Words in Sch. 1 para. 1(3) substituted (1.12.2001) by S.I. 2001/3649, arts. 1, 341(2)
Sch. 3 para. 2 repealed (25.8.2000) by 2000 c. 6, ss. 165, 168(1), Sch. 12 Pt. I (with Sch. 11 paras. 1, 2)
Sch. 3 para. 3 repealed (25.8.2000) by 2000 c. 6, ss. 165, 168(1), Sch. 12 Pt. I (with Sch. 11 paras. 1, 2)
Sch. 3 para. 5 repealed (25.8.2000) by 2000 c. 6, ss. 165, 168(1), Sch. 12 Pt. I (with Sch. 11 paras. 1, 2)
Sch. 3 para. 6(1)(2)(6)(7) repealed (25.8.2000) by 2000 c. 6, ss. 165, 168(1), Sch. 12 Pt. I (with Sch. 11 paras. 1, 2)
Sch. 4 para. 1 repealed (3.2.1995) by 1994 c. 37, ss. 67, 69(2), Sch. 3 (with saving in Sch. 2 para. 10)
Sch. 4 para. 4 repealed (19.2.2001) by 2000 c. 11, s. 125(2), Sch. 16 Pt. I; S.I. 2001/421, art. 2
Sch. 4 para. 5 repealed (E.W.) (3.2.1995) by 1994 c. 37, ss. 67, 69(2), Sch. 3
Sch. 4 para. 6 repealed (25.8.1996) by 1996 c. 22, ss. 62(1), 63(7), Sch. 7 Pt. I
Sch. 5 para. 2 repealed (1.4.1996) by 1995 c. 40, ss. 6, 7(2), Sch. 5 (with Sch. 3 paras. 1, 3)
Sch. 5 para. 3 repealed (25.8.1996) by 1996 c. 22, ss. 62(1), 63(7), Sch. 7 Pt. I
Sch. 5 para. 5 repealed (3.2.1995) by 1994 c. 37, ss. 67, 69(2), Sch. 3
Sch. 5 para. 6 repealed (3.2.1995) by 1994 c. 37, ss. 67, 69(2), Sch. 3
Sch. 5 para. 15 repealed (19.2.2001) by 2000 c. 11, s. 125(2), Sch. 16 Pt. I; S.I. 2001/421, art. 2
Sch. 5 para. 17 repealed (25.8.1996) by 1996 c. 22, ss. 62(1), 63(7), Sch. 7 Pt. I
The provisions of Sch. 5 have the same extent as the provisions on which they operate
Sch. 6 Pt. I: Entries in the Table repealed (1.12.2001) by S.I. 2001/3649, arts. 1, 342(b)
Sch. 6 partly in force; Sch. 6 in force at Royal Assent in so far as relating to specified provisions see s. 78(2); Sch. 6 in force at 20.9.1993 in relation to further specified provisions by S.I. 1993/1968 art. 2(2), Sch. 2, Appendix; Sch. 6 in force at 15.2.1994 for further specified provisions by S.I. 1994/71, arts. 2, 3, Sch., Appendix; Sch. 6 in force at 1.3.1994 for further specified provisions by S.I. 1994/242, arts. 2, 3, Sch., Appendix, Sch. 6 in force at 3.2.1995 for further specified provisions by S.I. 1995/43, art. 2, Sch.
Sch. 4 para. 3 repealed (24.2.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458(1), Sch. 12; S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
Sch. 5 para. 14 repealed (24.2.2003) by Proceeds of Crime Act 2002 (c. 29), s. 458(1), Sch. 12; S.I. 2003/120, art. 2, Sch. (with arts. 3, 4) (as amended (20.2.2003) by S.I. 2003/333, art. 14)
Sch. 5 Pt. 2 repealed (1.10.2009) by Companies Act 2006 (c. 46), s. 1300(2), Sch. 16; S.I. 2008/2860, art. 4, Sch. 1 Pt. 2 (with arts. 7, 8, Sch. 2) (which transitional provisions in Sch. 2 are amended (1.10.2009) by S.I. 2009/2476, arts. 1(3), 2(3)(4) and by S.I. 2009/1802, arts. 1, 18, Sch.)
