The Short Selling Regulations 2025
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Change 1
Schedule 2 Consequential amendments
Regulation 30 Part 1 Amendment of primary legislation Amendment of FSMA 2000 1 (1) FSMA 2000 is amended as follows. (2) Omit Part 8A (short selling). (3) In section 133 (proceedings before Tribunal: general provision), in subsection (7A), omit paragraph (i). (4) In section 139A (power of the FCA to give guidance), in subsection (4), for “short selling regulation” substitute “Short Selling Regulations 2025. (5) In section 391 (publication of notices), in subsection (1ZB), omit paragraph (i). (6) In section 392 (application of sections 393 and 392)— (a) in paragraph (a), omit “131H(1),”; (b) in paragraph (b), omit “131H(4),”. (7) In section 398 (misleading the FCA or PRA: residual cases), in subsection (1A)(c), for “short selling regulation” substitute “Short Selling Regulations 2025”. (8) In section 415B (consultation in relation to taking certain enforcement action), in subsection (3), omit paragraph (d). (9) In section 417 (definitions), in subsection (1), omit the definition of “short selling regulation”. (10) In Schedule 1ZA (the FCA: arrangements for discharging functions), in paragraph 8(3)(c)(i), omit “131J,”. Amendment of the Financial Services Act 2010 2 (1) The Financial Services Act 2010 is amended as follows. (2) Omit section 8 (power of the FSA to prohibit, or require disclosure of, short selling). (3) In Schedule 2 (amendments of FSMA 2000), in paragraph 29, omit paragraphs (2)(b) and (3)(b). Amendment of the Financial Services Act 2012 3 (1) The Financial Services Act 2012 is amended as follows. (2) Omit section 25 (functions related to short selling). (3) In section 85(4)(c)(i) (relevant functions in relation to complaints scheme), omit “131J,”. (4) In section 109(5) (payments to Treasury of penalties received by Financial Services Authority), omit paragraph (i). Part 2 Amendment of secondary legislation Amendment of the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 4 (1) The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 are amended as follows. (2) In regulation 2 (Interpretation) in the definition of “short selling information”, for “as a competent authority under the short selling regulation” substitute “under or by virtue of the Short Selling Regulations 2025”. (3) In regulation 12 (disclosure by and to a Schedule 1 or 2 person or disciplinary proceedings authority)— (a) after paragraph (3), insert— (3A) This regulation does not permit disclosure of short selling information to a person specified in the first column in Part 3 of Schedule 1 unless the disclosure is in accordance with paragraph (3B) or a cooperation arrangement on the exchange of data and information with that person. (3B) The FCA may disclose short selling information to a person specified in the first column in Part 3 of Schedule 1 where— (a) the disclosure does not contravene Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data or the Data Protection Act 2018, (b) the FCA is satisfied that the disclosure is necessary for the purposes of the Short Selling Regulations 2025, and (c) any such disclosure is made under agreement that the person shall not disclose the data to the supervisory authority of another country without the express written authorisation of the FCA. (3C) Where the short selling information has been received from the supervisory authority of another country, the FCA may disclose the information to another person specified in the first column in Part 3 of Schedule 1 only where— (a) the FCA has obtained the express agreement of the person which transmitted the information, and (b) where applicable, the information is disclosed solely for the purposes for which that person gave its agreement. ; (b) omit paragraph (4). Amendment of the Financial Services and Markets Act (Qualifying Provisions) Order 2013 5 (1) The Financial Services and Markets Act (Qualifying Provisions) Order 2013 is amended as follows. (2) In article 2 (qualifying provisions: general) in paragraph (4), omit sub-paragraphs (a) and (b). (3) In article 5 (qualifying provisions: injunctions and restitution), omit— (a) paragraph (3); (b) paragraph (4); (c) paragraph (5)(e). (4) In article 6 (qualifying provisions: fees) in paragraph (2), omit sub-paragraphs (f) and (g). Amendment of the Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 6 In Schedule 2 to the Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013, omit paragraph 239. Amendment of the Financial Regulator’s Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 7 In the Schedule to the Financial Regulator’s Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018, omit paragraphs 70, 71 and 72. Amendment of the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc.) (EU Exit) Regulations 2019 8 In Schedule 1 to the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc.) (EU Exit) Regulations 2019, omit paragraph 11. Amendment of the Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 9 In regulation 11(5) of the Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019, omit sub-paragraph (d). Amendment of the Equivalence Determinations for Financial Services (Amendment etc.) (EU Exit) Regulations 2020 10 (1) The Equivalence Determinations for Financial Services (Amendment etc.) (EU Exit) Regulations 2020 are amended as follows. (2) In regulation 2(1) (interpretation), omit the definition of “SSR”. (3) In Table 2 in Schedule 4 (effect of equivalence directions on or after IP completion day), omit the entry relating to paragraph 11 of Schedule 1 to the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 which concerns Article 17(2) of the short selling regulation.
