The Short Selling (Amendment) (EU Exit) Regulations 2018

Transparency of Net Short Positions

8.—(1) In Article 5—

(a) in paragraph 1, for “relevant competent authority” substitute “FCA”;

(b) omit paragraph 3;

(c) in paragraph 4, for “Commission shall be empowered to adopt delegated acts in accordance with Article 42 modifying” substitute “Treasury may by regulations modify”.

(2) In Article 6—

(a) omit paragraph 3;

(b) in paragraph 4, for “Commission shall be empowered to adopt delegated acts in accordance with Article 42 modifying” substitute “Treasury may by regulations modify”;

(c) in paragraph 5, for “supervisory authorities appointed by Member States pursuant to Article 4 of Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids” substitute “Panel on Takeovers and Mergers”.

(3) In Article 7—

(a) in paragraph 1—

(i) for “relevant competent authority” substitute “FCA”;

(ii) omit “concerned”;

(b) in paragraph 2—

(i) for “each sovereign” substitute “the sovereign”;

(ii) after “paragraph 3”, insert “before exit day, or in regulations made by the Treasury in accordance with that paragraph as amended”;

(iii) for the final sentence substitute “The FCA shall publish on its website the notification thresholds for the United Kingdom.”;

(c) in paragraph 3—

(i) for “Commission shall be empowered to adopt delegated acts in accordance with Article 42 specifying” substitute “Treasury may by regulations specify”;

(ii) for “Commission”, in the second place it occurs, substitute “Treasury”;

(iii) in point (b) in the second sub-paragraph—

(aa) for “each sovereign” substitute “the sovereign”;

(bb) for “that sovereign” substitute “the sovereign”;

(iv) in point (c) for “each sovereign” substitute “the sovereign”.

(4) In Article 8—

(a) for “a competent authority” substitute “the FCA”;

(b) for “relevant competent authority” substitute “FCA”.

(5) In Article 9—

(a) in paragraph 2, in the final sentence, for the words from “Member State” to the end of the sentence, substitute “United Kingdom”;

(b) in paragraph 3, for “a relevant competent authority” substitute “the FCA”;

(c) in paragraph 4—

(i) for “relevant competent authority” substitute “FCA”;

(ii) omit the final sentence;

(d) for paragraph 5, substitute—

“5.   The FCA may make technical standards specifying the details of the information to be provided for the purposes of paragraph 1.”;

(e) for paragraph 6, substitute—

“6.   For the purposes of paragraph 4, the FCA may make technical standards specifying the means by which information may be disclosed to the public.”.

(6) In Article 10, for “Union” substitute “United Kingdom”.

(7) Omit Article 11.