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REC 3.14A Operation of a trading venue

Purpose

REC 3.14A.1 G RP

1The purpose of REC 3.14A is to ensure that the FCA3is informed of planned changes to a UK RIE’s4 markets and their regulatory status as either a regulated market, MTF or OTF4.

5

3 4

Operation of a regulated market

REC 3.14A.2 R RP

Where a UK RIE proposes to operate a new regulated market or close an existing regulated market it must give the FCA3notice 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).

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REC 3.14A.3 R RP

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 or OTF

REC 3.14A.4 R RP

Where a UK RIE proposes to operate a new MTF or OTF4 or close an existing MTF or OTF4 it must give the FCA3notice 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).

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REC 3.14A.5 R RP

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

  1. (1)

[Note:REC 2.16A.1(2) requires the FCA to be provided with a detailed description of the operation of an MTF or OTF. The description must be provided in the form set out in MiFID ITS 19.]4

  1. (2)

    Where4 the UK RIE proposes to close a MTF or OTF4, the name of that MTF or OTF4.

Operation of a recognised auction platform

REC 3.14A.6 G RP

If a UK RIE proposes to operate a RAP, it will need to make a separate application to be recognised as a RAP (see REC 5 (Applications))6

5 2
REC 3.14A.6A G

6In accordance with regulation 23(3) of the UK auctioning regulations, a RAP must submit a detailed exit strategy to the FCA within three months from the date of its appointment.

REC 3.14A.6B G

6For the form and method of notifications REC 3.2.2R applies.

Pre- and post- trade transparency requirements for equity and non-equity instruments: form of waiver and deferral

REC 3.14A.7A D RP

4A UK RIE operating a trading venue that proposes to take advantage of a waiver in accordance with articles 4 or 9 of MiFIR (in relation to pre-trade transparency for equity or non-equity instruments) must make an application for it to the FCA using the form in MAR 5 Annex 1D.

[Note: articles 4 and 9 of MiFIR, and MiFID RTS 1 and MiFID RTS 2]

REC 3.14A.7B G RP

[deleted]5

4
REC 3.14A.7C D RP

4A UK RIE operating a trading venue that proposes to take advantage of a deferral in accordance with articles 7 or 11 of MiFIR in relation to post-trade transparency for equity or non-equity instruments must apply for it in writing to the FCA.

[Note: articles 7 and 11 of MiFIR, and MiFID RTS 1 and MiFID RTS 2]

REC 3.14A.7D G RP

4A UK RIE should have regard to the urgency and significance of a matter and, if appropriate, should also notify its usual supervisory contact at the FCA by telephone or by other prompt means of communication, before submitting written notification. Oral notifications should be given directly to its usual supervisory contact at the FCA. An oral notification left with another person or left on a voicemail or other automatic messaging service is unlikely to have been given appropriately.