Statutory Instruments
2019 No. 707
Exiting The European Union
Financial Services And Markets
The Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019
Made
27th March 2019
Coming into force in accordance with regulation 1(2)
M1The Treasury make these Regulations in exercise of the powers conferred by section 8(1) of, and paragraph 21 of Schedule 7 to, the European Union (Withdrawal) Act 2018 .
In accordance with paragraph 1(1) of Schedule 7 to that Act a draft of this instrument has been laid before Parliament and approved by a resolution of each House of Parliament.
Modifications etc. (not altering text)
C1Regulations: power to modify conferred (11.7.2023) by Financial Services and Markets Act 2023 (c. 29), ss. 3, 86(3), Sch. 1 Pt. 2; S.I. 2023/779, reg. 2(d)
Marginal Citations
PART 1U.K.General
Citation and commencementU.K.
1.—(1) These Regulations may be cited as the Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019.
(2) These Regulations come into force on exit day.
Commencement Information
I1Reg. 1 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
InterpretationU.K.
2. In these Regulations—
“FSMA 2000” means the Financial Services and Markets Act 2000 M2;
“the FCA” means the Financial Conduct Authority.
Commencement Information
I2Reg. 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(2)
Marginal Citations
PART 2U.K.Amendments of primary legislation
CHAPTER 1U.K.The Financial Services and Markets Act 2000
IntroductionU.K.
3. FSMA 2000 is amended as follows.
Commencement Information
I3Reg. 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(2)
Prospective
Part 6 rulesU.K.
F14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Reg. 4 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 11 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Applications for listingU.K.
5. In section 75 (applications for listing), in subsection (6), for “officially listed in another EEA State” substitute “ listed in a country or territory outside the United Kingdom ”.
Commencement Information
I4Reg. 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(2)
Prospective
Matters which may be dealt with by prospectus rulesU.K.
F26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F2Reg. 6 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 12 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prohibition of dealing etc in transferable securities without approved prospectusU.K.
7. In section 85 (prohibition of dealing etc in transferable securities without approved prospectus), in subsection (7), for the words from “competent authority” to the end substitute “ FCA ”.
Commencement Information
I5Reg. 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(2)
Exempt offers to the publicU.K.
8.—(1) Section 86 (exempt offers to the public) M3 is amended as follows.
(2) In subsection (1)—
F3(a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(b)in paragraph (e), for “in the EEA States” substitute “ in the United Kingdom ”.
F4(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) In subsection (2), for “point (1) of Section I of Annex II to the markets in financial instruments directive” substitute “ paragraph 3(a) of Schedule 1 to the markets in financial instruments regulation ”M4 .
F5(6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5(9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F5(10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F3Reg. 8(2)(a) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 13(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F4Reg. 8(3)(4) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 13(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F5Reg. 8(6)-(10) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 13(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Commencement Information
I6Reg. 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(2)
Marginal Citations
M3Section 86 was substituted by S.I. 2005/1433 and subsequently amended, most recently by S.I. 2018/786.
M4Schedule 1 is inserted by S.I. 2018/1403.
Prospective
Election to have prospectusU.K.
F69. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F6Reg. 9 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 14 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Criteria for approval of prospectus by FCAU.K.
10.—(1) Section 87A (criteria for approval of prospectus by FCA) M5 is amended as follows.
(2) In subsection (1)—
(a)omit paragraph (a);
F7(b). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) In subsection (2A), omit “EEA”.
F8(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F8(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F7Reg. 10(2)(b) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 15(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F8Reg. 10(4)(5) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 15(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Commencement Information
I7Reg. 10 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M5Sections 87A to 87R were inserted by S.I. 2005/1433.
Prospective
Procedure for decision on application for approvalU.K.
F911. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F9Reg. 11 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 16(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
Repeal of sections 87E and 87FU.K.
F1012. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F10Reg. 12 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 16(b) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
Repeal of section 87FBU.K.
F1113. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F11Reg. 13 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 16(c) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
Repeal of sections 87H and 87IU.K.
F1214. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F12Reg. 14 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 16(d) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
Power to suspend or prohibit offer to the publicU.K.
F1315. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F13Reg. 15 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 16(e) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
Power to suspend or prohibit admission to trading on a regulated marketU.K.
F1416. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F14Reg. 16 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 16(f) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
Public censure of issuerU.K.
F1517. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F15Reg. 17 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 16(g) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Repeal of section 87PU.K.
18. Omit section 87P (exercise of powers at request of competent authority of another EEA State).
Commencement Information
I8Reg. 18 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Transparency rulesU.K.
19.—(1) Section 89A (transparency rules) M6 is amended as follows.
