Section 137Q Price stabilising rulesF1

United Kingdom

(1)

The FCA may make rules (“price stabilising rules”) as to—

(a)

the circumstances and manner in which,

(b)

the conditions subject to which, and

(c)

the time when or the period during which,

action may be taken for the purpose of stabilising the price of investments of specified kinds.

(2)

Price stabilising rules—

(a)

are to be made so as to apply only to authorised persons;

(F2aa)

must not apply to transactions, orders, behaviour, actions or omissions to which the market abuse regulation applies;

(b)

may make different provision in relation to different kinds of investment.

(F33)

The FCA may make rules which, for the purposes of the relevant exemption provisions, treat a person who acts or engages in conduct in conformity with specified provisions as acting, or engaging in that conduct, in conformity with the relevant provisions of Article 5 (exemption for buy-back programmes and stabilisation) of the market abuse regulation.

(3A)

“Specified provisions” means such provisions—

(a)

corresponding to the relevant provisions of Article 5 of the market abuse regulation, and

(b)

made by a body or authority outside the F4United Kingdom as may be specified in rules made by the FCA,

as may be specified in rules made by the FCA.

(4)

“The relevant exemption provisions” are the following provisions of the Financial Services Act 2012—

(a)

F5section 90(9)(d);

(b)

F6section 91(4)(c).

(F75)

In this section references to Article 5 of the market abuse regulation include—

(a)

any technical standards originally adopted or made under that Article which are F8assimilated direct legislation, and

(b)

any technical standards made under that Article by the FCA.

Annotations

Textual amendments

F1: Pt. 9A substituted for ss. 138-164 (24.1.2013 for specified purposes, 1.4.2013 in so far as not already in force) by Financial Services Act 2012 (c. 21), ss. 24(1), 122(3) (with Sch. 20); S.I. 2013/113, art. 2(1)(c), Sch. Pt. 3; S.I. 2013/423, art. 3, Sch.
F2: S. 137Q(2)(aa) inserted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 10(5)(a)
F3: S. 137Q(3)(3A) substituted for s. 137Q(3) (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 10(5)(b)
F4: Words in s. 137Q(3A)(b) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 37(2); 2020 c. 1, Sch. 5 para. 1(1)
F5: Words in s. 137Q(4)(a) substituted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 10(5)(c)(i)
F6: Words in s. 137Q(4)(b) substituted (3.7.2016) by The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2016 (S.I. 2016/680), regs. 1, 10(5)(c)(ii)
F7: S. 137Q(5) substituted (31.12.2020) by The Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/632), regs. 1(3), 37(3); 2020 c. 1, Sch. 5 para. 1(1)
F8: Words in s. 137Q(5)(a) substituted (1.1.2024) by The Retained EU Law (Revocation and Reform) Act 2023 (Consequential Amendment) Regulations 2023 (S.I. 2023/1424), reg. 1(2), Sch. para. 44(4)(f)

Notes on Part 9A

Modifications

C1: Pt. 9A applied (with modifications) (31.12.2020) by The Transparency of Securities Financing Transactions and of Reuse (Amendment) (EU Exit) Regulations 2019 (S.I. 2019/542), regs. 1, 35 (as amended by S.I. 2020/1385, regs. 1(4), 56(7)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
C2: Pt. 9A applied (31.12.2020) by The Solvency 2 and Insurance (Amendment, etc.) (EU Exit) Regulations 2019 (S.I. 2019/407), regs. 1(2), 4, Sch. 3 (as amended by S.I. 2020/1301, regs. 1, 3, Sch. para. 27(a) and S.I. 2020/1385, regs. 1(2), 54(2))
C3: Pt. 9A applied (with modifications) (31.12.2020) by The Over the Counter Derivatives, Central Counterparties and Trade Repositories (Amendment, etc., and Transitional Provision) (EU Exit) Regulations 2019 (S.I. 2019/335), regs. 1(1), 74 (as amended by S.I. 2020/1385, regs. 1(4), 52(7)) (with savings in S.I. 2019/680, reg. 11); 2020 c. 1, Sch. 5 para. 1(1)
C4: Pt. 9A applied (1.7.2021) by Regulation (EU) No. 600/2014, Art. 49A(12) (as inserted by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 10 para. 9; S.I. 2021/739, reg. 3(o))

Notes on Chapter 1

Modifications

C1: Pt. 9A applied (1.7.2021) by Regulation (EU) No. 600/2014, Art. 49A(12) (as inserted by Financial Services Act 2021 (c. 22), s. 49(5), Sch. 10 para. 9; S.I. 2021/739, reg. 3(o))