The Market Abuse (Amendment) (EU Exit) Regulations 2019
| Jurisdiction | UK Non-devolved |
(1) These Regulations may be cited as the Market Abuse (Amendment) (EU Exit) Regulations 2019.(2) This regulation, and regulations 2, 3 and 6, come into force on the day after the day on which these Regulations are made.(3) The other provisions in these Regulations come into force on exit day.the existing text becomes sub-paragraph (1) ; after “(market abuse regulation) ” insert for “made under that Article” substitute after that sub-paragraph insert— The time is the beginning of the day on which the Market Abuse (Amendment) (EU Exit) Regulations 2019 are made.In section 122G(7) of the Financial Services and Markets Act 2000 (publication of information and corrective statements by issuers)
In Schedule 1 to the Criminal Justice Act 1993, in paragraph 5(1) (as numbered and amended by regulation 2) , in paragraph (a) , for the words from “and each” to the end substitute— each EU regulation, originally made under that Article before that time, which is retained direct EU legislation; andall subordinate legislation (within the meaning of the Interpretation Act 1978) made under that Article on or after F29IP completion day;(1) Part 8 of the Financial Services and Markets Act 2000 in subsection (2) , for “a supplementary EU regulation” substitute “ under supplementary market abuse legislation ” ;for subsections (6) and (7) , substitute—“ overseas ” ;for “functions under the market abuse regulation or a supplementary EU regulation” substitute “ relevant functions ” ;after subsection (10) , insert—“ under supplementary market abuse legislation ” .(5) In section 122H(3) (publication of corrective statements generally) , for “a supplementary EU regulation” substitute “ under supplementary market abuse legislation ” .(6) In section 122I(1) (power to suspend trading in financial instruments) , for “a supplementary EU regulation” substitute “ under supplementary market abuse legislation ” .(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .in paragraph (b) (ii) and (c) (ii) , for “a supplementary EU regulation” substitute “ any supplementary market abuse legislation ” ;. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .in subsection (b) (ii) , for “a supplementary EU regulation” substitute “ any supplementary market abuse legislation ” ;. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .in paragraph (b) (ii) , for “a supplementary EU regulation” substitute “ any supplementary market abuse legislation ” ;. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .in paragraphs (b) (ii) and (c) (ii) , for “a supplementary EU regulation” substitute “ any supplementary market abuse legislation ” ;. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .in subsection (9) (a) , for “a supplementary EU regulation” substitute “ by supplementary market abuse legislation ” .in subsection (1) (c) (reporting of infringements) in subsection (2) , for “EU regulation” substitute “ market abuse legislation ” .the existing text becomes subsection (1) ;omit the definition of “EEA regulator”;for the definition of “financial instrument” substitute—
- “(6) The FCA may exercise its powers under this section at the request of an overseas regulator where the regulator makes the request in the exercise of its relevant functions.
-
(6A) In subsection (6) —
- “overseas regulator” means—
- (a) the competent authority of an EEA State for the purposes of the market abuse regulation, as that regulation has effect in the European Union (the “EU version of the market abuse regulation”) ; or
- (b) an authority of any other country or territory outside the United Kingdom which exercises functions corresponding to those of a competent authority under the EU version of the market abuse regulation;
- “relevant functions” means—
-
(a) in relation to the competent authority of an EEA State, its functions under—
- (i) the EU version of the market abuse regulation; or
- (ii) a directly applicable EU regulation made under the EU version of the market abuse regulation;
- (b) in relation to an authority of any other country or territory outside the United Kingdom, its functions corresponding to the functions referred to in paragraph (a) ;
-
(a) in relation to the competent authority of an EEA State, its functions under—
- “overseas regulator” means—
- “overseas regulator” means—
- (a) the competent authority of an EEA State for the purposes of the market abuse regulation, as that regulation has effect in the European Union (the “EU version of the market abuse regulation”) ; or
- (b) an authority of any other country or territory outside the United Kingdom which exercises functions corresponding to those of a competent authority under the EU version of the market abuse regulation;
- “relevant functions” means—
-
(a) in relation to the competent authority of an EEA State, its functions under—
- (i) the EU version of the market abuse regulation; or
- (ii) a directly applicable EU regulation made under the EU version of the market abuse regulation;
- (b) in relation to an authority of any other country or territory outside the United Kingdom, its functions corresponding to the functions referred to in paragraph (a) ;
-
(a) in relation to the competent authority of an EEA State, its functions under—
- “(10A) In subsection (10) , “overseas regulator” and “relevant functions” have the meaning given in section 122B(6A) .
- “financial instrument” means any instrument specified in Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order , read with Part 2 of that Schedule;
- “(2) The following are supplementary market abuse legislation for the purposes of this Part—
- (a) an EU regulation, originally made under the market abuse regulation, which is retained direct EU legislation; and
- (b) subordinate legislation (within the meaning of the Interpretation Act 1978) made under the market abuse regulation on or after F30IP completion day.
To continue reading
Request your trial