Financial markets and exchanges law

Financial Markets and Exchanges Introduction Origin and development Securities and exchanges Restructuring and competition Electronic trading and internal order books Regulatory challeng

FINANCIAL MARKETS AND EXCHANGES LAW

SECOND EDITION

FINANCIAL MARKETS AND EXCHANGES LAW

SECOND EDITION

Edited by

MICHAEL BLAIR QCGEORGE WALKERSTUART WILLEY

Great Clarendon Street, Oxford, OX2 6DP,

United KingdomOxford University Press is a department of the University of Oxford

It furthers the University’s objective of excellence in research, scholarship,and education by publishing worldwide Oxford is a registered trade mark of

Oxford University Press in the UK and in certain other countries

© Oxford University Press, 2012The moral rights of the authors have been asserted

First Edition published 2007Second Edition published 2012

Impression: 1All rights reserved No part of this publication may be reproduced, stored in

a retrieval system, or transmitted, in any form or by any means, without theprior permission in writing of Oxford University Press, or as expressly permitted

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address aboveYou must not circulate this work in any other formand you must impose this same condition on any acquirerCrown copyright material is reproduced under Class Licence

Number C01P0000148 with the permission of OPSI

and the Queen’s Printer for ScotlandBritish Library Cataloguing in Publication Data

Data availableISBN 978–0–19–960165–3Printed in Great Britain byCPI Group (UK) Ltd, Croydon, CR0 4YYLinks to third party websites are provided by Oxford in good faith andfor information only Oxford disclaims any responsibility for the materials

contained in any third party website referenced in this work

In the five years since the first edition of this book, there has been a great deal of change in the fieldthat it covers We hope therefore that this second edition will be welcomed by all of its readers andusers

A substantial proportion of this development is attributable, directly or indirectly, to the financialcrisis of 2008 and its after-effects For example, the new emphases on macro-prudential matters and

on ‘resolution’, while mainly concerned with financial banking and trading institutions of systemicimportance, do not leave untouched the ways in which the organized markets themselves now operate.Financial regulators globally have identified a new key policy objective with the desirability of

minimizing and containing contagion and systemic risk This objective has created a heightened

interest in ‘infrastructure’, including not only clearing houses, but also payments systems and othermarket service providers Indeed, the focus of regulation has, over the time since our first edition,moved to some extent away from organized markets and the clearing and settlement systems that

support them, and new changes are in place or proposed to reduce the risks now identified in the lessintensively supervised trading environments in in-house trading systems and in over-the-counter

(OTC) markets

In both editions of this work, we have taken a broad interpretation of ‘markets and exchanges’ toinclude not only formal and informal markets, but also systems for market support, including those formaking and recording payments, as well as the clearing, settling, and reporting of securities

transactions As to informal markets, the treatment of the OTC market has been expanded in this

second edition Trade reporting, which has now become an important aspect of the oversight of theless formal trading arrangements, now features in this edition in its own right

The arrival of an EU Directive on Payment Services has meant that the new edition gives an account

of the reorganization of this area at the European and UK levels Readers will also find a new

treatment of the management of the public debt in the UK and an enhanced coverage of global custody.Finally, the fact that the role of credit rating agencies has come under closer scrutiny since the

financial collapse has also meant that this element of the financial infrastructure and its regulationnow feature in this work for the first time

In the UK, the financial crisis of 2008 has led directly (albeit also with a change in government) toproposals to reorganize fundamentally the financial regulatory structure itself At the time of writing,the Financial Services Bill is still before Parliament and its final effects are not yet fully clear

However, one clear conclusion is that the Bank of England will emerge at the centre of this structuralreorganization with an even more substantial and extended role Its remit is significantly enlarged andthe oversight functions that it lost in 1997–2001 are being returned as part of an even wider

supervisory responsibility This is the main purpose of the Bill, even if prudential powers relating tospecific institutions are to be operated through a subsidiary and not, as before, directly, albeit withsome answerability to a partly external supervisory board within the Bank In this edition, we havesought to recognize these changes by offering a new chapter early in the book devoted to the Bank ofEngland in its new and forthcoming landscape

