The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2011
| Jurisdiction | UK Non-devolved |
| Citation | SI 2011/2928 |
| Year | 2011 |
2011 No. 2928
Financial Services And Markets
The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2011
Made 7th December 2011
Laid before Parliament 8th December 2011
Coming into force 31th December 2011
The Treasury are a government department designated1for the purposes of section 2(2) of the European Communities Act 19722, 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 2011.
(2) These Regulations come into force on 31st December 2011.
Amendment of Part 8 of the Financial Services and Markets Act 2000
2.—(1) The Financial Services and Markets Act 2000 Act3is amended as follows.
(2) In subsection (9) of section 118 (market abuse)4, for “31 December 2011” substitute “31 December 2014”.
(3) In subsection (6) of section 118A (supplementary provision about certain behaviour)5, for “31 December 2011” substitute “31 December 2014”.
James Duddridge
Jeremy Wright
Two of the Lords Commissioners of Her Majesty’s Treasury
7th December 2011
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. 2005/381) as from 1 July 2005. Those Regulations implemented, in part, Directive 2003/6/ECof the European Parliament and of the Council of 28th January 2003 on insider dealing and market manipulation6(“the Market Abuse Directive”).
Sections 118(4), 118(8), 118A(2) and 118A(3) of the 2000 Act retain 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 S.I. 2009/3128) provides that these provisions will cease to have effect on 31st December 2011; section 118A(6) (as also amended by S.I. 2009/3128) does the same for the related provisions in section 118A.
Regulations 2(2) and 2(3) amend sections 118(9)...
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