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.

Article 5 Specific characteristics of negotiated transactions(Article 4(1)(b) of Regulation (EU) No 600/2014)

A negotiated transaction in shares, depositary receipts, ETF, certificates or other similar financial instruments shall be considered to be a transaction which is negotiated privately but reported under the rules of a trading venue and where any of the following circumstances applies:

  1. (a)

    two members or participants of that trading venue are involved in any of the following capacities:

    1. (i)

      one is dealing on own account when the other is acting on behalf of a client;

    2. (ii)

      both are dealing on own account;

    3. (iii)

      both are acting on behalf of a client;

  2. (b)

    one member or participant of that trading venue is either of the following:

    1. (i)

      acting on behalf of both the buyer and seller;

    2. (ii)

      dealing on own account against a client order.