UK Statutory Instrument SI 2001/995 United Kingdom

The Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges , Clearing Houses and Central Securities Depositories ) Regulations 2001

Read it on legislation.gov.uk (opens in a new tab)
Status
In Force
Penalty ceiling
Regulated

Does it bind you?

Business-side roles with duties under this instrument.

Financial Services Firm50 Any Person14 Employer1

Plus 1 duty on the regulator, Crown ministers and public bodies — folded into the section list below.

Other Acts binding the same actors

If a role above is yours, these are the other instruments that most often bind it.

Financial Services Firm — also bound by 167 other Acts
Any Person — also bound by 2340 other Acts
Employer — also bound by 682 other Acts
TULRCA 1992 72 duties

What it requires

Regulations creating concrete business duties or carrying penalties, grouped as the instrument is structured. Titles link to the source text — blue means you’re leaving for legislation.gov.uk.

sch. para. 10 (1) The exchange must have default rules which, in the... Regulated
  • Maintain default rules to handle member defaults on market contractsFinancial Services Firm
sch. para. 11 (1) This paragraph applies as regards contracts falling within section... Regulated
Other duties (1) — Crown / regulator
  • Your exchange must have default rules to close out and net unsettled market contractsStatutory regulator
sch. para. 12a The rules of the exchange must provide that, in the... Regulated
  • Include default fund restriction rule in exchange rulesFinancial Services Firm
sch. para. 14 The exchange must be able and willing to cooperate, by... Regulated
  • Cooperate with authorities by sharing information on member defaultsFinancial Services Firm
sch. para. 16 (1) The clearing house must have financial resources sufficient for... Regulated
  • Ensure your clearing house has sufficient financial resourcesAny Person
sch. para. 17 (1) The clearing house must be a fit and proper... Regulated
  • Ensure clearing house is fit and proper for recognised functionsAny Person
sch. para. 18 (1) The clearing house must ensure that the systems and... Regulated
  • Ensure your systems and controls are adequate and appropriateAny Person
sch. para. 19 (1) The clearing house must ensure that its facilities are... Regulated
  • Provide proper investor protection and meet service standardsAny Person
sch. para. 2 (1) The exchange must be a fit and proper person... Regulated
  • Ensure the exchange and its management are fit and properFinancial Services Firm
sch. para. 20 (1) The clearing house must be able and willing to... Regulated
  • Promote integrity and fair dealing, and cooperate with regulatorsAny Person
sch. para. 21 (1) The clearing house must ensure that appropriate procedures are... Regulated
  • Adopt procedures for making, reviewing and amending clearing house rules, and consult usersAny Person
sch. para. 21a (1) The clearing house must make transparent and non-discriminatory rules,... Regulated
  • Make transparent and non-discriminatory rules for access to clearing facilitiesAny Person
sch. para. 22 (1) The clearing house must have effective arrangements for monitoring... Regulated
  • Set up effective rules enforcement, complaints and appeals systemEmployer
sch. para. 23 (1) The clearing house must have effective arrangements for the... Regulated
  • Set up independent complaint investigation system for regulatory functionsAny Person
sch. para. 23a The clearing house must maintain a plan that sets out... Regulated
  • Maintain a continuity plan for your exempt activitiesAny Person
sch. para. 24 (1) The clearing house must have default rules which, in... Regulated
  • Have default rules to close out member positions if they cannot meet obligationsAny Person
sch. para. 25a The rules of the clearing house must provide that in... Regulated
  • Include default fund use restrictions in clearing house rulesAny Person
sch. para. 26 The clearing house must have adequate arrangements for ensuring that... Regulated
  • Notify parties to unsettled contracts of default promptlyAny Person
sch. para. 27 The clearing house must be able and willing to cooperate,... Regulated
  • Clearing house must cooperate with authorities on defaultsAny Person
sch. para. 28 (1) The rules of the clearing house must provide that... Regulated
  • Protect client funds from being used for defaulting member's own lossesAny Person
sch. para. 29 A central counterparty providing clearing services must meet the requirements... Regulated
  • Central counterparties must comply with EMIR requirementsFinancial Services Firm
sch. para. 29a The central counterparty must maintain effective arrangements (which may include... Regulated
  • Maintain arrangements to allocate non-default losses threatening solvencyFinancial Services Firm
sch. para. 29b The central counterparty must maintain a plan that sets out... Regulated
  • Maintain a continuity plan for your recognised services and activitiesFinancial Services Firm
sch. para. 2a (1) The composition of the management body of an exchange... Regulated
