Paragraph 11 I1

United Kingdom

(1)

Article 13 (implementation of prohibitions against market abuse) is amended as follows.

(2)

In paragraph 1—

(a)

in the first paragraph, for “National regulatory authorities shall” substitute “ The national regulatory authority must ”;

(b)

for the second subparagraph substitute—

“The national regulatory authority must exercise its investigatory and enforcement powers in a proportionate manner.”;

(c)

in the fourth paragraph, for “the national regulatory authorities may exercise their” substitute “ the national regulatory authority may exercise its ”.

(3)

Omit paragraph 2.

Annotations

Commencement

I1: Sch. 1 para. 11 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)