(2) For subsection (1) substitute—
“(1) The FCA may make rules—
(a)imposing requirements in relation to the disclosure of periodic or ongoing information about issuers whose securities are admitted to trading on a regulated market, and
(b)dealing with matters arising out of or relating to such requirements.”.
(3) In subsection (2), after “any matters” insert “ dealt with in the transparency obligations directive or with any matters that, when the United Kingdom was a member State, would have been matters ”.
(4) After subsection (4) insert—
“(4A) The provision that may be made by virtue of subsection (4)(g) includes (but is not limited to) provision, in the case of an issuer whose registered office is situated in a country or territory outside the United Kingdom, allowing exemption from specified provisions of rules under this section if—
(a)the law of that country or territory is considered by the FCA to lay down equivalent requirements, or
(b)the issuer complies with the requirements of the law of a country or territory that the FCA considers as equivalent.”.
Commencement Information
I9Reg. 19 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M6Sections 89A to 89G were inserted by the Companies Act 2006 (c. 46) section 1266(1).
Provision of voteholder informationU.K.
20.—(1) Section 89B (provision of voteholder information) is amended as follows.
(2) In subsection (4), for the words from “person” to the end substitute “ person in accordance with the following provisions ”.
(3) In subsection (5), omit “under subsection (4)(b)”.
Commencement Information
I10Reg. 20 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Provision of information by issuers of transferable securitiesU.K.
21.—(1) Section 89C (provision of information by issuers of transferable securities) is amended as follows.
(2) In subsection (2), for paragraphs (a) and (aa) (except the final “and”) substitute—
“(a)an annual financial report which complies with subsection (5) and with such other requirements as may be specified;
(aa)in the case of an issuer which is—
(i)a mining or quarrying undertaking, or
(ii)a logging undertaking,
reports complying with specified requirements on payments to governments;”.
(3) In subsections (3) and (4)(a), for “information required by Article 5 of the transparency obligations directive” substitute “ a half-yearly financial report which covers the first 6 months of the financial year and complies with subsection (6) and with such other requirements as may be specified ”.
(4) After subsection (4) insert—
“(5) An issuer's annual financial report must include—
(a)audited financial statements complying with specified requirements,
(b)a management report complying with specified requirements, and
(c)statements which—
(i)relate to the financial statements and the management report,
(ii)are made by the persons responsible within the issuer, and
(iii)comply with specified requirements.
(6) An issuer's half-yearly financial report must include—
(a)a condensed set of financial statements complying with specified requirements,
(b)an interim management report complying with specified requirements, and
(c)statements which—
(i)relate to the condensed set of financial statements and the interim management report,
(ii)are made by the persons responsible within the issuer, and
(iii)comply with specified requirements.
(7) In subsection (2)(aa), “mining or quarrying undertaking”, “logging undertaking”, “payment” and “government” have the same meanings as in the Reports on Payments to Governments Regulations 2014 M7.
(8) In this section “specified” means specified in, or referred to in, transparency rules.”.
Commencement Information
I11Reg. 21 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
Notification of voting rights held by issuerU.K.
22.—(1) Section 89D (notification of voting rights held by issuer) is amended as follows.
(2) In subsection (1), for the words from “the issuer” to the end substitute “ the issuer in accordance with the following provisions ”.
(3) In subsection (2), omit “under subsection (1)(b)”.
Commencement Information
I12Reg. 22 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Transparency rules: interpretation etcU.K.
23. In section 89F (transparency rules: interpretation etc), after subsection (1) insert—
“(1A) The FCA must establish, publish and periodically update an indicative list of financial instruments that are subject to notification requirements by virtue of subsection (1)(b)(iii), taking into account developments on financial markets.
(1B) Publication of the indicative list is to be in such manner as the FCA considers appropriate.”.
Commencement Information
I13Reg. 23 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Public censure of issuerU.K.
24.—(1) Section 89K (public censure of issuer) M8 is amended as follows.
(2) In subsection (5), for the words from “under” to the end substitute “ under qualifying transparency legislation ”.
(3) After subsection (5) insert—
“(5A) In this Part “qualifying transparency legislation” means—
(a)transparency rules,
(b)any EU regulation, originally made under the transparency obligations directive, that is retained direct EU legislation,
(c)regulations made by the Treasury under regulation 71 of the Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 for a purpose specified in paragraphs 10 to 20 of Schedule 2 to those Regulations, or
(d)technical standards made by the FCA under regulation 72 of those Regulations for a purpose specified in paragraphs 31 to 35 of that Schedule.”.
(4) Omit subsection (6).
