Citation and commencement

1. These Regulations may be cited as the Financial Services and Markets Act 2000 (Appointed Representatives) (Amendment) Regulations 2001, and come into force on the day on which section 19 of the Act comes into force.

Amendment of the Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001

2.The Financial Services and Markets Act 2000 (Appointed Representatives) Regulations 2001( 3 ) are amended as follows—

(a) in regulation 2, the existing text is numbered as paragraph (1);

(b) at the beginning of that paragraph insert “Subject to paragraph (2),”;

(c) after that paragraph insert—

“ (2) Paragraph (1) does not prescribe any business to the extent that it comprises the provision by an investment firm of a service specified in paragraph 1(a) of Section A of the Annex to the investment services directive (reception and transmission of orders), unless that activity is carried on solely for the account of another investment firm.

(3) In paragraph (2), “investment firm” means a person whose regular occupation or business is the provision of core investment services (that is to say, services listed in Section A of the Annex to the investment services directive) to third parties on a professional basis, other than a person to whom that directive does not apply by virtue of Article 2.2 of that directive. ” .