfy the recognition requirement
REC 3.13.1GRP
(1) The purpose of REC 3.13 is to enable the FSA to monitor any significant instances where UK recognised bodies outsource their functions to other persons (as they are permitted to dounder Regulation 6 of the Recognition Requirements Regulations. See REC 2.2).(2) The FSA does not need to be notified of every instance of outsourcing by a UK recognised body, but only where an activity or activities which form a significant part of a relevant function or which make a significant
REC 1.2.3GRP
(1) This sourcebook contains quotations from the Act, the Recognition Requirements Regulations and the Companies Act 1989 and the MiFID Regulation2and, where necessary, words have been added to, or substituted for, the text of these provisions to facilitate understanding.(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
REC 2.9.1UKRP
Schedule to the Recognition Requirements Regulations, Paragraph 4(2)(e)2Without prejudice to the generality of sub-paragraph [4(1)], the [UK RIE] must ensure that-satisfactory arrangements are made for recording transactions effected on the [UK RIE], and transactions (whether or not effected on the [UK RIE ]) which are cleared or to be cleared by means of itsfacilities;
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 [FSA] may take into account all relevant circumstances including the constitution of the person concerned and its regulatory provisions within the meaning of section 302(1) of the Act.(2) Without prejudice to the generality of paragraph (1), a [UK recognised body]
REC 6.3.3GRP
The reference to recognition requirements in section 292(3)(a) of the Act is a reference to the requirements applicable to UK RIEs or UK RCHs in the Recognition Requirements Regulations. These requirements are set out, together with guidance, in REC 2.
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 [FSA],with any other authority, body or person having responsibility in the United
REC 2.14.1UKRP
Schedule to the Recognition Requirements Regulations, paragraph 72(1) The [UK RIE] must ensure that appropriate procedures are adopted for it to make rules, for keeping its rules under review and for amending them.(2) The procedures must include procedures for consulting users of the [UK RIE's ] facilitiesin appropriate cases.(3) The [UK RIE ] must consult users of itsfacilities on any arrangements it proposes to make for dealing with penalty income in accordance with paragraph
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
REC 2.16.1UKRP
Schedule to the Recognition Requirements Regulations, Paragraph 92(1)The [UK RIE] must have effective arrangements for the investigation and resolution of complaints arising in connection with the performance of, or failure to perform, any of itsregulatory functions.(2)But sub-paragraph (1) does not extend to -(a)complaints about the content of rules made by the [UK RIE], or(b)complaints about a decision against which the complainant has the right to appeal under procedures of