-
(1) (in accordance with section 118 of the Act (Market abuse)) behaviour (whether by one person alone or by two or more persons jointly or in concert) which:(a) occurs in relation to qualifying investments traded or admitted to trading on a prescribed market or in respect of which a request for admission to trading on such a market has been made; and(b) falls within any one or more of the types of behaviour set out in section 118(2) to (8) of the Act.(2) (in accordance with section 118 of the Act (Market abuse) as modified by the RAP Regulations) behaviour (whether by one person alone or by two or more persons jointly or in concert) which:(a) occurs in relation to qualifying investments which are offered for sale on a prescribed auction platform; and
-
(1) (in accordance with section 118(8) of the Act (Market abuse)) the behaviour described in section 118(8) of the Act which satisfies the condition in section 118(8)(b) and is behaviour (not falling within sections 118(5), (6) or (7)) which:(a) would be, or would be likely to be, regarded by a regular user of the market as behaviour that would distort, or would be likely to distort, the market in a qualifying investment; and(b) is likely to be regarded by a regular user of the market as a failure on the part of the person concerned to observe the standard of behaviour reasonably expected of a person in his position in relation to the market.(2) (in accordance with section 118(8) of the Act (Market abuse) as modified by the RAP Regulations) the behaviour described in section 118(8) of the Act as modified by the RAP Regulations which satisfies the condition in section 118(8)(b) and is behaviour (not falling within sections 118(5), (6) or (7)) which:(a) would be, or would be likely to be, regarded by a regular user of the auction platform as behaviour that would distort, or would be likely to distort, the auction of such an investment,(b) and is likely to be regarded by a regular user of the auction platform as a failure on the part of the person concerned to observe the standard of behaviour reasonably expected of a person in his position in relation to the market.
-
Directive of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation (market abuse) (No 2003/6/EC).
-
the regime established under the provisions of Part VIII of the Act (Penalties for market abuse).
-
the behaviour described in section 118(7) of the Act, which is the dissemination of information by any means which gives, or is likely to give, a false or misleading impression as to a qualifying investment by a person who knew or could reasonably be expected to have known that the information was false or misleading.
-
(1) (in accordance with section 118(6) of the Act (Market abuse)) the behaviour described in section 118(6) of the Act, which is effecting transactions or orders to trade which employ fictitious devices or any other form of deception or contrivance.(2) (in accordance with section 118(6) of the Act (Market abuse) as modified by the RAP Regulations)) the behaviour described in section 118(6) of the Act, which is effecting transactions, bids or orders to trade which employ fictitious devices or any other form of deception or contrivance.
-
(1) (in accordance with section 118(8) of the Act (Market abuse)) the behaviour described in section 118(8) of the Act which satisfies the condition in section 118(8)(a) and is behaviour (not falling within sections 118(5), (6) or (7)) which:(a) is likely to give a regular user of the market a false or misleading impression as to the supply of, demand for or price or value of, qualifying investments, and(b) is likely to be regarded by a regular user of the market as a failure on the part of the person concerned to observe the standard of behaviour reasonably expected of a person in his position in relation to the market.(2) (in accordance with section 118(8) of the Act (Market abuse) as modified by the RAP Regulations) the behaviour described in section 118(8) of the Act which satisfies the condition in section 118(8)(a) and is behaviour (not falling within sections 118(5), (6) or (7)) which:(a) is likely to give a regular user of the auction platform a false or misleading impression as to the supply of, demand for or price or value of, qualifying investments, or(b) and is likely to be regarded by a regular user of the auction platform as a failure on the part of the person concerned to observe the standard of behaviour reasonably expected of a person in his position in relation to the market.
-
(1) (in accordance with section 118(5) of the Act (Market abuse)) the behaviour described in section 118(5) of the Act, which is behaviour effecting transactions or orders to trade (otherwise than for legitimate reasons and in conformity with accepted market practices on the relevant market) which:(a) give, or are likely to give a false or misleading impression as to the supply of, or demand for, or as to the price of, one or more qualifying investments; or(b) secure the price of one or more such investments at an abnormal or artificial level.(2) (in accordance with section 118(5) of the Act (Market abuse) as modified by the RAP Regulations) the behaviour described in section 118(5) of the Act as modified by the RAP Regulations, which is behaviour effecting transactions, bids or orders to trade (otherwise than for legitimate reasons and in conformity with accepted market practices on the relevant auction platform) which:(a) give, or are likely to give a false or misleading impression as to the supply of, or demand for, or as to the price of, one or more qualifying investments; or(b) secure the price of one or more such investments at an abnormal or artificial level.
-
the behaviour described in section 118(2) of the Act, which is an insider dealing , or attempting to deal , in a qualifying investment or related investment on the basis of inside information relating to the investment in question.
-
the behaviour described in section 118(3) of the Act, which is an insider disclosing inside information to another person otherwise than in the proper course of the exercise of employment, profession or duties.