Commencement Information
I14Reg. 24 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M8Sections 89K to 89N were inserted by the Companies Act 2006 section 1268.
Power to suspend or prohibit trading of securitiesU.K.
25.—(1) Section 89L (power to suspend or prohibit trading of securities) is amended as follows.
(2) In subsection (3), for the words from “a provision” to “directive” substitute “ an applicable transparency obligation ”.
(3) In subsection (5), for the words from “under” to the end substitute “ under qualifying transparency legislation ”.
(4) Omit subsection (6).
Commencement Information
I15Reg. 25 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Voting rights suspension ordersU.K.
26. In section 89NA (voting rights suspension orders) M9, in subsection (11), in the definition of “relevant transparency provision”—
(a)in paragraph (a), for “implements” substitute “ implemented ”;
(b)omit the “or” at the end of paragraph (a);
(c)for paragraph (b) substitute—
“(b)a provision, originally made under any of those Articles, that is retained direct EU legislation,
(c)a provision of regulations made by the Treasury under regulation 71 of the Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 for a purpose specified in paragraphs 13 to 16 of Schedule 2 to those Regulations, or
(d)a provision of technical standards made by the FCA under regulation 72 of those Regulations for a purpose specified in paragraphs 32 to 35 of that Schedule.”.
Commencement Information
I16Reg. 26 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M9Inserted by S.I. 2015/1755.
Corporate governance rulesU.K.
27.—(1) Section 89O (corporate governance rules) M10 is amended as follows.
(2) For subsection (1) substitute—
“(1) The FCA may make rules (“corporate governance rules”) relating to the corporate governance of issuers who have requested or approved admission of their securities to trading on a regulated market.”.
(3) Omit subsections (3) and (4).
Commencement Information
I17Reg. 27 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M10Inserted by the Companies Act 2006 section 1269.
Storage of regulated informationU.K.
28.—(1) Section 89W (storage of regulated information) M11 is amended as follows.
(2) In subsection (1), omit the words from “meeting” to the end.
(3) After that subsection insert—
“(1A) The mechanism must comply with minimum quality standards of security, certainty as to the information source, time recording and easy access by end users (see provision made under regulation 71 of the Official Listing of Securities, Prospectus and Transparency (Amendment etc.) (EU Exit) Regulations 2019 for the purpose specified in paragraph 19(b) of Schedule 2 to those Regulations).
(1B) The mechanism must be aligned with the procedure for filing the regulated information with the FCA.”.
(4) For subsection (2) substitute—
“(2) In this section “regulated information” means information which an issuer, or a person who has applied for the admission of securities to trading on a regulated market without the issuer's consent, is required to disclose under—
(a)listing rules,
(b)qualifying transparency legislation, or
(c)Articles 17 to 19 of the market abuse regulation.”.
Commencement Information
I18Reg. 28 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M11Inserted by S.I. 2015/1755.
Liability for key investor informationU.K.
29. In section 90ZA (liability for key investor information) M12, for “implementing” substitute “ originally made in implementation of ”.
Commencement Information
I19Reg. 29 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M12Inserted by S.I. 2011/1613.
Penalties for breach of Part 6 rulesU.K.
30.—(1) Section 91 (penalties for breach of Part 6 rules) is amended as follows.
F16(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) In subsection (1B)(a)(i) M13, for the words from “transparency rules” to “directive” substitute “ qualifying transparency legislation ”.
Textual Amendments
F16Reg. 30(2) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 17 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Commencement Information
I20Reg. 30 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M13Subsection (1B) was inserted by the Companies Act 2006 Schedule 15, paragraph 6, and was amended by the Financial Services Act 2012 (c. 21) section 16.
Appointment by FCA of persons to carry out investigationsU.K.
31. In section 97 (appointment by FCA of persons to carry out investigations), in subsection (1)—
[F17(a)in paragraph (a), for sub-paragraph (ii) (including the “or” at the end) substitute—
“(ii)any other provision of qualifying transparency legislation, or”;
(b)in paragraph (b), for sub-paragraph (ii) (including the “or” at the end) substitute—
“(ii)any other provision of qualifying transparency legislation, or”;]
(c)in paragraph (ba) M14, for the words from “by that person of” to the end substitute “ by that person of qualifying transparency legislation; ”.
Textual Amendments
F17Reg. 31(a)(b) substituted (31.12.2020 immediately before IP completion day) by The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(3), 18 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2))); 2020 c. 1, Sch. 5 para. 1(1)
Commencement Information
I21Reg. 31 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M14Paragraph (ba) was inserted by S.I. 2015/1755.
Repeal of section 100AU.K.
