The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2009
| Jurisdiction | UK Non-devolved |
| Citation | SI 2009/3128 |
| Year | 2009 |
2009 No. 3128
Financial Services And Markets
The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2009
Made 30th November 2009
Laid before Parliament 1st December 2009
Coming into force 31th December 2009
The Treasury are a government department designated1for the purposes of section 2(2) of the European Communities Act 1972(2), in relation to insider dealing and market manipulation;
In exercise of the powers conferred on them by section 2(2) of that Act, the Treasury hereby make the following Regulations:
Citation and commencement
1.—(1) These Regulations may be cited as the Financial Services and Markets Act 2000 (Market Abuse) Regulations 2009.
(2) These Regulations shall come into force on 31st December 2009.
Amendment of Part 8 of the Financial Services and Markets Act 2000
Amendment of Part 8 of the Financial Services and Markets Act 20003
2.—(1) The Financial Services and Markets Act 2000 Act is amended as follows.
(2) In subsection (9) of section 118 (market abuse)4, for “31 December 2009” substitute “31 December 2011”.
(3) In subsection (6) of section 118A (supplementary provision about certain behaviour)5, for “31 December 2009” substitute “31 December 2011”.
Tony Cunningham
Dave Watts
Two of the Lords Commissioners of Her Majesty’s Treasury
30th November 2009
EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend sections 118 and 118A of the Financial Services and Markets Act 2000 (c.8)(“the 2000 Act”) which were substituted, together with sections 118B and 118C, for the original section 118 by the Financial Services and Markets Act 2000 (Market Abuse) Regulations 2005, S.I. 2005/381as from 1 July 2005. Such Regulations implemented, in part, Directive 2003/6/ECof the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation6(“the Market Abuse Directive”).
Subsections 118(4), 118(8), 118A(2) and 118A(3) of the 2000 Act retain the definitions of market abuse which are broader than those in Articles 1 to 5 of the Market Abuse Directive and were already in the original section 118. Section 118(9) (as amended by SI 2008/1439) provides that these provisions will cease to have effect on 31 December 2009; section 118A(6) (as also amended by S.I. 2008/1439) does the same for the related provisions in section 118A.
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