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

CHAPTER 4 U.K. [F1 Cooperation, professional secrecy and data protection]

Article 22 U.K. [F2 Functions of the FCA]

F3 ... The [F4 FCA] shall ensure that the provisions of this Regulation are applied [F5 in the United Kingdom], regarding all actions carried out [F5 in the United Kingdom], and actions carried out abroad relating to instruments admitted to trading on a regulated market, for which a request for admission to trading on such market has been made, auctioned on an auction platform or which are traded on an MTF or an OTF or for which a request for admission to trading has been made on an MTF operating within [F6 the United Kingdom].

Textual Amendments

F2 Art. 22 heading substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(2)(a); 2020 c. 1, Sch. 5 para. 1(1)

F3 Words in Art. 22 omitted (31.12.2020) by virtue of The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(2)(b); 2020 c. 1, Sch. 5 para. 1(1)

F4 Word in Art. 22 substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(2)(c)(i); 2020 c. 1, Sch. 5 para. 1(1)

F5 Words in Art. 22 substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(2)(c)(ii); 2020 c. 1, Sch. 5 para. 1(1)

F6 Words in Art. 22 substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(2)(c)(iv); 2020 c. 1, Sch. 5 para. 1(1)

Article 23 U.K. [F7 Interaction with other provisions]

F8 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3. F10 ...

This Regulation is without prejudice to laws, regulations and administrative provisions adopted in relation to takeover bids, merger transactions and other transactions affecting the ownership or control of companies regulated by the [F11 Panel on Takeovers and Mergers that impose requirements in addition to the requirements of this Regulation.]

4. A person making information available to [F12 the FCA, the GFSC or] the competent authority in accordance with this Regulation shall not be considered to be infringing any restriction on disclosure of information imposed by contract or by any legislative, regulatory or administrative provision, and shall not involve the person notifying in liability of any kind related to such notification.

Textual Amendments

F7 Art. 23 heading substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(3)(a); 2020 c. 1, Sch. 5 para. 1(1)

F8 Art. 23(1) omitted (31.12.2020) by virtue of The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(3)(b); 2020 c. 1, Sch. 5 para. 1(1)

F9 Art. 23(2) omitted (31.12.2020) by virtue of The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(3)(b); 2020 c. 1, Sch. 5 para. 1(1)

F10 Words in Art. 23(3) omitted (31.12.2020) by virtue of The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(3)(c)(i); 2020 c. 1, Sch. 5 para. 1(1)

F11 Words in Art. 23(3) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(3)(c)(ii); 2020 c. 1, Sch. 5 para. 1(1)

F12 Words in Art. 23(4) inserted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(3)(d) (as amended by S.I. 2019/680, regs. 1(3), 8(9)(a)); 2020 c. 1, Sch. 5 para. 1(1)

F13 Article 24 U.K. Cooperation with ESMA

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F13 Art. 24 omitted (31.12.2020) by virtue of The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(4); 2020 c. 1, Sch. 5 para. 1(1)

Article 25 U.K. Obligation to cooperate

F14 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F14 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F14 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F14 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F14 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F14 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F14 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8. [F15 The FCA may] cooperate and exchange information with relevant national and third-country regulatory authorities [F16 (including authorities in Gibraltar)] responsible for the related spot markets where [F17 it has] reasonable grounds to suspect that acts, which constitute insider dealing, unlawful disclosure of information or market manipulation infringing this Regulation, are being, or have been, carried out. Such cooperation shall ensure a consolidated overview of the financial and spot markets, and shall detect and impose sanctions for cross-market and cross-border market abuses.

In relation to emission allowances, the cooperation and exchange of information provided for under the first subparagraph [F18 may also take place] with:

F19 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) competent authorities, registry administrators [F20 in the EU or the UK], including the Central Administrator [F21 in the EU], and other public bodies [F22 in the EU or the UK] charged with the supervision of compliance under Directive 2003/87/EC [F23 or under the Greenhouse Gas Emissions Trading Scheme Order 2020 or the Greenhouse Gas Emissions Trading Scheme Auctioning Regulations 2021].

F24 ...

F25 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Textual Amendments

F14 Art. 25(1)-(7) omitted (31.12.2020) by virtue of The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(5)(a); 2020 c. 1, Sch. 5 para. 1(1)

F15 Words in Art. 25(8) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(5)(b)(i)(aa); 2020 c. 1, Sch. 5 para. 1(1)

F16 Words in Art. 25(8) inserted (31.12.2020) by S.I. 2019/310, reg. 13(5)(b)(i)(aba) (as inserted by The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/680), regs. 1(3), 8(9)(b); 2020 c. 1, Sch. 5 para. 1(1))

F17 Words in Art. 25(8) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(5)(b)(i)(bb); 2020 c. 1, Sch. 5 para. 1(1)

F18 Words in Art. 25(8) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(5)(b)(ii)(aa); 2020 c. 1, Sch. 5 para. 1(1)

F19 Art. 25(8)(a) omitted (22.4.2021) by virtue of The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 9(10)(a)

F20 Words in Art. 25(8)(b) inserted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 9(10)(b)(i)

F21 Words in Art. 25(8)(b) inserted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 9(10)(b)(ii)

F22 Words in Art. 25(8)(b) inserted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 9(10)(b)(iii)

F23 Words in Art. 25(8)(b) inserted (22.4.2021) by The Recognised Auction Platforms (Amendment and Miscellaneous Provisions) Regulations 2021 (S.I. 2021/494), regs. 1(2), 9(10)(b)(iv)

F24 Words in Art. 25(8) omitted (31.12.2020) by virtue of The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(5)(b)(iii); 2020 c. 1, Sch. 5 para. 1(1)

F25 Art. 25(9) omitted (31.12.2020) by virtue of The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(5)(c); 2020 c. 1, Sch. 5 para. 1(1)

Article 26 U.K. Cooperation with third countries

1. The [F26 FCA] [F27 may], conclude cooperation arrangements with supervisory authorities of third countries concerning the exchange of information with supervisory authorities in third countries and the enforcement of obligations arising under this Regulation in third countries. Those cooperation arrangements shall ensure at least an efficient exchange of information that allows the [F28 FCA to carry out its] duties under this Regulation.

