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			ID162903D='<span class=\\\"mov_name\\\">Article 1 Subject-matter and scope</span><span class=\"mov_desc\">1. This Regulation lays down the detailed rules for the<br />implementation of Articles 4(1)(2), 4(1)(7), 13(6), 25, 27, 28,<br />29, 30, 40, 44, 45, 56 and 58 of Directive 2004/39/EC.<br />2. Articles 7 and 8 shall apply to management companies in<br />accordance with Article 5(4) of Directive 85/611/EEC.</span>';				
				ID162783D='<span class=\\\"mov_name\\\">Article 10 Alternative determination of most relevant market in terms</span><span class=\"mov_desc\">1. A competent authority may, in January every year, notify the<br />relevant competent authority for a particular financial instrument<br />that it intends to contest the determination, made in<br />accordance with Article 9, of the most relevant market for that<br />instrument.<br />2. Within four weeks of the sending of the notification, both<br />authorities shall calculate the turnover for that financial<br />instrument in their respective markets over the period of the<br />previous calendar year.<br />If the results of that calculation indicate that the turnover is<br />higher in the market of the contesting competent authority, that<br />market shall be the most relevant market for that financial<br />instrument. Where that financial instrument is of a type specified<br />in Article 9(6)(a) or (b), that market shall also be the most<br />relevant market for any derivative contract or financial contract<br />for differences or transferable security which is covered by<br />Article 4(1)(18)(c) of Directive 2004/39/EC and in respect of<br />which that financial instrument is the underlying.</span>';				
				ID162786D='<span class=\\\"mov_name\\\">Article 11 List of financial instruments</span><span class=\"mov_desc\">The relevant competent authority for one or more financial<br />instruments shall ensure that there is established and maintained<br />an updated list of those financial instruments. That list shall be<br />made available to the single competent authority designated as a<br />contact point by each Member State in accordance with<br />Article 56 of Directive 2004/39/EC. That list shall be made<br />available for the first time on the first trading day in June 2007.<br />In order to assist competent authorities to comply with the first<br />subparagraph, each regulated market shall submit identifying<br />reference data on each financial instrument admitted to trading<br />in an electronic and standardised format to its home competent<br />authority. This information shall be submitted for each financial<br />instrument before trading commences in that particular<br />instrument. The home competent authority shall ensure the<br />data is transmitted to the relevant competent authority for the<br />financial instrument concerned. The reference data shall be<br />updated whenever there are changes to the data with respect to<br />an instrument. The requirements in this subparagraph may be<br />waived if the relevant competent authority for that financial<br />instrument obtains the relevant reference data by other means.</span>';				
				ID162789D='<span class=\\\"mov_name\\\">Article 12 Reporting channels</span><span class=\"mov_desc\">1. The reports of transactions in financial instruments shall be<br />made in an electronic form except under exceptional circumstances,<br />when they may be made in a medium which allows for<br />the storing of the information in a way accessible for future<br />reference by the competent authorities other than an electronic<br />form, and the methods by which those reports are made shall<br />satisfy the following conditions:<br />(a) they ensure the security and confidentiality of the data<br />reported;<br />(b) they incorporate mechanisms for identifying and correcting<br />errors in a transaction report;<br />(c) they incorporate mechanisms for authenticating the source<br />of the transaction report;<br />(d) they include appropriate precautionary measures to enable<br />the timely resumption of reporting in the case of system<br />failure;<br />(e) they are capable of reporting the information required<br />under Article 13 in the format required by the competent<br />authority and in accordance with this paragraph, within the<br />time limits set out in Article 25(3) of Directive<br />2004/39/EC.<br />2. A trade-matching or reporting system shall be approved by<br />the competent authority for the purposes of Article 25(5) of<br />Directive 2004/39/EC if the arrangements for reporting<br />transactions established by that system comply with paragraph 1<br />of this Article and are subject to monitoring by a competent<br />authority in respect of their continuing compliance.</span>';				
				ID162792D='<span class=\\\"mov_name\\\">Article 13 Content of the transaction report</span><span class=\"mov_desc\">1. The reports of transactions referred to in Article 25(3) and<br />(5) of Directive 2004/39/EC shall contain the information<br />specified in Table 1 of Annex I to this Regulation which is<br />relevant to the type of financial instrument in question and<br />which the competent authority declares is not already in its<br />possession or is not available to it by other means.<br />2. For the purposes of the identification of a counterparty to<br />the transaction which is a regulated market, an MTF or other<br />central counterparty, as specified in Table 1 of Annex I, each<br />competent authority shall make publicly available a list of<br />identification codes of the regulated markets and MTFs for<br />which, in each case, it is the competent authority of the home<br />Member State, and of any entities which act as central<br />counterparties for such regulated markets and MTFs.<br />3. Member States may require reports made in accordance with<br />Article 25(3) and (5) of Directive 2004/39/EC to contain<br />information related to the transactions in question which is<br />additional to that specified in Table 1 of Annex I where that<br />information is necessary to enable the competent authority to<br />monitor the activities of investment firms to ensure that they act<br />honestly, fairly and professionally and in a manner that promotes<br />the integrity of the market, and provided that one of the<br />following criteria is met:<br />(a) the financial instrument which is the subject of the report<br />has characteristics which are specific to an instrument of<br />that kind and which are not covered by the information<br />items specified in that table;<br />(b) trading methods which are specific to the trading venue<br />where the transaction took place involve features which are<br />not covered by the information items specified in that table.<br />4. Member States may also require a report of a transaction<br />made in accordance with Article 25(3) and (5) of Directive 2004/<br />39/EC to identify the clients on whose behalf the investment firm<br />has executed that transaction.</span>';				
