Section 285: Exemption for recognised bodies etc., Financial Services and Markets Act 2000

In this Act—

"recognised investment exchange" means an investment exchange in relation to which a recognition order is in force;

"recognised clearing house" means—

a central counterparty in relation to which a recognition order is in force (in this Part referred to as a "recognised central counterparty"), or

a clearing house which provides clearing services in the United Kingdom without doing so as a central counterparty, and in relation to which a recognition order is in force;

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"third country central counterparty" means a person established in a country other than the United Kingdom who has been recognised by the Bank of England as a central counterparty pursuant to Article 25 of the EMIR Regulation;

"recognised CSD" means a central securities depository in relation to which a recognition order is in force;

"third country CSD" means a central securities depository, established in a country other than the United Kingdom, which is recognised by the Bank of England pursuant to Article 25 of the CSD regulation.

A recognised investment exchange is exempt from the general prohibition as respects any regulated activity—

which is carried on as a part of the exchange's business as an investment exchange; or

which is carried on for the purposes of, or in connection with, the provision by the exchange of services designed to facilitate the provision of clearing services by another person.

A recognised clearing house which is not a recognised central counterparty is exempt from the general prohibition as respects any regulated activity—

which is carried on for the purposes of, or in connection with, the provision of clearing services by the clearing house, or

which is carried on for the purposes of, or in connection with, the provision by the clearing house of services designed to facilitate the provision of clearing services by another person.

Subsections (2) and (3) do not apply in respect of the regulated activity specified in article 63S of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (administering a benchmark).

A recognised central counterparty is exempt from the general prohibition as respects any regulated activity which is carried on for the purposes of, or in connection with, the services or activities specified in its recognition order.

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A third country central counterparty is exempt from the general prohibition as respects any regulated activity which is carried on for the purposes of, or in connection with, the services or activities specified in its recognition by the Bank of England pursuant to Article 25 of the EMIR regulation.

A recognised CSD is exempt from the general prohibition as respects any regulated activity which is carried on for the purposes of, or in connection with—

the core services listed in Section A of the Annex to the CSD regulation which the central securities depository is authorised to provide pursuant to Article 16 or 19(1)(a) or (c) of that regulation, or

any non-banking-type ancillary services listed in or permitted under Section B of that Annex which the central securities depository is authorised to provide, including services notified under Article 19 of the CSD regulation.

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A third country CSD is exempt from the general prohibition as respects any regulated activity which is carried on for the purposes of, or in connection with, the services and activities covered by its recognition by the Bank of England pursuant to Article 25 of the CSD regulation.

But a recognised CSD ... or a third country CSD is not exempt from the general prohibition as respects any regulated activity which is carried on for the purposes of, or in connection with, any banking-type ancillary service listed in or permitted under Section C of the Annex to the CSD regulation.

The Treasury may by order amend paragraph (b) of subsection (2) or (3).

Section 285: Exemption for recognised bodies etc.

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