1 Citation and commencement

This Order may be cited as the Proceeds of Crime Act 2002 (Business in the Regulated Sector) Order 2007 and comes into force on 1st November 2007.

NOTES
Initial Commencement
Specified date

Specified date: 1 November 2007: see above.

2 Amendment of Schedule 9 to the Proceeds of Crime Act 2002

2Amendment of Schedule 9 to the Proceeds of Crime Act 2002

In the Proceeds of Crime Act 2002, in paragraph 1(2) in Part 1 of Schedule 9 (regulated sector and supervisory authorities), after paragraph (d), insert—

“(da)    operating a multilateral trading facility;”.

NOTES
Initial Commencement
Specified date

Specified date: 1 November 2007: see art 1.

Signature

Alan Campbell

Frank Roy

Two of the Lords Commissioners of Her Majesty's Treasury

30th January 2007

EXPLANATORY NOTE

EXPLANATORY NOTE (This note is not part of the Order)

The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment No 3) Order 2006 (SI 2006/3384) makes operating a multilateral trading facility (as defined in that Order) a regulated activity, by inserting new article 25D into the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (SI 2001/544). This addition of the new regulated activity is made as part of the implementation of Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments (OJ No L 145, 30.4.2004, p 1) (“MiFID”). This Order makes a consequential amendment.

This Order amends the Proceeds of Crime Act 2002 (c 29) (“the Act”) to add to the list of regulated activities the activity of operating a multilateral trading facility. The effect of this is that a business will be in the regulated sector to the extent that it conducts such an activity. This is relevant to the offence of failure to disclose information concerning money laundering in section 330 of the Act, one component of which offence requires information to come to a person in the course of a business in the regulated sector.

A transposition note has been prepared which sets out how the main elements of MiFID will be transposed into UK law. A Regulatory Impact Assessment of the effect of this instrument and the other instruments transposing MiFID on the costs of business has been prepared. Both may be obtained from the Financial Services Strategy Team, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ. They are also available on HM Treasury's website (www.hm-treasury.gov.uk), and copies of both documents have been placed in the libraries of both Houses of Parliament.

Accounting94 Money Laundering94 Financial Services & Activities94 Insurance Law94 Banking & Finance Law94