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The Cross-Border Distribution of Funds, Proxy Advisors, Prospectus and Gibraltar (Amendment) (EU Exit) Regulations 2019
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- UK Statutory Instruments
- 2019 No. 1370
- PART 2
- Regulation 5
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The Cross-Border Distribution of Funds, Proxy Advisors, Prospectus and Gibraltar (Amendment) (EU Exit) Regulations 2019, Section 5 is up to date with all changes known to be in force on or before 17 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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- Regulations revoked by 2023 c. 29 Sch. 1 Pt. 2
Amendment of the Proxy Advisors (Shareholders’ Rights) Regulations 2019U.K.
This section has no associated Explanatory Memorandum
5.—(1) The Proxy Advisors (Shareholders’ Rights) Regulations 2019(1) are amended as follows.
(2) Regulation 2 (interpretation) is amended in accordance with paragraphs (3) and (4).
(3) In paragraph (1), in the definition of “proxy advisor”—
(a)in paragraph (b)—
(i)in sub-paragraph (i), omit “or another EEA State,”;
(ii)for sub-paragraph (ii) substitute—
“(ii)the shares are admitted to trading on a UK regulated market or a Gibraltar regulated market; and”.
(b)in paragraph (c), in sub-paragraph (ii), omit “or any other EEA State”;
(4) In paragraph (2)—
(a)in paragraph (a), after “companies” insert “as in force immediately before exit day”;
(b)for sub-paragraph (b) substitute—
“(b)in the definition of “proxy advisor”, in paragraph (b)—
(i)“regulated market” means a multilateral system operated or managed by a market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments (in the system and in accordance with its non-discretionary rules) in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules or systems;
(ii)“UK regulated market” means a regulated market which is a recognised investment exchange under section 285 of the Act, but not an overseas investment exchange within the meaning of section 313(1) of the Act;
(iii)“Gibraltar regulated market” means a regulated market which is authorised and functions regularly and in accordance with Part 3 of the Financial Services (Markets in Financial Instruments) Act 2018 of Gibraltar(2) (as amended from time to time);
(iv)“shareholder” has the meaning given by Article 2.1(e) of the transparency obligations directive (within the meaning given in section 103(1) of the Act(3)) as in force immediately before exit day.”.
(5) In regulation 22 (application of Part 11 of the Act), omit paragraph (8)(b).
(6) In regulation 26 (application of Part 26 of the Act), in paragraph (5)(b), for “(7A) to (8F)” substitute “(8) to (8E)”(4).
(7) In regulation 30 (interpretation of Part 6), in both paragraphs (a) and (b), omit “or another EEA State,”.
Commencement Information
(1)
(2)
L.N. 2017/135.
(3)
The definition of “transparency obligations directive” was inserted by section 1265 of the Companies Act 2006 (c. 46) and amended by S.I. 2012/1538 and 2015/1755.
(4)
Section 391(8) to (8E) are amended by S.I. 2014/2879, 2016/680, 2016/715, 2017/1127 and 2019/632.
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