The Recognised Auction Platforms Regulations 2011

Regulation 7

SCHEDULE 2U.K.Modifications of Part 18 of the Act in relation to recognised auction platforms

This schedule has no associated Explanatory Memorandum

1.  In section 285(2), reference to the exchange's business as an investment exchange includes a reference to its business as an auction platform.U.K.

2.  In section 291(3), reference to the obligations to which the body is subject under or by virtue of the Act is to be read as including a reference to the obligations to which it is subject under these Regulations or under the [F1UK auctioning regulations].U.K.

Textual Amendments

3.  In section 292A M1—U.K.

(a)in subsection (1) reference to a recognition order is to be read as including a reference to a recognition order under regulation 2 of these Regulations;

(b)in subsections (2) and (4) references to the management of the exchange are to be read as including references to the management of the auction platform.

Marginal Citations

M1Section 292A was inserted by S.I. 2007/126, regulation 3(2), Schedule 2, paragraphs 1 and 5.

4.  In section 293, in subsection (6)(a), reference to transactions effected on the exchange is to be read as including a reference to transactions effected on the auction platform.U.K.

F25.  . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.

Textual Amendments

6.  In section 299(2), reference to whether the body concerned should remain a recognised body is to be read as including whether it should remain a recognised auction platform.U.K.

7.  In section 300—U.K.

(a)in subsection (1)(a), reference to a recognition order under section 290 is to be read as including a reference to a recognition order under regulation 2 of these Regulations;

(b)in subsection (4), reference to the rules of an investment exchange is to be read as including a reference to rules made in relation to an auction platform.

8.  In section 301F(4), reference to any financial market operated by the recognised investment exchange is to be read as including a reference to any auction platform operated by it.U.K.

9.  Sections [F3290A and 300A to 300E] do not apply to a recognised investment exchange in its capacity as a recognised auction platform.U.K.

Textual Amendments