32. Omit section 100A (exercise of powers where UK is host member state) M15.
Commencement Information
I22Reg. 32 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M15Inserted by the Companies Act 2006 section 1271.
Meaning of “securities” etc.U.K.
33.—(1) Section 102A (meaning of “securities” etc.) M16 is amended as follows.
(2) In subsection (3), for “directive”, in both places where it occurs, substitute “ regulation ”.
(3) For subsection (3A) M17 substitute—
“(3A) “Debt securities” means bonds or other forms of transferable securitised debts, with the exception of—
(a)transferable securities which are equivalent to shares, and
(b)transferable securities which, if converted or if the rights conferred by them are exercised, give rise to a right to acquire—
(i)shares, or
(ii)transferable securities equivalent to shares.”.
(4) In subsection (4), for the words from “has” to the end substitute “ means those instruments specified in Part 1 of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 ”M18 .
(5) For subsection (5) substitute—
“(5) “Non-equity transferable securities” means all transferable securities that are not equity securities; and for this purpose the following are “equity securities”—
(a)shares,
(b)other transferable securities which are equivalent to shares, and
(c)transferable securities which—
(i)are within neither of paragraphs (a) and (b),
(ii)give the right to acquire securities within paragraph (a) or (b) if converted or if the rights conferred by them are exercised, and
(iii)are issued by the issuer of the underlying shares or by an entity belonging to the group of that issuer.”.
Commencement Information
I23Reg. 33 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M16Sections 102A to 102C were inserted by S.I. 2005/1433.
M17Inserted by the Companies Act 2006 Schedule 15, paragraph 10(2).
M18S.I. 2001/544. Part 1 of Schedule 2 was substituted by S.I. 2006/3384 and amended by S.I. 2017/488.
Meaning of “offer of transferable securities to the public” etc.U.K.
34.—(1) Section 102B (meaning of “offer of transferable securities to the public” etc.) is amended as follows.
(2) In subsection (5)(a), after “a regulated market” insert “ , as defined in Article 2(1)(13) of the markets in financial instruments regulation M19 ”.
(3) For subsection (6) substitute—
“(6) “Multilateral trading facility” has the same meaning as in the markets in financial instruments regulation (see Article 2(1)(14) of that Regulation) M20.”.
Commencement Information
I24Reg. 34 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M19Article 2(1)(13) is substituted by S.I. 2018/1403.
M20Article 2(1)(14) is inserted by S.I. 2018/1403.
Repeal of section 102CU.K.
35. Omit section 102C (meaning of “home State” in relation to transferable securities).
Commencement Information
I25Reg. 35 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Interpretation of Part 6 of FSMA 2000U.K.
36. In section 103 (interpretation of Part 6), in subsection (1)—
(a)after the definition of “prospectus rules” insert—
F18“...
“qualifying transparency legislation” has the meaning given in section 89K(5A);”;
(b)for the definition of “regulated market” substitute—
““regulated market” (except in section 102B and Schedule 10A) means a UK regulated market, as defined in Article 2(1)(13A) of the markets in financial instruments regulation M21;”.
Textual Amendments
F18Words in reg. 36(a) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 19 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Commencement Information
I26Reg. 36 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M21Article 2(1)(13A) is substituted by S.I. 2018/1403.
Liability of issuers in connection with published informationU.K.
37.—(1) Schedule 10A (liability of issuers in connection with published information) M22 is amended as follows.
(2) In paragraph 1, for sub-paragraph (3) substitute—
“(3) For the purposes of this Schedule the United Kingdom is the home State of an issuer if—
(a)the transparency rules impose requirements on the issuer in relation to the securities, or
(b)the issuer has its registered office (or, if it does not have a registered office, its head office) in the United Kingdom.”.
(3) In paragraph 2(4)—
(a)in paragraph (a)—
(i)for “EEA” substitute “ United Kingdom ”;
(ii)for “Article 21 of the transparency obligations directive” substitute “ transparency rules ”;
(b)in paragraph (b)—
(i)for “EEA” substitute “ United Kingdom ”;
(ii)for “that directive” substitute “ transparency rules ”.
(4) In paragraph 8—
(a)in sub-paragraph (1)—
(i)for paragraph (a) substitute—
“(a)“securities” means transferable securities as defined in Article 2(1)(24) of the markets in financial instruments regulation, other than money market instruments as defined in Article 2(1)(25A) of that regulation that have a maturity of less than 12 months (and includes instruments outside the United Kingdom);”; M23
(ii)in paragraph (b), for sub-paragraphs (i) to (iii) substitute—
“(i)a regulated market as defined in Article 2(1)(13) of the markets in financial instruments regulation, or
(ii)a multilateral trading facility as defined in Article 2(1)(14) of that regulation.”
