The Prospectus (Amendment etc.) (EU Exit) Regulations 2019

Simplified disclosure regime for secondary issuers

42.  In Article 14—

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

“It shall also take account the regulated information that has already been disclosed to the public pursuant to—

(i) provisions of the law of the United Kingdom relied on at the time of the disclosure in question to implement Directive 2004/109/EC, where applicable, in relation to disclosures made before exit day,

(ii) the UK law which implemented Directive 2004/109/EC, where applicable, in relation to disclosures after exit day, and

(iii) Regulation (EU) No 596/2014.”.

(b) in paragraph 3—

(i) in the first subparagraph, for “The Commission shall, by 21 January 2019, adopt delegated acts in accordance with Article 44 to” substitute “The Treasury may by regulations”;

(ii) in the third subparagraph—

(aa) for “Commission” in each place it occurs, substitute “Treasury”;

(bb) for “Directive 2004/109/EC, where applicable, and Regulation (EU) No 596/2014” substitute “the provisions referred to in the second sentence of paragraph 2 of this Article”.