| (1) | The rules of the [UK RIE] must ensure that all - |
| | (a) | [financial instruments] admitted to trading on a [regulated market] operated by it are capable of being traded in a fair, orderly and efficient manner; |
| | (b) | [transferable securities] admitted to trading on a [regulated market] operated by it are freely negotiable; and |
| | (c) | contracts for derivatives admitted to trading on a [regulated market] operated by it are designed so as to allow for their orderly pricing as well as for the existence of effective settlement conditions. |
| [Note: MiFID RTS 17 specifies further conditions for financial instruments to be admitted to trading on regulated markets] |
| (2) | The rules of the [UK RIE] must provide that where the [UK RIE], without obtaining the consent of the issuer, admits to trading on a regulated market operated by it a transferable security which has been admitted to trading on another regulated market, the [UK RIE] - |
| | (a) | must inform the issuer of that security as soon as is reasonably practicable; and |
| | (b) | may not require the issuer of that security to demonstrate compliance with the disclosure obligations. |
| (3) | The [UK RIE] must maintain effective arrangements to verify that issuers of transferable securities admitted to trading on a regulated market operated by it comply with the disclosure obligations. |
| (4) | The [UK RIE] must maintain arrangements to assist members of or participants in a regulated market operated by it to obtain access to information made public under the disclosure obligations. |
| (5) | The [UK RIE] must maintain arrangements to regularly review regularly whether financial instruments admitted to trading on a regulated market operated by it comply with the admission requirements for those instruments. |
| | [Note: see MiFID RTS 17] |
| (6) | In this paragraph - |
| | “the disclosure obligations” are the initial ongoing and ad hoc disclosure requirements contained in- |
| | (a) | Articles 17, 18 and 19 of the market abuse regulation; |
| | (b) | those provisions of Part 6 rules (within the meaning of section 73A of the Act) which were relied on by the United Kingdom before IP completion day to implement— |
| | | (i) | [deleted] |
| | | (ii) | Articles 4 to 6, 14 and 16 to 19 of Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 relating to the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market; |
| | | as they have effect on IP completion day; |
| | (ba) | any applicable rules made by the FCA by virtue of Part 3 of the Public Offers and Admissions to Trading Regulations 2024; |
| | (bb) | regulation 23 of those Regulations; |
| | (c) | any EU regulation, originally made under any of the provisions mentioned in paragraphs (a) and (b)(ii), which is retained direct EU legislation; and |
| | (d) | any subordinate legislation (within the meaning of the Interpretation Act 1978) made under any of the provisions mentioned in paragraphs (a) and (b)(ii) on or after IP completion day. |
