Part X Miscellaneous and Supplementary
197 Disclosure of interests in shares: interest held by market maker.
1
In section 209 of the M1Companies Act 1985 (interests to be disregarded for purposes of sections 198 to 202)—
a
in subsection (1)(f) after the word “jobber" there shall be inserted the words “or market maker";
b
after subsection (4) there shall be inserted—
4A
A person is a market maker for the purposes of subsection (1)(f) if—
a
he holds himself out at all normal times in compliance with the rules of a recognised investment exchange other than an overseas investment exchange (within the meaning of the Financial Services Act 1986) as willing to buy and sell securities at prices specified by him; and
b
is recognised as doing so by that investment exchange;
and an interest of such a person in shares is an exempt interest if he carries on business as a market maker in the United Kingdom, is subject to such rules in the carrying on of that business and holds the interest for the purposes of that business.
2
In Article 217 of the M2Companies (Northern Ireland) Order 1986 (interests to be disregarded for purposes of Articles 206 to 210 (disclosure of interests in shares))—
a
in paragraph (1)(d) after the word “jobber" there shall be inserted the words “or market maker";
b
after paragraph (4) there shall be inserted—
4A
A person is a market maker for the purposes of paragraph (1)(d) if—
a
he holds himself out at all normal times in compliance with the rules of a recognised investment exchange other than an overseas investment exchange (within the meaning of the Financial Services Act 1986) as willing to buy and sell securities at prices specified by him; and
b
is recognised as doing so by that investment exchange,
and an interest of such a person in shares is an exempt interest if he carries on business as a market maker in the United Kingdom, is subject to such rules in the carrying on of that business and holds the interest for the purposes of that business.
Part X Miscellaneous and Supplementary
197 Disclosure of interests in shares: interest held by market maker.
1
In section 209 of the M1Companies Act 1985 (interests to be disregarded for purposes of sections 198 to 202)—
a
in subsection (1)(f) after the word “jobber" there shall be inserted the words “or market maker";
b
after subsection (4) there shall be inserted—
4A
A person is a market maker for the purposes of subsection (1)(f) if—
a
he holds himself out at all normal times in compliance with the rules of a recognised investment exchange other than an overseas investment exchange (within the meaning of the Financial Services Act 1986) as willing to buy and sell securities at prices specified by him; and
b
is recognised as doing so by that investment exchange;
and an interest of such a person in shares is an exempt interest if he carries on business as a market maker in the United Kingdom, is subject to such rules in the carrying on of that business and holds the interest for the purposes of that business.
2
In Article 217 of the M2Companies (Northern Ireland) Order 1986 (interests to be disregarded for purposes of Articles 206 to 210 (disclosure of interests in shares))—
a
in paragraph (1)(d) after the word “jobber" there shall be inserted the words “or market maker";
b
after paragraph (4) there shall be inserted—
4A
A person is a market maker for the purposes of paragraph (1)(d) if—
a
he holds himself out at all normal times in compliance with the rules of a recognised investment exchange other than an overseas investment exchange (within the meaning of the Financial Services Act 1986) as willing to buy and sell securities at prices specified by him; and
b
is recognised as doing so by that investment exchange,
and an interest of such a person in shares is an exempt interest if he carries on business as a market maker in the United Kingdom, is subject to such rules in the carrying on of that business and holds the interest for the purposes of that business.