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REC 3.14A Operation of a regulated market or MTF

Purpose

REC 3.14A.1GRP

1The purpose of REC 3.14A is to ensure that the FSA is informed of planned changes to a UK RIE markets and their regulatory status as either a regulated market or MTF.

Operation of a regulated market

REC 3.14A.2RRP

Where a UK RIE proposes to operate a new regulated market or close an existing regulated market it must give the FSA notice of that event and the information specified for the purposes of this rule in REC 3.14A.3 R, at the same time as that proposal is first formally communicated to its members or shareholders (or any group or class of them).

REC 3.14A.3RRP

The following information is specified for the purposes of REC 3.14A.2 R:

  1. (1)

    where the UK RIE proposes to operate a new regulated market:

    1. (a)

      a description of the regulated market; and

    2. (b)

      a description of the specified investments which will be admitted to trading on that regulated market.

  2. (2)

    where the UK RIE proposes to close a regulated market, the name of that regulated market.

Operation of an MTF

REC 3.14A.4RRP

Where a UK RIE proposes to operate a new MTF or close an existing MTF it must give the FSA notice of that event and the information specified for the purposes of this rule in REC 3.14A.5 R, at the same time as that proposal is first formally communicated to its members or shareholders (or any group or class of them).

REC 3.14A.5RRP

The following information is specified for the purposes of REC 3.14A.4 R:

  1. (1)

    where the UK RIE proposes to operate a new MTF:

    1. (a)

      a description of the MTF; and

    2. (b)

      a description of the specified investments which will be admitted to trading on that MTF.

  1. (2)

    where the UK RIE proposes to close a MTF, the name of that MTF.

Operation of a recognised auction platform

REC 3.14A.6GRP

2If a UK RIE proposes to operate an RAP, it will need to make a separate application to be recognised as an RAP (see REC 5 (Applications)).