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MAR 11.1 Purpose and application

Purpose

MAR 11.1.1 G

1The purpose of this chapter is to set out the pre-trade and post-trade transparency rules applying to transparency instruments made by the FCA under articles 8, 9, 10, 11 and 21 of MiFIR. The transparency instruments to which this chapter applies are categorised as category 1 instruments or category 2 instruments.

Application

MAR 11.1.2 G
  1. (1)

    1This chapter applies to trading venue operators and transparency investment firms in respect of orders and transactions in transparency instruments.

  2. (2)

    MAR 11.2 contains pre-trade transparency requirements. These only apply to trading venue operators, in respect of all transparency instruments.

  3. (3)

    MAR 11.3 sets out the waivers from the pre-trade transparency requirements. MAR 11.3.1R sets out the waivers applying to all transparency instruments, and MAR 11.3.2R and MAR 11.3.3R contain the rules for the size waivers applying to category 1 instruments and category 2 instruments, respectively.

  4. (4)

    MAR 11.4 contains post-trade transparency requirements. These apply to trading venue operators in respect of all transparency instruments and to transparency investment firms in respect of category 1 instruments only.

  5. (5)

    MAR 11.5.1R sets out the deferrals applicable to category 1 instruments (relevant for all transparency firms). MAR 11.5.2R sets out the rules regarding deferrals for category 2 instruments (relevant for trading venue operators only).

Exceptions

MAR 11.1.3 R

1This chapter does not apply in respect of the following transactions:

  1. (1)

    transactions listed in article 2(5) of MiFID RTS 22; or

  2. (2)

    transactions where the counterparty is a relevant organisation, and where:

    1. (a)

      the transaction is entered into in the performance of monetary, foreign exchange and financial stability policy which the relevant organisation is legally empowered to pursue;

    2. (b)

      the relevant organisation has given prior notification to the transparency firm that the transaction is exempt; and

    3. (c)

      the transaction is not entered into by the relevant organisation for the performance of an investment operation connected with:

      1. (i)

        the management of its own funds;

      2. (ii)

        administrative purposes or for the staff of the member of the relevant organisation, including in the capacity of administrator of a pension scheme for its staff; or

      3. (iii)

        its investment portfolio pursuant to obligations under national law.

Suspension of transparency requirements

MAR 11.1.4 G
  1. (1)

    1The FCA has the power, under article 9(4) of MiFIR, to suspend the pre-trade transparency requirements in MAR 11.2, and under articles 11(3) and 21(8) of MiFIR, to suspend post-trade transparency requirements in MAR 11.4, either for a particular instrument or class of instruments. The FCA may only do this if it considers that it is necessary to do so to advance the FCA’s integrity objective (as defined in section 1D of the Act) and having regard to its consumer protection and competition objectives (under sections 1C and 1D of the Act, respectively).

  2. (2)

    Where the FCA decides to use this power, it must publish a notice identifying the relevant transparency instruments and specifying the period for which the suspension will have effect. The notice must be published in a manner best calculated to bring it to the attention of persons likely to be affected by it.