SECTION 1 Establishing an accepted market practice

Article 2 General requirements

  1. (1)

    Prior to establishing a market practice as an accepted market practice (AMP) the Financial Conduct Authority shall:

    1. (a)

      evaluate the market practice against each of the criteria set out in Article 13(2) of Regulation (EU) No 596/2014 and specified further in Section 2 of this Chapter;

    2. (b)

      consult as appropriate with relevant bodies including, at a minimum, representatives of issuers, investment firms, credit institutions, investors, emission allowance market participants, market operators operating a UK multilateral trading facility (MTF) or a UK organised trading facility (OTF) and operators of a UK regulated market, and other authorities on the appropriateness of establishing a market practice as an AMP.

  2. (3)

    Where the Financial Conduct Authority establishes a market practice as an AMP in accordance with Article 13 of Regulation (EU) No 596/2014 and with this Regulation, it shall publicly disclose on its website the decision establishing the market practice as an AMP and a description of the AMP concerned, in accordance with the template set out in the Annex including the following information:

    1. (a)

      a description of the types of persons who may perform the AMP;

    2. (b)

      a description of the types of person or a group of persons who may benefit from the performance of the AMP, either by performing it directly or through the appointment of another person performing the AMP ("beneficiary");

    3. (c)

      a description of the type of financial instrument to which the AMP relates;

    4. (d)

      an indication of whether the AMP can be performed for a specified period of time and a description of situations or conditions leading to a temporary interruption, suspension or termination of the practice.

    The persons referred to in point (a) of the first subparagraph shall be responsible for any trading decision, including, the submission of an order, the cancellation or modification of an order, and conclusion of a transaction or for the trading execution in relation with the AMP.