(b)omit sub-paragraph (6)(b).
Commencement Information
I27Reg. 37 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M22Inserted by S.I. 2010/1192.
M23Articles 1(1)(24) and (25A) are substituted by S.I. 2018/1403.
Transferable securities excluded from certain provisions of section 85 of FSMA 2000U.K.
38.—(1) Schedule 11A (transferable securities) M24 is amended as follows.
F19(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F19(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F19(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F19(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(6) In paragraph 7, omit sub-paragraph (2)(e).
F20(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F20(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F19Reg. 38(2)-(5) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 20 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F20Reg. 38(7)(8) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 20 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Commencement Information
I28Reg. 38 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M24Inserted by S.I. 2005/1433.
CHAPTER 2U.K.The Companies Act 2006
Repeal of section 1273 of the Companies Act 2006U.K.
39. Omit section 1273 of the Companies Act 2006 M25 (corporate governance regulations).
Commencement Information
I29Reg. 39 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
PART 3U.K.Amendments of EU Regulations and EU Decision
Prospective
CHAPTER 1U.K.Amendments of Commission Regulation (EC) No. 809/2004
F21...U.K.
F2140. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2141. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2142. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2143. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2144. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2145. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2146. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2147. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2148. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2149. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2150. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2151. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2152. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2153. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2154. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2155. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2156. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2157. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2158. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2159. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2160. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2161. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2162. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2163. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2164. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2165. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F2166. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F21Regs. 40-66 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 21 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
CHAPTER 2U.K.Amendments of other EU Regulations and of EU Decision
Commission Regulation (EC) No 1569/2007U.K.
67.—(1) Commission Regulation (EC) No 1569/2007 of 21 December 2007 establishing a mechanism for the determination of equivalence of accounting standards applied by third country issuers of securities pursuant to Directives 2003/71/EC and 2004/109/EC of the European Parliament and of the Council is amended as follows.
(2) In Article 1 (subject matter)—
(a)after “considered” insert “ for the specified purposes as ”;
(b)for the words from “International” to “IFRS)” substitute “ UK-adopted international accounting standards ”;
F22(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) In Article 2 (equivalence)—
(a)after “considered” insert “ for the specified purposes as ”;
(b)for the words from “IFRS adopted” to “No 1606/2002” substitute “ UK-adopted international accounting standards ”;
(c)for “in accordance with IFRS” substitute “ in accordance with UK-adopted international accounting standards ”.
(4) In Article 3 (equivalence mechanism)—
(a)in the first paragraph—
(i)for “Commission” substitute “ Treasury ”;
(ii)for “competent authority of a Member State” substitute “ Financial Conduct Authority ”;
(b)for the second paragraph substitute—
“Before making a determination of equivalence, the Treasury must consult the Secretary of State.
A determination of equivalence is to be made by the Treasury by regulations made by statutory instrument.”.
(5) After Article 3 insert—
“Article 3AU.K.Treasury regulations under Article 3
1. Regulations made by the Treasury under Article 3 may—
(a)contain incidental, supplemental, consequential and transitional provision,
(b)make different provision for different purposes, and
(c)amend or revoke Commission Decision (EC) No 2008/961 on the use by third countries' issuers of securities of certain third country's national accounting standards and International Financial Reporting Standards to prepare their consolidated financial statements.
2. A statutory instrument containing regulations made by the Treasury under Article 3 is subject to annulment in pursuance of a resolution of either House of Parliament.”.
(6) Omit Article 4 (conditions for the acceptance of third country accounting standards for a period ending no later than 31 March 2016).
(7) Omit Article 5 (entry into force and application).
Textual Amendments
F22Reg. 67(2)(c) omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 22 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Commencement Information
I30Reg. 67 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Commission Decision (EC) No 2008/961U.K.
68.—(1) Commission Decision (EC) No 2008/961 of 12 December 2008 on the use by third countries' issuers of securities of certain third country's national accounting standards and International Financial Reporting Standards to prepare their consolidated financial statements is amended as follows.
(2) In Article 1—
(a)in the first paragraph—
(i)for the words from the beginning to “No 1606/2002:”, in the second place where it occurs, substitute “ From [F23IP completion day], with regard to annual consolidated financial statements and half-yearly consolidated financial statements, the following standards are to be considered as equivalent to UK-adopted international accounting standards: ”;
(ii)after point (c) insert—
“(d)International Financial Reporting Standards adopted pursuant to Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of International Accounting Standards, as it applies in the European Union.”;
(b)in the second paragraph, for the words from the beginning to “No 1606/2002:” substitute “ From [F24IP completion day], with regard to annual consolidated financial statements and half-yearly consolidated financial statements, the following standards are to be considered as equivalent to UK-adopted international accounting standards: ”;
(c)omit the paragraph beginning “Third country issuers”;
(d)at the end insert—
“In this Decision “third country” means a country outside the United Kingdom.”.
