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The Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018

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Citation and commencement

1.  These Regulations may be cited as the Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018 and come into force on 21st July 2018.

Amendment of the Financial Services and Markets Act 2000

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

(2) In section 86(1)(e) (exempt offers to the public)(2) for “100,000” substitute “8,000,000”.

(3) In section 86(7)(c) (3) for “Article 24” substitute “Article 30”.

(4) In section 354D (information under the markets in financial instruments directive)(4)—

(a)in subsection (1)—

(i)in paragraph (b) at the end of sub-paragraph (iii) omit “and”;

(ii)in paragraph (c) for “Article 53.1” substitute “Article 75.1”;

(iii)after paragraph (c) insert—

; and

(d)information about, and the final judgment of the court in relation to, any convictions where the proceedings were instituted by the regulator in connection with the regulator’s functions under the markets in financial instruments directive or the markets in financial instruments regulation.;

(b)in subsection (5)—

(i)in paragraph (a) for “Article 27.2 of the markets in financial instruments directive” substitute “Article 14 of the markets in financial instruments regulation”;

(ii)in paragraph (b)—

(aa)for “Article 4.1.14” substitute “Article 4.1.21”, and

(bb)for “Article 4.1.20(b)” substitute “Article 4.1.55(b)”;

(c)in subsection (8), in the definition of “UK investment firm”, for “Article 4.1.20(a)” substitute “Article 4.1.55(a)”.

(5) In section 354E (competent authorities under the markets in financial instruments directive: designation and co-operation)(5)—

(a)in subsection (1) in paragraph (a) for “Article 48.1” substitute “Article 67.1”;

(b)in subsection (2) for “Article 56.1” substitute “Article 79.1”;

(c)in subsection (8)—

(i)in paragraph (a) for “Article 57” substitute “Article 80”;

(ii)in paragraph (b) for “Article 58.1”, substitute “Article 81.1”;

(d)in subsection (10) for “Article 59(a), (b) or (c)” substitute “Article 83(a) or (b)”;

(e)in subsection (12) for “Article 48.1” substitute “Article 67.1”.

(6) In paragraph 9(1) of Schedule 11A to that Act (transferable securities)(6) for “5,000,000” substitute “1,000,000”.

Amendment to the Companies Act 2006

3.  In section 539 (minor definitions) of the Companies Act 2006(7) in the definition of “MiFID investment firm”—

(a)in paragraph (a) at the end omit “and”;

(b)in paragraph (b) for “(S.I. 2017/XXXX);” substitute “(S.I. 2017/701), and”; and

(c)after paragraph (b) insert—

(c)any other company which fulfils all the requirements set out in regulation 6(3) of those Regulations;.

Amendment to the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017

4.  In regulation 28A (cooperation with ESMA and other competent authorities in respect of interventions to restrict, reduce, or limit positions) of the Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017(8), after paragraph (6), insert—

(7) When a notification to ESMA and all the competent authorities of the other EEA States is made under paragraphs (1) or (5) of this regulation in relation to wholesale energy products (within the meaning of Article 4.1.58 of the markets in financial instruments directive), the FCA must give a copy of the notification to the Agency for the Cooperation of Energy Regulators established under Regulation (EC) No 713/2009 of the European Parliament and of the Council of 13 July 2009 establishing an Agency for the Cooperation of Energy Regulators(9)..

Review

5.—(1) The Treasury must from time to time—

(a)carry out a review of regulations 2 to 4; and

(b)publish a report setting out the conclusions of the review.

(2) The first report under this regulation must be published on or before 21st July 2023.

(3) Subsequent reports must be published at intervals not exceeding five years.

(4) Section 30(3) of the Small Business, Enterprise and Employment Act 2015(10) requires that a review carried out under this regulation must, so far as is reasonable, have regard to how Regulation (EU) No 2017/1129 of the European Parliament and of the Council on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market(11), Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments(12) and the coming into force of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments(13) are implemented in other countries which are subject to its obligations.

Rebecca Harris

Craig Whittaker

Two of the Lords Commissioners of Her Majesty’s Treasury

27th June 2018

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