1.
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A share admitted to trading on
a regulated market shall be
considered to have a liquid market if the share is traded daily, with a free
float not1 less than EUR 500 million, and
one of the following conditions is satisfied:
1
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(a)
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the average daily number of transactions in the share is not less
than 500;
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(b)
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the average daily turnover for the share is not less that EUR
2 million.
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However, a Member State may, in
respect of shares for which it is the most relevant market, specify by notice
that both those conditions are to apply. That notice shall be made public.
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2.
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A Member State may specify the
minimum number of liquid shares for that Member State. The minimum number
shall be no greater than five. The specification shall be made public.
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3.
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Where, pursuant to paragraph 1,
a Member State would be the most relevant market for fewer liquid shares than
the minimum number specified in accordance with paragraph 2, the competent authority for that Member State
may designate one or more additional liquid shares, provided that the total
number of shares which are considered in consequence to be liquid shares for
which that Member State is the most relevant market does not exceed the minimum
number specified by that Member State.
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The competent
authority shall designate the additional liquid shares successively
in decreasing order of average daily turnover from among the shares for which
it is the relevant competent authority that
are admitted to trading on
a regulated market and are traded
daily.
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4.
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For the purposes of the first subparagraph
of paragraph 1, the calculation of the free float of a share shall exclude
holdings exceeding 5% of the total voting rights of the issuer,
unless such a holding is held by a collective investment undertaking or a
pension fund.
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Voting rights shall be calculated
on the basis of all the shares to which voting rights are attached, even if
the exercise of such a right is suspended.
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5.
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A share shall not be considered
to have a liquid market for the purposes of Article 27 of [the MiFID] Directive 2004/39/EC until six weeks
after its first admission to trading on
a regulated market, if the estimate
of the total market capitalisation for that share at the start of the first
day's trading after that admission, provided in accordance with Article 33(3)
[of the MiFID Regulation],
is less than EUR 500 million.
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6.
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Each competent
authority shall ensure the maintenance and publication of a
list of all liquid shares for which it is the relevant competent
authority.
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It shall ensure the list is current
by reviewing it at least annually.
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The list shall be made available
to the Committee of European Securities Regulators. It shall be considered
as published when it is published by the Committee of European Securities
Regulators in accordance with Article 34(5) [of the MiFID
Regulation].
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[Note: Article
22 of the MiFID Regulation]
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