C1Part VIII Penalties for Market Abuse
Market abuse
118ASupplementary provision about certain behaviour
1
Behaviour is to be taken into account for the purposes of this Part only if it occurs—
a
in the United Kingdom, or
b
in relation to —
i
qualifying investments which are admitted to trading on a prescribed market situated in, or operating in, the United Kingdom,
ii
qualifying investments for which a request for admission to trading on such a prescribed market has been made, or
iii
in the case of section 118(2) and (3), investments which are related investments in relation to such qualifying investments.
2
For the purposes of subsection (1), as it applies in relation to section 118(4) and (8), a prescribed market accessible electronically in the United Kingdom is to be treated as operating in the United Kingdom.
3
For the purposes of section 118(4) and (8), the behaviour that is to be regarded as occurring in relation to qualifying investments includes behaviour which—
a
occurs in relation to anything that is the subject matter, or whose price or value is expressed by reference to the price or value of the qualifying investments, or
b
occurs in relation to investments (whether or not they are qualifying investments) whose subject matter is the qualifying investments.
4
For the purposes of section 118(7), the dissemination of information by a person acting in the capacity of a journalist is to be assessed taking into account the codes governing his profession unless he derives, directly or indirectly, any advantage or profits from the dissemination of the information.
5
Behaviour does not amount to market abuse for the purposes of this Act if—
a
it conforms with a rule which includes a provision to the effect that behaviour conforming with the rule does not amount to market abuse,
b
it conforms with the relevant provisions of Commission Regulation (EC) No 2273/2003 of 22 December 2003 implementing Directive 2003/6/EC of the European Parliament and of the Council as regards exemptions for buy-back programmes and stabilisation of financial instruments, or
c
it is done by a person acting on behalf of a public authority in pursuit of monetary policies or policies with respect to exchange rates or the management of public debt or foreign exchange reserves.
6
Subsections (2) and (3) cease to have effect on 30 June 2008.
Pt. 8 applied (with modifications) (18.6.2012) by (The Recognised Auction Platforms Regulations 2011 (S.I. 2011/2699), reg. 6, Sch. 1