				ID162795D='<span class=\\\"mov_name\\\">Article 14 Exchange of information on transactions</span><span class=\"mov_desc\">1. The competent authorities shall establish arrangements<br />designed to ensure that the information received in accordance<br />with Article 25(3) and (5) of Directive 2004/39/EC is made<br />available to the following:<br />(a) the relevant competent authority for the financial instrument<br />in question;<br />(b) in the case of branches, the competent authority that has<br />authorised the investment firm providing the information,<br />without prejudice to its right not to receive this information<br />in accordance with Article 25(6) of Directive 2004/39/EC;<br />(c) any other competent authority that requests the information<br />for the proper discharge of its supervisory duties under<br />Article 25(1) of Directive 2004/39/EC.<br />2. The information to be made available in accordance with<br />paragraph 1 shall contain the information items described in<br />Tables 1 and 2 of Annex I.<br />3. The information referred to in paragraph 1 shall be made<br />available as soon as possible.<br />With effect from 1 November 2008 that information shall be<br />made available no later than the close of the next working day of<br />the competent authority that received the information or the<br />request following the day on which the competent authority has<br />received the information or the request.<br />4. The competent authorities shall coordinate the following:<br />(a) the design and establishment of arrangements for the<br />exchange of transaction information between the competent<br />authorities as required by Directive 2004/39/EC and<br />this Regulation;<br />(b) any future upgrading of the arrangements.<br />5. Before 1 February 2007, the competent authorities shall<br />report to the Commission, which shall inform the European<br />Securities Committee, on the design of the arrangements to be<br />established in accordance with paragraph 1.<br />They shall also report to the Commission, which shall inform the<br />European Securities Committee, whenever significant changes to<br />those arrangements are proposed.</span>';				
				ID162798D='<span class=\\\"mov_name\\\">Article 15 Request for cooperation and exchange of information</span><span class=\"mov_desc\">1. Where a competent authority wishes another competent<br />authority to supply or exchange information in accordance with<br />Article 58(1) of Directive 2004/39/EC, it shall submit a written<br />request to that competent authority containing sufficient detail<br />to enable it to provide the information requested.<br />However, in a case of urgency, the request may be transmitted<br />orally provided that it is confirmed in writing.<br />The competent authority which receives a request shall acknowledge<br />receipt as soon as practicable.<br />2. Where the information requested under paragraph 1 is<br />internally available to the competent authority that receives the<br />request, that authority shall transmit the requested information<br />without delay to the competent authority which made the<br />request.<br />However, if the competent authority that receives the request<br />does not possess or control the information requested, it shall<br />immediately take the necessary steps to obtain that information<br />and to comply fully with the request. That competent authority<br />shall also inform the competent authority that made the request<br />of the reasons for not sending immediately the information<br />requested.</span>';				
				ID162801D='<span class=\\\"mov_name\\\">Article 16 Determination of the substantial importance of a regulated market\\\'s operations in a host Member State</span><span class=\"mov_desc\">The operations of a regulated market in a host Member State<br />shall be considered to be of substantial importance for the<br />functioning of the securities markets and the protection of<br />investors in that host State where one of the following criteria is<br />met:<br />(a) the host Member State has formerly been the home<br />Member State of the regulated market in question;<br />(b) the regulated market in question has acquired through<br />merger, takeover, or any other form of transfer the business<br />of a regulated market which had its registered office or head<br />office in the host Member State.</span>';				
				ID162810D='<span class=\\\"mov_name\\\">Article 17 Pre-trade transparency obligations</span><span class=\"mov_desc\">1. An investment firm or market operator operating an MTF or<br />a regulated market shall, in respect of each share admitted to<br />trading on a regulated market that is traded within a system<br />operated by it and specified in Table 1 of Annex II, make public<br />the information set out in paragraphs 2 to 6.<br />2. Where one of the entities referred to in paragraph 1 operates<br />a continuous auction order book trading system, it shall, for each<br />share as specified in paragraph 1, make public continuously<br />throughout its normal trading hours the aggregate number of<br />orders and of the shares those orders represent at each price<br />level, for the five best bid and offer price levels.<br />3. Where one of the entities referred to in paragraph 1 operates<br />a quote-driven trading system, it shall, for each share as specified<br />in paragraph 1, make public continuously throughout its normal<br />trading hours the best bid and offer by price of each market<br />maker in that share, together with the volumes attaching to those<br />prices.<br />The quotes made public shall be those that represent binding<br />commitments to buy and sell the shares and which indicate the<br />price and volume of shares in which the registered market<br />makers are prepared to buy or sell.<br />In exceptional market conditions, however, indicative or one-way<br />prices may be allowed for a limited time.<br />4. Where one of the entities referred to in paragraph 1 operates<br />a periodic auction trading system, it shall, for each share specified<br />in paragraph 1, make public continuously throughout its normal<br />trading hours the price that would best satisfy the system\'s<br />trading algorithm and the volume that would potentially be<br />executable at that price by participants in that system.<br />5. Where one of the entities referred to in paragraph 1 operates<br />a trading system which is not wholly covered by paragraph 2 or<br />3 or 4, either because it is a hybrid system falling under more<br />than one of those paragraphs or because the price determination<br />process is of a different nature, it shall maintain a standard of<br />pre-trade transparency that ensures that adequate information is<br />made public as to the price level of orders or quotes for each<br />share specified in paragraph 1, as well as the level of trading<br />interest in that share.<br />In particular, the five best bid and offer price levels and/or twoway<br />quotes of each market maker in that share shall be made<br />public, if the characteristics of the price discovery mechanism<br />permit it.<br />6. A summary of the information to be made public in<br />accordance with paragraphs 2 to 5 is specified in Table 1 of<br />Annex II.</span>';				
