Search Legislation

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

 Help about what version

What Version

  • Latest available (Revised)
  • Original (As made)
 Help about opening options

Opening Options

Status:

This is the original version (as it was originally made). This item of legislation is currently only available in its original format.

Amendment of the Financial Services and Markets Act 2000

This section has no associated Explanatory Memorandum

2.—(1) The Financial Services and Markets Act 2000(1) is amended as follows.

(2) In section 131E (power to require information)(2)—

(a)in subsection (2), at the end insert “or to respond to a request referred to in subsection (5A)”;

(b)in subsection (5A)—

(i)in the opening words, for “functions under the short selling regulation” substitute “relevant functions”;

(ii)for paragraph (a), substitute—

(a)an overseas regulator, or;

(c)omit subsection (5B);

(d)for subsection (6), substitute—

(6) In this section—

“overseas regulator” means—

(a)

the competent authority of an EEA State for the purposes of the short selling regulation, as that regulation has effect in the European Union (the “EU short selling regulation”); or

(b)

the authority of a third country which is not an EEA State which exercises functions corresponding to those of a competent authority under the EU short selling regulation;

“relevant functions” means—

(a)

in relation to a competent authority of an EEA State, its functions under the EU short selling regulation;

(b)

in relation to ESMA, its functions under the EU short selling regulation;

(c)

in relation to an authority of a third country which is not an EEA state, its functions corresponding to the functions referred to in paragraph (a);

“specified” means specified in the notice..

(3) In section 131F (power to require information: supplementary), after subsection (6), insert—

(6A) Where the FCA is exercising its powers under section 131E in response to a request from an overseas regulator or ESMA, references to the short selling regulation are to be read as including the EU short selling regulation, within the meaning of section 131E(6).

(4) In section 131FA (investigations in support of EEA Regulator)(3)—

(a)for subsection (1), substitute—

(1) The FCA may appoint one or more competent persons to investigate any matter if it is requested to do so by—

(a)the competent authority of an EEA state acting in the exercise of its functions under the short selling regulation, as that regulation has effect in the European Union; or

(b)an authority of a third country which is not an EEA state which is acting in the exercise of functions corresponding to those referred to in paragraph (a).;

(b)omit subsection (2);

(c)in subsection (4), for “the EEA regulator” substitute “the authority making the request under subsection (1) (“the requesting regulator”)”;

(d)in subsection (5), for “EEA” substitute “requesting”;

(e)in the heading, for “EEA” substitute “overseas”.

(5) In section 131FB (entry of premises under warrant)—

(a)in subsection (10)—

(i)for “EEA” substitute “overseas”;

(ii)for “its functions under the short selling regulation” substitute “relevant functions”;

(b)omit subsection (11);

(c)in subsection (12), for the definition of “EEA regulator” substitute—

“overseas regulator” and “relevant functions” have the meanings given in section 131E(6);.

(2)

Sections 131B to 131K were inserted by s.8 of the Financial Services Act 2010 (c.28). Subsections (5A) and (5B) were inserted by S.I. 2012/2554.

(3)

Sections 131FA and 131FB were inserted by S.I. 2012/2554.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Explanatory Memorandum

Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Impact Assessments

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources