Regulation 9 Article 7 (transparency requirements for originators, sponsors and SSPEs)

(1)

Article 7 is amended as follows.

(2)

In paragraph 1—

(a)

in the first subparagraph—

(i)

in the opening words for “authorities” substitute “authority”;

(ii)

in point (c) for “where a prospectus has not been drawn up in compliance with Directive 2003/71/EC of the European Parliament and of the Council” substitute “where section 85 of the 2000 Act (prohibition of dealing etc in transferable securities without approved prospectus) and rules made by the FCA for the purposes of Part 6 of the 2000 Act (official listing)^f1 do not require a prospectus to be drawn up”;

(iii)

in point (g)(iv) for “competent authorities have” substitute “the competent authority has”;

(b)

in the fourth subparagraph for “competent authorities” substitute “the competent authority”;

(c)

in the sixth subparagraph for “national and Union law” substitute “the law applicable in the United Kingdom”; and

(d)

in the eighth subparagraph for “Competent authorities referred to in Article 29” substitute “The competent authority”.

(3)

In paragraph 2, in the third subparagraph for the words from “where no prospectus has to be drawn up in compliance with Directive 2003/71/EC” substitute “for which section 85 of the 2000 Act and rules made by the FCA for the purposes of Part 6 of the 2000 Act do not require a prospectus to be drawn up”.

(4)

In paragraph 3—

(a)

in the first subparagraph for the words from “ESMA,” to “draft regulatory” substitute “The FCA and the PRA, acting jointly, may make”; and

(b)

omit the second and third subparagraphs.

(5)

In paragraph 4—

(a)

in the first subparagraph for the words from “ESMA,” to “draft implementing” substitute “the FCA and the PRA, acting jointly, may make”; and

(b)

omit the second and third subparagraphs.

Annotations

Footnotes

f1: These are “prospectus rules”; see section 73A of the Financial Services and Markets Act 2000 (Part 6 Rules), inserted by S.I. 2005/381).