Structural change has not been limited to the UK In the European Union as a whole, the central

institutions concerned with the policy content and effectiveness of financial regulation have beenrefashioned and their powers have been substantially extended again The financial crisis has givenimpetus to the establishment of three influential new European Supervisory Authorities (ESAs)

These bodies also have been given nascent powers of direct intervention in financial markets, as well

as new legislative powers Here, too, we offer a chapter describing this process of change and its

venue, and, second, the process of consolidation among established exchanges in the search for

greater efficiency—have both been noticeable in this period

In this context, we also include a new chapter on the still relatively recent group of Financial

Services Authority (FSA) rule modules affecting securities, especially those that are listed or

admitted to trading on UK regulated markets This area has been overhauled as a result of several key

EU directives on prospectuses, transparency, and market abuse, and now receives detailed treatment

in this work

We give some account of these developments on the ground, and, in relation to the Directives

themselves, we devote a chapter to this general area of EU law, contributed by colleagues from

Switzerland (a non-EU country)

Only five years on, a new initiative is under way to overhaul and expand the footprint of MiFID.Accordingly, in the UK, there is currently in progress a double process of adaptation and reform—that is, in the Financial Services Bill and also in the European legislative arena Where relevant, theindividual chapters of this work seek to give an account of both proposed and likely future

developments in each area

The international reach of the book has also been reconsidered and enlarged The chapters on

international institutions show how the pace of modernization has not slackened worldwide And weare also happy to have been able to include new chapters on two of the most important internationalfinancial markets: New York and Hong Kong

Most of the chapters in the previous edition of the book remain, but each of them has been revised so

as to cover the developments in the relevant areas over the last five or six years

We would like to record our most grateful thanks to three persons working in the Oxford UniversityPress without whom this edition would never have seen the light of day: Rachel Mullaly, LucindaYeates, and Faye Judges Editors are fortunate indeed to be supported by such able and untiring

colleagues

Michael Blair QCGeorge WalkerStuart WilleyAugust 2012

PART I FINANCIAL MARKETS

1 Financial Markets and Exchanges

George Walker

2 Exchange Review, Regulation, and Evolution

George Walker

3 UK Central Banking and Financial Stability

Guy Morton and Andrew Marsh

PART II UK SECURITIES MARKETS

4 Recognized Investment Exchanges (RIEs) and Recognized Clearing Houses (RCHs)

Bob Penn

5 The Listing, Prospectus, and Disclosure and Transparency Rules

Will Pearce and Antonia Kirby

6 Multilateral Trading Facilities (MTFs)

Bob Penn

7 Transaction Reporting

David Lawes

PART III UK MONEY, DEBT, AND DERIVATIVES MARKETS

8 London Money Markets: Legal and Regulatory Framework

PART V EUROPEAN MARKETS AND EXCHANGES

13 The European System of Financial Supervision

Stuart Willey

14 Regulation and Consolidation of European Markets and Exchanges

Markus Kaempf and Peter Nobel

15 European E-Commerce and E-Money

David Toube

PART VI INTERNATIONAL MARKETS AND EXCHANGES

16 The Architecture of International Financial Regulation

Eva Hüpkes

21 Hong Kong Markets and Exchanges

Douglas W Arner and Berry FC Hsu

22 Islamic Securities Exchanges: Principles and International Developments

Amr Marar, Nik Norzrul Thani, and Lily Adelina Hashim

Index

PART I FINANCIAL MARKETS

1 Financial Markets and Exchanges

Introduction

Origin and development

Securities and exchanges

Restructuring and competition

Electronic trading and internal order books

Regulatory challenge

Scandal and crisis

Global financial crisis

Financial markets and instruments

Markets and exchanges

Financial markets and exchanges

Securities and claims

Primary and secondary markets

Financial crisis and financial reform

Financial crisis stages

Financial crisis response

UK regulatory reform

The Bank of England

The Financial Policy Committee

The Prudential Regulation Authority

The Financial Conduct Authority

The Financial Services Bill

Financial evolution

2 Exchange Review, Regulation, and Evolution

UK markets

London Stock Exchange (LSE)

