- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (a wnaed Fel)
This version of this chapter contains provisions that are prospective.
The term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section. A version of a provision is prospective either:
Commencement Orders listed in the ‘Changes to Legislation’ box as not yet applied may bring this prospective version into force.
The Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019, CHAPTER 1 is up to date with all changes known to be in force on or before 05 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
3. FSMA 2000 is amended as follows.
Commencement Information
I1Reg. 3 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)
Prospective
F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Reg. 4 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 11 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
5. In section 75 (applications for listing), in subsection (6), for “officially listed in another EEA State” substitute “ listed in a country or territory outside the United Kingdom ”.
Commencement Information
I2Reg. 5 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)
Prospective
F26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2Reg. 6 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 12 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
7. In section 85 (prohibition of dealing etc in transferable securities without approved prospectus), in subsection (7), for the words from “competent authority” to the end substitute “ FCA ”.
Commencement Information
I3Reg. 7 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)
8.—(1) Section 86 (exempt offers to the public) M1 is amended as follows.
(2) In subsection (1)—
F3(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)in paragraph (e), for “in the EEA States” substitute “ in the United Kingdom ”.
F4(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) In subsection (2), for “point (1) of Section I of Annex II to the markets in financial instruments directive” substitute “ paragraph 3(a) of Schedule 1 to the markets in financial instruments regulation ”M2 .
F5(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5(9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5(10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3Reg. 8(2)(a) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 13(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F4Reg. 8(3)(4) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 13(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F5Reg. 8(6)-(10) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 13(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Commencement Information
I4Reg. 8 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)
Marginal Citations
M1Section 86 was substituted by S.I. 2005/1433 and subsequently amended, most recently by S.I. 2018/786.
M2Schedule 1 is inserted by S.I. 2018/1403.
Prospective
F69. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F6Reg. 9 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 14 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
10.—(1) Section 87A (criteria for approval of prospectus by FCA) M3 is amended as follows.
(2) In subsection (1)—
(a)omit paragraph (a);
F7(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) In subsection (2A), omit “EEA”.
F8(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F8(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F7Reg. 10(2)(b) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 15(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F8Reg. 10(4)(5) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 15(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Commencement Information
I5Reg. 10 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)
Marginal Citations
M3Sections 87A to 87R were inserted by S.I. 2005/1433.
Prospective
F911. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F9Reg. 11 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 16(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
F1012. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F10Reg. 12 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 16(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
F1113. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F11Reg. 13 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 16(c) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
F1214. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F12Reg. 14 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 16(d) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
F1315. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F13Reg. 15 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 16(e) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
F1416. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F14Reg. 16 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 16(f) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
F1517. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F15Reg. 17 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 16(g) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
18. Omit section 87P (exercise of powers at request of competent authority of another EEA State).
Commencement Information
I6Reg. 18 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)
19.—(1) Section 89A (transparency rules) M4 is amended as follows.
(2) For subsection (1) substitute—
“(1) The FCA may make rules—
(a)imposing requirements in relation to the disclosure of periodic or ongoing information about issuers whose securities are admitted to trading on a regulated market, and
(b)dealing with matters arising out of or relating to such requirements.”.
(3) In subsection (2), after “any matters” insert “ dealt with in the transparency obligations directive or with any matters that, when the United Kingdom was a member State, would have been matters ”.
(4) After subsection (4) insert—
“(4A) The provision that may be made by virtue of subsection (4)(g) includes (but is not limited to) provision, in the case of an issuer whose registered office is situated in a country or territory outside the United Kingdom, allowing exemption from specified provisions of rules under this section if—
(a)the law of that country or territory is considered by the FCA to lay down equivalent requirements, or
(b)the issuer complies with the requirements of the law of a country or territory that the FCA considers as equivalent.”.
Commencement Information
I7Reg. 19 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)
Marginal Citations
M4Sections 89A to 89G were inserted by the Companies Act 2006 (c. 46) section 1266(1).
20.—(1) Section 89B (provision of voteholder information) is amended as follows.
(2) In subsection (4), for the words from “person” to the end substitute “ person in accordance with the following provisions ”.
(3) In subsection (5), omit “under subsection (4)(b)”.
