- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/10/1991)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/03/1994
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Financial Services Act 1986 (Repealed), Section 174 is up to date with all changes known to be in force on or before 29 May 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)In subsection (1) of section 3 of the M1Company Securities (Insider Dealing) Act 1985 (actions not prohibited by sections 1 and 2 of that Act) at the end of paragraph (c) there shall be inserted the words “; or
(d)doing any particular thing in relation to any particular securities if the information—
(i)was obtained by him in the course of a business of a market maker in those securities in which he was engaged or employed, and
(ii)was of a description which it would be reasonable to expect him to obtain in the ordinary course of that business,
and he does that thing in good faith in the course of that business.”.
(2)At the end of that subsection there shall be inserted—
““Market maker” means a person (whether an individual, partnership or company) who—
(a)holds himself out at all normal times in compliance with the rules of a recognised stock exchange as willing to buy and sell securities at prices specified by him; and
(b)is recognised as doing so by that recognised stock exchange.”.
(3)The existing provisions of section 4 of that Act (off-market deals in advertised securities) shall become subsection (1) of that section and after that subsection there shall be inserted—
“(2)In its application by virtue of this section the definition of “market maker” in section 3(1) shall have effect as if the references to a recognised stock exchange were references to a recognised investment exchange (other than an overseas investment exchange) within the meaning of the Financial Services Act 1986.”.
(4)In section 13 of that Act—
(a)in subsection (1) (which defines dealing in securities and provides that references to dealing on a recognised stock exchange include dealing through an investment exchange) the words from “and references" onwards shall be omitted; and
(b)for subsection (3) (definition of off-market dealer) there shall be substituted—
“(3)“Off-market dealer” means a person who is an authorised person within the meaning of the Financial Services Act 1986.”.
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