The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016

PART 1 General

Citation and commencement

1.  These Regulations may be cited as the Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 and come into force on 3rd July 2016.

Interpretation

2.  In these Regulations—

“the 2000 Act” means the Financial Services and Markets Act 2000(1);

“the FCA” means the Financial Conduct Authority;

“the market abuse regulation” means Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC(2); and

“supplementary EU regulation” means a directly applicable EU regulation made under the market abuse regulation.

Designation of competent authority

3.  The FCA is designated under Article 22 (competent authorities) of the market abuse regulation as the competent authority for the purposes of the market abuse regulation and any supplementary EU regulation.

Delayed public disclosure of inside information

4.—(1) Where an issuer or an emission allowance market participant delays the disclosure of inside information under Article 17.4 (public disclosure of inside information) of the market abuse regulation it is required to provide a record of its written explanation of how the conditions set out in Article 17.4 were met to the competent authority specified under Article 17.3 only upon the request of that authority.

(2) In this regulation—

“emission allowance market participant” has the meaning given in Article 3.1 (20) of the market abuse regulation; and

“issuer” has the meaning given in Article 3.1(21) of the market abuse regulation.

Reporting contraventions of the market abuse regulation

5.  The Schedule (reporting of actual or potential contraventions of the market abuse regulation to the FCA) has effect.

Applications under the market abuse regulation

6.—(1) Any application to the FCA under the market abuse regulation or a supplementary EU regulation must—

(a) be made in such manner as the FCA may direct; and

(b) contain or be accompanied by, such other information as the FCA may reasonably require.

(2) At any time after receiving an application and before determining it, the FCA may require the applicant to provide it with such further information as it reasonably considers necessary to enable it to determine the application.

(3) Different directions may be given, and different requirements imposed, in relation to different applications or categories of application.

(4) The FCA may require an applicant to provide information under this regulation in such form, or to verify it in such a way, as the FCA may direct.

(5) Section 398(3) of the 2000 Act (misleading FCA or PRA: residual cases) applies to a requirement imposed under this regulation as it applies to a requirement imposed by or under the 2000 Act.

Notifications under the market abuse regulation

7.  Any notification to the FCA under the market abuse regulation or a supplementary EU regulation must be made in such manner as the FCA may direct.

(1)

2000 c. 8.

(2)

OJ No L 173, 14.04.2014, p31.

(3)

2000 c.8; Section 398 was amended by S.I. 2013/423, S.I. 2013/1773, S.I. 2015/1882 and by paragraphs 36(2) and (3) of Schedule 9 to the Financial Services Act 2012 (c. 21).