London International Financial Futures Exchange (Euronext.LIFFE)London Metal Exchange (LME)

ICE Futures Europe

PLUS Stock Exchange

SIX Swiss Exchange

OMX

Alternative trading systems

CREST

London Clearing House (LCH.Clearnet)

Gilt and cheque clearing

Exchange regulation, structure, and operation

Financial integration and global contribution

3 UK Central Banking and Financial Stability

The Bank of England

Brief history of the Bank and its functions

The Bank’s constitution

The Bank as banker

Banking operations

Note issue

Cash ratio deposits

The Bank and Monetary Policy

The Bank of England Act 1998

The Monetary Policy Committee

Setting Bank Rate and its effects

Quantitative easing and its effects

The Bank’s money market operations

The use of repo transactions

‘Normal’ operations for monetary policy purposes

The current system of monetary policy money market operationsMoney market operations for liquidity insurance purposes

The Bank and financial stability

Introduction

The financial stability objective

The Financial Stability Committee

The financial stability MoU

Financial stability

Liquidity provision and bank resolution

The rationale for liquidity insurance

Bank resolution

Payment systems

Proposals for change

PART II UK SECURITIES MARKETS

4 Recognized Investment Exchanges (RIEs) and Recognized Clearing Houses (RCHs)

Introduction

Background

Regulation under the Financial Services and Markets Act 2000

Scope of regulation: the requirement for authorisation/exemption under the FSMA

Exemption under Pt XVIII FSMA

UK and overseas bodies

Supervision of recognized bodies

Powers of the Financial Services Authority

Notification requirements

Other provisions relating to financial markets and insolvency

Competition

Immunity under s 291 FSMA

The European framework

Regulated markets under MiFID

The Settlement Finality Directive

Approval of overseas investment exchanges and clearing houses under the Insolvency Act 1989Designated investment exchange status

MiFID II

Background

Principal areas of impact on exchanges

Impact on clearing houses

5 The Listing, Prospectus, Disclosure, and Transparency Rules

Introduction

Listing Rules

Standard and premium listing

Preliminary matters (LR 1)

Requirements for listing (LR 2)

Listing applications (LR 3)

The Professional Securities Market (LR 4)

Suspending, cancelling, and restoring listing (LR 5)

Transfers between premium and standard listings (LR 5.4A)

Additional requirements for premium listing (LR 6)

Closed-ended investment funds (LR 15)

Open-ended investment companies (LR 16)

Debt and debt-like securities (LR 17)

Certificates representing certain securities (LR 18)

Securitized derivatives (LR 19)

Miscellaneous securities (LR 20)

Prospectus Rules

Home and host member States

When a prospectus is required (PR 1.2)

Meaning of ‘offer to the public’ (ss 85(1) and 102B FSMA)

Admission of securities to trading on a regulated market (s 85(2) FSMA)Exceptions to the requirements for a prospectus

Exempt offers to the public (PR 1.2.2)

Exempt admissions to trading (PR 1.2.3)

General contents of prospectus (PR 2.1 and 2.3)

Prospectus summary (PR 2.1.2)

Format of prospectus (PR 2.2)

Incorporation by reference (PR 2.4)

Omission of information (PR 2.5)

Approval and publication of prospectus (PR 3.1)

Filing and publication of prospectus (PR 3.2)

Persons responsible for a prospectus (PR 5.5)

Schedules and building blocks

Disclosure and Transparency Rules

Disclosure of inside information (DTR 2.2)

Delaying disclosure of inside information (DTR 2.5)

Monitoring and control of inside information (DTR 2.6)

Insider lists (DTR 2.8)

Transactions by PDMRs and their connected persons (DTR 3)

Periodic financial reporting (DTR 4)

Notification of acquisitions or disposals of major shareholdings (DTR 5)

Continuing obligations and access to information (DTR 6)

