120 Provisions included in the Authority’s code by reference to the City Code.U.K.
(1)The Authority may include in a code issued by it under section 119 (“the Authority’s code”) provision to the effect that in its opinion behaviour conforming with the City Code—
(a)does not amount to market abuse;
(b)does not amount to market abuse in specified circumstances; or
(c)does not amount to market abuse if engaged in by a specified description of person.
(2)But the Treasury’s approval is required before any such provision may be included in the Authority’s code.
(3)If the Authority’s code includes provision of a kind authorised by subsection (1), the Authority must keep itself informed of the way in which the Panel on Takeovers and Mergers interprets and administers the relevant provisions of the City Code.
(4)“City Code” means the City Code on Takeovers and Mergers issued by the Panel as it has effect at the time when the behaviour occurs.
(5)“Specified” means specified in the Authority’s code.