				ID162813D='<span class=\\\"mov_name\\\">Article 18 Waivers based on market model and type of order or transaction</span><span class=\"mov_desc\">1. Waivers in accordance with Article 29(2) and 44(2) of<br />Directive 2004/39/EC may be granted by the competent<br />authorities for systems operated by an MTF or a regulated<br />market, if those systems satisfy one of the following criteria:<br />(a) they must be based on a trading methodology by which the<br />price is determined in accordance with a reference price<br />generated by another system, where that reference price is<br />widely published and is regarded generally by market<br />participants as a reliable reference price;<br />(b) they formalise negotiated transactions, each of which meets<br />one of the following criteria:<br />(i) it is made at or within the current volume weighted<br />spread reflected on the order book or the quotes of<br />the market makers of the regulated market or MTF<br />operating that system or, where the share is not traded<br />continuously, within a percentage of a suitable<br />reference price, being a percentage and a reference<br />price set in advance by the system operator;<br />(ii) it is subject to conditions other than the current<br />market price of the share.<br />For the purposes of point (b), the other conditions specified in<br />the rules of the regulated market or MTF for a transaction of this<br />kind must also have been fulfilled.<br />In the case of systems having functionality other than as<br />described in points (a) or (b), the waiver shall not apply to that<br />other functionality.<br />2. Waivers in accordance with Articles 29(2) and 44(2) of<br />Directive 2004/39/EC based on the type of orders may be<br />granted only in relation to orders held in an order management<br />facility maintained by the regulated market or the MTF pending<br />their being disclosed to the market.</span>';				
				ID162816D='<span class=\\\"mov_name\\\">Article 19 References to negotiated transaction</span><span class=\"mov_desc\">For the purpose of Article 18(1)(b) a negotiated transaction shall<br />mean a transaction involving members or participants of a<br />regulated market or an MTF which is negotiated privately but<br />executed within the regulated market or MTF and where that<br />member or participant in doing so undertakes one of the<br />following tasks:<br />(a) dealing on own account with another member or<br />participant who acts for the account of a client;<br />(b) dealing with another member or participant, where both<br />are executing orders on own account;<br />(c) acting for the account of both the buyer and seller;<br />(d) acting for the account of the buyer, where another member<br />or participant acts for the account of the seller;<br />(e) trading for own account against a client order.</span>';				
				ID162906D='<span class=\\\"mov_name\\\">Article 2 Definitions</span>';				
				ID162819D='<span class=\\\"mov_name\\\">Article 20 Waivers in relation to transactions which are large in scale</span><span class=\"mov_desc\">An order shall be considered to be large in scale compared with<br />normal market size if it is equal to or larger than the minimum<br />size of order specified in Table 2 in Annex II. For the purposes of<br />determining whether an order is large in scale compared to<br />normal market size, all shares admitted to trading on a regulated<br />market shall be classified in accordance with their average daily<br />turnover, which shall be calculated in accordance with the<br />procedure set out in Article 33.</span>';				
				ID162762D='<span class=\\\"mov_name\\\">Article 21 Criteria for determining whether an investment firm is a systematic internaliser</span><span class=\"mov_desc\">1. Where an investment firm deals on own account by<br />executing client orders outside a regulated market or an MTF,<br />it shall be treated as a systematic internaliser if it meets the<br />following criteria indicating that it performs that activity on an<br />organised, frequent and systematic basis:<br />(a) the activity has a material commercial role for the firm, and<br />is carried on in accordance with non-discretionary rules<br />and procedures;<br />(b) the activity is carried on by personnel, or by means of an<br />automated technical system, assigned to that purpose,<br />irrespective of whether those personnel or that system are<br />used exclusively for that purpose;<br />(c) the activity is available to clients on a regular or continuous<br />basis.<br />2. An investment firm shall cease to be a systematic internaliser<br />in one or more shares if it ceases to carry on the activity specified<br />in paragraph 1 in respect of those shares, provided that it has<br />announced in advance that it intends to cease that activity using<br />the same publication channels for that announcement as it uses<br />to publish its quotes or, where that is not possible, using a<br />channel which is equally accessible to its clients and other market<br />participants.<br />3. The activity of dealing on own account by executing client<br />orders shall not be treated as performed on an organised,<br />frequent and systematic basis where the following conditions<br />apply:<br />(a) the activity is performed on an ad hoc and irregular bilateral<br />basis with wholesale counterparties as part of business<br />relationships which are themselves characterised by dealings<br />above standard market size;<br />(b) the transactions are carried out outside the systems<br />habitually used by the firm concerned for any business<br />that it carries out in the capacity of a systematic internaliser.<br />4. Each competent authority shall ensure the maintenance and<br />publication of a list of all systematic internalisers, in respect of<br />shares admitted to trading on a regulated market, which it has<br />authorised as investment firms.<br />It shall ensure that the list is current by reviewing it at least<br />annually.<br />The list shall be made available to the Committee of European<br />Securities Regulators. It shall be considered as published when it<br />is published by the Committee of European Securities Regulators<br />in accordance with Article 34(5).</span>';				
				ID162825D='<span class=\\\"mov_name\\\">Article 22 Determination of liquid shares</span><span class=\"mov_desc\">1. A share admitted to trading on a regulated market shall be<br />considered to have a liquid market if the share is traded daily,<br />with a free float not less than EUR 500 million, and one of the<br />following conditions is satisfied:<br />(a) the average daily number of transactions in the share is not<br />less than 500;<br />(b) the average daily turnover for the share is not less than EUR<br />2 million.<br />However, a Member State may, in respect of shares for which it is<br />the most relevant market, specify by notice that both of those<br />conditions are to apply. That notice shall be made public.<br />2. A Member State may specify the minimum number of liquid<br />shares for that Member State. The minimum number shall be no<br />greater than five. The specification shall be made public.<br />3. Where, pursuant to paragraph 1, a Member State would be<br />the most relevant market for fewer liquid shares than the<br />minimum number specified in accordance with paragraph 2, the<br />competent authority for that Member State may designate one or<br />more additional liquid shares, provided that the total number of<br />shares which are considered in consequence to be liquid shares<br />for which that Member State is the most relevant market does<br />not exceed the minimum number specified by that Member<br />State.<br />The competent authority shall designate the additional liquid<br />shares successively in decreasing order of average daily turnover<br />from among the shares for which it is the relevant competent<br />authority that are admitted to trading on a regulated market and<br />are traded daily.<br />4. For the purposes of the first subparagraph of paragraph 1,<br />the calculation of the free float of a share shall exclude holdings<br />exceeding 5 % of the total voting rights of the issuer, unless such<br />a holding is held by a collective investment undertaking or a<br />pension fund.<br />Voting rights shall be calculated on the basis of all the shares to<br />which voting rights are attached, even if the exercise of such a<br />right is suspended.<br />5. A share shall not be considered to have a liquid market for<br />the purposes of Article 27 of Directive 2004/39/EC until six<br />weeks after its first admission to trading on a regulated market, if<br />the estimate of the total market capitalisation for that share at the<br />start of the first day\'s trading after that admission, provided in<br />accordance with Article 33(3), is less than EUR 500 million.<br />6. Each competent authority shall ensure the maintenance and<br />publication of a list of all liquid shares for which it is the relevant<br />competent authority.<br />It shall ensure that the list is current by reviewing it at least<br />annually.<br />The list shall be made available to the Committee of European<br />Securities Regulators. It shall be considered as published when it<br />is published by the Committee of European Securities Regulators<br />in accordance with Article 34(5).</span>';				
				ID162828D='<span class=\\\"mov_name\\\">Article 23 Standard market size</span><span class=\"mov_desc\">In order to determine the standard market size for liquid shares,<br />those shares shall be grouped into classes in terms of the average<br />value of orders executed in accordance with Table 3 in Annex II.</span>';				
				ID162831D='<span class=\\\"mov_name\\\">Article 24 Quotes reflecting prevailing market conditions</span><span class=\"mov_desc\">A systematic internaliser shall, for each liquid share for which it<br />is a systematic internaliser, maintain the following:<br />(a) a quote or quotes which are close in price to comparable<br />quotes for the same share in other trading venues;<br />(b) a record of its quoted prices, which it shall retain for a<br />period of 12 months or such longer period as it considers<br />appropriate.<br />The obligation laid down in point (b) is without prejudice to the<br />obligation of the investment firm under Article 25(2) of<br />Directive 2004/39/EC to keep at the disposal of the competent<br />authority for at least five years the relevant data relating to all<br />transactions it has carried out.</span>';				
				ID162834D='<span class=\\\"mov_name\\\">Article 25 Execution of orders by systematic internalisers</span><span class=\"mov_desc\">1. For the purposes of the fifth subparagraph of Article 27(3)<br />of Directive 2004/39/EC, execution in several securities shall be<br />regarded as part of one transaction if that one transaction is a<br />portfolio trade that involves 10 or more securities.<br />For the same purposes, an order subject to conditions other than<br />the current market price means any order which is neither an<br />order for the execution of a transaction in shares at the prevailing<br />market price, nor a limit order.<br />2. For the purposes of Article 27(6) of Directive 2004/39/EC,<br />the number or volume of orders shall be regarded as<br />considerably exceeding the norm if a systematic internaliser<br />cannot execute those orders without exposing itself to undue<br />risk.<br />In order to identify the number and volume of orders that it can<br />execute without exposing itself to undue risk, a systematic<br />internaliser shall maintain and implement as part of its risk<br />management policy under Article 7 of Commission Directive<br />2006/73/EC (1) a non-discriminatory policy which takes into<br />account the volume of the transactions, the capital that the firm<br />has available to cover the risk for that type of trade, and the<br />prevailing conditions in the market in which the firm is<br />operating.<br />3. Where, in accordance with Article 27(6) of Directive 2004/<br />39/EC, an investment firm limits the number or volume of<br />orders it undertakes to execute, it shall set out in writing, and<br />make available to clients and potential clients, the arrangements<br />designed to ensure that such a limitation does not result in the<br />discriminatory treatment of clients.</span>';				
				ID162837D='<span class=\\\"mov_name\\\">Article 26 Retail size</span><span class=\"mov_desc\">For the purposes of the fourth subparagraph of Article 27(3) of<br />Directive 2004/39/EC, an order shall be regarded as being of a<br />size bigger than the size customarily undertaken by a retail<br />investor if it exceeds EUR 7 500.</span>';				
				ID162843D='<span class=\\\"mov_name\\\">Article 27 Post-trade transparency obligation</span><span class=\"mov_desc\">1. Investment firms, regulated markets, and investment firms<br />and market operators operating an MTF shall, with regard to<br />transactions in respect of shares admitted to trading on regulated<br />markets concluded by them or, in the case of regulated markets<br />or MTFs, within their systems, make public the following details:<br />(a) the details specified in points 2, 3, 6, 16, 17, 18, and 21 of<br />Table 1 in Annex I;<br />(b) an indication that the exchange of shares is determined by<br />factors other than the current market valuation of the<br />share, where applicable;<br />(c) an indication that the trade was a negotiated trade, where<br />applicable;<br />(d) any amendments to previously disclosed information,<br />where applicable.<br />Those details shall be made public either by reference to each<br />transaction or in a form aggregating the volume and price of all<br />transactions in the same share taking place at the same price at<br />the same time.