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(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.
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the regime established under the provisions of Part VIII of the Act (Penalties for market abuse).
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(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.
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(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.
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(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.
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(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
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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.
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(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.
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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).
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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.
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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.
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the investment , specified in article 86(2) of the Regulated Activities Order, which is a person's membership (or prospective membership) of a Lloyd's syndicate.
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a person who manages and/or operates the business of a regulated market. The market operator may be the regulated market itself.[Note: article 4(1)(13) of MiFID]
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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.
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the regulated activity, specified in article 63N(1)(b) of the Regulated Activities Order, which is the acceptance of a transfer by a bank or building society of the balance of a dormant account, or a proportion of such a balance, and the management of those funds (including the investment of such funds) in such a way as to enable the dormant account fund operator to meet whatever repayment claims it is prudent to anticipate.
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the information centre appointed to meet the United Kingdom's obligations under article 23 of the Consolidated Motor Insurance Directive (Information Centres).
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any of the offences described in section 397 of the Act (Misleading statements and practices), which are in summary:(a) the offence of:(i) making a statement, promise or forecast, which the person making the statement, promise or forecast knows to be misleading, false or deceptive in a material particular; or(ii) dishonestly concealing any material facts whether in connection with a statement, promise or forecast made by the person concealing the facts or otherwise; or(iii) recklessly making (dishonestly or otherwise) a statement, promise or forecast which is misleading, false or deceptive in a material particular;where the person makes the statement, promise or forecast or conceals the facts for the purpose of inducing, or is reckless as to whether it may induce, another person (whether or not that person is the same person to whom the statement, promise or forecast is made):(A) to enter or offer to enter into, or to refrain from entering or offering to enter into, a relevant agreement; or(B) to exercise, or refrain from exercising, any rights conferred by a relevant investment;(b) the offence of doing any act or engaging in any course of conduct which creates a false or misleading impression as to the market in or the price or value of any relevant investments where the act was done or the course of conduct engaged in for the purpose of creating that impression and of thereby inducing another person to acquire, dispose of, subscribe for or underwrite those investments or to refrain from doing so, or to exercise, or refrain from exercising, any rights conferred by those investments;in this definition:"relevant agreement" means an agreement:(I) the entering into or performance of which by either party constitutes an activity of a kind specified in an order made by the Treasury or one which falls within a specified class of activity; and(II) which relates to a relevant investment;"relevant investment" means an investment of a kind specified in an order made by the Treasury or one which falls within a class of investment prescribed in regulations made by the Treasury.
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(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.
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an activity in respect of a transaction:(a) which involves any of the following investments and is not regulated by the rules of a recognised investment exchange:(i) a debenture which is issued on terms requiring repayment not later than five years from the date of issue;(ii) 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; or(b) which involves any of the following investments and is not made on a recognised investment exchange or expressed to be so made:(i) a certificate representing certain securities or rights to or interests in investments relating, in either case, to an investment within (a)(i) or (a)(ii);(ii) an option relating to:(A) an instrument in (a)(i) or (a)(ii); or(B) currency of the United Kingdom or of any other country or territory; or(C) gold or silver;(iii) a future for the sale of:(A) an instrument in (a)(i) or (a)(ii); or(B) currency of the United Kingdom or of any other country or territory; or(C) gold or silver;(iv) a contract for differences by reference to fluctuations in:(A) the value or price of any instrument within any of (a)(i) to (a)(iii) or (b)(i) to (b)(iii); or(B) currency of the United Kingdom or of any other country or territory; or(C) the rate of interest on loans in any such currency or any index of such rates; or(v) an option to acquire or dispose of an instrument within (b)(ii), (b)(iii) or (b)(iv); or(c) where one of the parties agrees to sell or transfer a debenture or government and public security and by the same or a collateral agreement that party agrees, or acquires an option, to buy back or re-acquire that investment or an equivalent amount of a similar investment within twelve months of the sale or transfer.For the purposes of (c) investments are regarded as similar if they entitle their holders to the same rights against the same persons as to capital and interest and the same remedies for the enforcement of those rights.
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the market value as determined in accordance with generally accepted accounting practice.