Articles 32 and 52 of MiFID II establish obligations on National Competent Authorities (NCAs), trading venues and systemic internalisers (SIs) relating to security statuses. This covers suspension and removal (cancellation) of certain financial instruments from trading (and any subsequent restoration).
Submitting information to the FCA
Where a UK trading venue decides to suspend or remove an instrument because it no longer complies with the venue’s rules, and/or because of suspected market abuse, a take-over bid or the non-disclosure of inside information about the issuer or financial instrument, it needs to inform the FCA (along with restorations of said suspensions). The trading venues will need to specify the reason for the action.
UK trading venues should use the MiFID II trading venue reporting form.
Completed forms should be emailed to the FCA’s Issuer Management team at [email protected].
This will need to be completed in the format set out in the technical standards (see ‘Commission Implementing Regulation (EU) 2017/1005’, table 2).
Only the trading venue making the initial decision needs to make the notification to the FCA – trading venues following action from the FCA or from other UK trading venues are not required to make a submission.
If the reason for the action relates to
- ‘suspected market abuse’
- ‘filing of tender offers and related events’ (a take-over bid)
- ‘undisclosed price sensitive information (awaiting public release) ’(non-disclosure of insider information about the issuer or financial instrument infringing Articles 7 and 17 of Regulation (EU) No. 596/2014)
please ensure the relevant text is used at the beginning of the entry for ‘Reason For Action’.
Notifications from the FCA
Where action is required in relation to security statuses, we inform UK trading venues and SIs by email.
The trading venues and SIs will be required to consider whether to extend the decision to include related derivatives or other instruments. Information on decision making for related instruments has been issued by the Commission (Commission Delegated Regulation (EU) 2017/569, 24 May 2016).
For notifications from UK trading venues, or originating from the FCA, we provide a record of where we have required action in relation to security statuses.
This includes information where, following a notification from a UK trading venue, the FCA has decided not to require other trading venues to extend because of a potential significant damage to the interests of investors or the orderly functioning of the market. We aim to update this workbook daily, where required.
Explanations of the relevant fields are provided within the workbook. As this is a record of decisions under Articles 32 and 52 of MiFID, securities may appear more than once.
The workbook should not be used to determine the current status of a security as it only records actions under Articles 32 and 52 (and not where the security status has changed for other reasons).
MiFID II Directive (Articles 32 and 52, Directive 2014/65/EU, 15 May 2014),
Technical standards (Commission Implementing Regulation (EU) 2017/1005, 15 June 2007; Commission Delegated Regulation (EU) 2017/565, 31 March 2017; Commission Delegated Regulation (EU) 2017/569, 31 March 2017)
Changes made to FSMA (2017 No. 701 The Financial Services and Markets Act 2000 (Markets in Financial Instruments) regulations, 22 June 2017).