Commencement Information
I8Reg. 20 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)
21.—(1) Section 89C (provision of information by issuers of transferable securities) is amended as follows.
(2) In subsection (2), for paragraphs (a) and (aa) (except the final “and”) substitute—
“(a)an annual financial report which complies with subsection (5) and with such other requirements as may be specified;
(aa)in the case of an issuer which is—
(i)a mining or quarrying undertaking, or
(ii)a logging undertaking,
reports complying with specified requirements on payments to governments;”.
(3) In subsections (3) and (4)(a), for “information required by Article 5 of the transparency obligations directive” substitute “ a half-yearly financial report which covers the first 6 months of the financial year and complies with subsection (6) and with such other requirements as may be specified ”.
(4) After subsection (4) insert—
“(5) An issuer's annual financial report must include—
(a)audited financial statements complying with specified requirements,
(b)a management report complying with specified requirements, and
(c)statements which—
(i)relate to the financial statements and the management report,
(ii)are made by the persons responsible within the issuer, and
(iii)comply with specified requirements.
(6) An issuer's half-yearly financial report must include—
(a)a condensed set of financial statements complying with specified requirements,
(b)an interim management report complying with specified requirements, and
(c)statements which—
(i)relate to the condensed set of financial statements and the interim management report,
(ii)are made by the persons responsible within the issuer, and
(iii)comply with specified requirements.
(7) In subsection (2)(aa), “mining or quarrying undertaking”, “logging undertaking”, “payment” and “government” have the same meanings as in the Reports on Payments to Governments Regulations 2014 M5.
(8) In this section “specified” means specified in, or referred to in, transparency rules.”.
Commencement Information
I9Reg. 21 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)
Marginal Citations
22.—(1) Section 89D (notification of voting rights held by issuer) is amended as follows.
(2) In subsection (1), for the words from “the issuer” to the end substitute “ the issuer in accordance with the following provisions ”.
(3) In subsection (2), omit “under subsection (1)(b)”.
Commencement Information
I10Reg. 22 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)
23. In section 89F (transparency rules: interpretation etc), after subsection (1) insert—
“(1A) The FCA must establish, publish and periodically update an indicative list of financial instruments that are subject to notification requirements by virtue of subsection (1)(b)(iii), taking into account developments on financial markets.
(1B) Publication of the indicative list is to be in such manner as the FCA considers appropriate.”.
Commencement Information
I11Reg. 23 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)
24.—(1) Section 89K (public censure of issuer) M6 is amended as follows.
(2) In subsection (5), for the words from “under” to the end substitute “ under qualifying transparency legislation ”.
(3) After subsection (5) insert—
“(5A) In this Part “qualifying transparency legislation” means—
(a)transparency rules,
(b)any EU regulation, originally made under the transparency obligations directive, that is retained direct EU legislation,
(c)regulations made by the Treasury under regulation 71 of the Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 for a purpose specified in paragraphs 10 to 20 of Schedule 2 to those Regulations, or
(d)technical standards made by the FCA under regulation 72 of those Regulations for a purpose specified in paragraphs 31 to 35 of that Schedule.”.
(4) Omit subsection (6).
Commencement Information
I12Reg. 24 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)
Marginal Citations
M6Sections 89K to 89N were inserted by the Companies Act 2006 section 1268.
25.—(1) Section 89L (power to suspend or prohibit trading of securities) is amended as follows.
(2) In subsection (3), for the words from “a provision” to “directive” substitute “ an applicable transparency obligation ”.
(3) In subsection (5), for the words from “under” to the end substitute “ under qualifying transparency legislation ”.
(4) Omit subsection (6).
Commencement Information
I13Reg. 25 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)
26. In section 89NA (voting rights suspension orders) M7, in subsection (11), in the definition of “relevant transparency provision”—
(a)in paragraph (a), for “implements” substitute “ implemented ”;
(b)omit the “or” at the end of paragraph (a);
(c)for paragraph (b) substitute—
“(b)a provision, originally made under any of those Articles, that is retained direct EU legislation,
(c)a provision of regulations made by the Treasury under regulation 71 of the Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 for a purpose specified in paragraphs 13 to 16 of Schedule 2 to those Regulations, or
(d)a provision of technical standards made by the FCA under regulation 72 of those Regulations for a purpose specified in paragraphs 32 to 35 of that Schedule.”.
