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

This Regulation lays down detailed rules to specify:

  1. (a)

    the method of calculating any percentage threshold applying for the purposes of rule 5.1.3 of the Disclosure Guidance and Transparency Rules sourcebook;

  2. (b)

    the method for calculating the number of voting rights in the case of financial instruments referenced to a basket of shares or an index;

  3. (c)

    the methods for determining delta for the purposes of calculating voting rights relating to financial instruments which provide exclusively for a cash settlement;

  4. (d)

    the cases in which the exemptions laid down in rules 5.1.3, 5.4.1, 5.4.2 and 5.8.6 of the Disclosure Guidance and Transparency Rules sourcebook apply to financial instruments held by a person fulfilling orders received from clients or responding to a client’s requests to trade otherwise than on a proprietary basis, or hedging positions arising out of such dealings.