<br />2. By way of exception, a systematic internaliser shall be<br />entitled to use the acronym ‘SI’ instead of the venue identification<br />referred to in paragraph 1(a) in respect of a transaction in a share<br />that is executed in its capacity as a systematic internaliser in<br />respect of that share.<br />The systematic internaliser may exercise that right only as long as<br />it makes available to the public aggregate quarterly data as to the<br />transactions executed in its capacity as a systematic internaliser<br />in respect of that share relating to the most recent calendar<br />quarter, or part of a calendar quarter, during which the firm acted<br />as a systematic internaliser in respect of that share. That data<br />shall be made available no later than one month after the end of<br />each calendar quarter.<br />It may also exercise that right during the period between the date<br />specified in Article 41(2), or the date on which the firm<br />commences to be a systematic internaliser in relation to a share,<br />whichever is the later, and the date that aggregate quarterly data<br />in relation to a share is first due to be published.<br />3. The aggregated quarterly data referred to in the second<br />subparagraph of paragraph 2 shall contain the following<br />information for the share in respect of each trading day of the<br />calendar quarter concerned:<br />(a) the highest price;<br />(b) the lowest price;<br />(c) the average price;<br />(d) the total number of shares traded;<br />(e) the total number of transactions;<br />(f) such other information as the systematic internaliser<br />decides to make available.<br />4. Where the transaction is executed outside the rules of a<br />regulated market or an MTF, one of the following investment<br />firms shall, by agreement between the parties, arrange to make<br />the information public:<br />(a) the investment firm that sells the share concerned;<br />(b) the investment firm that acts on behalf of or arranges the<br />transaction for the seller;<br />(c) the investment firm that acts on behalf of or arranges the<br />transaction for the buyer;<br />(d) the investment firm that buys the share concerned.<br />In the absence of such an agreement, the information shall be<br />made public by the investment firm determined by proceeding<br />sequentially from point (a) to point (d) until the first point that<br />applies to the case in question.<br />The parties shall take all reasonable steps to ensure that the<br />transaction is made public as a single transaction. For those<br />purposes two matching trades entered at the same time and price<br />with a single party interposed shall be considered to be a single<br />transaction.</span>';				
				ID162846D='<span class=\\\"mov_name\\\">Article 28 Deferred publication of large transactions</span><span class=\"mov_desc\">The deferred publication of information in respect of transactions<br />may be authorised, for a period no longer than the period<br />specified in Table 4 in Annex II for the class of share and<br />transaction concerned, provided that the following criteria are<br />satisfied:<br />(a) the transaction is between an investment firm dealing on<br />own account and a client of that firm;<br />(b) the size of the transaction is equal to or exceeds the relevant<br />minimum qualifying size, as specified in Table 4 in<br />Annex II.<br />In order to determine the relevant minimum qualifying size for<br />the purposes of point (b), all shares admitted to trading on a<br />regulated market shall be classified in accordance with their<br />average daily turnover to be calculated in accordance with<br />Article 33.</span>';				
				ID162852D='<span class=\\\"mov_name\\\">Article 29 Publication and availability of pre- and post-trade transparency data</span><span class=\"mov_desc\">1. A regulated market, MTF or systematic internaliser shall be<br />considered to publish pre-trade information on a continuous<br />basis during normal trading hours if that information is<br />published as soon as it becomes available during the normal<br />trading hours of the regulated market, MTF or systematic<br />internaliser concerned, and remains available until it is updated.<br />2. Pre-trade information, and post-trade information relating<br />to transactions taking place on trading venues and within normal<br />trading hours, shall be made available as close to real time as<br />possible. Post-trade information relating to such transactions<br />shall be made available in any case within three minutes of the<br />relevant transaction.<br />3. Information relating to a portfolio trade shall be made<br />available with respect to each constituent transaction as close to<br />real time as possible, having regard to the need to allocate prices<br />to particular shares. Each constituent transaction shall be<br />assessed separately for the purposes of determining whether<br />deferred publication in respect of that transaction is available<br />under Article 28.<br />4. Post-trade information relating to transactions taking place<br />on a trading venue but outside its normal trading hours shall be<br />made public before the opening of the next trading day of the<br />trading venue on which the transaction took place.<br />5. For transactions that take place outside a trading venue,<br />post-trade information shall be made public:<br />(a) if the transaction takes place during a trading day of the<br />most relevant market for the share concerned, or during the<br />investment firm\'s normal trading hours, as close to real<br />time as possible. Post-trade information relating to such<br />transactions shall be made available in any case within three<br />minutes of the relevant transaction;<br />(b) in a case not covered by point (a), immediately upon the<br />commencement of the investment firm\'s normal trading<br />hours or at the latest before the opening of the next trading<br />day in the most relevant market for that share.</span>';				
				ID162909D='<span class=\\\"mov_name\\\">Article 3 Transactions related to an individual share in a portfolio trade and volume weighted average price transactions</span><span class=\"mov_desc\">1. A transaction related to an individual share in a portfolio<br />trade shall be considered, for the purposes of Article 18(1)(b)(ii),<br />as a transaction subject to conditions other than the current<br />market price.<br />It shall also be considered, for the purposes of Article 27(1)(b), as<br />a transaction where the exchange of shares is determined by<br />factors other than the current market valuation of the share.<br />2. A volume weighted average price transaction shall be<br />considered, for the purposes of Article 18(1)(b)(ii), as a<br />transaction subject to conditions other than the current market<br />price and, for the purposes of Article 25, as an order subject to<br />conditions other than the current market price.<br />It shall also be considered, for the purposes of Article 27(1)(b), as<br />a transaction where the exchange of shares is determined by<br />factors other than the current market valuation of the share.</span>';				
