The Prospectus (Amendment etc.) (EU Exit) Regulations 2019

PART 2 U.K. Amendments of FSMA

Amendments of FSMA U.K.

2.  FSMA is amended as follows.

Commencement Information

I1 Reg. 2 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(4)

Matters which may be dealt with by prospectus rules U.K.

3.  In section 84 (matters which may be dealt with by prospectus rules) M1 , in subsection (2)(i), omit the words from “, or elections” to the end.

Commencement Information

I2 Reg. 3 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(4)

Marginal Citations

M1 Section 84(2)(i) was substituted by S.I. 2019/1043.

Prohibition of dealing etc in transferable securities without approved prospectus U.K.

4.  In section 85 (prohibition of dealing etc in transferable securities without approved prospectus) M2 , omit subsection (8).

Commencement Information

I3 Reg. 4 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(4)

Marginal Citations

M2 Section 85(8) was inserted by S.I. 2019/1043.

Exempt offers to the public and admissions to trading U.K.

5.  In section 86 (exempt offers to the public and admissions to trading), in subsection (2)(a), omit the words “the first sentence of”M3 .

Commencement Information

I4 Reg. 5 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(4)

Marginal Citations

M3 Section 86(2)(a) was amended by S.I. 2019/1043.

Power of FCA to suspend or prohibit trading on a trading facility U.K.

6.  In section 87LA (power of FCA to suspend or prohibit trading on a trading facility) M4 , in subsection (5), for the definitions of “multilateral trading facility”, “organised trading facility” and “trading facility” substitute—

““trading facility” means a UK multilateral trading facility or a UK organised trading facility;

“UK multilateral trading facility” has the meaning given in Article 2(1)(14A) of the markets in financial instruments regulation;

“UK organised trading facility” has the meaning given in Article 2(1)(15A) of the markets in financial instruments regulation.”.

Commencement Information

I5 Reg. 6 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(4)

Marginal Citations

M4 Section 87LA was inserted by S.I. 2019/1043.

Reporting of infringements U.K.

7.—(1) Section 97A (reporting of infringements) is amended as follows.

(2) In subsection (1)(b)(iii), omit “, an EEA central counterparty”.

(3) For subsection (2)—

(a) omit the “or” at the end of paragraph (a), and

(b) for paragraph (b) substitute—

“(b) any EU regulation, originally made under the prospectus regulation, which is retained EU law, or

(c) any subordinate legislation (within the meaning of the Interpretation Act 1978) made under the prospectus regulation on or after [F1 IP completion day].”.

Textual Amendments

F1 Words in reg. 7(3) substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 48(a)

Commencement Information

I6 Reg. 7 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(4)

Publication of notices U.K.

8.  In section 391 (publication of notices), in subsection (8G) M5 , for the words from “imposed by” to “this section” substitute—

“imposed by—

(a) the prospectus regulation,

(b) any EU regulation, originally made under the prospectus regulation, which is retained EU law, or

(c) any subordinate legislation (within the meaning of the Interpretation Act 1978) made under the prospectus regulation on or after [F2 IP completion day],

this section”.

Textual Amendments

F2 Words in reg. 8 substituted (30.12.2020) by The Financial Services and Economic and Monetary Policy (Consequential Amendments) (EU Exit) Regulations 2020 (S.I. 2020/1301), regs. 1, 3, Sch. para. 48(b)

Commencement Information

I7 Reg. 8 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(4)

Marginal Citations

M5 Subsection 8G was inserted by S.I. 2019/1043.

Publication of notices – prospectus regulation U.K.

9.  In section 391F M6 (publication of notices: special provisions relating to the prospectus regulation), in subsection (1), for “to which Article 42 of the prospectus regulation applies” substitute “ for an infringement of the prospectus regulation ”.

Commencement Information

I8 Reg. 9 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(4)

Marginal Citations

M6 Section 391F was inserted by S.I. 2019/1043.