- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Gwreiddiol (Fel y'i Deddfwyd)
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Prospective
10U.K.For Article 18 substitute—
1.The FCA may by rules impose pre-trade transparency requirements on systematic internalisers in respect of the trading of such relevant instruments as the FCA determines should be subject to the requirements for the purposes of furthering—
(a)efficient price formation, and
(b)the fair evaluation of financial assets.
2.The power to make rules under paragraph 1 is exercisable only if the FCA considers that the rules are necessary or expedient for the purposes of advancing one or more of its operational objectives referred to in section 1B(3) of FSMA.
3.In making rules under paragraph 1 the FCA must (in particular) have regard to the impact that requirements imposed by the rules will have on market liquidity.
4.The reference in paragraph 1 to “pre-trade transparency requirements” is a reference to whatever kinds of requirements relating to transparency before trading that the rules may specify, for example—
(a)requirements to make public matters specified in the rules in respect of the trading of relevant instruments (for example, quotes);
(b)requirements about the means by which, and the times at which, such matters are to be made public or otherwise disclosed;
(c)requirements relating to the determination of quotes in relation to relevant instruments;
(d)requirements in relation to the entering of transactions on the basis of such quotes.
5.Rules under paragraph 1 may include provision for quotes issued by systematic internalisers to be updated or withdrawn in such cases as the rules may determine.
6.In this Article and in Article 18a “relevant instruments” means bonds, structured finance products, emission allowances, derivatives and instruments included within package orders.
1.Rules under Article 18 may include provision for any requirements imposed by those rules to be waived in such cases, and to such extent, as may be determined by or under the rules.
2.Rules that include provision under paragraph 1 may impose whatever conditions on the application of a waiver as the FCA considers appropriate.
3.The FCA may by notice given to a systematic internaliser withdraw a waiver granted by virtue of paragraph 1 if the FCA considers that the waiver is being used—
(a)in a way that deviates from its original purpose, or
(b)to avoid requirements imposed by the rules.
4.The FCA may by notice suspend requirements imposed by rules under Article 18 in the case of such relevant instruments, or class of relevant instruments, as may be specified in the notice.
5.A notice under paragraph 4 suspending requirements—
(a)may be given subject to conditions;
(b)must specify the period for which the suspension has effect;
(c)must be published in the manner appearing to the FCA to be best calculated to bring it to the attention of persons likely to be affected by it;
(d)may be varied or withdrawn by the giving of a further notice (and sub-paragraph (c) applies to any such notice).
6.The power under paragraph 4 to suspend requirements is exercisable only if the FCA considers that it is necessary to do so to advance the FCA’s integrity objective under section 1D of FSMA.
7.In deciding whether to exercise the power under paragraph 4 to suspend requirements the FCA must also have regard to—
(a)its consumer protection objective under section 1C of FSMA, and
(b)its competition objective under section 1E of FSMA.
1.Firms meeting the definition of systematic internaliser must notify the FCA of that fact in accordance with rules made by the FCA.
2.The FCA must publish, and keep up to date, a list of the systematic internalisers for which it has received notification under paragraph 1.”
Commencement Information
I1Sch. 2 para. 10 not in force at Royal Assent, see s. 86(3)
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