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- Original (As made)
This is the original version (as it was originally made).
1. Section 118(1) has effect as if—
(a)in subsection (1)(a), for sub-paragraphs (i) and (ii) there were substituted—
“(i)qualifying investments which are offered for sale on a prescribed auction platform, or”;
(b)in subsection (1)(b), the reference to subsections “(2) to (8)” were a reference in subsections “(2) to (8A)”;
(c)in subsection (4), for “market” each time it occurs, there were substituted “auction platform”;
(d)in subsection (5)—
(i)after “transactions” there were inserted “, bids”,
(ii)for “relevant market” there were substituted “relevant auction platform”;
(e)in subsection (6), after “transactions” there were inserted “, bids”;
(f)in subsection (8)—
(i)in paragraph (a) for “market”, there were substituted “auction platform”,
(ii)in paragraph (b)—
(aa)for “regular user of the market”, there were substituted “regular user of the auction platform”’,
(bb)for “market in such an investment”, there were substituted “auction of such an investment”,
(iii)for “or (7)” there were substituted “, (7) or (8A)”;
(g)after that subsection there were inserted—
“(8A) The eighth is where the behaviour contravenes any of the provisions in Articles 38 to 41 of the emission allowance auctioning regulation.”.
Section 118 was substituted, together with sections 118A to 118C, for the original section 118 by S.I. 2005/381, regulation 5, Schedule 2, paragraph 1.
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