7. Section 130A(1) has effect as if—
(a)in subsection (1)—
(i)in paragraph (a), for “the markets which are prescribed markets” there were substituted “the auction platforms which are prescribed auction platforms”, and
(ii)in paragraph (b), for “the prescribed markets” there were substituted “the prescribed auction platforms”;
(b)in subsection (2), for “markets or descriptions of market” there were substituted “auction platforms or descriptions of auction platform”;
(c)in subsection (3)—
(i)for the definition of “accepted market practices” there were substituted—
““accepted market practices” means—
in relation to an auction platform, practices that are reasonably expected on the auction platform or platforms in question, and are accepted by the Authority or, in the case of an auction platform situated in another EEA State, the competent authority of that EEA State, within the meaning of Article 35.5 of the emission allowance auctioning regulation,
in relation to a market, practices that are reasonably expected in the financial market or markets in question and are accepted by the Authority or, in the case of a market situated in another EEA State, the competent authority of that EEA State within the meaning of Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse);”;
(ii)for the definition of “dealing”, there were substituted—
““dealing”, in relation to an investment, means bidding or withdrawing a bid for the investment, or agreeing to bid or withdraw a bid for the investment,”;
(iii)after the definition of “dealing” there were inserted—
““emission allowance auctioning regulation” means Commission Regulation (EU) No 1031/2010 of 12 November 2010 on the timing, administration and other aspects of auctioning of greenhouse gas emission allowances pursuant to the emission allowance trading directive;”
(iv)for the definition of “regular user”, there were substituted—
““regular user” in relation to a particular auction platform, means a reasonable person who regularly bids for qualifying investments on that platform;”.
Section 130A was inserted by S.I. 2005/381, regulation 5, Schedule 2, paragraph 3.