MAR TP 2 Transitional provisions relating to trading venue operators and transparency investment firms

1Application

1.

R

(1)

The rules in MAR TP 2 apply in respect of:

(a)

trading venue operators; and

(b)

transparency investment firms.

(2)

The rules apply in respect of the period 1 December 2024 to 30 November 2025, except where indicated otherwise.

Trading venue operators

1.2

R

A trading venue operator is subject to the transparency requirements previously arising under UK MiFIR, including MiFID RTS 2, as it had effect immediately before 1 December 2024 and applied to it, except where MAR TP 2 1.4R applies.

1.3

G

MAR TP 2 1.2R provides for continuity of transparency requirements for trading venue operators.

1.4

R

For the period between 31 March 2025 and 30 November 2025, a trading venue operator is not subject to a transparency requirement under Title II, Chapter 2 of UK MiFIR in respect of a request for quote system or voice trading system when operated by the trading venue operator.

Systematic internalisers

1.5

R

A systematic internaliser is subject to the transparency requirements previously arising under UK MiFIR, including MiFID RTS 2, as it had effect immediately before 1 December 2024 and applied to it, except where MAR TP 2 1.7R applies.

1.6

G

MAR TP 2 1.5R provides for continuity of transparency requirements for systematic internalisers.

1.7

R

For the period between 1 December 2024 and 30 March 2025 only, a systematic internaliser is subject to the pre-trade transparency requirements previously arising under article 18 of UK MiFIR, including MiFID RTS 2, as it had effect immediately before 1 December 2024 and applied to it.

Pre-1 December 2025 transactions

1.8

G

In respect of a trade concluded before 1 December 2025, the FCA will treat anything done by a transparency firm for the purposes of complying with MAR TP 2 1.2R and MAR TP 2 1.5R as if it were done for the purposes of any equivalent new transparency provision in MAR 11 in force after 1 December 2025.

1.9

R

Where a transparency firm publishes (via an APA or otherwise) a trade report before 1 December 2025 in accordance with MAR TP 2 1.2R or MAR TP 2 1.5R and amends the report after 1 December 2025, it may make the new trade report required by MAR 11.4.5R(2)(b) either in accordance with MAR 11 Annex 2 or in accordance with MAR TP 2 1.2R or MAR TP 2 1.5R, as they previously applied.