1. (1)

   The FCA shall make any calculations determining the principal trading venue for a share by IP completion day in respect of the two-year period preceding that date.

2. (2)

   Subsequent calculations shall be made every two years thereafter in respect of the subsequent two year period.

3. (3)

   Where the share concerned was not admitted to trading during the whole two-year period on the trading venue in the UK and the third country trading venue, the period for calculation shall be the period during which the share was admitted to trading on both venues concurrently.

The list of shares for which the principal trading venue is located outside the UK shall be effective as of 1 April following its publication by the FCA, except that the first list published by the FCA shall be effective from IP completion day.

1. (1)

   The FCA, in determining whether the principal trading venue for a share is located outside the UK following one of the circumstances set out in paragraph 2 shall ensure that any calculations determining the principal trading venue are made as soon as possible after the relevant circumstances arise and in respect of the two year period preceding the date of calculation.

2. (2)

   The provisions of paragraph 1 apply when:

   1. (a)

      the shares of a company are removed from trading on a permanent basis on the principal venue located outside the UK;

   2. (b)

      the shares of a company are removed from trading on a permanent basis on a trading venue in the UK;

   3. (c)

      the shares of a company that was previously admitted to trading in a trading venue outside the UK are admitted to trading on a trading venue in the UK.