7Schedule to the Recognition Requirements Regulations, Paragraph 9ZB
[Note: This paragraph is relevant to regulated markets only. See REC 2.16A regarding MTFs or OTFs.]
(1) |
The rules of the [UK RIE] must ensure that all - |
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(a) |
[financial instruments] admitted to trading on a [regulated market] operated by it are capable of being traded in a fair, orderly and efficient manner; |
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(b) |
[transferable securities] admitted to trading on a [regulated market] operated by it are freely negotiable; and |
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(c) |
contracts for derivatives admitted to trading on a [regulated market] operated by it are designed so as to allow for their orderly pricing as well as for the existence of effective settlement conditions. |
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[Note:MiFID RTS 17 specifies further conditions for financial instruments to be admitted to trading on regulated markets] |
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(2) |
The rules of the [UK RIE] must provide that where the [UK RIE], without obtaining the consent of the issuer, admits to trading on a regulated market operated by it a transferable security which has been admitted to trading on another regulated market, the [UK RIE] - |
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(a) |
must inform the issuer of that security as soon as is reasonably practicable; and |
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(b) |
may not require the issuer of that security to demonstrate compliance with the disclosure obligations. |
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(3) |
The [UK RIE] must maintain effective arrangements to verify that issuers of transferable securities admitted to trading on a regulated market operated by it comply with the disclosure obligations. |
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(4) |
The [UK RIE] must maintain arrangements to assist members of or participants in a regulated market operated by it to obtain access to information made public under the disclosure obligations. |
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(5) |
The [UK RIE] must maintain arrangements to regularly review regularly whether financial instruments admitted to trading on a regulated market operated by it comply with the admission requirements for those instruments. |
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[Note: see MiFID RTS 17] |
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(6) |
In this paragraph - |
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“the disclosure obligations” are the initial ongoing and ad hoc disclosure requirements contained in- |
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(a) |
Articles 17, 18 and 19 of the market abuse regulation; |
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(b) |
Articles 3, 5, 7, 8, 14 and 16 of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectuses to be published when securities are offered to the public or admitted to trading; |
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(c) |
Articles 4 to 6, 15 and 16 to 19 of Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 relating to harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market; and |
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(d) |
EU legislation made under the provisions mentioned in paragraphs (a) to (c); |
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and the legislation referred to in paragraphs (b) and (c) is given effect- |
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(a) |
in the United Kingdom by Part 6 of the [Financial Services and Markets Act 2000] Act and Part 6 rules (within the meaning of section 73A of the Act); or |
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(b) |
in another EEA State by legislation transposing the relevant Articles in that State. |
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