				ID162855D='<span class=\\\"mov_name\\\">Article 30 Public availability of pre- and post-trade information</span><span class=\"mov_desc\">For the purposes of Articles 27, 28, 29, 30, 44 and 45 of<br />Directive 2004/39/EC and of this Regulation, pre- and post-trade<br />information shall be considered to be made public or available to<br />the public if it is made available generally through one of the<br />following to investors located in the Community:<br />(a) the facilities of a regulated market or an MTF;<br />(b) the facilities of a third party;<br />(c) proprietary arrangements.</span>';				
				ID162858D='<span class=\\\"mov_name\\\">Article 31 Disclosure of client limit orders</span><span class=\"mov_desc\">An investment firm shall be considered to disclose client limit<br />orders that are not immediately executable if it transmits the<br />order to a regulated market or MTF that operates an order book<br />trading system, or ensures that the order is made public and can<br />be easily executed as soon as market conditions allow.</span>';				
				ID162861D='<span class=\\\"mov_name\\\">Article 32 Arrangements for making information public</span><span class=\"mov_desc\">Any arrangement to make information public, adopted for the<br />purposes of Articles 30 and 31, shall satisfy the following<br />conditions:<br />(a) it must include all reasonable steps necessary to ensure that<br />the information to be published is reliable, monitored<br />continuously for errors, and corrected as soon as errors are<br />detected;<br />(b) it must facilitate the consolidation of the data with similar<br />data from other sources;<br />(c) it must make the information available to the public on a<br />non-discriminatory commercial basis at a reasonable cost.</span>';				
				ID162864D='<span class=\\\"mov_name\\\">Article 33 Calculations and estimates for shares admitted to trading on a regulated market</span><span class=\"mov_desc\">1. In respect of each share that is admitted to trading on a<br />regulated market, the relevant competent authority for that share<br />shall ensure that the following calculations are made in respect of<br />that share promptly after the end of each calendar year:<br />(a) the average daily turnover;<br />(b) the average daily number of transactions;<br />(c) for those shares which satisfy the conditions laid down in<br />Article 22(1)(a) or (b) (as applicable), the free float as at<br />31 December;<br />(d) if the share is a liquid share, the average value of the orders<br />executed.<br />This paragraph and paragraph 2 shall not apply to a share which<br />is first admitted to trading on a regulated market four weeks or<br />less before the end of the calendar year.<br />2. The calculation of the average daily turnover, average value<br />of the orders executed and average daily number of transactions<br />shall take into account all the orders executed in the Community<br />in respect of the share in question between 1 January and<br />31 December of the preceding year, or, where applicable, that<br />part of the year during which the share was admitted to trading<br />on a regulated market and was not suspended from trading on a<br />regulated market.<br />In the calculations of the average daily turnover, average value of<br />the orders executed and average daily number of transactions of<br />a share, non-trading days in the Member State of the relevant<br />competent authority for that share shall be excluded.<br />3. Before the first admission of a share to trading on a<br />regulated market, the relevant competent authority for that share<br />shall ensure that estimates are provided, in respect of that share,<br />of the average daily turnover, the market capitalisation as it will<br />stand at the start of the first day of trading and, where the<br />estimate of the market capitalisation is EUR 500 million or<br />more:<br />(a) the average daily number of transactions and, for those<br />shares which satisfy the conditions laid down in Article 22<br />(1)(a) or (b) (as applicable), the free float;<br />(b) in the case of a share that is estimated to be a liquid share,<br />the average value of the orders executed.<br />The estimates shall relate to the six-week period following<br />admission to trading, or the end of that period, as applicable, and<br />shall take account of any previous trading history of the share, as<br />well as that of shares that are considered to have similar<br />characteristics.<br />4. After the first admission of a share to trading on a regulated<br />market, the relevant competent authority for that share shall<br />ensure that, in respect of that share, the figures referred to in<br />points (a) to (d) of paragraph 1 are calculated, using data relating<br />to the first four weeks’ trading, as if a reference in point (c) of<br />paragraph 1 to 31 December were a reference to the end of the<br />first four weeks’ trading, as soon as practicable after those data<br />are available, and in any case before the end of the six-week<br />period referred to in Article 22(5).<br />5. During the course of a calendar year, the relevant competent<br />authorities shall ensure the review and where necessary the<br />recalculation of the average daily turnover, average value of the<br />orders executed, average daily number of transactions executed<br />and the free float whenever there is a change in relation to the<br />share or the issuer which significantly affects the previous<br />calculations on an ongoing basis.<br />6. The calculations referred to in paragraphs 1 to 5 which are<br />to be published on or before the first trading day in March 2009<br />shall be made on the basis of the data relating to the regulated<br />market or markets of the Member State which is the most<br />relevant market in terms of liquidity for the share in...</span>';				
				ID162867D='<span class=\\\"mov_name\\\">Article 34 Publication and effect of results of required calculations and estimates</span><span class=\"mov_desc\">1. On the first trading day of March of each year, each<br />competent authority shall, in relation to each share for which it is<br />the relevant competent authority that was admitted to trading on<br />a regulated market at the end of the preceding calendar year,<br />ensure the publication of the following information:<br />(a) the average daily turnover and average daily number of<br />transactions, as calculated in accordance with Article 33(1)<br />and (2);<br />(b) the free float and average value of the orders executed,<br />where calculated in accordance with Article 33(1) and (2).<br />This paragraph shall not apply to shares to which the second<br />subparagraph of Article 33(1) applies.<br />2. The results of the estimates and calculations required under<br />Article 33(3), (4) or (5) shall be published as soon as practicable<br />after the calculation or estimate is completed.<br />3. The information referred to in paragraphs 1 or 2 shall be<br />considered as published when it is published by the Committee<br />of European Securities Regulators in accordance with paragraph<br />5.