Commission Regulation (EC) No 1287/2006 of 10 August 2006 implementing Directive 2004/39/EC of the European Parliament and of the Council as regards record-keeping obligations for investment firms, transaction reporting, market transparency, admission of financial instruments to trading, and defined terms for the purposes of that Directive (Text with EEA relevance)
(1) "commodity" means any goods of a fungible nature that are capable of being delivered, including metals and their ores and alloys, agricultural products, and energy such as electricity; (2) "issuer" means an entity which issues transferable securities and, where appropriate, other financial instruments; (3) "Community issuer" means an issuer which has its registered office in the Community; (4) "third country issuer" means an issuer which is not a Community issuer; (5) "normal trading hours" for a trading venue or an investment firm means those hours which the trading venue or investment firm establishes in advance and makes public as its trading hours; (6) "portfolio trade" means a transaction in more than one security where those securities are grouped and traded as a single lot against a specific reference price; (7) "relevant competent authority" for a financial instrument means the competent authority of the most relevant market in terms of liquidity for that financial instrument; (8) "trading venue" means a regulated market, MTF or systematic internaliser acting in its capacity as such, and, where appropriate, a system outside the Community with similar functions to a regulated market or MTF; (9) "turnover", in relation to a financial instrument, means the sum of the results of multiplying the number of units of that instrument exchanged between buyers and sellers in a defined period of time, pursuant to transactions taking place on a trading venue or otherwise, by the unit price applicable to each such transaction; (10) "securities financing transaction" means an instance of stock lending or stock borrowing or the lending or borrowing of other financial instruments, a repurchase or reverse repurchase transaction, or a buy-sell back or sell-buy back transaction.
(a) securities financing transactions; (b) the exercise of options or of covered warrants; (c) primary market transactions (such as issuance, allotment or subscription) in financial instruments falling within Article 4(1)(18)(a) and (b) of Directive 2004/39/EC.
(a) the share has not previously been admitted to trading on a regulated market; (b) the share has previously been admitted to trading on a regulated market but the share is removed from trading on every regulated market which has so admitted it.
(a) the name or other designation of the client; (b) the name or other designation of any relevant person acting on behalf of the client; (c) the details specified in points 4, 6 and 16 to 19, of Table 1 of Annex I; (d) the nature of the order if other than buy or sell; (e) the type of the order; (f) any other details, conditions and particular instructions from the client that specify how the order must be carried out; (g) the date and exact time of the receipt of the order, or of the decision to deal, by the investment firm.
(a) the name or other designation of the client; (b) the details specified in points 2, 3, 4, 6 and 16 to 21, of Table 1 of Annex I; (c) the total price, being the product of the unit price and the quantity; (d) the nature of the transaction if other than buy or sell; (e) the natural person who executed the transaction or who is responsible for the execution.
(a) the name or other designation of the client whose order has been transmitted; (b) the name or other designation of the person to whom the order was transmitted; (c) the terms of the order transmitted; (d) the date and exact time of transmission.
(a) where the underlying security is a share or other transferable security covered by Article 4(1)(18)(a) of Directive 2004/39/EC which is admitted to trading on a regulated market, the Member State deemed to be the most relevant market in terms of liquidity for the underlying security, in accordance with paragraph 2; (b) where the underlying security is a bond or other transferable security covered by Article 4(1)(18)(b) of Directive 2004/39/EC or a money market instrument which is admitted to trading on a regulated market, the Member State deemed to be the most relevant market in terms of liquidity for that underlying security, in accordance with paragraphs 3, 4 or 5; (c) where the underlying is an index composed of shares all of which are traded on a particular regulated market, the Member State where that regulated market is situated.
(a) shares; (b) bonds or other forms of securitised debt; (c) any other financial instruments.
(a) they ensure the security and confidentiality of the data reported; (b) they incorporate mechanisms for identifying and correcting errors in a transaction report; (c) they incorporate mechanisms for authenticating the source of the transaction report; (d) they include appropriate precautionary measures to enable the timely resumption of reporting in the case of system failure; (e) they are capable of reporting the information required under Article 13 in the format required by the competent authority and in accordance with this paragraph, within the time limits set out in Article 25(3) of Directive 2004/39/EC.
(a) the financial instrument which is the subject of the report has characteristics which are specific to an instrument of that kind and which are not covered by the information items specified in that table; (b) trading methods which are specific to the trading venue where the transaction took place involve features which are not covered by the information items specified in that table.
(a) the relevant competent authority for the financial instrument in question; (b) in the case of branches, the competent authority that has authorised the investment firm providing the information, without prejudice to its right not to receive this information in accordance with Article 25(6) of Directive 2004/39/EC; (c) any other competent authority that requests the information for the proper discharge of its supervisory duties under Article 25(1) of Directive 2004/39/EC.
