Search Legislation

The Market Abuse (Amendment) (EU Exit) Regulations 2018

 Help about what version

What Version

  • Draft legislation
 Help about opening options

Opening Options

Draft Legislation:

This is a draft item of legislation. This draft has since been made as a UK Statutory Instrument: The Market Abuse (Amendment) (EU Exit) Regulations 2019 (revoked) No. 310

ESMA and competent authorities

This section has no associated Explanatory Memorandum

13.—(1) For the heading of Chapter 4 substitute “Cooperation, professional secrecy and data protection”.

(2) In Article 22 (competent authorities)—

(a)for the heading, substitute “Functions of the FCA”;

(b)omit the first two sentences;

(c)in the third sentence—

(i)for “competent authority” substitute “FCA”;

(ii)for “on its territory”, in both places it occurs, substitute “in the United Kingdom”;

(iii)omit the words “auctioned on an auction platform”;

(iv)for “its territory”, the third time it occurs, substitute “the United Kingdom”.

(3) In Article 23 (powers of competent authorities)—

(a)for the heading substitute “Interaction with other provisions”;

(b)omit paragraphs 1 and 2;

(c)in paragraph 3—

(i)omit the first subparagraph;

(ii)in the second subparagraph, for the words from “supervisory authorities” to the end of the paragraph, substitute “Panel on Takeovers and Mergers that impose requirements in addition to the requirements of this Regulation.”;

(d)in paragraph 4, after “available to”, insert “the FCA or”.

(4) Omit Article 24 (cooperation with ESMA).

(5) In Article 25 (obligation to cooperate)—

(a)omit paragraphs 1 to 7;

(b)in paragraph 8—

(i)in the first subparagraph—

(aa)for “Competent authorities shall” substitute “The FCA may”;

(bb)for “they have” substitute “it has”;

(ii)in the second subparagraph—

(aa)in the opening words, for “shall also be ensured” substitute “may also take place”;

(bb)in point (b), after “public bodies” insert “in the EU”;

(iii)omit the last subparagraph;

(c)omit paragraph 9.

(6) In Article 26 (cooperation with third countries)—

(a)in paragraph 1—

(i)for “competent authorities of Member States” substitute “FCA”;

(ii)for “competent authorities to carry out their” substitute “FCA to carry out its”;

(iii)omit the second subparagraph;

(b)omit paragraph 2;

(c)in paragraph 3—

(i)for “competent authorities shall’ substitute “FCA may”;

(ii)for “those competent authorities” substitute “the FCA”.

(7) In Article 27 (professional secrecy)—

(a)in paragraph 2—

(i)for “exchanged between the competent authorities” substitute “exchanged between the FCA and competent authorities”;

(ii)for “competent authority” substitute “authority from whom the information is received”;

(b)in paragraph 3—

(i)for “competent authority” substitute “FCA”, in each place it occurs;

(ii)for “Union or national law” substitute “the law of the United Kingdom, or any part of the United Kingdom”.

(8) For Article 28 (data protection) substitute—

Article 28Data protection

Nothing in this Regulation is to be taken as authorising a disclosure of personal data in contravention of Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, or of the Data Protection Act 2018(1).

Personal data is to be retained for a maximum period of five years.

(9) In Article 29 (disclosure of personal data to third countries)—

(a)in paragraph 1—

(i)for the first sentence substitute “The FCA may transfer personal data to a third country where the transfer does not contravene Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, or the Data Protection Act 2018; but such transfer may only be made on a case-by-case basis.”;

(ii)in the second sentence—

(aa)for “competent authority” substitute “FCA”, in both places it occurs;

(bb)omit “of the Member State”;

(b)omit paragraph 2;

(c)in paragraph 3, for “the national laws, regulations or administrative provisions transposing Directive 95/46/EC” substitute “Regulation (EU) 2016/679 and the Data Protection Act 2018”.

Back to top

Options/Help

Print Options

Close

Legislation is available in different versions:

Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.

Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.

Close

Opening Options

Different options to open legislation in order to view more content on screen at once

Close

Draft Explanatory Memorandum

Draft Explanatory Memorandum sets out a brief statement of the purpose of a Draft Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Draft Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.

Close

More Resources

Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as enacted version that was used for the print copy
  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • correction slips
  • links to related legislation and further information resources
Close

Impact Assessments

Impact Assessments generally accompany all UK Government interventions of a regulatory nature that affect the private sector, civil society organisations and public services. They apply regardless of whether the regulation originates from a domestic or international source and can accompany primary (Acts etc) and secondary legislation (SIs). An Impact Assessment allows those with an interest in the policy area to understand:

  • Why the government is proposing to intervene;
  • The main options the government is considering, and which one is preferred;
  • How and to what extent new policies may impact on them; and,
  • The estimated costs and benefits of proposed measures.
Close

More Resources

Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:

  • the original print PDF of the as made version that was used for the print copy
  • correction slips

Click 'View More' or select 'More Resources' tab for additional information including:

  • lists of changes made by and/or affecting this legislation item
  • confers power and blanket amendment details
  • all formats of all associated documents
  • links to related legislation and further information resources