Regulatory challenges posed by alternative trading infrastructure

Pre-MiFID regime for alternative trading systems

EU regulatory framework under MiFID

Other provisions specific to MTFs

Other provisions of MiFID relevant to investment firms operating MTFs

Licensing alternatives: authorization vs recognition

Obligations specific to MTFs: superequivalent requirements

General regulatory obligations of authorized firms operating MTFs

Differences between RIEs and MTFs

Transaction reporting and market abuse

Transaction reporting and the European Economic Area

The European Securities and Markets Authority

The UK market abuse regime

Data quality

History

The future of transaction reporting

PART III UK MONEY, DEBT AND DERIVATIVES MARKETS

8 London Money Markets: Legal and Regulatory Framework

Introduction

Sterling money markets and the Financial Services and Markets Act 2000

Exclusions and exemptions from the FSMA of relevance to money markets and gilts marketsFSA regulation prior to 1 November 2007

FSA regulation subsequent to 1 November 2007

New client categorization regime: the Conduct of Business Sourcebook and the eligiblecounterparty regime

MiFID business and the ECP regime

Non-MiFID business and client categorization

Disapplication of COBS requirements to business done with or for ECPs

Effect of the abolition of the IPC Code

MiFID II changes on the horizon

Non-FSMA wholesale business: important market codes and market committees in the

London money markets and gilts markets

9 UK Government Debt Management and the Gilt Market

Introduction

Institutional structure for debt management

Overview of the Debt Management Office

Legal and institutional framework

Relationship of the Debt Management Account to the National Loans Fund

UK government borrowing

Debt management policy framework

Objective of UK government debt management

The role of the DMO in debt management

Debt management considerations during the period of fiscal consolidation

Annual financing remit

Implementation of the remit

The gilt market

Instruments

Gilt market institutions and features

Gilt registration

Settlement of gilt trading

Regulation of the gilt market

Roles of the Financial Services Authority and London Stock Exchange

DMO operations in the gilt market

Primary market

Secondary market

Short-term debt instruments (Treasury bills)

Treasury bill primary participants

Annex A

Marketable debt portfolio

10 UK Derivatives and Commodities Markets

Introduction

Derivatives

Futures and forward transactions

Traded and OTC options

Forms of settlement

Other types of derivative

Underlying assets and other reference values

Spot trading of commodities

Organized markets in the UK

Regulated markets and multilateral trading facilities

Closed markets: membership requirements

The organized markets in London

OTC markets in the UK

Market associations active in London

The future of the UK markets

PART IV UK PAYMENT AND SETTLEMENT

11 UK Payment Systems

Introduction

New statutory basis for oversight: the Banking Act 2009

Definition of a payment system: recognition under the Banking ActImportance of payment systems

Payment systems recognized under the Banking Act

Payment systems oversight

Definition: the financial stability objective

Overview: risks and objectives

The Bank of England

Oversight process

International cooperation

International institutions

CPSS 2005 report

MoU on cooperation in relation to cross-border financial stability

European Central Bank

Bank of England assessment of the UK payment systems in the 2010 Payments Oversight ReportCHAPS

Another new statutory framework?

Issues and priorities identified by the Bank of England

Market infrastructure resiliency system

PART V EUROPEAN MARKETS AND EXCHANGES

13 The European System of Financial Supervision

Introduction

The European Systemic Risk Board

Key EU legislative instruments

Objectives and tasks: overview

Collection and exchange of information

Warnings and recommendations

Organization

Impartiality

Professional secrecy

Accountability

Review

The European Supervisory Authorities

Key EU legislative instruments

Actions in emergency situations

Settlement of disagreements between national competent authorities

Direct EU-level supervisory powers

The integration of European financial markets

Free movement of capital

The euro

Harmonization concepts

The Financial Services Action Plan

The Lamfalussy Process

Exchanges as the traditional marketplaces in EU member States

Regulation of the trading sector of securities markets: the Markets in Financial InstrumentsDirective (MiFID)