<br />4. For the purposes of this Regulation, the following shall<br />apply:<br />(a) the classification based on the publication referred to in<br />paragraph 1 shall apply for the 12-month period starting<br />on 1 April following publication and ending on the<br />following 31 March;<br />(b) the classification based on the estimates provided for in<br />Article 33(3) shall apply from the relevant first admission<br />to trading until the end of the six-week period referred to in<br />Article 22(5);<br />(c) the classification based on the calculations specified in<br />Article 33(4) shall apply from the end of the six-week<br />period referred to in Article 22(5), until:<br />(i) where the end of that six-week period falls between<br />15 January and 31 March (both inclusive) in a given<br />year, 31 March of the following year;<br />(ii) otherwise, the following 31 March after the end of<br />that period.<br />However, the classification based on the recalculations specified<br />in Article 33(5) shall apply from the date of publication and,<br />unless further recalculated under Article 33(5), until the<br />following 31 March.<br />5. The Committee of European Securities Regulators shall, on<br />the basis of data supplied to it by or on behalf of competent<br />authorities, publish on its website consolidated and regularly<br />updated lists of:<br />(a) every systematic internaliser in respect of a share admitted<br />to trading on a regulated market;<br />(b) every share admitted to trading on a regulated market,<br />specifying:<br />(i) the average daily turnover, average daily number of<br />transactions and, for those shares which satisfy the<br />conditions laid down in Article 22(1)(a) or (b) (as<br />applicable), the free float;<br />(ii) in the case of a liquid share, the average value of the<br />orders executed and the standard market size for that<br />share;<br />(iii) in the case of a liquid share which has been designated<br />as an additional liquid share in accordance with<br />Article 22(3), the name of the competent authority<br />that so designated it; and<br />(iv) the relevant competent authority.<br />6. Each competent authority shall ensure the first publication<br />of the details referred to in points (a) and (b) of paragraph 1 on<br />the first trading day in July 2007, based on the reference period<br />1 April 2006 to 31 March 2007. By way of derogation from<br />paragraph 4, the classification based on that publication shall<br />apply for the five-month period starting on 1 November 2007<br />and ending on 31 March 2008.</span>';				
				ID162873D='<span class=\\\"mov_name\\\">Article 35 Transferable securities</span><span class=\"mov_desc\">1. Transferable securities shall be considered freely negotiable<br />for the purposes of Article 40(1) of Directive 2004/39/EC if they<br />can be traded between the parties to a transaction, and<br />subsequently transferred without restriction, and if all securities<br />within the same class as the security in question are fungible.<br />2. Transferable securities which are subject to a restriction on<br />transfer shall not be considered as freely negotiable unless that<br />restriction is not likely to disturb the market.<br />3. Transferable securities that are not fully paid may be<br />considered as freely negotiable if arrangements have been made<br />to ensure that the negotiability of such securities is not restricted<br />and that adequate information concerning the fact that the<br />securities are not fully paid, and the implications of that fact for<br />shareholders, is publicly available.<br />4. When exercising its discretion whether to admit a share to<br />trading, a regulated market shall, in assessing whether the share<br />is capable of being traded in a fair, orderly and efficient manner,<br />take into account the following:<br />(a) the distribution of those shares to the public;<br />(b) such historical financial information, information about the<br />issuer, and information providing a business overview as is<br />required to be prepared under Directive 2003/71/EC, or is<br />or will be otherwise publicly available.<br />5. A transferable security that is officially listed in accordance<br />with Directive 2001/34/EC of the European Parliament and of<br />the Council (1), and the listing of which is not suspended, shall be<br />deemed to be freely negotiable and capable of being traded in a<br />fair, orderly and efficient manner.<br />6. For the purposes of Article 40(1) of Directive 2004/39/EC,<br />when assessing whether a transferable security referred to in<br />Article 4(1)(18)(c) of that Directive is capable of being traded in a<br />fair, orderly and efficient manner, the regulated market shall take<br />into account, depending on the nature of the security being<br />admitted, whether the following criteria are satisfied:<br />(a) the terms of the security are clear and unambiguous and<br />allow for a correlation between the price of the security and<br />the price or other value measure of the underlying;<br />(b) the price or other value measure of the underlying is<br />reliable and publicly available;<br />(c) there is sufficient information publicly available of a kind<br />needed to value the security;<br />(d) the arrangements for determining the settlement price of<br />the security ensure that this price properly reflects the price<br />or other value measure of the underlying;<br />(e) where the settlement of the security requires or provides for<br />the possibility of the delivery of an underlying security or<br />asset rather than cash settlement, there are adequate<br />settlement and delivery procedures for that underlying as<br />well as adequate arrangements to obtain relevant information<br />about that underlying.</span>';				
				ID162876D='<span class=\\\"mov_name\\\">Article 36 Units in collective investment undertakings</span><span class=\"mov_desc\">1. A regulated market shall, when admitting to trading units in<br />a collective investment undertaking, whether or not that<br />undertaking is constituted in accordance with Directive 85/<br />611/EEC, satisfy itself that the collective investment undertaking<br />complies or has complied with the registration, notification or<br />other procedures which are a necessary precondition for the<br />marketing of the collective investment undertaking in the<br />jurisdiction of the regulated market.<br />2. Without prejudice to Directive 85/611/EEC or any other<br />Community legislation or national law relating to collective<br />investment undertakings, Member States may provide that<br />compliance with the requirements referred to in paragraph 1 is<br />not a necessary precondition for the admission of units in a<br />collective investment undertaking to trading on a regulated<br />market.