The following Financial Services practice note provides comprehensive and up to date legal information covering:
A recognised investment exchange (RIE) is a UK recognised body under Part XVIII of the Financial Services and Markets Act 2000 (FSMA 2000) which has been granted a recognition order by the Financial Conduct Authority (FCA). An RIE is an exempt person for the purposes of the general prohibition in FSMA 2000, s 19, meaning it does not need permission from the FCA or the PRA (Prudential Regulation Authority) under FSMA 2000, Pt 4A to carry on regulated activities as part of its business as an investment exchange, or for the purposes of, or in connection with, providing clearing services in the UK.
Examples of RIEs can be found on the Financial Services Register and include:
London Stock Exchange
London Metal Exchange Limited
LIFFE Administration and Management, and
The rules governing RIEs are contained within the Recognised Investment Exchanges (REC) specialist sourcebook in the FCA Handbook. The REC rules apply to UK RIEs.
In order to become an RIE, an investment exchange will have to demonstrate its ability to comply with and meet the standards of the FCA's recognition requirements.
An RIE must also meet the applicable requirements of the Markets in Financial Instruments Directive 2014/65/EU (MiFID II) and the Markets in Financial Instruments Regulation (EU) 600/2014 (MiFIR)—for information, see Practice Notes: Regulated Markets under MiFID II
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