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 17A Transitional period for publication of transparency calculations

  1. (1)

    Article 2(1)(62) of Regulation 600/2014/EU does not apply to this Article.

  2. (2)

    For the purposes of this Article, the term ‘transitional period’ has the same meaning as under Article 5(3A) of Regulation 600/2014/EU.

  3. (3)

    During the transitional period and until the FCA makes a publication under Articles 4, 7, 11 or 17 in relation to the financial instrument in question, the most relevant market, average daily turnover and average value of transactions in respect of a share, depositary receipt, ETF, certificate or other similar financial instrument for the purposes of retained EU law relating to markets in financial instruments shall be as follows in (a) or (b), subject to (c):

    1. (a)

      that stated in the most recent information published before IP completion day under Article 7(6), 7(8), 11(4), 11(6) or 19 (whichever is the most recent) by the competent authority in the European Union for the relevant instrument under Article 18 as it applied in the European Union before IP completion day (including the FCA); or

    2. (b)

      if no such information was published by that competent authority in the European Union in respect of a financial instrument under those provisions before IP completion day:

      1. (i)

        the most relevant market for that financial instrument shall be the trading venue in the relevant area where that financial instrument is first admitted to trading; and

      2. (ii)

        the average daily turnover and average value of transactions for that financial instrument shall be that estimated by the FCA, taking into account any previous trading history of that financial instrument and of other financial instruments that are considered to have similar characteristics, and published on IP completion day; and

    3. (c)

      if information was published before IP completion day under Article 17(1) or 17(3) by the competent authority in the European Union for the relevant instrument under Article 18 as it applied in the European Union before IP completion day (including the FCA), but the information was not required to be used under Article 17(2) before IP completion day, then the most relevant market, average daily turnover and average value of transactions shall become that stated in such information from the point at which it would have been required to be used under Article 17(2) as it applied in the European Union before IP completion day, provided that the calculations used to produce that information did not exclude trading in the UK for the relevant period.

  4. (4)

    From IP completion day and during the transitional period, the FCA’s obligations to perform calculations and publish information under Articles 4, 7, 11, and 17 are modified as follows:

    1. (a)

      where the FCA publishes information under Article 17(1) or 17(3):

      1. (i)

        it shall publish what appears to it to be the most relevant market in terms of liquidity, the average daily turnover and the average value of transactions as applicable;

      2. (ii)

        it is not required to follow the relevant methodology in Article 4(2), Article 7(3) or Article 11(2) (as applicable), but where it does not:

        1. - it must have regard to the relevant methodology; and

        2. - it may take into account any information available in relation to trading of the financial instrument in question in the United Kingdom or in any other country; and

      3. (iii)

        in the case of a publication under Article 17(1), it shall ensure publication by five working days after 1 March;

    2. (b)

      where the FCA publishes information under Article 7(8) or 11(6) it shall publish what appears to it to be the average daily turnover and the average value of transactions as applicable, and it may take into account any information available in relation to trading of the financial instrument in question in the United Kingdom or in any other country.