Scope

Choice among financial markets

Types of trading venue

Access to financial markets

Authorization requirement

Passporting regime

Investor protection

Transparency

Transaction reporting regime

The effects of MiFID

Competition

Fragmentation and market efficiency

Data collection

Revision of the Markets in Financial Instruments Directive (MiFID II)

Further EU legal Acts regulating the trade sector of securities markets

The Consolidated Admissions and Reporting Directive (CARD)

The Prospectus Directive (PD)

The Transparency Directive (TD)

The Market Abuse Directive (MAD)

The Takeover Bids Directive

Regulation of the post-trading sector of securities markets

The Settlement Finality Directive (SFD)

The Financial Collateral Arrangements Directive

The Giovannini Barriers

MiFID

The proposed CSD Regulation

The European Market Infrastructure Regulation (EMIR)

Regulation of the market for payments

Consolidation of exchanges and financial markets

The rationale of exchange consolidation

Examples of exchange consolidation

Regulatory barriers to consolidation

Conclusion

15 European E-Commerce and E-Money

Introduction

The development of European e-commerce

Cross-border business: problems of regulation

Harmonization: EU initiatives

The Electronic Commerce Directive (ECD)

Objectives

‘Country of origin’ approach

Definition of ‘information society services’

‘Electronic commerce activities’; ‘electronic commerce communications’; ‘outgoing’ and

‘incoming’ ECA providersThe effect of the ECD

The Distance Marketing Directive (DMD)

Objectives

Definition of ‘distance contract’

Definition of ‘financial service’

Enforcement authorities

Implementation of the DMD by the FSA

‘Consumers’ and the DMD

The ‘country of origin’ principle

Initial service agreements and successive operations

The effect of the DMD

The Second Electronic Money Directive (2EMD)

Conclusion

PART VI INTERNATIONAL MARKETS AND EXCHANGES

16 The Architecture of International Financial Regulation

Overview: the evolving international financial architecture Definition

The post-war Bretton Woods arrangements

The post-Bretton Woods system

The Asian crisis and the Financial Stability Forum

The Financial Stability Board and the G20 processes

Towards greater institutionalisation

International standards and standard-setting bodies

Basel Committee on Banking Supervision (BCBS)

International Organization of Securities Commissions (IOSCO)

International Association of Insurance Supervisors (IAIS)

The Financial Collateral Directive

The proposed Securities Law Directive

19 Credit Rating Agencies

Market dominance and other agencies in the industry

The role and function of the credit rating agency

Definition of a ‘credit rating agency’

The economic role of the credit rating

The interpretation of credit ratings

Users of credit ratings

The CRA industry

Scope of the credit rating market

Types of credit rating

The ratings scales

The ratings process

Rating analysis

Ratings-based regulations

The use of credit ratings in US legislation

The use of credit ratings in European law

Recognition regime for CRAs

International market regulation of the CRAs

Overview of the regulation of CRAs

IOSCO’s Statement of Principles and Code of Conduct FundamentalsRegulation of CRAs in the US

Regulation of CRAs in the EU

Issues facing CRAs and further proposals for reform

The CRAs’ role in the global financial crisis

Addressing over-reliance on ratings

Further EU regulatory proposals

Potential liability for ratings

Conclusion

20 US Equity Market Structure

Introduction

Overview of significant laws governing US equity marketsExtraterritorial application of the US securities laws

US financial system regulators

Overview of the Securities and Exchange CommissionOther US financial system regulators

Regulated equity market participants

FINRA: oversight of broker-dealers

Major exchanges

Depository and clearing organizations

Broker-dealers

Alternative trading systems

Other regulated entities

The US equity market structure

The national market system

Regulation NMS

Non-NMS markets

Current market structure policy issues

The Dodd–Frank Act

Linked exchange rate

Banking and foreign exchange

Equity

Debt

Insurance

Derivatives

Hong Kong’s financial markets and institutions

Hong Kong as Asia’s financial centre

Financial law and regulation

The economic, governance, and legal system

Property, collateral, and taxation

Insolvency

Financial information

Market integrity

Taxation

Financial regulatory framework

Central banking, banking, and the HKMA and HKABBanking regulation and supervision

