Textual Amendments
F1Sch. paras. 9ZA-9ZD and cross-headings inserted (29.6.2017 for specified purposes, 3.7.2017 for specified purposes) by The Financial Services and Markets Act 2000 (Markets in Financial Instruments) Regulations 2017 (S.I. 2017/701), reg. 1(2)(3)(4)(6), Sch. 3 para. 1(15) (with reg. 7)
9ZB.—(1) The rules of the exchange must ensure that all—U.K.
(a)financial instruments admitted to trading on a regulated market operated by it are capable of being traded in a fair, orderly and efficient manner;
(b)transferable securities admitted to trading on a regulated market operated by it are freely negotiable; and
(c)contracts for derivatives admitted to trading on a regulated market operated by it are designed so as to allow for their orderly pricing as well as for the existence of effective settlement conditions.
(2) The rules of the exchange must provide that where it, without obtaining the consent of the issuer, admits to trading on a regulated market operated by it a transferable security which has been admitted to trading on another regulated market the exchange—
(a)must inform the issuer of that security as soon as is reasonably practicable; and
(b)may not require the issuer of that security to demonstrate compliance with the disclosure obligations.
(3) The exchange must maintain effective arrangements to verify that issuers of transferable securities admitted to trading on a regulated market operated by it comply with the disclosure obligations.
(4) The exchange must maintain arrangements to assist members of or participants in a regulated market operated by it to obtain access to information made public under the disclosure obligations.
(5) The exchange must maintain arrangements to review regularly whether financial instruments admitted to trading on a regulated market operated by it comply with the admission requirements for those instruments.
(6) In this paragraph—
“the disclosure obligations” are the initial, ongoing and ad hoc disclosure requirements contained in—
Articles 17, 18 and 19 of the market abuse regulation;
Articles 3, 5, 7, 8, 14 and 16 of Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 on the prospectuses to be published when securities are offered to the public or admitted to trading;
Articles 4 to 6, 14 and 16 to 19 of Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 relating to the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market; and
EU legislation made under the provisions mentioned in paragraphs (a) to (c);
and the legislation referred to in paragraphs (b) and (c) is given effect—
(a)in the United Kingdom by Part 6 of the Act and Part 6 rules (within the meaning of section 73A of the Act); or
(b)in another EEA State by legislation transposing the relevant Articles in that State.]