Regulation (EU) No 596/2014 of the European Parliament and of the CouncilDangos y teitl llawn

Article 6 U.K. Exemption for monetary and public debt management activities and climate policy activities

1. This Regulation does not apply to transactions, orders or behaviour, in pursuit of monetary, exchange rate or public debt management policy by:

(a) [F1 the United Kingdom (including any government department of the United Kingdom)];

(b) the [F2 Bank of England];

[F3 (ba) the Treasury or a person acting on its behalf;

(c) a ministry, any other agency or a special purpose vehicle of—

(i) the United Kingdom; or

(ii) the United Kingdom and one or more Member States;

(ca) a person acting on behalf of a ministry, agency or special purpose vehicle referred to in point (c);

(cb) a subsidiary or special purpose vehicle of the Bank of England;]

[F4 (d) the Scottish Government, the Welsh Government, or the Northern Ireland Executive;

(e) the Government of Gibraltar;

(f) any special purpose vehicle of the Government of Gibraltar;

(g) any special purpose vehicle created by the Government of Gibraltar and the United Kingdom or one or more Member States.]

2. F5 ...

This Regulation does not apply to [F6 transactions, orders or behaviour carried out in pursuit of public debt management policy] by:

F7 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7 (c) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7 (d) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F7 (e) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(f) an international financial institution established by [F8 the United Kingdom and one or more Member States] which has the purpose to mobilise funding and provide financial assistance to the benefit of its members that are experiencing or threatened by severe financing problems.

[F9 2A. This Regulation does not apply to the activities of the Secretary of State, the Scottish Ministers, the Welsh Ministers, a Northern Ireland department or any other officially designated body, or of any person acting on their behalf, that are undertaken in pursuit of agricultural policy, or of fisheries and aquaculture policy, in accordance with [F10 assimilated] law or with any international agreement to which the United Kingdom is a party.]

[F11 2B. This Regulation does not apply to the activities of the Secretary of State, the Scottish Ministers, the Welsh Ministers, a Northern Ireland department or any other officially designated body, or of any person acting on their behalf, which concern UK emission allowances and are undertaken in pursuit of the climate policies of the United Kingdom or of any part of the United Kingdom or in accordance with any international agreement to which the United Kingdom is a party.]

3. [F12 The Treasury may by regulations make provision for this Regulation not to apply to the activity] of a Member State, the Commission or any other officially designated body, or of any person acting on their behalf, which concerns emission allowances and which is undertaken in pursuit of the Union’s climate policy in accordance with Directive 2003/87/EC.

4. [F13 The Treasury may by regulations make provision for this Regulation not to apply to the activities] of a Member State, the Commission or any other officially designated body, or of any person acting on their behalf, that are undertaken in pursuit of the Union’s Common Agricultural Policy or of the Union’s Common Fisheries Policy in accordance with acts adopted or with international agreements concluded under the TFEU.

[F14 5. The Treasury may by regulations extend the exemption referred to in paragraph 1 to transactions, orders or behaviour which are carried out by—

(a) a Member State;

(b) members of the ESCB;

(c) a ministry, agency or special purpose vehicle of one or more Member States, or a person acting on their behalf;

(d) in the case of a Member State that is a federal state, a member making up the federation;

(e) certain public bodies and central banks of third countries.]

[F15 5A. The Treasury may by regulations extend the exemption referred to in paragraph 2 to transactions, orders or behaviour which are carried out by—

(a) the Commission or any other officially designated body, or any person acting on their behalf;

(b) the Union;

(c) a special purpose vehicle of one or more Member States;

(d) the European Investment Bank;

(e) the European Financial Stability Facility;

(f) the European Stability Mechanism;

(g) an international financial institution established by two or more Member States which has the purpose of mobilising funding and providing financial assistance for the benefit of its members that are experiencing or threatened by severe financial problems.]

F16 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7. This Article shall not apply to persons working under a contract of employment or otherwise for the entities referred to in this Article where those persons carry out transactions or orders, or engage in behaviour, directly or indirectly, on their own account.

Textual Amendments

F1 Words in Art. 6(1)(a) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 10(6)(a)(i); 2020 c. 1, Sch. 5 para. 1(1)

F2 Words in Art. 6(1)(b) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 10(6)(a)(ii); 2020 c. 1, Sch. 5 para. 1(1)

F3 Art. 6(1)(ba)-(cb) substituted for Art. 6(1)(c) (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 10(6)(a)(iii); 2020 c. 1, Sch. 5 para. 1(1)

F4 Art. 6(1)(d)-(g) substituted for Art. 6(1)(d) (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 10(6)(a)(iv) (as amended by S.I. 2019/680, regs. 1(3), 8(6)); 2020 c. 1, Sch. 5 para. 1(1)

F5 Words in Art. 6(2) omitted (31.12.2020) by virtue of The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 10(6)(b)(i); 2020 c. 1, Sch. 5 para. 1(1)

F6 Words in Art. 6(2) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 10(6)(b)(ii); 2020 c. 1, Sch. 5 para. 1(1)

F7 Art. 6(2)(a)-(e) omitted (31.12.2020) by virtue of The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 10(6)(b)(iii)(aa); 2020 c. 1, Sch. 5 para. 1(1)

F8 Words in Art. 6(2)(f) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 10(6)(b)(iii)(bb); 2020 c. 1, Sch. 5 para. 1(1)

F9 Art. 6(2A) inserted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 10(6)(c); 2020 c. 1, Sch. 5 para. 1(1)

F10 Word in Art. 6(2A) substituted (27.2.2025) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendments) Regulations 2025 (S.I. 2025/82), reg. 1(2), Sch. 9 para. 38

F11 Art. 6(2B) inserted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 9(4)

F12 Words in Art. 6(3) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 10(6)(d); 2020 c. 1, Sch. 5 para. 1(1)

F13 Words in Art. 6(4) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 10(6)(e); 2020 c. 1, Sch. 5 para. 1(1)

F14 Art. 6(5) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 10(6)(f); 2020 c. 1, Sch. 5 para. 1(1)

F15 Art. 6(5A) inserted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 10(6)(g); 2020 c. 1, Sch. 5 para. 1(1)

F16 Art. 6(6) omitted (31.12.2020) by virtue of The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 10(6)(h); 2020 c. 1, Sch. 5 para. 1(1)