Source: http://www.systemday.com/uk/uk-companies-act/uk-companies-act-2006/companies-act-2006-schedule-15-transparency-obligations.php
Timestamp: 2017-02-23 13:57:11
Document Index: 54186409

Matched Legal Cases: ['art 6', 'art 6', 'art 1', 'art 6', 'art 6', 'art 6', 'art 6']

Companies Act 2006 - SCHEDULE 15 Transparency Obligations
SCHEDULE 15 Transparency obligations and related matters: minor and consequential amendments
2 In section 73 (general duty of competent authority), after subsection (1) insert—
“ (1A) To the extent that those general functions are functions under or relating to transparency rules, subsection (1)(c) and (f) have effect as if the references to a regulated market were references to a market.”
3 In section 73A (Part 6 Rules), after subsection (5) insert—
“ (6) Transparency rules and corporate governance rules are not listing rules, disclosure rules or prospectus rules, but are Part 6 rules.”
4 For the cross-heading before section 90 substitute “ Compensation for false or misleading statements etc ” .
5 For the heading to section 90 substitute “Compensation for statements in listing particulars or prospectus” .
“ (1) If the competent authority considers that—
(1ZA) If the competent authority considers that—
has contravened any provision of disclosure rules, it may impose on him a penalty of such amount as it considers appropriate.” .
“ (1B) If the competent authority considers—
(a) that a person has contravened—
(b) that a person on whom a requirement has been imposed under section 89L (power to suspend or prohibit trading of securities in case of infringement of applicable transparency obligation), has contravened that requirement,
it may impose on the person a penalty of such amount as it considers appropriate.” .
(4) In subsection (2) for “(1)(a), (1)(b)(i) or (1A)” substitute “ (1), (1ZA)(a), (1A) or (1B) ” .
7 In section 96B (persons discharging managerial responsibilities and connected persons)—
(a) for the heading substitute “Disclosure rules: persons responsible for compliance” ;
(b) in subsection (1) for “For the purposes of this Part” substitute “ for the purposes of the provisions of this Part relating to disclosure rules ” .
8 In section 97(1) (appointment by the competent authority of persons to carry out investigations), for paragraphs (a) and (b) substitute—
“ (a) there may have been a contravention of—
(b) a person who was at the material time a director of a person mentioned in section 91(1), (1ZA)(a), (1A) or (1B) has been knowingly concerned in a contravention by that person of—
(ii) a provision otherwise made in accordance with the prospectus directive or the transparency obligations directive;” .
9 In section 99 (fees) after subsection (1B) insert—
“ (1C) Transparency rules may require the payment of fees to the competent authority in respect of the continued admission of financial instruments to trading on a regulated market.” .
10 (1) Section 102A (meaning of “securities” etc) is amended as follows.
“ (3A) “ Debt securities ” has the meaning given in Article 2.1(b) of the transparency obligations directive.” .
(3) In subsection (3) (meaning of “transferable securities”) for “the investment services directive” substitute “ Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments ” .
(4) In subsection (6) (meaning of “issuer”), after paragraph (a) insert—
“ (aa) in relation to transparency rules, means a legal person whose securities are admitted to trading on a regulated market or whose voting shares are admitted to trading on a UK market other than a regulated market, and in the case of depository receipts representing securities, the issuer is the issuer of the securities represented;” .
(2) In the definition of “regulated market” for “Article 1.13 of the investment services directive” substitute “ Article 4.1(14) of Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments ” .
“ “ transparency rules ” has the meaning given by section 89A(5);
“ voteholder information ” has the meaning given by section 89B(3);” .
12 In section 429(2) (Parliamentary control of statutory instruments: affirmative procedure) of the Financial Services and Markets Act 2000 (c. 8) after “section” insert “ 90B or ” .
13 Chapter 2 of Part 1 of the Companies (Audit, Investigations and Community Enterprise) Act 2004 (accounts and reports) is amended as follows.
14 (1) Section 14 (supervision of periodic accounts and reports of issuers of listed securities) is amended as follows.
(a) for “listed” substitute “ transferable ” ;
(b) for “listing” substitute “ Part 6 ” .
(4) In subsection (7)(b) for “listed” substitute “ transferable ” .
(a) for “ “listed securities” and “listing rules” have” substitute “Part 6 rules” has ” ;
(b) for the definition of “issuer” substitute—
“ “ issuer ” has the meaning given by section 102A(6) of that Act;” ;
(c) in the definition of “periodic” for “listing” substitute “ Part 6 ” ;
“ “ transferable securities ” has the meaning given by section 102A(3) of that Act.” .
15 (1) Section 15 (application of certain company law provisions to bodies appointed under section 14) is amended as follows.
(2) In subsection (5)(a)—
(3) In subsection (5B)(a)—
(4) In subsection (6)(b) for “ “listing rules” and “security”” substitute “Part 6 rules” and “transferable securities” .