Sch. 5 para. 4 repealed (1.10.2009) by Companies Act 2006 (c. 46), s. 1300(2), Sch. 16; S.I. 2008/2860, art. 4, Sch. 1 Pt. 1 (with arts. 7, 8, Sch. 2) (which transitional provisions in Sch. 2 are amended (1.10.2009) by S.I. 2009/2476, arts. 1(3), 2(3)(4) and by S.I. 2009/1802, arts. 1, 18, Sch.)
Sch. 1 para. 5 and cross-heading substituted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 11
Sch. 1 para. 5 renumbered as Sch. 1 para. 5(1) (19.2.2019) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(2), 2(a)
Words in Sch. 1 para. 5(1)(a) inserted (19.2.2019) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(2), 2(b)(i)
Sch. 1 para. 5(2) inserted (19.2.2019) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(2), 2(c)
Sch. 1 paras. 6-8 inserted (31.12.2020) by The Financial Services (Miscellaneous) (Amendment) (EU Exit) (No. 3) Regulations 2019 (S.I. 2019/1390), regs. 1(5), 2; 2020 c. 1, Sch. 5 para. 1(1)
Words in Sch. 1 para. 5(1)(a) substituted (31.12.2020) by The Market Abuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/310), regs. 1(3), 4 (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 17(a)); 2020 c. 1, Sch. 5 para. 1(1)
Section 53(4).
An individual is not guilty of insider dealing by virtue of dealing in securities or encouraging another person to deal if he shows that he acted in good faith in the course of—
his business as a market maker, or
his employment in the business of a market maker.
A market maker is a person who—
holds himself out at all normal times in compliance with the rules of a regulated market or an approved organisation as willing to acquire or dispose of securities; and
is recognised as doing so under those rules.
In this paragraph “
An individual is not guilty of insider dealing by virtue of dealing in securities or encouraging another person to deal if he shows that—
the information which he had as an insider was market information; and
it was reasonable for an individual in his position to have acted as he did despite having that information as an insider at the time.
In determining whether it is reasonable for an individual to do any act despite having market information at the time, there shall, in particular, be taken into account—
the content of the information;
the circumstances in which he first had the information and in what capacity; and
the capacity in which he now acts.
An individual is not guilty of insider dealing by virtue of dealing in securities or encouraging another person to deal if he shows—
that he acted—
in connection with an acquisition or disposal which was under consideration or the subject of negotiation, or in the course of a series of such acquisitions or disposals; and
with a view to facilitating the accomplishment of the acquisition or disposal or the series of acquisitions or disposals; and
that the information which he had as an insider was market information arising directly out of his involvement in the acquisition or disposal or series of acquisitions or disposals.
For the purposes of paragraphs 2 and 3 market information is information consisting of one or more of the following facts—
that securities of a particular kind have been or are to be acquired or disposed of, or that their acquisition or disposal is under consideration or the subject of negotiation;
that securities of a particular kind have not been or are not to be acquired or disposed of;
the number of securities acquired or disposed of or to be acquired or disposed of or whose acquisition or disposal is under consideration or the subject of negotiation;
the price (or range of prices) at which securities have been or are to be acquired or disposed of or the price (or range of prices) at which securities whose acquisition or disposal is under consideration or the subject of negotiation may be acquired or disposed of;
the identity of the persons involved or likely to be involved in any capacity in an acquisition or disposal.
An individual is not guilty of insider dealing by virtue of dealing in securities or encouraging another person to deal if he shows that he acted in conformity with—
Article 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation)
each EU regulation, originally made under that Article before that time, which is retained direct EU legislation; and
all subordinate legislation (within the meaning of the Interpretation Act 1978) made under that Article on or after IP completion day;
rules made under section 137Q(1) of the Financial Services and Markets Act 2000.
The time is the beginning of the day on which the Market Abuse (Amendment) (EU Exit) Regulations 2018 are made.
