PART 2AMENDMENT OF SECONDARY LEGISLATION

Part 1: introductionI13

In regulation 3(1)—

a

omit the definition of “European Supervisory Authorities”;

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c

after the definition of “markets in financial instruments directive”, insert—

markets in financial instruments regulation” means Regulation (EU) 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (as that Regulation forms part of domestic law under section 3 of the European Union (Withdrawal) Act 2018);

d

in the definition of “regulated market”—

i

for paragraph (a), substitute—

a

within the United Kingdom, means a UK regulated market, as defined by Article 2(1)(13A) of the markets in financial instruments regulation;

ii

for paragraph (b), substitute—

b

outside the United Kingdom, means—

i

within the EEA, an EU regulated market, as defined by Article 2(1)(13B) of the markets in financial instruments regulation; or

ii

outside the EEA, a regulated financial market which subjects companies whose securities are admitted to trading to disclosure obligations which are equivalent to the specified disclosure obligations;

e

omit the definition of “the Solvency 2 directive”;

f

in the definition of “specified disclosure obligations”—

i

for paragraph (b), substitute—

b

disclosure obligations consistent with the requirements in—

i

sections 85, 87A and 87G of FSMA;

ii

prospectus rules within the meaning of Part 6 of FSMA (see section 73A(4) of FSMA) as those rules have effect on F1IP completion day;

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Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market; and

iv

Articles 6 to 10 of Commission Delegated Regulation (EU) 2016/301 of 30 November 2015 supplementing Directive 2003/71/EC of the European Parliament and of the Council with regard to regulatory technical standards for approval and publication of the prospectus and dissemination of advertisements and amending Commission Regulation (EC) No 809/2004; and

ii

for paragraph (c), substitute—

c

disclosure obligations consistent with the requirements in sections 4 and 5.5 of, and rules 6.1.1 to 6.1.15 in, the Disclosure Guidance and Transparency Rules source book made by the FCA under section 89A of FSMA as those rules have effect on F2IP completion day;

iii

omit paragraph (d);

g

in the definition of “third country” for “an EEA state” substitute “ the United Kingdom ”;

h

after the definition of “trust or company service provider” insert—

UK regulated market” means a recognised investment exchange within the meaning of section 285(1)(a) of FSMA, which is not an overseas investment exchange within the meaning of section 313(1) of FSMA.