(3) Omit Article 1a.
(4) Omit Articles 2 and 3.
Textual Amendments
F23Words in reg. 68(2)(a)(i) 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. 42(a)
F24Words in reg. 68(2)(b) 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. 42(a)
Commencement Information
I31Reg. 68 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
European Parliament and Council Regulation (EU) 2017/1129U.K.
69. In 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 repealing Directive 2003/71/EC [F25, omit Article 3(2).]
Textual Amendments
F25Words in reg. 69 substituted (31.12.2020 immediately before IP completion day) by The Financial Services (Miscellaneous Amendments) (EU Exit) Regulations 2020 (S.I. 2020/628), regs. 1(3), 14
Commencement Information
I32Reg. 69 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
PART 4U.K.Transfer of directive functions to the Treasury or the FCA
Interpretation of Schedule 2U.K.
70. Part 1 of Schedule 2 contains interpretative provisions for the purposes of that Schedule.
Commencement Information
I33Reg. 70 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Transfer of directive functions to the TreasuryU.K.
71.—(1) The Treasury may make regulations for the purposes specified in Part 2 of Schedule 2.
(2) The power to make regulations conferred on the Treasury by this regulation is exercisable by statutory instrument.
(3) The regulations may—
(a)contain incidental, supplemental, consequential and transitional provision, and
(b)make different provision for different purposes.
(4) A statutory instrument containing regulations under this regulation is subject to annulment in pursuance of a resolution of either House of Parliament.
Commencement Information
I34Reg. 71 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Transfer of directive functions to the FCAU.K.
72. The FCA may make technical standards for the purposes specified in Part 3 of Schedule 2.
Commencement Information
I35Reg. 72 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
PART 5U.K.Transitional provision
Prospective
Prospectus approved before [F2621st July 2019] by competent authority of other EEA stateU.K.
F2773. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F26Words in reg. 73 heading substituted (6.9.2019) by The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 23(a) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F27Reg. 73 omitted (31.12.2020 immediately before IP completion day) by virtue of The Securities Financing Transactions, Securitisation and Miscellaneous Amendments (EU Exit) Regulations 2020 (S.I. 2020/1385), regs. 1(4), 63
Rebecca Harris
Craig Whittaker
Two of the Lords Commissioners of Her Majesty's Treasury
Prospective
Regulation 66
F28SCHEDULE 1U.K.Amendments of Annexes to Commission Regulation (EC) No 809/2004
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F28Sch. 1 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 24 (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Regulations 70 to 72
SCHEDULE 2U.K.Transfer of functions to the Treasury and the FCA
PART 1U.K.Interpretation
1. In this Schedule—U.K.
F29...
F29...
“the Disclosure Guidance and Transparency Rules sourcebook” means the Disclosure Guidance and Transparency Rules sourcebook made under FSMA 2000 by the FCA, as it has effect on [F30IP completion day].
Textual Amendments
F29Words in Sch. 2 para. 1 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 25(2) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
F30Words in Sch. 2 para. 1 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. 42(b)
Commencement Information
I36Sch. 2 para. 1 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
PART 2U.K.Directive functions transferred to the Treasury
2. The following purposes are specified for the purposes of regulation 71.U.K.
Commencement Information
I37Sch. 2 para. 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(2)
Prospective
F313. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F31Sch. 2 paras. 3-9 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 25(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
F314. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F31Sch. 2 paras. 3-9 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 25(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
F315. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F31Sch. 2 paras. 3-9 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 25(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
F316. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F31Sch. 2 paras. 3-9 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 25(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
F317. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F31Sch. 2 paras. 3-9 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 25(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
F318. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F31Sch. 2 paras. 3-9 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 25(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
F319. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F31Sch. 2 paras. 3-9 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 25(3) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
10. To establish for the purposes of transparency rules an indicative list of means that are not to be considered electronic means M26.U.K.
Commencement Information
I38Sch. 2 para. 10 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M26This function is transferred from Article 2(3)(b) of Directive 2004/109/EC.
11. In order to take account of developments on financial markets, to specify the conditions under which an annual financial report, published in accordance with an obligation imposed by virtue of section 89C of FSMA 2000, including the audit report, must remain available to the public and to adapt the period referred to in rule 4.1.4 of the Disclosure Guidance and Transparency Rules sourcebook M27.U.K.
