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.

CHAPTER V DETERMINATION OF THE PRINCIPAL TRADING VENUE FOR THE EXEMPTION [ARTICLE 16 OF REGULATION (EU) No 236/2012]

Article 9 Date and period for principal trading venue calculations

  1. (1)

    The FCA shall make any calculations determining the principal trading venue for a share by IP completion day in respect of the two-year period preceding that date.

  2. (2)

    Subsequent calculations shall be made every two years thereafter in respect of the subsequent two year period.

  3. (3)

    Where the share concerned was not admitted to trading during the whole two-year period on the trading venue in the UK and the third country trading venue, the period for calculation shall be the period during which the share was admitted to trading on both venues concurrently.