LegalizeThe Prospectus (Amendment etc.) (EU Exit) Regulations 2019
Made: at 9.00 a.m. on 5th September 2019
Laid before Parliament: at 3.00 p.m. on 5th September 2019
Coming into force in accordance with regulation 1
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PART 1 — General
Citation, commencement and interpretation
1
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PART 2 — Amendments of FSMA
Amendments of FSMA
2
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Matters which may be dealt with by prospectus rules
3
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Prohibition of dealing etc in transferable securities without approved prospectus
4
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Exempt offers to the public and admissions to trading
5
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Power of FCA to suspend or prohibit trading on a trading facility
6
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Reporting of infringements
7
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Publication of notices
8
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Publication of notices – prospectus regulation
9
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PART 3 — Amendments of the 2019 Regulations
Amendments of the 2019 Regulations
10
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Regulation 4
11
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Regulation 6
12
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Regulation 8
13
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Regulation 9
14
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Regulation 10
15
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Regulations 11 to 17
16
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Regulation 30
17
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Regulation 31
18
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Regulation 36
19
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Regulation 38
20
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Regulations 40 to 66
21
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Amendment of Commission Regulation (EC) No. 1569/2007
22
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Amendment of the transitional provision
23
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Revocation of Schedule 1
24
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Amendments of Schedule 2
25
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PART 4 — Amendments of other secondary legislation
Amendments of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005
26
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Amendments of the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019
27
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Amendment of the Financial Services and Markets Act 2000 (Amendment) (EU Exit) Regulations 2019
28
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Amendments of the Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019
29
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Amendment of the Financial Services and Markets Act 2000 (Prospectus) Regulations 2019
30
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PART 5 — Amendments of retained European Union law
CHAPTER 1 — Amendments of the Prospectus Regulation
Amendments of the Prospectus Regulation
31
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Subject matter, scope and exemptions
32
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Definitions
33
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Obligation to publish a prospectus and exemptions
34
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Voluntary prospectus
35
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The prospectus summary
36
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The base prospectus
37
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The universal registration document
38
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Prospectuses consisting of separate documents
39
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Responsibility attaching to the prospectus
40
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Minimum information and format
41
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Simplified disclosure regime for secondary issuers
42
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EU Growth prospectus
43
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Risk factors
44
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Final offer price and amount of securities
45
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Omission of information
46
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Incorporation by reference
47
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Scrutiny and approval of the prospectus
48
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Publication of the prospectus
49
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Advertisements
50
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Supplements to the prospectus
51
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Omission of Articles 24 to 27
52
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Third country issuers - prospectus drawn up in accordance with Regulation (EU) 2017/1129
53
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Third country issuers - prospectus drawn up in accordance with laws of a third country
54
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Cooperation with third countries
55
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Amendment of heading of Chapter 7
56
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Omission of Article 31
57
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Powers of competent authorities
58
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Omission of Articles 33 and 34
59
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Professional secrecy
60
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Data protection
61
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Omission of Articles 37 to 41
62
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Publication of decisions
63
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Omission of Article 43
64
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Amendment of heading of Chapter 9
65
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Omission of Articles 44 and 45 and insertion of Article 45a
66
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Omission of Articles 47 and 48
67
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Entry into force etc.
68
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Final provisions
69
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Annexes
70
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CHAPTER 2 — Amendments of Commission Delegated Regulation (EU) 2019/980
Amendments of Commission Delegated Regulation (EU) 2019/980
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CHAPTER 3 — Amendments of Commission Regulation (EC) 1569/2007
Amendments of Commission Regulation (EC) No. 1569/2007
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CHAPTER 4 — Amendments of the EEA Agreement
Amendments of EEA Agreement
73
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PART 6 — Transitional provision
Transitional provision for prospectuses notified under the Prospectus Regulation before IP completion day
74
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Transitional provision for registration documents and universal registration documents notified under the Prospectus Regulation before IP completion day
75
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SCHEDULE — Amendments of Annexes to Commission Delegated Regulation (EU) 2019/980
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Signed
Mike Freer — Rebecca Harris — Two of the Lords Commissioners of Her Majesty's Treasury
Explanatory note
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Footnotes
[^f00001]: 2018 c. 16.
[^f00002]: Paragraph 5(2) of Schedule 7 to the European Union (Withdrawal) Act 2018.
[^f00003]: S.I. 2019/707.
[^f00004]: 2000 c.8.
[^f00005]: The Prospectus Regulation is amended by S.I. 2019/707.
[^f00006]: Section 84(2)(i) was substituted by S.I. 2019/1043.
[^f00007]: Section 85(8) was inserted by S.I. 2019/1043.
[^f00008]: Section 86(2)(a) was amended by S.I. 2019/1043.
[^f00009]: Section 87LA was inserted by S.I. 2019/1043.
[^f00010]: Subsection 8G was inserted by S.I. 2019/1043.
[^f00011]: Section 391F was inserted by S.I. 2019/1043.
[^f00012]: Schedule 11A to FSMA is amended by S.I. 2019/1043.
[^f00013]: Commission Regulation (EC) No. 809/2004 is repealed by Commission Delegated Regulation (EU) 2019/980 of 14 March 2019 supplementing Regulation (EU) 2017/1129 of the European Parliament and of the Council as regards the format, content, scrutiny and approval of the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Commission Regulation (EC) No 809/2004 (OJ No. L166/26 21.06.2019, p.26)
[^f00014]: S.I. 2005/1529; relevant amending instruments are S.I. 2007/2615 and 2019/1043.
[^f00015]: S.I. 2019/541.
[^f00016]: S.I. 2019/632.
[^f00017]: S.I. 2019/680.
[^f00018]: S.I. 2019/1043.
[^f00019]: 2000 c. 8
[^f00020]: Regulation (EU) No 600/2014 is amended by S.I. 2018/1403.
[^f00021]: Articles 2(1)(24) and (25A) are substituted by S.I. 2018/1403.
[^f00022]: Section 424A was inserted by S.I. 2006/2975 and is amended by S.I. 2007/126, 2017/701 and 2019/632. The definition of “qualifying credit institution” is inserted in section 417 of FSMA 2000 by S.I. 2019/632.
[^f00023]: Article 2(1)(19) is inserted by S.I. 2018/1403.
[^f00024]: Article 2(1)(13) is inserted by S.I. 2018/1403.
[^f00025]: Articles 17 to 19 are amended by S.I. 2019/310.
[^f00026]: See section 103 FSMA for interpretation of Part 6.
[^f00027]: Article 2(1)(14A) is inserted by S.I. 2018/1403.
[^f00028]: Article 2(1)(15A) is inserted by S.I. 2018/1403.
[^f00029]: S.I. 2019/707.
[^f00030]: S.I. 2017/692, amended by S.I. 2019/253.
[^f00031]: 2018 c.12.
[^f00032]: Section 391(4) was amended by the Financial Services Act 2012 (c. 21), section 37(1) and Schedule 9, Part 6, paragraph 30(4).
[^f00033]: Schedule 3 is inserted by S.I. 2018/1403.
[^f00034]: 2006 c.46.
[^f00035]: The definition is inserted in section 474(1) by S.I. 2019/685.
[^f00036]: 2000 c.8.
[^f00037]: Commission Regulation (EU) No 1569/2007 is amended by S.I. 2019/707.
[^f00038]: 2006 c.46. Section 415 was amended by S.I. 2015/980.
[^f00039]: Section 403 was amended by S.I. 2012/2301 and 2019/145 and 685.
Editorial notes
7A
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