Legal framework for banking business

Financial infrastructure development

Securities, the SFC, and HKEx

Three-tier system of securities regulation

The Securities and Futures Ordinance

The Listing Rules

Insurance

The Office of the Commissioner of Insurance

The Insurance Claims Complaints Bureau

The Insurance Advisory Committee

The Insurance Companies Ordinance

The Hong Kong Federation of Insurers

Pensions

The Mandatory Provident Fund Schemes Authority

Mandatory Provident Fund Schemes Ordinance

Financial conglomerates

Conclusion

22 Islamic Securities Exchanges: Principles and International Developments

Introduction

Principles of Islamic finance

Islamic financing methods

Islamic insurance (takaful)

Others: Cambodia, Myanmar, Vietnam, Laos, and East Timor

International Islamic institutions

The International Islamic Financial Market

The Accounting and Auditing Organization for Islamic Financial InstitutionsThe International Financial Services Board

The Malaysia International Islamic Financial Centre

The International Islamic Liquidity Management Corporation

The Labuan International Business and Financial Centre

The Kuala Lumpur Regional Centre for Arbitration

Conclusion

Index

TABLE OF CASES

UNITED KINGDOM

Borland’s Trustee v Steel Brothers & Co Ltd [1901] 1

British Eagle International Airlines Ltd v Compagnie

British Oil Mills Co v Inland Revenue Commissioners

Springwell Navigation Corporation v JP Morgan Chase

Bank and ors [2010] EWCA Civ 1221; [2010] 2 CLC

705

19.132

EUROPEAN UNION

Case 9/56, Meroni v High Authority [1957–58] ECR 133 13.50, 13.96

Joined cases C–163/94, C–165/94 and C–250/94, Sanz de Lera and ors [1995]

Case C–367/98, Commission v Portugal [2002] ECR I–4731 14.05, 14.103

Case C–483/99, Commission v France [2002] ECR I–4781 14.03, 14.05,

14.103

Case C–503/99, Commission v Belgium [2002] ECR I–4809 14.05, 14.103

14.05–14.06,

Case C–463/00, Commission v Spain [2003] ECR I–4581 14.103

Case C–98/01, Commission v United Kingdom [2003] ECR I–4641 14.03, 14.05,

14.103

Case C–174/04, Commission v Italy [2005] ECR I–4933 14.05, 14.103

Case C–196/04, Cadbury Schweppes plc, Cadbury Schweppes Overseas v

Joined cases C–282/04 and C–283/04, Commission v Netherlands [2006] ECR I–

Case C–112/05, Commission v Germany [2007] ECR I–8995 (ECJ ‘Volksagen

Case C–157/05, Holböck v Finanzamt Salzburg-Land [2007] ECR I–4051 14.103

UNITED STATES OF AMERICA

Abu Dhabi Commercial Bank v Morgan Stanley & Co Inc, 2009 WL 3346674 (SDNY, 15

Arleen Hughes, 27 SEC 629 (1948), aff’d sub nom Hughes v SEC, F.2d 969 (DC Cir

Banco Espirito Santo SA, In re, Ad Proc, File No 3–14599 (24 October 2011) 20.34

Board of Trade of the City of Chicago v SEC, 923 F.2d 1270 (7th Cir 1991) 2.127

California Public Employees’ Retirement Systems (CalPERS) v Moody’s Corp et al,

CentreInvest Inc, In re, Ad Proc File No 3–13304 (18 December 2008) 20.34

CIBC Mellon Trust Co, In re, Admin Proc File No 3–11839 (2 March 2005) 20.44

Commercial Financial Services Inc v Arthur Anderson LLP, 94 P.3d 106 (Okla Civ App,

Computershare Trust Company of Canada, In re, Admin Proc File No 3012265 (18 April

INET ATS Inc, In the Matter of (April 2008, Exchange Act Release No 34–53631) 20.53

Jefferson County School District No r-1 v Moody’s Investor’s Services Inc, 175 F.3d 848