-
(1) (in accordance with section 118(4) of the Act (Market abuse)) the behaviour described in section 118(4) of the Act, which is behaviour (not falling within sections 118 (2) or (3) of the Act):(a) based on information which is not generally available to those using the market but which, if available to a regular user of the market, would be, or would be likely to be, regarded by him as relevant when deciding the terms on which transactions in qualifying investments should be effected; and(b) likely to be regarded by a regular user of the market as a failure on the part of the person concerned to observe the standard of behaviour reasonably expected of a person in his position in relation to the market(2) (in accordance with section 118(4) of the Act (Market abuse) as modified by the RAP Regulations) the behaviour described in section 118(4) of the Act as modified by the RAP Regulations, which is behaviour (not falling within sections 118 (2) or (3) of the Act):(a) based on information which is not generally available to those using the auction platform but which, if available to a regular user of the auction platform, would be, or would be likely to be, regarded by him as relevant when deciding the terms on which transactions in qualifying investments should be effected, and(b) is likely to be regarded by a regular user of the auction platform as a failure on the part of the person concerned to observe the standard of behaviour reasonably expected of a person in his position in relation to the auction platform.
-
(1) any of the following investments:(a) a debenture which is issued on terms requiring repayment not later than five years from the date of issue;(b) any government and public security which is issued on terms requiring repayment not later than one year or, if issued by a local authority in the United Kingdom , five years from the date of issue;(d) a certificate representing certain securities or rights to or interests in investments relating, in either case, to an investment within (a) or (b);(e) an option relating to:(i) an instrument in (a) or (b); or(ii) currency of the United Kingdom or of any other country or territory; or(iii) gold or silver;(f) a future for the sale of:(i) an instrument in (a) or (b); or(ii) currency of the United Kingdom or of any other country or territory; or(iii) gold or silver;(g) a contract for differences by reference to fluctuations in:(i) the value or price of any instrument within any of (a) to (f); or(ii) currency of the United Kingdom or of any other country or territory; or(iii) the rate of interest on loans in any such currency or any index of such rates;(h) an option to acquire or dispose of an instrument within (e), (f) or (g).(2) those classes of financial instruments which are normally dealt in on the money market, such as treasury bills, certificates of deposit and commercial papers and excluding instruments of payment.[Note: article 4(1)(19) of MiFID]
-
(for the purposes only of COBS TP 1 (Transitional Provisions in relation to Client Categorisation));(1) (except in COB 3) a client who is:(a) a properly constituted government (including a quasi-governmental body or a government agency) of any country or territory;(b) a central bank or other national monetary authority of any country or territory;(c) a supranational whose members are either countries or central banks or national monetary authorities;(d) a State investment body, or a body charged with, or intervening in, the management of the public debt;(e) another firm, or an overseas financial services institution, except in relation to designated investment business, and related ancillary activities, conducted with or for that firm or institution, when that firm or institution is an intermediate customer in accordance with COB 4.1.7 R (Classification of another firm or an overseas financial services institution);(f) any associate of a firm (except an OPS firm), or of an overseas financial services institution, if the firm or institution consents;(g) a client when he is classified as a market counterparty in accordance with COB 4.1.12 R (Large intermediate customer classified as a market counterparty);(h) a recognised investment exchange, designated investment exchange, regulated market or clearing house when it is classified as a market counterparty in accordance with COB 4.1.8A R (Classification of an exchange or clearing house);but excluding:(A) a regulated collective investment scheme; and(B) (except for the purposes of DISP) a client, who would otherwise be a market counterparty, when he is classified as a private customer in accordance with COB 4.1.14 R (Client classified as private customer).
-
the part of the capital resources requirement of a BIPRU firm in respect of market risk, calculated in accordance with GENPRU 2.1.52R (Calculation of the market risk capital requirement).
-
(in COLL) (in relation to marketing units in a regulated collective investment scheme in a particular country or territory):(a) communicating to a person in that country or territory an invitation or inducement to become, or offer to become, a holder in that regulated collective investment scheme ;(b) giving advice on investments to, or arranging (bringing about) a deal in an investment for a person in that country or territory to become a holder in that regulated collective investment scheme .
-
an authorised fund or, in the case of an umbrella, a sub-fund (if it were a separate fund) which satisfies the conditions in COLL 5.9.5 R (Investment conditions: money market funds) and is not a qualifying money market fund.
-
a group of persons who:(a) are allied together (either formally or informally) for the purposes of marketing packaged products of the marketing group; and(b) each of whom, if it holds itself out in the United Kingdom as marketing packaged products to private customers, does so only as an investment manager or in relation to packaged products of the marketing group.
-
(1) (except in COBS and FINMAR) (in relation to an investment) a person who (otherwise than in his capacity as the operator of a regulated collective investment scheme) holds himself out as able and willing to enter into transactions of sale and purchase in investments of that description at prices determined by him generally and continuously rather than in respect of each particular transaction.(2) (in COBS) a person who holds himself out on the financial markets on a continuous basis as being willing to deal on own account by buying and selling financial instruments against his proprietary capital at prices defined by him.[Note: article 4 (1)(8) of MiFID](3) (in FINMAR) a person who, ordinarily as part of his business, deals as principal in financial instruments (whether OTC or exchange traded):(a) to fulfil orders received from another person in response to that person's request to trade or to hedge positions arising out of those dealings; or(b) in a way that ordinarily has the effect of providing liquidity on a regular basis to the financial markets on both bid and offer sides of the market in comparable size.
-
those classes of financial instruments which are normally dealt in on the money market, such as treasury bills, certificates of deposit and commercial papers and excluding instruments of payment.[Note: article 4(1)(19) of MiFID]
-
(1) (in COLL and in accordance with article 3(9) of the UCITS implementing Directive) the risk of loss for a UCITS resulting from fluctuation in the market value of positions in the scheme's portfolio attributable to changes in market variables, such as interest rates, foreign exchange rates, equity and commodity prices or an issuer's credit worthiness.