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 1 Subject matter

  1. (1)

    This Regulation specifies the method of calculation of the 10 % fall in value for liquid shares traded on a trading venue as set out in Article 23(5) of Regulation (EU) No 236/2012.

  2. (2)

    This Regulation also specifies the method of calculation of the fall in value for the following financial instruments traded on a trading venue as specified in Delegated Regulation (EU) No 918/2012 adopted pursuant to Article 23(7) of Regulation (EU) No 236/2012:

    1. (a)

      illiquid shares;

    2. (b)

      the following non-derivative financial instruments:

      1. (i)

        debt instruments issued by sovereign and corporate issuers;

      2. (ii)

        exchange-traded funds;

      3. (iii)

        money market instruments;

    3. (c)

      derivatives whose sole underlying is a financial instrument traded on a trading venue.