Commencement Information
I14Reg. 26 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)
Marginal Citations
M7Inserted by S.I. 2015/1755.
27.—(1) Section 89O (corporate governance rules) M8 is amended as follows.
(2) For subsection (1) substitute—
“(1) The FCA may make rules (“corporate governance rules”) relating to the corporate governance of issuers who have requested or approved admission of their securities to trading on a regulated market.”.
(3) Omit subsections (3) and (4).
Commencement Information
I15Reg. 27 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)
Marginal Citations
M8Inserted by the Companies Act 2006 section 1269.
28.—(1) Section 89W (storage of regulated information) M9 is amended as follows.
(2) In subsection (1), omit the words from “meeting” to the end.
(3) After that subsection insert—
“(1A) The mechanism must comply with minimum quality standards of security, certainty as to the information source, time recording and easy access by end users (see provision made under regulation 71 of the Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 for the purpose specified in paragraph 19(b) of Schedule 2 to those Regulations).
(1B) The mechanism must be aligned with the procedure for filing the regulated information with the FCA.”.
(4) For subsection (2) substitute—
“(2) In this section “regulated information” means information which an issuer, or a person who has applied for the admission of securities to trading on a regulated market without the issuer's consent, is required to disclose under—
(a)listing rules,
(b)qualifying transparency legislation, or
(c)Articles 17 to 19 of the market abuse regulation.”.
Commencement Information
I16Reg. 28 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)
Marginal Citations
M9Inserted by S.I. 2015/1755.
29. In section 90ZA (liability for key investor information) M10, for “implementing” substitute “ originally made in implementation of ”.
Commencement Information
I17Reg. 29 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)
Marginal Citations
M10Inserted by S.I. 2011/1613.
30.—(1) Section 91 (penalties for breach of Part 6 rules) is amended as follows.
F16(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) In subsection (1B)(a)(i) M11, for the words from “transparency rules” to “directive” substitute “ qualifying transparency legislation ”.
Textual Amendments
F16Reg. 30(2) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 17 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Commencement Information
I18Reg. 30 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)
Marginal Citations
M11Subsection (1B) was inserted by the Companies Act 2006 Schedule 15, paragraph 6, and was amended by the Financial Services Act 2012 (c. 21) section 16.
31. In section 97 (appointment by FCA of persons to carry out investigations), in subsection (1)—
[F17(a)in paragraph (a), for sub-paragraph (ii) (including the “or” at the end) substitute—
“(ii)any other provision of qualifying transparency legislation, or”;
(b)in paragraph (b), for sub-paragraph (ii) (including the “or” at the end) substitute—
“(ii)any other provision of qualifying transparency legislation, or”;]
(c)in paragraph (ba) M12, for the words from “by that person of” to the end substitute “ by that person of qualifying transparency legislation; ”.
Textual Amendments
F17Reg. 31(a)(b) substituted (31.12.2020 immediately before IP completion day) by The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(3), 18 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2))); 2020 c. 1, Sch. 5 para. 1(1)
Commencement Information
I19Reg. 31 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)
Marginal Citations
M12Paragraph (ba) was inserted by S.I. 2015/1755.
32. Omit section 100A (exercise of powers where UK is host member state) M13.
Commencement Information
I20Reg. 32 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)
Marginal Citations
M13Inserted by the Companies Act 2006 section 1271.
33.—(1) Section 102A (meaning of “securities” etc.) M14 is amended as follows.
(2) In subsection (3), for “directive”, in both places where it occurs, substitute “ regulation ”.
(3) For subsection (3A) M15 substitute—
“(3A) “Debt securities” means bonds or other forms of transferable securitised debts, with the exception of—
(a)transferable securities which are equivalent to shares, and
(b)transferable securities which, if converted or if the rights conferred by them are exercised, give rise to a right to acquire—
(i)shares, or
(ii)transferable securities equivalent to shares.”.
(4) In subsection (4), for the words from “has” to the end substitute “ means those instruments specified in Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ”M16 .
