The Financial Services and Markets Act 2000 (Prospectus and Markets in Financial Instruments) Regulations 2018

Amendment of the Financial Services and Markets Act 2000

2.—(1) The Financial Services and Markets Act 2000(1) is amended as follows.

(2) In section 86(1)(e) (exempt offers to the public)(2) for “100,000” substitute “8,000,000”.

(3) In section 86(7)(c) (3) for “Article 24” substitute “Article 30”.

(4) In section 354D (information under the markets in financial instruments directive)(4)—

(a) in subsection (1)—

(i) in paragraph (b) at the end of sub-paragraph (iii) omit “and”;

(ii) in paragraph (c) for “Article 53.1” substitute “Article 75.1”;

(iii) after paragraph (c) insert—

“; and

(d) information about, and the final judgment of the court in relation to, any convictions where the proceedings were instituted by the regulator in connection with the regulator’s functions under the markets in financial instruments directive or the markets in financial instruments regulation.”;

(b) in subsection (5)—

(i) in paragraph (a) for “Article 27.2 of the markets in financial instruments directive” substitute “Article 14 of the markets in financial instruments regulation”;

(ii) in paragraph (b)—

(aa) for “Article 4.1.14” substitute “Article 4.1.21”, and

(bb) for “Article 4.1.20(b)” substitute “Article 4.1.55(b)”;

(c) in subsection (8), in the definition of “UK investment firm”, for “Article 4.1.20(a)” substitute “Article 4.1.55(a)”.

(5) In section 354E (competent authorities under the markets in financial instruments directive: designation and co-operation)(5)—

(a) in subsection (1) in paragraph (a) for “Article 48.1” substitute “Article 67.1”;

(b) in subsection (2) for “Article 56.1” substitute “Article 79.1”;

(c) in subsection (8)—

(i) in paragraph (a) for “Article 57” substitute “Article 80”;

(ii) in paragraph (b) for “Article 58.1”, substitute “Article 81.1”;

(d) in subsection (10) for “Article 59(a), (b) or (c)” substitute “Article 83(a) or (b)”;

(e) in subsection (12) for “Article 48.1” substitute “Article 67.1”.

(6) In paragraph 9(1) of Schedule 11A to that Act (transferable securities)(6) for “5,000,000” substitute “1,000,000”.

(1)

2000 c. 8.

(2)

Section 86 was substituted by S.I. 2005/1433 and subsection (1)(e) was subsequently amended by S.I. 2012/1538.

(3)

Section 86 was substituted by S.I. 2005/1433 and subsection (7) was subsequently substituted by S.I. 2012/1538.

(4)

Section 354D was inserted by S.I. 2016/1095.

(5)

Section 354E was inserted by S.I. 2016/1095.

(6)

Schedule 1A was inserted by S.I. 2005/1433 and paragraph 9(1) was amended by S.I. 2005/1433, S.I. 2011/1668 and S.I. 2012/1538.