The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2011 (SI 2011/2928), which came into force on 31 December 2011, extend until 31 December 2014 the life of the following market abuse provisions of the Financial Services and Markets Act 2000:
- section 118(4): prohibition against misuse of information; and
- section 118(8): prohibition against behaviour likely to give rise to false or misleading impressions or to distort the market.
These prohibitions, which exceed the narrower prohibitions of the Market Abuse Directive (2003/6/EC), were due to expire on 31 December 2011. Their new expiry date of 31 December 2014 reflects the date it is anticipated that a new EU Regulation replacing the current Market Abuse Directive is likely to come into force.
The Financial Services and Markets Act 2000 (Market Abuse) Regulations 2011 (SI 2011/2928) available at: http://www.legislation.gov.uk/uksi/2011/2928/pdfs/uksi_20112928_en.pdf