  • Ensure your exchange's management body is competent, independent, and well-governedFinancial Services Firm
sch. para. 2b (1) If an exchange is significant the following requirements apply... Regulated
  • Ensure management body complies with director limits and nomination committee rulesFinancial Services Firm
sch. para. 3 (1) The exchange must ensure that the systems and controls,... Regulated
  • Maintain adequate and effective systems and controls for your exchangeFinancial Services Firm
sch. para. 30 The central counterparty must ensure that appropriate measures are adopted... Regulated
  • Adopt measures to prevent, detect and monitor market abuse and financial crimeFinancial Services Firm
sch. para. 31 (1) The central counterparty must make transparent and non-discriminatory rules,... Regulated
  • Make transparent and non-discriminatory access rulesFinancial Services Firm
sch. para. 31a (1) The central counterparty must have in place appropriate procedures... Regulated
  • Set up internal whistleblowing procedures for employeesFinancial Services Firm
sch. para. 34 (1) Sub-paragraph (2) applies to any provisions of the default... Regulated
  • Ensure default rules include transfer summary, consent, fairness, and time limitFinancial Services Firm
sch. para. 35 The default rules must contain provision ensuring that, after the... Regulated
  • Ensure default rules certify net sums after liquidationFinancial Services Firm
sch. para. 36 The default rules must contain provision ensuring that losses that—... Regulated
  • Ensure default rules allocate losses to maintain solvency and servicesFinancial Services Firm
sch. para. 37 The central securities depository must meet the requirements set out... Regulated
  • Meet requirements of CSD regulation and related legislationFinancial Services Firm
sch. para. 38 (1) The central securities depository must make transparent and non-discriminatory... Regulated
  • Make transparent, non-discriminatory rules for access to settlement facilitiesFinancial Services Firm
sch. para. 39 (1) The central securities depository must have in place appropriate... Regulated
  • Set up internal whistleblowing procedures for employeesFinancial Services Firm
sch. para. 3a (1) The exchange must— (a) have written agreements with all... Regulated
  • Implement market making agreements and liquidity schemes for your trading venueFinancial Services Firm
sch. para. 3b (1) The exchange must be able to— Regulated
  • Halting trading and cancelling transactions on your exchangeFinancial Services Firm
sch. para. 3c Where the exchange permits direct electronic access to a trading... Regulated
  • Set and enforce rules for direct electronic access to your trading venueFinancial Services Firm
sch. para. 3d The exchange's rules on co-location services must be transparent, fair... Regulated
  • Make your co-location rules transparent, fair and non-discriminatoryFinancial Services Firm
sch. para. 3f The exchange must require members of and participants in trading... Regulated
  • Require members to flag algorithmic trading ordersFinancial Services Firm
sch. para. 3g (1) Subject to sub-paragraph (1A), the exchange must adopt tick... Regulated
  • Adopt and calibrate tick size regimes for trading venuesFinancial Services Firm
sch. para. 3h The exchange must synchronise the business clocks it uses to... Regulated
  • Synchronise business clocks for accurate time-stamping of reportable eventsFinancial Services Firm
sch. para. 4 (1) The exchange must ensure that business conducted by means... Regulated
  • Ensure orderly trading and investor protection on your exchangeFinancial Services Firm
sch. para. 40 (1) A central securities depository providing investment services and activities... Regulated
  • Comply with MiFID and MiFIR rules if you offer extra investment services as a central securities depositoryFinancial Services Firm
sch. para. 6 (1) The exchange must be able and willing to promote... Regulated
  • Promote integrity and fair dealing; cooperate with regulatorsFinancial Services Firm
sch. para. 7 (1) The exchange must ensure that appropriate procedures are adopted... Regulated
  • Adopt procedures for rule-making and consult users on rules and penalty incomeFinancial Services Firm
sch. para. 7b (1) The exchange must make transparent and non-discriminatory rules, based... Regulated
  • You must make transparent rules for access to your facilities and report user lists to the FCAFinancial Services Firm
sch. para. 7ba (1) An exchange operating a trading venue which trades commodity... Regulated
  • Apply position management controls to commodity derivatives tradesFinancial Services Firm
sch. para. 7bb (1) This paragraph applies to an exchange operating a trading... Regulated
  • Publish weekly position reports and provide daily breakdown to FCAFinancial Services Firm
sch. para. 7c (1) This paragraph applies to an exchange which provides central... Regulated
  • Make access rules transparent, fair and based on objective criteriaFinancial Services Firm
sch. para. 7e (1) The rules of the exchange must provide that the... Regulated