An individual (“A”) is not guilty of insider dealing by virtue of dealing, or encouraging another person to deal, in securities through a trading venue in Gibraltar if A shows that A acted in conformity with—
the following as they have effect in Gibraltar law—
Article 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation), and
each EU regulation originally made under that Article, and
all other applicable Gibraltar law (if any).
An individual (“A”) is not guilty of insider dealing by virtue of dealing, or encouraging another person to deal, in securities through a trading venue in an EEA State if A shows that A acted in conformity with—
the following as they apply in the EEA State—
Article 5 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation), and
each EU regulation made under that Article, and
all other applicable law of the EEA State (if any).
For the purposes of paragraphs 6 and 7 “
Transferable securities.
Money-market instruments.
Units in collective investment undertakings.
Options, futures, swaps, forward rate agreements and any other derivative contracts relating to securities, currencies, interest rates or yields, emission allowances or other derivatives instruments, financial indices or financial measures which may be settled physically or in cash.
Options, futures, swaps, forwards and any other derivative contracts relating to commodities that must be settled in cash or may be settled in cash at the option of one of the parties (other than by reason of a default or other termination event).
Options, futures, swaps, and any other derivative contract relating to commodities that can be physically settled provided they are traded on a UK regulated market, a UK MTF or a UK OTF, except for wholesale energy products traded on a UK OTF that must be physically settled.
Options, futures, swaps, forwards and any other derivative contracts relating to commodities, that can be physically settled not otherwise mentioned in paragraph 6 and not being for commercial purposes or wholesale energy products traded on an EU OTF that must be physically settled, which have the characteristics of other derivative financial instruments.
Derivative instruments for the transfer of credit risk.
Financial contracts for differences.
Options, futures, swaps, forward rate agreements and any other derivative contracts relating to climatic variables, freight rates or inflation rates or other official economic statistics that must be settled in cash or may be settled in cash at the option of one of the parties other than by reason of default or other termination event, as well as any other derivative contracts relating to assets, rights, obligations, indices and measures not otherwise mentioned in this Schedule, which have the characteristics of other derivative financial instruments, having regard to whether, inter alia, they are traded on a UK regulated market, a UK OTF, or a UK MTF.
Emission allowances consisting of any units recognised for compliance with the requirements of Directive 2003/87/EC (Emissions Trading Scheme) or allowances created under article 18 of the Greenhouse Gas Emissions Trading Scheme Order 2020.
Part 2 of Schedule 2 to the RAO (“the RAO Schedule”) (financial instruments and investment services and activities) applies for the purposes of Part 1 of this Schedule as it applies for the purposes of Part 1 of the RAO Schedule but as if references in Part 2 of the RAO Schedule to paragraphs in Part 1 of the RAO Schedule were references to the equivalent paragraphs in Part 1 of this Schedule.
Terms used in this Schedule and in the RAO have the same meaning in this Schedule as in the RAO.
References in paragraphs 12 and 13 to the RAO are to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) as it had effect on 17th April 2023.
Section 65(3).
In section 17 of the
In Schedule 4 to that Act (increase of certain maxima) Part V shall cease to have effect.
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Section 22 of the Act of 1991 (default in paying fines fixed under section 18 of that Act) shall cease to have effect.
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In section 97 of the
A fine imposed under subsection (4) above shall be deemed, for the purposes of any enactment, to be a sum adjudged to be paid by a conviction.
In section 12 of the
A fine imposed under subsection (2) above shall be deemed, for the purposes of any enactment, to be a sum adjudged to be paid by a conviction.
In section 14 of that Act (maximum fine for contempt in an inferior court), the following subsection shall be substituted for the subsection (2A) inserted by the
A fine imposed under subsection (2) above shall be deemed, for the purposes of any enactment, to be a sum adjudged to be paid by a conviction.
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Section 77.
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The same section as is inserted in the Act of 1986 by paragraph 1 shall be inserted in the Criminal Justice (Scotland) Act 1987, after section 46, as section 46A, but with the substitution—
in subsection (1), of
in subsection (2), of
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The same section as is inserted in the Act of 1986 by paragraph 1 shall be inserted in the Criminal Justice (International Co-operation) Act 1990, after section 23, as section 23A, but with—
the substitution in subsection (1), of
the omission of subsections (2) to (4).
