Tuesday, 19 February 2019

UK: The Market Abuse (Amendment) (EU Exit) Regulations 2019

The Market Abuse (Amendment) (EU Exit) Regulations 2019 were made yesterday (18 February): see here or here (pdf). Regulations 1, 2, 3 and 6 came into force today (19 February) and the remaining regulations come into force on exit day. The explanatory memorandum accompanying the Regulations is available here (pdf). The purpose of the instrument, to quote directly from the explanatory memorandum, is as follows (para. 2.1):
This instrument is being made in order to address deficiencies in retained EU law in relation to market abuse arising from the withdrawal of the United Kingdom (UK) from the European Union (EU). This instrument amends retained EU law relating to market abuse, including the EU Market Abuse Regulation No 596/2014 (MAR), the tertiary legislation made under MAR, and the UK legislation which complemented MAR, to ensure that the relevant legislation continues to operate effectively at the point at which the UK leaves the EU".

Note - the explanatory memorandum is incorrectly titled: it refers to the Regulations as "2018 No 310" instead of "2019 No 310".

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