  • Manage suspension and removal of financial instruments and notify FCAFinancial Services Firm
sch. para. 9 (1) The exchange must have effective arrangements for the investigation... Regulated
  • Set up effective complaint handling and whistleblowing proceduresFinancial Services Firm
sch. para. 9a (1) An exchange operating a multilateral trading facility or an... Regulated
  • Operate regulated market and comply with MiFID requirements if running a MTF or OTFFinancial Services Firm
sch. para. 9b (1) An exchange must have non-discretionary rules for the execution... Regulated
  • Do not trade against client orders or engage in matched principal trading on your MTFFinancial Services Firm
sch. para. 9c The rules of the exchange about access to, or membership... Regulated
  • Restrict trading facility access to eligible membersFinancial Services Firm
sch. para. 9d (1) The rules of the exchange must provide that where... Regulated
  • Don't impose extra disclosure rules on issuers when admitting traded securities to your MTFFinancial Services Firm
sch. para. 9e (1) An exchange operating ... an SME growth market ...... Regulated
  • SME growth market exchange must comply with FCA rules and follow dual-admission restrictionsFinancial Services Firm
sch. para. 9f (1) An exchange operating an organised trading facility must— Regulated
  • Operate an organised trading facility with strict limitsFinancial Services Firm
sch. para. 9g (1) The rules of the exchange must provide that where... Regulated
  • Maintain rules and information arrangements for OTF trading of already‐admitted securitiesFinancial Services Firm
sch. para. 9h (1) An exchange must, when requested to do so, provide... Regulated
  • Explain why your trading facility is not an MTF, regulated market or systematic internaliserFinancial Services Firm
sch. para. 9i An exchange providing data reporting services must comply with— Regulated
  • Comply with data reporting rules if your exchange provides data servicesFinancial Services Firm
sch. para. 9j (1) The exchange must have in place appropriate procedures for... Regulated
  • Implement employee whistleblowing procedures for CSD regulation infringementsFinancial Services Firm
sch. para. 9za (1) An exchange must have non-discretionary rules for the execution... Regulated
  • Use non-discretionary order execution rules and avoid proprietary tradingFinancial Services Firm
sch. para. 9zb (1) The rules of the exchange must ensure that all—... Regulated
  • Operate a regulated market with fair and orderly trading and proper disclosureFinancial Services Firm
sch. para. 9zc The rules of the exchange about access to, or membership... Regulated
  • Restrict exchange access and membership to eligible authorised firmsFinancial Services Firm
sch. para. 9zd An exchange must only operate a multilateral system as a... Regulated
  • Operate multilateral system only as regulated market, MTF or OTFFinancial Services Firm
30 other provisions — procedural and definitional
sch. para. 1 (1) The exchange must have financial resources sufficient for the...
sch. para. 12 (1) This paragraph applies as regards contracts falling within section...
sch. para. 13 The exchange must have adequate arrangements for ensuring that—
sch. para. 25 (1) The rules must provide— (a) for all rights and...
sch. para. 3e (1) The exchange's fee structure, for all fees it charges...
sch. para. 7a (1) The exchange must make clear and transparent rules concerning...
sch. para. 7d (1) The rules of the exchange must permit a user...
sch. para. 7f (1) This paragraph applies for the purposes of paragraph 7E(1)....
sch. para. 8 (1) The exchange must have— (a) effective arrangements (which include...
s.001 Citation
s.002 Commencement
s.003 Interpretation
s.003 High message intraday rate
s.004 Recognition requirements for investment exchanges
s.004 (1) The exchange must make arrangements for—
s.004 (1) The exchange must make arrangements for the price, volume...
s.004 (1) The exchange must make available to the public, without...
s.005 Recognition requirements for clearing houses which are not central counterparties
s.005 Recognition requirements for central counterparties
s.005 Recognition requirements for central securities depositories
s.005 (1) In this paragraph— “admission to trading”, “securities” and “regulated... (opens in a new tab)
s.006 Method of satisfying recognition requirements
s.007 Dealings and transactions not involving investments
s.008 Exchanges and clearing houses which do not enter into market contracts
s.009 Effect of recognition under the Financial Services Act 1986
s.010 Revocation of recognition: action taken before commencement
s.011 FCA rules
s.015 (1) Where the exchange provides clearing services, the rules of... (opens in a new tab)
s.032 This Part sets out recognition requirements which apply to the... (opens in a new tab)
s.033 In this Part— (a) “assets” has the meaning given by... (opens in a new tab)

Duty extraction and severity labels are Guvnor’s analysis of the instrument, not the instrument itself. Always verify against the linked source text.