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The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016

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Amendments to Part 6 of the 2000 Act

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8.—(1) Part 6 of the 2000 Act is amended as follows.

(2) In section 73A(1) (Part 6 Rules)—

(a)omit subsection (3); and

(b)in subsection (6) omit “, disclosure rules”.

(3) In section 91(2) (penalties for breach of Part 6 rules)—

(a)omit subsection (1ZA); and

(b)in subsection (2) omit “(1ZA)(a),”.

(4) Omit sections 96A (disclosure of information requirements) to 96C (suspension of trading)(3).

(5) In section 97(1)(b)(4) (appointment by FCA of persons to carry out investigations) omit “(1ZA)(a),”.

(6) For section 102A(4)(5) (meaning of “securities” etc) substitute—

(4) “Financial instrument” has the meaning given in Article 4.1.17 of the markets in financial instruments directive(6)..

(7) In section 102B(7) (meaning of “offer of transferable securities to the public” etc.)—

(a)for subsection (5)(c) substitute—

(c)a prescribed market.; and

(b)after subsection (5) insert—

(5A) The Treasury may make regulations to specify (whether by name or description) the markets which are prescribed markets for the purposes of subsection (5)(c)..

(8) In section 102C(a)(8)(meaning of “home State” in relation to transferable securities) omit “and in section 96A”.

(9) In section 103(1)(9) (definitions) omit the definitions of “disclosure rules” and “inside information”.

(10) Omit Schedule 11B(10)(connected persons).

(1)

Section 73A was inserted by S.I. 2005/381 and amended by section 16(4) of the Financial Services Act 2012.

(2)

Section 91 was amended by S.I. 2005/1433, 2005/381, 2015/1755, paragraphs 6(2) to (4) of Schedule 15 to the Companies Act 2006 (c. 46) and by sections 16(3)(g) and 20 of the Financial Services Act.

(3)

Sections 96A to 96C were inserted by S.I. 2005/381. Section 96A was amended by 2012/1538 and section 16(3) of the Financial Services Act 2012. Section 96B was amended by S.I. 2009/2461 and paragraph 7(a) and (b) of Schedule 15 to the Companies Act 2006 (c.46). Section 96C was amended by section 16(3)(g) of the Financial Services Act 2012.

(4)

Section 97(1)(b) was amended by S.I. 2015/1755.

(5)

Section 102A(4) was amended by S.I. 2008/3053.

(6)

OJ No L 145, 30.04.2004, p1.

(7)

Section 102B was amended by S.I. 2005/1433 and 2007/126.

(8)

Section 102C was amended by S.I. 2015/1755.

(9)

Section 103(1) was amended by S.I. 2005/1433, 2008/1886, 2012/1538, 2013/113, 2014/3293, 2015/1755, sections 16(3)(i) and (14)(g) of the Financial Services Act 2012 and by section 1265 and paragraphs 11(2) and (3) of Schedule 15 to the Companies Act 2006.

(10)

Schedule 11B was inserted by S.I. 2009/2461.

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