PART 2Amendments to the Financial Services and Markets Act 2000

Amendments to Part 6 of the 2000 Act8.

(1)

Part 6 of the 2000 Act is amended as follows.

(2)

In section 73A6 (Part 6 Rules)—

(a)

omit subsection (3); and

(b)

in subsection (6) omit “, disclosure rules”.

(3)

In section 917 (penalties for breach of Part 6 rules)—

(a)

omit subsection (1ZA); and

(b)

in subsection (2) omit “(1ZA)(a),”.

(4)

Omit sections 96A (disclosure of information requirements) to 96C (suspension of trading)8.

(5)

In section 97(1)(b)9 (appointment by FCA of persons to carry out investigations) omit “(1ZA)(a),”.

(6)

For section 102A(4)10 (meaning of “securities” etc) substitute—

“(4)

“Financial instrument” has the meaning given in Article 4.1.17 of the markets in financial instruments directive11.”.

(7)

In section 102B12 (meaning of “offer of transferable securities to the public” etc.)—

(a)

for subsection (5)(c) substitute—

“(c)

a prescribed market.”; and

(b)

after subsection (5) insert—

“(5A)

The Treasury may make regulations to specify (whether by name or description) the markets which are prescribed markets for the purposes of subsection (5)(c).”.

(8)

In section 102C(a)13(meaning of “home State” in relation to transferable securities) omit “and in section 96A”.

(9)

In section 103(1)14 (definitions) omit the definitions of “disclosure rules” and “inside information”.

(10)

Omit Schedule 11B15(connected persons).