CHAPTER 2

INSIDE INFORMATION, INSIDER DEALING, UNLAWFUL DISCLOSURE OF INSIDE INFORMATION AND MARKET MANIPULATION

Prevention and detection of market abuse
Article 16
1
Market operators and investment firms that operate a UK trading venue shall establish and maintain effective arrangements, systems and procedures aimed at preventing and detecting insider dealing, market manipulation and attempted insider dealing and market manipulation, in accordance with the law of the United Kingdom or any part of the United Kingdom which was relied on immediately before IP completion day to implement Articles 31 and 54 of Directive 2014/65/EU and those Articles' implementing measures—
a
as they have effect on IP completion day, in the case of rules made by the Financial Conduct Authority or by the Prudential Regulation Authority under the Financial Services and Markets Act 2000, and
b
as amended from time to time, in all other cases.
A person referred to in the first subparagraph shall report orders and transactions, including any cancellation or modification thereof, that could constitute insider dealing, market manipulation or attempted insider dealing or market manipulation to the FCA without delay.
2
Any person professionally arranging or executing transactions shall establish and maintain effective arrangements, systems and procedures to detect and report suspicious orders and transactions. Where such a person has a reasonable suspicion that an order or transaction in any financial instrument, whether placed or executed on or outside a UK trading venue, could constitute insider dealing, market manipulation or attempted insider dealing or market manipulation, the person shall notify the FCA without delay.
3
... Persons professionally arranging or executing transactions shall be subject to the rules of notification of the United Kingdom where they are registered or have their head office in the United Kingdom or, in the case of a branch, where the branch is situated in the United Kingdom. The notification shall be addressed to the FCA.
4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
The FCA may make technical standards to determine:
a
appropriate arrangements, systems and procedures for persons to comply with the requirements established in paragraphs 1 and 2;
b
the notification templates to be used by persons to comply with the requirements established in paragraphs 1 and 2.
Word in Art. 16(1) inserted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 11(7)(a)(i); 2020 c. 1, Sch. 5 para. 1(1)
Words in Art. 16(1) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 11(7)(a)(ii) (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 17(e)); 2020 c. 1, Sch. 5 para. 1(1)
Word in Art. 16(1) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 11(7)(a)(iii); 2020 c. 1, Sch. 5 para. 1(1)
Word in Art. 16(2) inserted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 11(7)(b)(i); 2020 c. 1, Sch. 5 para. 1(1)
Word in Art. 16(2) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 11(7)(b)(ii); 2020 c. 1, Sch. 5 para. 1(1)
Words in Art. 16(3) omitted (31.12.2020) by virtue of The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 11(7)(c)(i); 2020 c. 1, Sch. 5 para. 1(1)
Words in Art. 16(3) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 11(7)(c)(ii); 2020 c. 1, Sch. 5 para. 1(1)
Art. 16(4) omitted (31.12.2020) by virtue of The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 11(7)(d); 2020 c. 1, Sch. 5 para. 1(1)
Art. 16(5) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 11(7)(e); 2020 c. 1, Sch. 5 para. 1(1)