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Section 79(13).
In section 50 of the Criminal Appeal Act 1968 (meaning of “sentence”), the following shall be substituted for subsection (1)—
In this Act “ a hospital order under Part III of the an interim hospital order under that Part; a recommendation for deportation; a confiscation order under the a confiscation order under Part VI of the an order varying a confiscation order of a kind which is included by virtue of paragraph (d) or (e) above; an order made by the Crown Court varying a confiscation order which was made by the High Court by virtue of section 4A of the Act of 1986; and a declaration of relevance under the
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In section 82(2)(b) of the Companies Act 1989 (request for assistance by overseas regulatory authority) for “the Company Securities (Insider Dealing) Act 1985” there shall be substituted
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Section 79(14).
Chapter | Short title | Extent of repeal |
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1975 c. 21. | The Criminal Procedure (Scotland) Act 1975. | In section 442B, the words “against sentence alone”. |
1980 c. 43. | The Magistrates Courts Act 1980. | In section 12(1)(a) the words “and section 18 of the Criminal Justice Act 1991 (unit fines)”. |
1985 c. 8. | The Company Securities (Insider Dealing) Act 1985. | The whole Act. |
1986 c. 32. | The Drug Trafficking Offences Act 1986. | In section 1, in subsection (5)(b)(iii), the words from “section 39” to “bankruptcy orders)” and subsection (8).In section 5(3), the words “sections 3 and 4 of”.In section 26A(3), the words from “or by” to the end.In section 27(5), the words “or, as the case may be, the sheriff”.In section 38(2), the entries relating to a confiscation order and a defendant. |
1987 c. 38. | The Criminal Justice Act 1987. | In section 3(6)(i), the words “or any corresponding enactment having effect in Northern Ireland”. |
1988 c. 33. | The Criminal Justice Act 1988. | Section 48.Section 98. |
1989 c. 4. | The Prevention of Terrorism (Temporary Provisions) Act 1989. | In section 9(1), the word “or” immediately before paragraph (b). |
1989 c. 40. | The Companies Act 1989. | Section 209. |
1990 c. 5. | The Criminal Justice (International Co-operation) Act 1990. | Section 14(3) and (5). |
1991 c. 24. | The Northern Ireland (Emergency Provisions) Act 1991. | In section 48(3), the words “during the period of postponement”.In section 50(2), the word “or” immediately before paragraph (c).Section 51(3).Section 67(6). |
1991 c. 53. | The Criminal Justice Act 1991. | Section 17(3)(e).Section 19.Section 20(5).Section 22.Section 28(3).In section 30(1), the words “or the Lord Chancellor”.In Schedule 4, Part V.In Schedule 11, paragraph 24. |
1993 c. 9. | The Prisoners and Criminal Proceedings (Scotland) Act 1993. | In section 10(1), the words “(whether before or after the commencement of this section)”. |
Number | Title | Extent of revocation |
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S.I. 1986/1034 (N.I. 8). | The Company Securities (Insider Dealing) (Northern Ireland) Order 1986. | The whole Order. |
S.I. 1989/2404 (N.I. 18). | The Companies (Northern Ireland) Order 1989. | In Article 2(2), the definition of “the Insider Dealing Order”.In Article 11(1), the words “or Article 16A of the Insider Dealing Order”.Articles 27 to 34.Article 35(2) and (3). |
S.I. 1989/2405 (N.I. 19). | The Insolvency (Northern Ireland) Order 1989. | Article 104A(1)(b). |
S.I. 1990/1504 (N.I. 10). | The Companies (No.2) (Northern Ireland) Order 1990. | In Article 2(2), the definition of “the Insider Dealing Order”.Articles 21 to 23. |
S.I. 1992/3218. | The Banking Coordination (Second Council Directive) Regulations 1992. | In Schedule 8, paragraphs 8(3), 9(2) and 10(3).In Schedule 10, paragraphs 17 and 25. |