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 12 Specific cases of review of exempted shares

  1. (1)

    The FCA, in determining whether the principal trading venue for a share is located outside the UK following one of the circumstances set out in paragraph 2 shall ensure that any calculations determining the principal trading venue are made as soon as possible after the relevant circumstances arise and in respect of the two year period preceding the date of calculation.

  2. (2)

    The provisions of paragraph 1 apply when:

    1. (a)

      the shares of a company are removed from trading on a permanent basis on the principal venue located outside the UK;

    2. (b)

      the shares of a company are removed from trading on a permanent basis on a trading venue in the UK;

    3. (c)

      the shares of a company that was previously admitted to trading in a trading venue outside the UK are admitted to trading on a trading venue in the UK.