Part VIIIU.K. Penalties for Market Abuse

Modifications etc. (not altering text)

MiscellaneousU.K.

[F1[F1130AInterpretation and supplementary provisionU.K.

(1)The Treasury may by order specify (whether by name or description)—

(a)the markets which are prescribed markets for the purposes of specified provisions of this Part, and

(b)the investments that are qualifying investments in relation to the prescribed markets.

(2)An order may prescribe different investments or descriptions of investment in relation to different markets or descriptions of market.

(3)In this Part—

  • “ accepted market practices ” means practices that are reasonably expected in the financial market or markets in question and are accepted by the Authority or, in the case of a market situated in another EEA State, the competent authority of that EEA State within the meaning of Directive 2003/6/ EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse),

  • “ behaviour ” includes action or inaction,

  • “ dealing ”, in relation to an investment, means acquiring or disposing of the investment whether as principal or agent or directly or indirectly, and includes agreeing to acquire or dispose of the investment, and entering into and bringing to an end a contract creating it,

  • “investment” is to be read with section 22 and Schedule 2,

  • “ regular user ”, in relation to a particular market, means a reasonable person who regularly deals on that market in investments of the kind in question,

  • “ related investment ”, in relation to a qualifying investment, means an investment whose price or value depends on the price or value of the qualifying investment.

(4)Any reference in this Act to a person engaged in market abuse is to a person engaged in market abuse either alone or with one or more other persons.]]

Textual Amendments