Regulation 11 Overseas trading venue short selling regime

(1)

The Treasury may by regulations designate an overseas jurisdiction for the purpose of the application of an exemption provided for by virtue of regulation 9(1)(a).

(2)

The Treasury may make regulations under paragraph (1) only if they consider that those regulations are compatible with—

(a)

protecting the integrity of the financial system operating in the United Kingdom, and

(b)

facilitating the international competitiveness of the economy of the United Kingdom and its growth in the medium to long term.

(3)

When considering whether to designate an overseas jurisdiction, the Treasury may, in addition to any other matter they consider relevant, have regard to the law and practice of that overseas jurisdiction in relation to the following—

(a)

authorisation, supervision and enforcement in relation to markets in that jurisdiction;

(b)

rules regarding admission of securities to trading;

(c)

market transparency and integrity;

(d)

the prevention of market abuse in the form of insider dealing and market manipulation.

(4)

The power to make regulations under this Part is exercisable by statutory instrument.

(5)

A statutory instrument which contains regulations made under this Part is subject to annulment in pursuance of a resolution of either House of Parliament.

(6)

Regulations made under this Part may make—

(a)

incidental, supplemental, consequential, transitional, transitory or saving provision;

(b)

different provision for different purposes.