Schedule 2 Consequential amendments
Regulation 30 Part 1 Amendment of primary legislation Amendment of FSMA 2000 1 (1) FSMA 2000 is amended as follows. (2) Omit Part 8A (short selling). (3) In section 133 (proceedings before Tribunal: general provision), in subsection (7A), omit paragraph (i). (4) In section 139A (power of the FCA to give guidance), in subsection (4), for “short selling regulation” substitute “Short Selling Regulations 2025. (5) In section 391 (publication of notices), in subsection (1ZB), omit paragraph (i). (6) In section 392 (application of sections 393 and 392)— (a) in paragraph (a), omit “131H(1),”; (b) in paragraph (b), omit “131H(4),”. (7) In section 398 (misleading the FCA or PRA: residual cases), in subsection (1A)(c), for “short selling regulation” substitute “Short Selling Regulations 2025”. (8) In section 415B (consultation in relation to taking certain enforcement action), in subsection (3), omit paragraph (d). (9) In section 417 (definitions), in subsection (1), omit the definition of “short selling regulation”. (10) In Schedule 1ZA (the FCA: arrangements for discharging functions), in paragraph 8(3)(c)(i), omit “131J,”. Amendment of the Financial Services Act 2010 2 (1) The Financial Services Act 2010 is amended as follows. (2) Omit section 8 (power of the FSA to prohibit, or require disclosure of, short selling). (3) In Schedule 2 (amendments of FSMA 2000), in paragraph 29, omit paragraphs (2)(b) and (3)(b). Amendment of the Financial Services Act 2012 3 (1) The Financial Services Act 2012 is amended as follows. (2) Omit section 25 (functions related to short selling). (3) In section 85(4)(c)(i) (relevant functions in relation to complaints scheme), omit “131J,”. (4) In section 109(5) (payments to Treasury of penalties received by Financial Services Authority), omit paragraph (i). Part 2 Amendment of secondary legislation Amendment of the Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 4 (1) The Financial Services and Markets Act 2000 (Disclosure of Confidential Information) Regulations 2001 are amended as follows. (2) In regulation 2 (Interpretation) in the definition of “short selling information”, for “as a competent authority under the short selling regulation” substitute “under or by virtue of the Short Selling Regulations 2025”. (3) In regulation 12 (disclosure by and to a Schedule 1 or 2 person or disciplinary proceedings authority)— (a) after paragraph (3), insert— (3A) This regulation does not permit disclosure of short selling information to a person specified in the first column in Part 3 of Schedule 1 unless the disclosure is in accordance with paragraph (3B) or a cooperation arrangement on the exchange of data and information with that person. (3B) The FCA may disclose short selling information to a person specified in the first column in Part 3 of Schedule 1 where— (a) the disclosure does not contravene Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data or the Data Protection Act 2018, (b) the FCA is satisfied that the disclosure is necessary for the purposes of the Short Selling Regulations 2025, and (c) any such disclosure is made under agreement that the person shall not disclose the data to the supervisory authority of another country without the express written authorisation of the FCA. (3C) Where the short selling information has been received from the supervisory authority of another country, the FCA may disclose the information to another person specified in the first column in Part 3 of Schedule 1 only where— (a) the FCA has obtained the express agreement of the person which transmitted the information, and (b) where applicable, the information is disclosed solely for the purposes for which that person gave its agreement. ; (b) omit paragraph (4). Amendment of the Financial Services and Markets Act (Qualifying Provisions) Order 2013 5 (1) The Financial Services and Markets Act (Qualifying Provisions) Order 2013 is amended as follows. (2) In article 2 (qualifying provisions: general) in paragraph (4), omit sub-paragraphs (a) and (b). (3) In article 5 (qualifying provisions: injunctions and restitution), omit— (a) paragraph (3); (b) paragraph (4); (c) paragraph (5)(e). (4) In article 6 (qualifying provisions: fees) in paragraph (2), omit sub-paragraphs (f) and (g). Amendment of the Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013 6 In Schedule 2 to the Financial Services Act 2012 (Consequential Amendments and Transitional Provisions) Order 2013, omit paragraph 239. Amendment of the Financial Regulator’s Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 7 In the Schedule to the Financial Regulator’s Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018, omit paragraphs 70, 71 and 72. Amendment of the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc.) (EU Exit) Regulations 2019 8 In Schedule 1 to the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc.) (EU Exit) Regulations 2019, omit paragraph 11. Amendment of the Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019 9 In regulation 11(5) of the Gibraltar (Miscellaneous Amendments) (EU Exit) Regulations 2019, omit sub-paragraph (d). Amendment of the Equivalence Determinations for Financial Services (Amendment etc.) (EU Exit) Regulations 2020 10 (1) The Equivalence Determinations for Financial Services (Amendment etc.) (EU Exit) Regulations 2020 are amended as follows. (2) In regulation 2(1) (interpretation), omit the definition of “SSR”. (3) In Table 2 in Schedule 4 (effect of equivalence directions on or after IP completion day), omit the entry relating to paragraph 11 of Schedule 1 to the Equivalence Determinations for Financial Services and Miscellaneous Provisions (Amendment etc) (EU Exit) Regulations 2019 which concerns Article 17(2) of the short selling regulation.
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