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2.—(1) The FRC is appointed to exercise the functions mentioned in section 14(2) of the 2004 Act in respect of any issuer of transferable securities admitted to trading on a UK regulated market which is a body corporate.
(2) In paragraph (1), “issuer” does not include a person which is not required to comply with the reporting requirements of Section 1 of Chapter 4 (annual financial report) and Section 2 of Chapter 4 (half-yearly financial reports) of the DGTR sourcebook by virtue of—
(a)rule 4.4.1, rule 4.4.2 (exemptions) and TP 1.19 (exemption for certain large debt securities issuers) of the DGTR sourcebook, or
(b)applicable rules in the Listing Rules, Prospectus Regulation Rules and DGTR sourcebook of the Financial Conduct Authority Handbook made under the Financial Services and Markets Act 2000 (where the Listing Rules and the Prospectus Regulation Rules means those Rules as they had effect on the day on which this Order is made).
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