Commencement Information
I39Sch. 2 para. 11 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M27This function is transferred from Article 4(6) of Directive 2004/109/EC.
12. In order to take account of developments on financial markets, to specify the requirements to be met by the half-yearly financial reports required by virtue of section 89C of FSMA 2000, to specify the conditions under which such a report, including the auditors' review, must remain available to the public, to clarify the nature of the auditors' review, to specify the minimum contents of the condensed balance sheet and profit and loss accounts and explanatory notes on those accounts, and to adapt the period referred to in rule 4.2.2(3) of the Disclosure Guidance and Transparency Rules sourcebook M28.U.K.
Commencement Information
I40Sch. 2 para. 12 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M28This function is transferred from Article 5(6) of Directive 2004/109/EC.
13. In order to take account of developments on financial markets, to do one or more of the following—U.K.
(a)to specify requirements to be met by shareholders when giving notification to the issuer of the proportion of voting rights as a result of events changing the breakdown of voting rights, and on the basis of the information disclosed pursuant to rule 5.6.1 of the Disclosure Guidance and Transparency Rules sourcebook;
(b)to specify requirements to be complied with in order for an issuer to benefit from the exemption in rule 5.1.3 (1) or (2) of that sourcebook;
(c)to specify requirements to be complied with in order for an issuer to benefit from the exemption in rule 5.1.3(3) of that sourcebook;
(d)to specify the maximum length of the settlement cycle referred to in rule 5.1.3(1) of that sourcebook;
(e)to draw up a list of the events changing the breakdown of voting rights and giving rise to an obligation to notify the issuer in accordance with rule 5.1.2 of that sourcebook M29.
Commencement Information
I41Sch. 2 para. 13 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M29These functions are transferred from Article 9(7) of Directive 2004/109/EC.
14. In order to take account of developments on financial markets, to do one or more of the following—U.K.
(a)to make provision for the publication by the FCA of a calendar of trading days in each regulated market;
(b)to establish in which cases the shareholder, or the person regarded by virtue of section 89F(1)(b)(ii) of FSMA 2000 as holding voting rights in respect of shares, or both, are to give any notification to the issuer that is required by virtue of section 89B of that Act M30;
(c)to clarify the circumstances under which the shareholder, or the person regarded by virtue of section 89F(1)(b)(ii) of that Act as holding voting rights in respect of shares, should have learned of the acquisition or disposal of voting rights M31.
Commencement Information
I42Sch. 2 para. 14 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M30This function is transferred from Article 12(8)(c) of Directive 2004/109/EC.
M31This function is transferred from Article 12(8)(d) of Directive 2004/109/EC.
15. To clarify the conditions of independence to be complied with by management companies and their parent undertakings or by investment firms and their parent undertakings in order to benefit from rule 5.4.1 or 5.4.2 of the Disclosure Guidance and Transparency Rules sourcebook M32.U.K.
Commencement Information
I43Sch. 2 para. 15 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M32This function is transferred from Article 12(8)(e) of Directive 2004/109/EC.
16. To specify the contents of the notification to be made, the notification period, and to whom the notification is to be made, under rule 5.3.1 of the Disclosure Guidance and Transparency Rules sourcebook M33.U.K.
Commencement Information
I44Sch. 2 para. 16 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M33This function is transferred from Article 13(2) of Directive 2004/109/EC.
17. In order to take account of developments on financial markets, to specify the requirements that must be imposed on issuers by transparency rules made by virtue of section 89D of FSMA 2000 M34.U.K.
Commencement Information
I45Sch. 2 para. 17 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M34This function is transferred from Article 14(2) of Directive 2004/109/EC.
18. In order to take account of developments on financial markets and developments in information and communication technology, to specify requirements that must be imposed by Section 1 of Chapter 6 of the Disclosure Guidance and Transparency Rules sourcebook, so far as relating to issuers of shares or debt securities M35.U.K.
Commencement Information
I46Sch. 2 para. 18 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M35This function is transferred from Articles 17(4) and 18(5) of Directive 2004/109/EC.
19. To specify the minimum standards for—U.K.
(a)the dissemination of information in accordance with Section 3 of Chapter 6 of the Disclosure Guidance and Transparency Rules sourcebook;
(b)the central storage mechanism required by section 89W of FSMA 2000 M36.
Commencement Information
I47Sch. 2 para. 19 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M36This function is transferred from Article 21(4)(a) and (b) of Directive 2004/109/EC.
20. To establish general criteria for the purposes of section 89A(4A) of FSMA 2000 in relation to financial statements and information required under the law, regulations or administrative provisions of a country or territory outside the United Kingdom and to state that, by reason of its domestic law, its administrative provisions, or practices or procedures based on international standards set by international organisations, a country or territory outside the United Kingdom ensures equivalent information requirements M37.U.K.
