13.—(1) Article 16 (cooperation at Union and national level) is amended as follows.U.K.
(2) In the heading, omit “at Union and national level”.
(3) In paragraph 1—
(a)omit the first and second subparagraphs;
(b)in the third subparagraph, for the words from the beginning to “level”, substitute—
“The GB Authority and the NI Authority must cooperate with each other, and may, if they consider it expedient to do so, cooperate with the Agency and national regulatory authorities of member States”.
(c)in the fourth subparagraph, for the words from the beginning to “Member State” substitute “ The national regulatory authority, the FCA and the CMA ”.
(4) In paragraph 2—
(a)omit the first subparagraph;
(b)in the second subparagraph—
(i)for “a national” substitute “ the national ”;
(ii)for “that Member State” substitute “ the United Kingdom ”;
(iii)for “another Member” substitute “ a member ”;
(iv)after “this Article”, in both places in which it occurs, insert “ (as it applies in EU law) ”;
(v)for “financial instruments subject to Article 9 of Directive 2003/6/EC” substitute “ relevant financial instruments ”.
(5) In paragraph 3—
(a)in subparagraph (a)—
(i)for the words from the beginning to “they have” substitute “ the national regulatory authority must inform the FCA where it has ”;
(ii)for the words from “Directive 2003/6/EC” to the end, substitute “ the Market Abuse Regulation and which affect relevant financial instruments ”;
(b)omit subparagraphs (b) and (c);
(c)in subparagraph (d), for the words from the beginning to “they have” substitute “ the national regulatory authority must inform the CMA where it has ”.
(6) Omit paragraphs 4 to 6.
Commencement Information
I1Sch. 1 para. 13 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)