Part VIII Penalties for Market Abuse

The code

119 The code.

(1)

The F1FCA must prepare and issue a code containing such provisions as the F1FCA considers will give appropriate guidance to those determining whether or not behaviour amounts to market abuse.

(2)

The code may among other things specify—

(a)

descriptions of behaviour that, in the opinion of the F1FCA, amount to market abuse;

(b)

descriptions of behaviour that, in the opinion of the F1FCA, do not amount to market abuse;

(c)

factors that, in the opinion of the F1FCA, are to be taken into account in determining whether or not behaviour amounts to market abuse.

F2(d)

descriptions of behaviour that are accepted market practices in relation to one or more specified markets;

(e)

descriptions of behaviour that are not accepted market practices in relation to one or more specified markets.

F3(2A)

In determining, for the purposes of subsections (2)(d) and (2)(e) or otherwise, what are and what are not accepted market practices, the F1FCA must have regard to the factors and procedures laid down in Articles 2 and 3 respectively of Commission Directive 2004/72/ EC of 29 April 2004 implementing Directive 2003/6/ EC of the European Parliament and of the Council.

(3)

The code may make different provision in relation to persons, cases or circumstances of different descriptions.

(4)

The F1FCA may at any time alter or replace the code.

(5)

If the code is altered or replaced, the altered or replacement code must be issued by the F1FCA.

(6)

A code issued under this section must be published by the F1FCA in the way appearing to the F1FCA to be best calculated to bring it to the attention of the public.

(7)

The F1FCA must, without delay, give the Treasury a copy of any code published under this section.

(8)

The F1FCA may charge a reasonable fee for providing a person with a copy of the code.