PART 5Amendment of subordinate legislation: European Union (Withdrawal) Act 2018

Amendment of the Financial Services and Markets Act 2000 (Market Abuse) Regulations 20167

1

The Financial Services and Markets Act 2000 (Market Abuse) Regulations 201614 are amended as follows.

2

In regulation 2 (interpretation)—

a

omit the definition of “supplementary EU regulation”;

b

after the definition of “the market abuse regulation” insert—

  • “supplementary market abuse enactment” means—

    1. a

      any EU regulation made under the market abuse regulation which is retained direct EU legislation;

    2. b

      any instrument made under the market abuse regulation on or after exit day.

3

Regulation 3 (designation of competent authority) is omitted.

4

In regulation 4(1) (delayed public disclosure of inside information), for “competent authority specified under Article 17.3 only upon the request of that authority” substitute “FCA only upon the FCA’s request”.

5

In regulations 6(1) and 7 (applications and notifications under the market abuse regulation), for “supplementary EU regulation” substitute “supplementary market abuse enactment”.

6

In regulation 23 (review), omit paragraph (2).

7

In the Schedule (reporting of actual or potential contraventions of the market abuse regulation to the FCA)—

a

in paragraph 4(2), omit “an EU obligation or”;

b

in paragraph 8(2), omit “and that of other competent authorities”.