The Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019

The Market Abuse (Amendment) (EU Exit) Regulations 2019 U.K.

8.—(1) The Market Abuse (Amendment) (EU Exit) Regulations 2019 are amended as follows.

(2) In regulation 9(2)—

(a) in sub-paragraph (a)(i)—

(i) in paragraph (aa), after “UK regulated market” insert “ , Gibraltar regulated market ”;

(ii) in paragraph (bb), after “UK MTF” insert “ , Gibraltar MTF ”;

(iii) in paragraph (cc), after “UK OTF” insert “ , Gibraltar OTF ”;

F1 (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(3) In regulation 10(2)—

(a) in paragraph (e), in the inserted text—

(i) after point (6B), insert—

“(6C) ‘Gibraltar regulated market’ means a regulated market which is authorised and functions regularly and in accordance with Part 3 of the Financial Services (Markets in Financial Instruments) Act 2018 of Gibraltar M1 ;”;

(ii) after point (7B), insert—

“(7C) ‘Gibraltar multilateral trading facility’ or ‘Gibraltar MTF’ means a multilateral system, operated by an investment firm or a market operator, which brings together multiple third-party buying and selling interests in financial instruments (in the system and in accordance with non-discretionary rules) in a way which results in a contract in accordance with Part 2 of the Financial Services (Markets in Financial Instruments) Act 2018 of Gibraltar;”;

(iii) after point (8B), insert—

“(8C) ‘Gibraltar organised trading facility’ or ‘Gibraltar OTF’ means a multilateral system—

(a) which is not a regulated market or an MTF;

(b) in which multiple third-party buying and selling interests in bonds, structured finance products, emission allowances or derivatives are able to interact in the system in a way that results in a contract, in accordance with Part 2 of the Financial Services (Markets in Financial Instruments) Act 2018 of Gibraltar;”;

(b) in paragraph (g), in the inserted text, after point (10B), insert—

“(10C) ‘Gibraltar trading venue’ means a Gibraltar regulated market, a Gibraltar MTF or a Gibraltar OTF;”;

(c) in paragraph (j)—

(i) after “the United Kingdom”, the first time it occurs, insert “ or Gibraltar ”;

(ii) after “the United Kingdom” the second time it occurs, insert “ or Gibraltar respectively ”;

(d) in paragraph (q), in the inserted text, after point (36), insert—

“(36A) ‘GFSC’ means the Financial Services Commission of Gibraltar;”.

(4) In regulation 10(3), after “UK trading venue” insert “ , Gibraltar trading venue ”.

(5) In regulation 10(5)—

(a) in sub-paragraph (a)(i), after “FCA” insert “ , GFSC ”;

(b) in sub-paragraph (b), after point (b) of the new paragraph 3, insert—

“(c) where shares have been admitted to trading or are traded on a Gibraltar trading venue, the issuer must report to the GFSC each transaction relating to the buy-back programme, including the information referred to in Article 5(3) of Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse (as it applies in Gibraltar after [F2 IP completion day]).”;

(c) in sub-paragraph (c)(i), after point (ii) of the new point (b), insert—

“(iii) where the securities or associated instruments are traded on a Gibraltar trading venue, to the GFSC in accordance with Article 5(5) of Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse (as it applies in Gibraltar after [F3 IP completion day]).”;

(d) in sub-paragraph (e), in the new paragraph 6—

(i) in point (a), after point (ii), insert—

“(iii) as that Regulation forms part of the law of Gibraltar, where the trading takes place on a Gibraltar trading venue;”

(ii) after point (c), insert—

“(d) any equivalent provisions made by the GFSC which specify the conditions which buy-back programmes and stabilisation measures referred to in paragraphs 1 and 4 must meet, including conditions for trading, restrictions regarding time and volume, disclosure and reporting obligations and price conditions, where the trading takes place on a Gibraltar trading venue.”

(6) In regulation 10(6)(a), after paragraph (iv) insert—

“(e) the Government of Gibraltar;

(f) any special purpose vehicle of the Government of Gibraltar;

(g) any special purpose vehicle created by the Government of Gibraltar and the United Kingdom or one or more Member States.”

(7) In regulation 11—

(a) in paragraph (1)(a), after “United Kingdom,” insert “ Gibraltar, ”;

(b) in paragraph (5), in sub-paragraph (a)(i), after “UK trading venue”, both times it occurs, insert “ , Gibraltar trading venue ”;

(c) in paragraph (6), in sub-paragraph (a), in the inserted text—

(i) at the end of point (a), omit “or”;

(ii) after point (b), insert—

“or

(c) in relation to a market in Gibraltar, in accordance with Article 13 of Regulation (EU) No 596/2014 of the European Parliament and of the Council on market abuse as it applies in Gibraltar after [F4 IP completion day].”.

(8) In regulation 12(4), in paragraph 3(2) of the inserted text, in the words after point (b), after “United Kingdom” insert “ , in Gibraltar ”.

(9) In regulation 13—

(a) in paragraph (3)(d), after “the FCA” insert “ , the GFSC ”;

(b) in paragraph (5)(b)(i), after paragraph (aa), insert—

“(aba) after “regulatory authorities” insert “ (including authorities in Gibraltar) ”;”;

Textual Amendments

F1 Reg. 8(2)(b) omitted (6.9.2019) by virtue of The Financial Services (Electronic Money, Payment Services and Miscellaneous Amendments) (EU Exit) Regulations 2019 (S.I. 2019/1212), regs. 1(2), 22(2)

F2 Words in reg. 8(5)(b) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 40(c)(i)

F3 Words in reg. 8(5)(c) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 40(c)(ii)

F4 Words in reg. 8(7)(c)(ii) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 40(c)(iii)

Commencement Information

I1 Reg. 8 in force immediately before IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(3)

Marginal Citations

M1 Act. No. 2006/32 of Gibraltar, as last amended by L.N. 2017/135.