Article 12 Post-trade transparency obligations(Article 6(1) and Article 20(1) and (2) of Regulation (EU) No 600/2014)

Market operators and investment firms operating a trading venue and investment firms trading outside the rules of a trading venue shall make public the details of each transaction by applying reference Tables 2, 3 and 4 of Annex I.

Where a previously published trade report is cancelled, investment firms trading outside a trading venue and market operators and investment firms operating a trading venue shall make public a new trade report which contains all the details of the original trade report and the cancellation flag specified in Table 4 of Annex I.

Where a previously published trade report is amended, market operators and investment firms operating a trading venue and investment firms trading outside a trading venue shall make the following information public:

1. (a)

   a new trade report that contains all the details of the original trade report and the cancellation flag specified in Table 4 of Annex I;

2. (b)

   a new trade report that contains all the details of the original trade report with all necessary details corrected and the amendment flag specified in Table 4 of Annex I.

Where a transaction between two investment firms is concluded outside the rules of a trading venue, either on own account or on behalf of clients, only the investment firm that is registered as a designated reporter1 shall make the transaction public through an APA.

Where neither investment firm1 party to the transaction is a designated reporter, only the firm acting as the selling firm shall be obliged to make the transaction public through an APA1.

1Where each investment firm party to the transaction is registered as a designated reporter:

1. (a)

   only the firm acting as the selling firm shall be obliged to make the transaction public through an APA; or1

2. (b)

   the selling firm may discharge its obligation by arranging for the buyer only to make the transaction public through an APA.1

Investment firms shall take all reasonable steps to ensure that the transaction is made public as a single transaction. For that purpose, two matching trades entered at the same time and for the same price with a single party interposed shall be considered to be a single transaction.

An investment firm must notify the FCA in writing before carrying on or ceasing the activity of a designated reporter1

The FCA shall publish and maintain on its website a register of designated reporters. The register shall be publicly accessible on the FCA’s website and updated on a regular basis.1