Financial Services Act 2021

30 Insider lists and managers’ transactions

(1) Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse is amended as follows.

(2) In Article 18 (insider lists)—

(a) in paragraph 1, in the opening words—

(i) for “or any person” substitute “, and any person”, and

(ii) after “shall” insert “each”,

(b) in paragraph 2, in the first subparagraph—

(i) for “or any person” substitute “, and any person”,

(ii) after “shall” insert “each”, and

(iii) for “the insider list” substitute “their insider list”,

(c) in paragraph 2, for the second subparagraph substitute—

“Where another person is requested by the issuer to draw up and update the issuer’s insider list, the issuer shall remain fully responsible for complying with this Article. The issuer shall always retain a right of access to the insider list that the other person is drawing up.”,

(d) in paragraph 4—

(i) for “or any person” substitute “, and any person”, and

(ii) for “shall update the” substitute “, shall each update their”, and

(e) in paragraph 5—

(i) for “or any person” substitute “, and any person”, and

(ii) for “shall retain the” substitute “, shall each retain their”.

(3) In Article 19 (managers’ transactions)—

(a) in paragraph 1, in the second subparagraph, for “business days” substitute “working days”,

(b) in paragraph 3, in the first subparagraph, for the words from the beginning to “transaction” substitute “The issuer or emission allowance market participant must make public the information contained in a notification referred to in paragraph 1 within two working days of receipt of such a notification”, and

(c) at the end insert—

“16. In this Article, “working day” means a day other than—

(a) Saturday or Sunday,

(b) Christmas Day or Good Friday, or

(c) a day which is a bank holiday in England and Wales under the Banking and Financial Dealings Act 1971.”