F29 ...

F30 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3. The [F31 FCA may] conclude cooperation arrangements on exchange of information with the supervisory authorities of third countries only where the information disclosed is subject to guarantees of professional secrecy which are at least equivalent to those set out in Article 27. Such exchange of information must be intended for the performance of the tasks of [F32 the FCA].

Textual Amendments

F26 Word in Art. 26(1) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(6)(a)(i); 2020 c. 1, Sch. 5 para. 1(1)

F27 Word in Art. 26(1) substituted (31.12.2020) by The Public Record, Disclosure of Information and Co-operation (Financial Services) (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/681), regs. 1(3), 11(2); 2020 c. 1, Sch. 5 para. 1(1)

F28 Words in Art. 26(1) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(6)(a)(ii); 2020 c. 1, Sch. 5 para. 1(1)

F29 Words in Art. 26(1) omitted (31.12.2020) by virtue of The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(6)(a)(iii); 2020 c. 1, Sch. 5 para. 1(1)

F30 Art. 26(2) omitted (31.12.2020) by virtue of The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(6)(b); 2020 c. 1, Sch. 5 para. 1(1)

F31 Words in Art. 26(3) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(6)(c)(i); 2020 c. 1, Sch. 5 para. 1(1)

F32 Words in Art. 26(3) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(6)(c)(ii); 2020 c. 1, Sch. 5 para. 1(1)

Article 27 U.K. Professional secrecy

1. Any confidential information received, exchanged or transmitted pursuant to this Regulation shall be subject to the conditions of professional secrecy laid down in paragraphs 2 and 3.

2. All the information [F33 exchanged between the FCA and competent authorities] under this Regulation that concerns business or operational conditions and other economic or personal affairs shall be considered to be confidential and shall be subject to the requirements of professional secrecy, except where the [F34 authority from whom the information is received] states at the time of communication that such information may be disclosed or such disclosure is necessary for legal proceedings.

3. The obligation of professional secrecy applies to all persons who work or who have worked for the [F35 FCA] or for any authority or market undertaking to whom the [F35 FCA] has delegated its powers, including auditors and experts contracted by the [F35 FCA]. Information covered by professional secrecy may not be disclosed to any other person or authority except by virtue of provisions laid down by [F36 the law of the United Kingdom, or any part of the United Kingdom].

Textual Amendments

F33 Words in Art. 27(2) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(7)(a)(i); 2020 c. 1, Sch. 5 para. 1(1)

F34 Words in Art. 27(2) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(7)(a)(ii); 2020 c. 1, Sch. 5 para. 1(1)

F35 Words in Art. 27(3) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(7)(b)(i); 2020 c. 1, Sch. 5 para. 1(1)

F36 Words in Art. 27(3) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(7)(b)(ii); 2020 c. 1, Sch. 5 para. 1(1)

[F37 Article 28 U.K. Data protection

Nothing in this Regulation is to be taken as authorising a disclosure of personal data in contravention of Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, or of the Data Protection Act 2018.

F38 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .]

Textual Amendments

F37 Art. 28 substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(8); 2020 c. 1, Sch. 5 para. 1(1)

F38 Words in Art. 28 omitted (1.7.2021) by virtue of Financial Services Act 2021 (c. 22), ss. 39, 49(5); S.I. 2021/739, reg. 3(u)

Article 29 U.K. Disclosure of personal data to third countries

1. [F39 The FCA may transfer personal data to a third country where the transfer does not contravene Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, or the Data Protection Act 2018; but such transfer may only be made on a case-by-case basis.] The [F40 FCA] shall ensure that the transfer is necessary for the purpose of this Regulation and that the third country does not transfer the data to another third country unless it is given express written authorisation and complies with the conditions specified by the [F40 FCA]F41 ....

F42 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3. Where a cooperation agreement provides for the exchange of personal data, it shall comply with [F43 Regulation (EU) 2016/679 and the Data Protection Act 2018].

Textual Amendments

F39 Words in Art. 29(1) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(9)(a)(i); 2020 c. 1, Sch. 5 para. 1(1)

F40 Words in Art. 29(1) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(9)(a)(ii)(aa); 2020 c. 1, Sch. 5 para. 1(1)

F41 Words in Art. 27(1) omitted (31.12.2020) by virtue of The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(9)(A)(ii)(bb); 2020 c. 1, Sch. 5 para. 1(1)

F42 Art. 27(2) omitted (31.12.2020) by virtue of The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(9)(b); 2020 c. 1, Sch. 5 para. 1(1)

F43 Words in Art. 27(3) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(9)(c); 2020 c. 1, Sch. 5 para. 1(1)

Textual Amendments

F1 Ch. 4 heading substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 13(1); 2020 c. 1, Sch. 5 para. 1(1)