REC 2.1 Introduction

1. (1)

   This chapter contains the recognition requirements for UK RIEs (other than RAPs) and sets out guidance on those requirements.

2. (2)

   This chapter also contains “Notes” with informative text in relation to MiFID/MiFIR requirements applicable directly to UK RIEs operating trading venues.

3. (3)

   This chapter directs UK RIEs to certain recognition requirements and guidance on those requirements found in other parts of the Handbook.

Guidance on the RAP recognition requirements which apply to RAPs is set out in REC 2A (Recognised Auction Platforms). Guidance on the recognition requirements for ROIEs is set out in REC 6 (Overseas Investment Exchanges).

These recognition requirements must be satisfied by applicants for UK RIE status before recognition is granted and by all UK RIEs at all times while they are recognised. In addition the MiFID implementing requirements must be satisfied by applicants for UK RIE status before recognition is granted and by all UK RIEs at all times while they are recognised. The same standards apply both on initial recognition and throughout the period recognised body status is held. The term UK RIE in the guidance should be taken, therefore, to refer also to an applicant when appropriate.

1. (1)

   The paragraphs in the Schedule to the Recognition Requirements Regulations are grouped in this sourcebook in sections which give guidance on the same subject for UK RIEs.

2. (2)

   The table in REC 2.1.4 G indicates in which section each of those paragraphs (and the associated guidance) can be found.