Kings County, Washington v IKB Deutsche Industriebank AG, No 09 Civ 8387 (SAS), 09

National Century Financial Enterprises Inc, In re, 580 F Supp.2d 630 (SD, Ohio, 2008) 19.131

Newton v Merrill, Lynch, Pierce, Fenner & Smith Inc, 135 F.3d 266 (3d Cir), cert denied

Quinn v McGraw Hill Companies Inc, 168 F.3d 331 (7th Cir 1999) 19.132

UBS AG, In re, Lit Rel 20905 (18 February 2009) 20.34

TABLE OF LEGISLATION

UNITED KINGDOM Statutes

Bank of England Act 1998 1.153, 3.09, 3.12, 3.16–3.17, 3.41,

Bank Notes Act 1833 3.03

Financial Services and Markets Act 2000

Statutory Instruments

Banking Act 2009 (Inter-Bank Payment Systems)

(Disclosure and Publication of Specified

Information) Regulations 2010 (SI 2010/828)

‘CREST Regulations’ see Uncertificated Securities Regulations 2001 (SI 2001/3755)

Electronic Commerce Directive (Financial Services and

Markets) (Amendment) Regulations 2002 (SI

2002/2015)

15.41

Electronic Commerce Directive (Financial Services and

Financial Markets and Insolvency Regulations 1991 (SI

Financial Markets and Insolvency (Settlement Finality

and Financial Collateral Arrangements) (Amendment)

Financial Services and Markets Act 2000 (Financial

Promotion) (Amendment) (Electronic Commerce

Directive) Order 2002 (SI 2002/2157)

15.39

Financial Services and Markets Act 2000 (Financial

Promotion) Order 2005 (FPO) (SI 2005/1529) 6.93–6.95, 6.99, 15.39

Financial Services and Markets Act 2000 (Prescribed

Markets and Qualifying Investments) (Amendment)

Order 2001 (SI 2001/996)

7.38

Financial Services and Markets Act 2000 (Promotion of

Collective Investment Schemes) (Exemptions) Order

2001 (SI 2001/1060)

15.39

Financial Services and Markets Act 2000 (Recognised

Financial Services and Markets Act 2000 (Recognition

Requirements for Investment Exchanges and Clearing

Houses) (Amendment) Regulations 2006 (SI

2006/3386)

4.06–4.07

Financial Services and Markets Act 2000 (Recognition

Requirements for Investment Exchanges and Clearing

Houses) Regulations 2001 (SI 2001/995)

Financial Services and Markets Act 2000 (Regulated

Activities) Order 2001 (RAO) (SI 2001/544)

Official Listing of Securities (Change of Competent

Uncertificated Securities (Amendment) (Eligible Debt

Uncertificated Securities (Amendment) Regulations 2000

EUROPEAN UNION Decisions

Capital Adequacy Directive (CAD) 2006/49/EC 6.38, 6.60–6.61, 13.30, 19.72, 19.75

Capital Requirements Directive (CRD) 2.178, 19.72–19.75, 19.84

Collective Investment in Transferable Securities

(UCITS) Directive 85/611/EEC

1.22, 2.12, 2.104, 5.121, 6.14, 7.16,

8.07, 8.26, 10.03, 14.24, 15.09, 17.89,

18.17, 19.77

Collective Investment in Transferable Securities

Consolidated Admissions and Reporting Directive

Deposit Guarantee Schemes Directive 94/19/EC 2.110, 15.11, 15.76, 18.06

Directive of 11 May 1960 for the implementation of

Directive 86/635/EEC on the annual accounts and

consolidated accounts of banks and other financial

institutions

5.03

Directive 88/361/EEC for the implementation of Article

Directive 90/619/EEC 15.12

Directive 91/674/EEC on the annual accounts and

Directive 97/7/EC on the protection of consumers in

respect of distance contracts (DSD) 14.115, 15.12, 15.56, 15.91Directive 97/9/EC on investor-compensation schemes 2.110, 15.11, 15.76, 18.06