SCHEDULES

SCHEDULE 9Discipline and enforcement

PART 3Market abuse

I19

1

In the provisions of Part 8 (market abuse) mentioned in sub-paragraph (2), for “Authority” or “Authority's”, in each place, substitute “ FCA ” or “FCA's”.

2

The provisions are: sections 119, 120 (including the heading), 121 to 130A and 131A.

3

In section 121 (codes: procedure), for subsection (10) substitute—

10

Cost benefit analysis” means—

a

an analysis of the costs together with an analysis of the benefits that will arise—

i

if the proposed code is issued, or

ii

if subsection (5)(b) applies, from the code that has been issued, and

b

subject to subsection (10A), an estimate of those costs and of those benefits.

10A

If, in the opinion of the FCA—

a

the costs or benefits referred to in subsection (10) cannot reasonably be estimated, or

b

it is not reasonably practicable to produce an estimate,

the cost benefit analysis need not estimate them, but must include a statement of the FCA's opinion and an explanation of it.

4

In section 130 (guidance), in subsection (1)(b), for “section 397 of this Act” substitute “ Part 7 of the Financial Services Act 2012 ”.