Regulation 9 Uncovered short sales

(1)

In Article 12(2)—

(a)

in the first sub-paragraph—

(i)

in the first sentence, for the words from the beginning to “develop draft” substitute “For the purposes of paragraph 1, the FCA may make”;

(ii)

in the second sentence, for “ESMA” substitute “the FCA”;

(b)

omit the second and third sub-paragraphs.

(2)

In Article 13—

(a)

in paragraph 3—

(i)

in the first sub-paragraph—

(aa)

after “referred to in”, the first time it occurs, insert “Commission Delegated Regulation (EU) No 918/2012 or in regulations made by the Treasury under”;

(bb)

for “relevant competent authority” substitute “FCA”;

(cc)

omit the final sentence;

(ii)

in the second sub-paragraph, for “relevant competent authority” substitute “FCA”;

(iii)

omit the third sub-paragraph;

(b)

in paragraph 4—

(i)

in the first sub-paragraph, for “Commission shall adopt delegated acts in accordance with Article 42 specifying” substitute “Treasury may by regulations specify”;

(ii)

in the second sub-paragraph, omit “for Member States”;

(iii)

in the third sub-paragraph, for “each sovereign” substitute “the sovereign”;

(c)

in paragraph 5—

(i)

in the first sub-paragraph—

(aa)

in the first sentence, for the words from the beginning to “develop draft” substitute “For the purposes of paragraph 1, the FCA may make”;

(bb)

in the second sentence, for “ESMA”, substitute “The FCA”;

(ii)

omit the second and third sub-paragraphs.

(3)

In Article 14, in paragraph 2—

(a)

in the first sub-paragraph—

(i)

for “A competent authority” substitute “The FCA”;

(ii)

for “sovereign issuers” substitute “the sovereign issuer”;

(iii)

for “issuers’ ability” substitute “issuer’s ability”;

(b)

in the second sub-paragraph, for “competent authority” substitute “FCA”;

(c)

omit the third and fifth sub-paragraphs;

(d)

in the fourth sub-paragraph, for “relevant competent authority” substitute “FCA”.