The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2014
| Jurisdiction | UK Non-devolved |
2014No. 3081
FINANCIAL SERVICES AND MARKETS
The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2014
19thNovember2014
20thNovember2014
15thDecember2014
The Treasury are a government department designated( 1) for the purposes of section 2(2) of the European Communities Act 1972( 2) in relation to financial services.
The Treasury, in exercise of the powers conferred by section 2(2) of that Act, 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 2014.
(2) These Regulations come into force on 15th December 2014.
Amendment of Part 8 of the Financial Services and Markets Act 2000
2. (1) The Financial Services and Markets Act 2000( 3) is amended as follows.
(2) For subsection (9) of section 118 (market abuse)( 4), substitute-
"(9) Subsection (4) ceases to have effect on 31 December 2014 and subsections (2) and (3) of section 118A are then to be read as no longer referring to that subsection.".(3) After subsection (9) of section 118 (market abuse), insert-
"(10) Subsection (8) and the definition of "regular user" in section 130A(3) cease to have effect on 3 July 2016 and the reference in subsection (1)(b) to that subsection is then to be read as a reference to subsection (7).".(4) In subsection (6) of section 118A (supplementary provision about certain behaviour)( 5), for "31 December 2014" substitute "3 July 2016".
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Mark Lancaster David Evennett Two of the Lords Commissioners of Her Majesty's Treasury |
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19th November 2014 |
EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend sections 118(9) and 118A(6) of the Financial Services and Markets Act 2000 ("the 2000 Act") and add a new subsection (10) to section 118 of that Act. Part 8 (Penalties for Market Abuse) of the 2000 Act sets out the UK civil prohibition on market abuse. The effect of these amendments is to change the date on which section 118(8), section 118A(2) and (3), and the definition of "regular user" in section 130A, which class particular forms of behaviour as market abuse for the purposes of the 2000 Act, are due to expire from 31st December 2014 to 3rd July 2016.
Sections 118, 118A and 130A were inserted into the 2000 Act on 1st July 2005 by the Financial Services and Markets Act 2000 (Market Abuse) Regulations 2005 ( S.I. 2005/381) for the purpose of implementing Directive 2003/6/ECof the...
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