PART 2 U.K.Amendments to the Act

CHAPTER 8 U.K.Part 12 of the Act: control over authorised persons

Section 184 (disregarded holdings) U.K.

49.  M1 In section 184 (disregarded holdings)—

(a) in subsection (4)—

(i) in paragraph (a) M2 , for the words from “article 4.1.7” to “directive” substitute “ article 2.1.6 of the markets in financial instruments regulation ”;

(ii) for paragraph (b), substitute—

“(b) has a Part 4A permission to carry on one or more investment services and activities;”;

(b) in subsection (5), for “credit institution” substitute “ qualifying credit institution ”;

(c) in subsection (6)—

(i) in the opening words and in paragraph (b)), for “credit institution” substitute “ qualifying credit institution ”;

(ii) in paragraph (a)(ii), omit the words from “in accordance with” to the end;

(d) in subsection (7) M3 , for “Article 2.1(b) of the UCITS Directive” substitute “ section 237(2) ”;

(e) in subsection (9A) M4 , for the words from “Commission” to “financial instruments” substitute “ the market abuse regulation and the Commission Delegated Regulation (EU) No. 1052/2016 of 8 March 2016 supplementing Regulation (EU) No. 596/2014 of the European Parliament and the Council with regard to the regulatory technical standards for conditions applicable to buy-back programmes and stabilisation measures ”.

Commencement Information

I1 Reg. 49(e) in force at 23.3.2019, see reg. 1(2)(a)

I2 Regs. 49(a)-(d) in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Marginal Citations

M1 Section 184 was substituted by S.I. 2009/534.

M2 Section 184(4)(a) was substituted by S.I. 2017/701.

M3 Section 184(7) was amended by S.I. 2011/1613.

M4 Section 184(9A) was inserted by S.I. 2015/1755.