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REC 3.14A Operation of a regulated market or MTF

Purpose

REC 3.14A.1 G

1The purpose of REC 3.14A is to ensure that the FCA3is informed of planned changes to a UK RIE markets and their regulatory status as either a regulated market or MTF.

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Operation of a regulated market

REC 3.14A.2 R

Where a UK RIE proposes to operate a new regulated market or close an existing regulated market it must give the FCA3notice of that event and the information specified for the purposes of this rule in REC 3.14A.3 R, at the same time as that proposal is first formally communicated to its members or shareholders (or any group or class of them).

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REC 3.14A.3 R

The following information is specified for the purposes of REC 3.14A.2 R:

  1. (1)

    where the UK RIE proposes to operate a new regulated market:

    1. (a)

      a description of the regulated market; and

    2. (b)

      a description of the specified investments which will be admitted to trading on that regulated market.

  2. (2)

    where the UK RIE proposes to close a regulated market, the name of that regulated market.

Operation of an MTF

REC 3.14A.4 R

Where a UK RIE proposes to operate a new MTF or close an existing MTF it must give the FCA3notice of that event and the information specified for the purposes of this rule in REC 3.14A.5 R, at the same time as that proposal is first formally communicated to its members or shareholders (or any group or class of them).

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REC 3.14A.5 R

The following information is specified for the purposes of REC 3.14A.4 R:

  1. (1)

    where the UK RIE proposes to operate a new MTF:

    1. (a)

      a description of the MTF; and

    2. (b)

      a description of the specified investments which will be admitted to trading on that MTF.

  2. (2)

    where the UK RIE proposes to close a MTF, the name of that MTF.

Operation of a recognised auction platform

REC 3.14A.6 G

2If a UK RIE proposes to operate an RAP, it will need to make a separate application to be recognised as an RAP (see REC 5 (Applications)).

Pre- and post- trade transparency requirements for equity and non-equity instruments: form of waiver and deferral

REC 3.14A.7A D

4A UK RIE operating a trading venue that proposes to take advantage of a waiver in accordance with articles 4 or 9 of MiFIR (in relation to pre-trade transparency for equity or non-equity instruments) must make an application for it to the FCA using the form in MAR 5 Annex 1D.

[Note: articles 4 and 9 of MiFIR, and MiFID RTS 1 and MiFID RTS 2]

REC 3.14A.7C D

4A UK RIE operating a trading venue that proposes to take advantage of a deferral in accordance with articles 7 or 11 of MiFIR in relation to post-trade transparency for equity or non-equity instruments must apply for it in writing to the FCA.

[Note: articles 7 and 11 of MiFIR, and MiFID RTS 1 and MiFID RTS 2]