Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

REC 3.22 Restriction of, or instruction to close out, open positions

REC 3.22.1RRP

Where a UK RIE decides to:

  1. (1)

    restrict the open position on any of the contracts of a member; or

  2. (2)

    issue instructions to a member to close out its positions on any contracts;

that UK RIE must immediately give the FCA 2notice of that event, and the member's name, the nature and size of any position to be restricted or closed out and the reasons for the UK RIE's decision.

2
REC 3.22.2GRP

4Where a RAP proposes to impose a maximum bid size or take other remedial measures to mitigate risks of market abuse, financial crime or anti-competitive behaviour, the RAP must give the FCA notice of that event and details of the remedial measures proposed, in accordance with regulation 40 of the UK auctioning regulations.