(5) For subsection (5) substitute—
“(5) “Non-equity transferable securities” means all transferable securities that are not equity securities; and for this purpose the following are “equity securities”—
(a)shares,
(b)other transferable securities which are equivalent to shares, and
(c)transferable securities which—
(i)are within neither of paragraphs (a) and (b),
(ii)give the right to acquire securities within paragraph (a) or (b) if converted or if the rights conferred by them are exercised, and
(iii)are issued by the issuer of the underlying shares or by an entity belonging to the group of that issuer.”.
Commencement Information
I21Reg. 33 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)
Marginal Citations
M14Sections 102A to 102C were inserted by S.I. 2005/1433.
M15Inserted by the Companies Act 2006 Schedule 15, paragraph 10(2).
M16S.I. 2001/544. Part 1 of Schedule 2 was substituted by S.I. 2006/3384 and amended by S.I. 2017/488.
34.—(1) Section 102B (meaning of “offer of transferable securities to the public” etc.) is amended as follows.
(2) In subsection (5)(a), after “a regulated market” insert “ , as defined in Article 2(1)(13) of the markets in financial instruments regulation M17 ”.
(3) For subsection (6) substitute—
“(6) “Multilateral trading facility” has the same meaning as in the markets in financial instruments regulation (see Article 2(1)(14) of that Regulation) M18.”.
Commencement Information
I22Reg. 34 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)
Marginal Citations
M17Article 2(1)(13) is substituted by S.I. 2018/1403.
M18Article 2(1)(14) is inserted by S.I. 2018/1403.
35. Omit section 102C (meaning of “home State” in relation to transferable securities).
Commencement Information
I23Reg. 35 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)
36. In section 103 (interpretation of Part 6), in subsection (1)—
(a)after the definition of “prospectus rules” insert—
F18“...
“qualifying transparency legislation” has the meaning given in section 89K(5A);”;
(b)for the definition of “regulated market” substitute—
““regulated market” (except in section 102B and Schedule 10A) means a UK regulated market, as defined in Article 2(1)(13A) of the markets in financial instruments regulation M19;”.
Textual Amendments
F18Words in reg. 36(a) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 19 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Commencement Information
I24Reg. 36 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)
Marginal Citations
M19Article 2(1)(13A) is substituted by S.I. 2018/1403.
37.—(1) Schedule 10A (liability of issuers in connection with published information) M20 is amended as follows.
(2) In paragraph 1, for sub-paragraph (3) substitute—
“(3) For the purposes of this Schedule the United Kingdom is the home State of an issuer if—
(a)the transparency rules impose requirements on the issuer in relation to the securities, or
(b)the issuer has its registered office (or, if it does not have a registered office, its head office) in the United Kingdom.”.
(3) In paragraph 2(4)—
(a)in paragraph (a)—
(i)for “EEA” substitute “ United Kingdom ”;
(ii)for “Article 21 of the transparency obligations directive” substitute “ transparency rules ”;
(b)in paragraph (b)—
(i)for “EEA” substitute “ United Kingdom ”;
(ii)for “that directive” substitute “ transparency rules ”.
(4) In paragraph 8—
(a)in sub-paragraph (1)—
(i)for paragraph (a) substitute—
“(a)“securities” means transferable securities as defined in Article 2(1)(24) of the markets in financial instruments regulation, other than money market instruments as defined in Article 2(1)(25A) of that regulation that have a maturity of less than 12 months (and includes instruments outside the United Kingdom);”; M21
(ii)in paragraph (b), for sub-paragraphs (i) to (iii) substitute—
“(i)a regulated market as defined in Article 2(1)(13) of the markets in financial instruments regulation, or
(ii)a multilateral trading facility as defined in Article 2(1)(14) of that regulation.”
(b)omit sub-paragraph (6)(b).
Commencement Information
I25Reg. 37 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)
Marginal Citations
M20Inserted by S.I. 2010/1192.
M21Articles 1(1)(24) and (25A) are substituted by S.I. 2018/1403.
38.—(1) Schedule 11A (transferable securities) M22 is amended as follows.
F19(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F19(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F19(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F19(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6) In paragraph 7, omit sub-paragraph (2)(e).
F20(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F20(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F19Reg. 38(2)-(5) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 20 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F20Reg. 38(7)(8) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 20 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Commencement Information
I26Reg. 38 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)
Marginal Citations
M22Inserted by S.I. 2005/1433.
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