The Short Selling (Amendment) (EU Exit) Regulations 2018

Powers of intervention

11.—(1) In the heading to Chapter V, omit “and of ESMA”.

(2) In Article 18—

(a) in paragraph (1)—

(i) in the words before point (a)—

(aa) omit “Subject to Article 22,”;

(bb) for “a competent authority” substitute “The FCA”;

(cc) for “competent authority”, the second time it occurs, substitute “FCA”;

(ii) in point (a)—

(aa) for “Member State concerned” substitute “United Kingdom”;

(bb) omit “or in one or more other Member States”.

(b) in paragraph (2), for “competent authority” substitute “FCA”.

(3) In Article 19—

(a) in paragraph (1)—

(i) in the words before point (a)—

(aa) omit “Subject to Article 22,”;

(bb) for “a competent authority” substitute “The FCA”;

(ii) in point (a)—

(aa) for “Member State concerned” substitute “United Kingdom”;

(bb) omit “or in one or more other Member States”;

(b) in paragraph (2), for “A competent authority” substitute “The FCA”.

(4) In Article 20—

(a) in paragraph (1)—

(i) in the words before point (a)—

(aa) omit “Subject to Article 22,”;

(bb) for “a competent authority” substitute “The FCA”;

(ii) in point (a)—

(aa) for “Member State concerned” substitute “United Kingdom”;

(bb) omit “or in one or more other Member States”.

(b) in paragraph (2), for “A competent authority” substitute “The FCA”;

(c) in paragraph (3), for “competent authority” substitute “FCA”.

(5) In Article 21—

(a) in paragraph (1)—

(i) in the words before point (a)—

(aa) omit “Subject to Article 22”;

(bb) for “a competent authority” substitute “The FCA”;

(ii) in point (a)—

(aa) for “Member State concerned” substitute “United Kingdom”;

(bb) omit “or in one or more other Member States”;

(b) in paragraph (2), for “competent authority” substitute “FCA”.

(6) Omit Article 22.

(7) In Article 23—

(a) for “competent authority” each time it occurs, substitute “FCA”;

(b) in paragraph 1, omit “of the home Member State for that venue”;

(c) omit paragraph 4;

(d) for paragraph 5, substitute—

“5.   The fall in value shall be—

(a) 10% or more in the case of a share which is considered to have a liquid market under Article 1 of Commission Delegated Regulation (EU) No 2017/567 of 18 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions; and

(b) the amount specified in Commission Delegated Regulation (EU) No 918/2012, or in regulations made by the Treasury under paragraph 7, in the case of any share which is not considered to have a liquid market, or for other classes of financial instruments.”;

(e) in paragraph 6—

(i) omit the first sub-paragraph;

(ii) in the second sub-paragraph, for “Commission shall be empowered to adopt delegated acts in accordance with Article 42 modifying” substitute “Treasury may by regulations modify”;

(f) in paragraph 7, for “Commission shall adopt delegated acts in accordance with Article 42 specifying” substitute “Treasury may by regulations specify”;

(g) in paragraph 8—

(i) in the first sub-paragraph—

(aa) for the words from the beginning to “develop draft regulatory”, substitute “For the purposes of this Article, the FCA may make”;

(bb) for “Commission” substitute “Treasury”;

(ii) omit the second and third sub-paragraphs.

(8) In Article 25—

(a) in paragraph 1, for “A competent authority” substitute “The FCA”;

(b) in paragraph 2(b), for “competent authority” substitute “FCA”.

(9) Omit Article 26.