(a) the design and establishment of arrangements for the exchange of transaction information between the competent authorities as required by Directive 2004/39/EC and this Regulation; (b) any future upgrading of the arrangements.
(a) the host Member State has formerly been the home Member State of the regulated market in question; (b) the regulated market in question has acquired through merger, takeover, or any other form of transfer the business of a regulated market which had its registered office or head office in the host Member State.
(a) they must be based on a trading methodology by which the price is determined in accordance with a reference price generated by another system, where that reference price is widely published and is regarded generally by market participants as a reliable reference price; (b) they formalise negotiated transactions, each of which meets one of the following criteria: (i) it is made at or within the current volume weighted spread reflected on the order book or the quotes of the market makers of the regulated market or MTF operating that system or, where the share is not traded continuously, within a percentage of a suitable reference price, being a percentage and a reference price set in advance by the system operator; (ii) it is subject to conditions other than the current market price of the share.
(a) dealing on own account with another member or participant who acts for the account of a client; (b) dealing with another member or participant, where both are executing orders on own account; (c) acting for the account of both the buyer and seller; (d) acting for the account of the buyer, where another member or participant acts for the account of the seller; (e) trading for own account against a client order.
(a) the activity has a material commercial role for the firm, and is carried on in accordance with non-discretionary rules and procedures; (b) the activity is carried on by personnel, or by means of an automated technical system, assigned to that purpose, irrespective of whether those personnel or that system are used exclusively for that purpose; (c) the activity is available to clients on a regular or continuous basis.
(a) the activity is performed on an ad hoc and irregular bilateral basis with wholesale counterparties as part of business relationships which are themselves characterised by dealings above standard market size;(b) the transactions are carried out outside the systems habitually used by the firm concerned for any business that it carries out in the capacity of a systematic internaliser.
(a) the average daily number of transactions in the share is not less than 500; (b) the average daily turnover for the share is not less than EUR 2 million.
(a) a quote or quotes which are close in price to comparable quotes for the same share in other trading venues; (b) a record of its quoted prices, which it shall retain for a period of 12 months or such longer period as it considers appropriate.
(a) the details specified in points 2, 3, 6, 16, 17, 18, and 21 of Table 1 in Annex I; (b) an indication that the exchange of shares is determined by factors other than the current market valuation of the share, where applicable; (c) an indication that the trade was a negotiated trade, where applicable; (d) any amendments to previously disclosed information, where applicable.
(a) the highest price; (b) the lowest price; (c) the average price; (d) the total number of shares traded; (e) the total number of transactions; (f) such other information as the systematic internaliser decides to make available.
(a) the investment firm that sells the share concerned; (b) the investment firm that acts on behalf of or arranges the transaction for the seller; (c) the investment firm that acts on behalf of or arranges the transaction for the buyer; (d) the investment firm that buys the share concerned.
(a) the transaction is between an investment firm dealing on own account and a client of that firm; (b) the size of the transaction is equal to or exceeds the relevant minimum qualifying size, as specified in Table 4 in Annex II.
(a) if the transaction takes place during a trading day of the most relevant market for the share concerned, or during the investment firm's normal trading hours, as close to real time as possible. Post-trade information relating to such transactions shall be made available in any case within three minutes of the relevant transaction; (b) in a case not covered by point (a), immediately upon the commencement of the investment firm's normal trading hours or at the latest before the opening of the next trading day in the most relevant market for that share.
(a) the facilities of a regulated market or an MTF; (b) the facilities of a third party; (c) proprietary arrangements.
(a) it must include all reasonable steps necessary to ensure that the information to be published is reliable, monitored continuously for errors, and corrected as soon as errors are detected; (b) it must facilitate the consolidation of the data with similar data from other sources; (c) it must make the information available to the public on a non-discriminatory commercial basis at a reasonable cost.
(a) the average daily turnover; (b) the average daily number of transactions; (c) for those shares which satisfy the conditions laid down in Article 22(1)(a) or (b) (as applicable), the free float as at 31 December; (d) if the share is a liquid share, the average value of the orders executed.
(a) the average daily number of transactions and, for those shares which satisfy the conditions laid down in Article 22(1)(a) or (b) (as applicable), the free float; (b) in the case of a share that is estimated to be a liquid share, the average value of the orders executed.
(a) the average daily turnover and average daily number of transactions, as calculated in accordance with Article 33(1) and (2); (b) the free float and average value of the orders executed, where calculated in accordance with Article 33(1) and (2).