Commencement Information
I48Sch. 2 para. 20 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M37This function is transferred from Article 23(4) of Directive 2004/109/EC.
PART 3U.K.Directive functions transferred to FCA
21. The following purposes are specified for the purposes of regulation 72.U.K.
Commencement Information
I49Sch. 2 para. 21 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Prospective
F3222. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F32Sch. 2 paras. 22-30 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 25(4) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
F3223. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F32Sch. 2 paras. 22-30 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 25(4) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
F3224. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F32Sch. 2 paras. 22-30 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 25(4) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
F3225. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F32Sch. 2 paras. 22-30 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 25(4) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
F3226. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F32Sch. 2 paras. 22-30 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 25(4) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
F3227. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F32Sch. 2 paras. 22-30 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 25(4) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
F3228. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F32Sch. 2 paras. 22-30 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 25(4) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
F3229. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F32Sch. 2 paras. 22-30 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 25(4) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
Prospective
F3230. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .U.K.
Textual Amendments
F32Sch. 2 paras. 22-30 omitted (6.9.2019) by virtue of The Prospectus (Amendment etc.) (EU Exit) Regulations 2019 (S.I. 2019/1234), regs. 1(2), 25(4) (with savings in S.I. 2019/680, reg. 11 (as amended by S.I. 2019/1234, reg. 29(2)))
31. To specify the electronic reporting format for annual financial reports published in accordance with an obligation imposed by virtue of section 89C(2) of FSMA 2000 M38.U.K.
Commencement Information
I50Sch. 2 para. 31 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M38This function is transferred from Article 4(7) of Directive 2004/109/EC.
32. To specify the method of calculating any percentage threshold applying for the purposes of rule 5.1.3 of the Disclosure Guidance and Transparency Rules sourcebook M39.U.K.
Commencement Information
I51Sch. 2 para. 32 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M39This function is transferred from Article 9(6b) of Directive 2004/109/EC.
33. To establish standard forms, templates and procedures to be used when—U.K.
(a)notifying required information to the issuer under transparency rules made by virtue of section 89B of FSMA 2000, or
(b)notifying the FCA under transparency rules made by virtue of section 89B of FSMA 2000 M40.
Commencement Information
I52Sch. 2 para. 33 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M40These functions are transferred from Articles 12(9) and 13(3) of Directive 2004/109/EC.
34. To specify for the purposes of rule 5.3.3A of the Disclosure Guidance and Transparency Rules sourcebook—U.K.
(a)the method for calculating the number of voting rights in the case of financial instruments referenced to a basket of shares or an index, and
(b)the methods for determining delta for the purposes of calculating voting rights relating to financial instruments which provide exclusively for a cash settlement M41.
Commencement Information
I53Sch. 2 para. 34 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M41This function is transferred from Article 13(1a) of Directive 2004/109/EC.
35. To specify the cases in which the exemptions laid down in rules 5.1.3, 5.4.1, 5.4.2 and 5.8.6 of the Disclosure Guidance and Transparency Rules sourcebook apply to financial instruments held by a person fulfilling orders received from clients or responding to a client's request to trade otherwise than on a proprietary basis, or hedging positions arising out of such dealings M42.U.K.
Commencement Information
I54Sch. 2 para. 35 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
Marginal Citations
M42This function is transferred from Article 13(4) of Directive 2004/109/EC.
Explanatory Note
(This note is not part of the Regulations)
These Regulations are made in exercise of the powers in section 8(1) of, and paragraph 21 of Schedule 7 to, the European Union (Withdrawal) Act 2018 (c. 16) in order to address failures of retained EU law to operate effectively and other deficiencies (in particular, under section 8(2)(a), (b), (c) and (f)) arising from the withdrawal of the United Kingdom from the European Union.
These Regulations make amendments to legislation relating to the official listing of securities and prospectus and transparency requirements.
These Regulations refer to the sourcebooks made by the Financial Conduct Authority under the Financial Services and Markets Act 2000 (c.8). The Sourcebooks made by the Financial Conduct Authority are available on https://www.handbook.fca.org.uk/handbook and copies of the rules referred to can be obtained from the Financial Conduct Authority, 12 Endeavour Square, London E20 1JN, where they are also available for inspection.
An impact assessment of the effect that this instrument, and certain other instruments made by HM Treasury under the European Union (Withdrawal) Act 2018, will have on the costs of business, the voluntary sector and the public sector is available from HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and is published alongside this instrument at www.legislation.gov.uk.