(a) the classification based on the publication referred to in paragraph 1 shall apply for the 12-month period starting on 1 April following publication and ending on the following 31 March; (b) the classification based on the estimates provided for in Article 33(3) shall apply from the relevant first admission to trading until the end of the six-week period referred to in Article 22(5); (c) the classification based on the calculations specified in Article 33(4) shall apply from the end of the six-week period referred to in Article 22(5), until: (i) where the end of that six-week period falls between 15 January and 31 March (both inclusive) in a given year, 31 March of the following year; (ii) otherwise, the following 31 March after the end of that period.
(a) every systematic internaliser in respect of a share admitted to trading on a regulated market; (b) every share admitted to trading on a regulated market, specifying: (i) the average daily turnover, average daily number of transactions and, for those shares which satisfy the conditions laid down in Article 22(1)(a) or (b) (as applicable), the free float; (ii) in the case of a liquid share, the average value of the orders executed and the standard market size for that share; (iii) in the case of a liquid share which has been designated as an additional liquid share in accordance with Article 22(3), the name of the competent authority that so designated it; and (iv) the relevant competent authority.
(a) the distribution of those shares to the public; (b) such historical financial information, information about the issuer, and information providing a business overview as is required to be prepared under Directive 2003/71/EC, or is or will be otherwise publicly available.
(a) the terms of the security are clear and unambiguous and allow for a correlation between the price of the security and the price or other value measure of the underlying; (b) the price or other value measure of the underlying is reliable and publicly available; (c) there is sufficient information publicly available of a kind needed to value the security; (d) the arrangements for determining the settlement price of the security ensure that this price properly reflects the price or other value measure of the underlying; (e) where the settlement of the security requires or provides for the possibility of the delivery of an underlying security or asset rather than cash settlement, there are adequate settlement and delivery procedures for that underlying as well as adequate arrangements to obtain relevant information about that underlying.
(a) the distribution of those units to the public; (b) whether there are appropriate market-making arrangements, or whether the management company of the scheme provides appropriate alternative arrangements for investors to redeem the units; (c) whether the value of the units is made sufficiently transparent to investors by means of the periodic publication of the net asset value.
(a) the distribution of those units to the public; (b) whether the value of the units is made sufficiently transparent to investors, either by publication of information on the fund's investment strategy or by the periodic publication of net asset value.
(a) the terms of the contract establishing the financial instrument must be clear and unambiguous, and enable a correlation between the price of the financial instrument and the price or other value measure of the underlying; (b) the price or other value measure of the underlying must be reliable and publicly available; (c) sufficient information of a kind needed to value the derivative must be publicly available; (d) the arrangements for determining the settlement price of the contract must be such that the price properly reflects the price or other value measure of the underlying; (e) where the settlement of the derivative requires or provides for the possibility of the delivery of an underlying security or asset rather than cash settlement, there must be adequate arrangements to enable market participants to obtain relevant information about that underlying as well as adequate settlement and delivery procedures for the underlying.
(a) the contract establishing that instrument must be likely to provide a means of disclosing to the market, or enabling the market to assess, the price or other value measure of the underlying, where the price or value measure is not otherwise publicly available; (b) the regulated market must ensure that appropriate supervisory arrangements are in place to monitor trading and settlement in such financial instruments; (c) the regulated market must ensure that settlement and delivery, whether physical delivery or by cash settlement, can be effected in accordance with the contract terms and conditions of those financial instruments.
(a) it meets one of the following sets of criteria: (i) it is traded on a third country trading facility that performs a similar function to a regulated market or an MTF; (ii) it is expressly stated to be traded on, or is subject to the rules of, a regulated market, an MTF or such a third country trading facility; (iii) it is expressly stated to be equivalent to a contract traded on a regulated market, MTF or such a third country trading facility;
(b) it is cleared by a clearing house or other entity carrying out the same functions as a central counterparty, or there are arrangements for the payment or provision of margin in relation to the contract; (c) it is standardised so that, in particular, the price, the lot, the delivery date or other terms are determined principally by reference to regularly published prices, standard lots or standard delivery dates.
(a) two trading days; (b) the period generally accepted in the market for that commodity, asset or right as the standard delivery period.
(a) that contract is settled in cash or may be settled in cash at the option of one or more of the parties, otherwise than by reason of a default or other termination event; (b) that contract is traded on a regulated market or an MTF; (c) the conditions laid down in paragraph 1 are satisfied in relation to that contract.
(a) telecommunications bandwidth; (b) commodity storage capacity; (c) transmission or transportation capacity relating to commodities, whether cable, pipeline or other means; (d) an allowance, credit, permit, right or similar asset which is directly linked to the supply, distribution or consumption of energy derived from renewable resources; (e) a geological, environmental or other physical variable; (f) any other asset or right of a fungible nature, other than a right to receive a service, that is capable of being transferred; (g) an index or measure related to the price or value of, or volume of transactions in any asset, right, service or obligation.
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