<br />3. When assessing whether units in an open-ended collective<br />investment undertaking are capable of being traded in a fair,<br />orderly and efficient manner in accordance with Article 40(1) of<br />Directive 2004/39/EC, the regulated market shall take the<br />following aspects into account:<br />(a) the distribution of those units to the public;<br />(b) whether there are appropriate market-making arrangements,<br />or whether the management company of the<br />scheme provides appropriate alternative arrangements for<br />investors to redeem the units;<br />(c) whether the value of the units is made sufficiently<br />transparent to investors by means of the periodic<br />publication of the net asset value.<br />4. When assessing whether units in a closed-end collective<br />investment undertaking are capable of being traded in a fair,<br />orderly and efficient manner in accordance with Article 40(1) of<br />Directive 2004/39/EC, the regulated market shall take the<br />following aspects into account:<br />(a) the distribution of those units to the public;<br />(b) whether the value of the units is made sufficiently<br />transparent to investors, either by publication of information<br />on the fund\'s investment strategy or by the periodic<br />publication of net asset value.</span>';				
				ID162879D='<span class=\\\"mov_name\\\">Article 37 Derivatives</span><span class=\"mov_desc\">1. When admitting to trading a financial instrument of a kind<br />listed in points of Sections C(4) to (10) of Annex I to Directive<br />2004/39/EC, regulated markets shall verify that the following<br />conditions are satisfied:<br />(a) the terms of the contract establishing the financial<br />instrument must be clear and unambiguous, and enable a<br />correlation between the price of the financial instrument<br />and the price or other value measure of the underlying;<br />(b) the price or other value measure of the underlying must be<br />reliable and publicly available;<br />(c) sufficient information of a kind needed to value the<br />derivative must be publicly available;<br />(d) the arrangements for determining the settlement price of<br />the contract must be such that the price properly reflects<br />the price or other value measure of the underlying;<br />(e) where the settlement of the derivative requires or provides<br />for the possibility of the delivery of an underlying security<br />or asset rather than cash settlement, there must be adequate<br />arrangements to enable market participants to obtain<br />relevant information about that underlying as well as<br />adequate settlement and delivery procedures for the<br />underlying.<br />2. Where the financial instruments concerned are of a kind<br />listed in Sections C (5), (6), (7) or (10) of Annex I to Directive<br />2004/39/EC, point (b) of paragraph 1 shall not apply if the<br />following conditions are satisfied:<br />(a) the contract establishing that instrument must be likely to<br />provide a means of disclosing to the market, or enabling the<br />market to assess, the price or other value measure of the<br />underlying, where the price or value measure is not<br />otherwise publicly available;<br />(b) the regulated market must ensure that appropriate supervisory<br />arrangements are in place to monitor trading and<br />settlement in such financial instruments;<br />(c) the regulated market must ensure that settlement and<br />delivery, whether physical delivery or by cash settlement,<br />can be effected in accordance with the contract terms and<br />conditions of those financial instruments.</span>';				
				ID162885D='<span class=\\\"mov_name\\\">Article 38 Characteristics of other derivative financial instruments</span><span class=\"mov_desc\">1. For the purposes of Section C(7) of Annex I to Directive<br />2004/39/EC, a contract which is not a spot contract within the<br />meaning of paragraph 2 of this Article and which is not covered<br />by paragraph 4 shall be considered as having the characteristics<br />of other derivative financial instruments and not being for<br />commercial purposes if it satisfies the following conditions:<br />(a) it meets one of the following sets of criteria:<br />(i) it is traded on a third country trading facility that<br />performs a similar function to a regulated market or<br />an MTF;<br />(ii) it is expressly stated to be traded on, or is subject to<br />the rules of, a regulated market, an MTF or such a<br />third country trading facility;<br />(iii) it is expressly stated to be equivalent to a contract<br />traded on a regulated market, MTF or such a third<br />country trading facility;<br />(b) it is cleared by a clearing house or other entity carrying out<br />the same functions as a central counterparty, or there are<br />arrangements for the payment or provision of margin in<br />relation to the contract;<br />(c) it is standardised so that, in particular, the price, the lot, the<br />delivery date or other terms are determined principally by<br />reference to regularly published prices, standard lots or<br />standard delivery dates.<br />2. A spot contract for the purposes of paragraph 1 means a<br />contract for the sale of a commodity, asset or right, under the<br />terms of which delivery is scheduled to be made within the<br />longer of the following periods:<br />(a) two trading days;<br />(b) the period generally accepted in the market for that<br />commodity, asset or right as the standard delivery period.<br />However, a contract is not a spot contract if, irrespective of its<br />explicit terms, there is an understanding between the parties to<br />the contract that delivery of the underlying is to be postponed<br />and not to be performed within the period mentioned in the first<br />subparagraph.<br />3. For the purposes of Section C(10) of Annex I to Directive<br />2004/39/EC, a derivative contract relating to an underlying<br />referred to in that Section or in Article 39 shall be considered to<br />have the characteristics of other derivative financial instruments<br />if one of the following conditions is satisfied:<br />(a) that contract is settled in cash or may be settled in cash at<br />the option of one or more of the parties, otherwise than by<br />reason of a default or other termination event;<br />(b) that contract is traded on a regulated market or an MTF;<br />(c) the conditions laid down in paragraph 1 are satisfied in<br />relation to that contract.<br />4. A contract shall be considered to be for commercial<br />purposes for the purposes of Section C(7) of Annex I to<br />Directive 2004/39/EC, and as not having the characteristics of<br />other derivative financial instruments for the purposes of<br />Sections C(7) and (10) of that Annex, if it is entered into with<br />or by an operator or administrator of an energy transmission<br />grid, energy balancing mechanism or pipeline network, and it is<br />necessary to keep in balance the supplies and uses of energy at a<br />given time.</span>';				
				ID162888D='<span class=\\\"mov_name\\\">Article 39 Derivatives within Section C(10) of Annex I to Directive 2004/39/EC</span><span class=\"mov_desc\">In addition to derivative contracts of a kind referred to in Section<br />C(10) of Annex I to Directive 2004/39/EC, a derivative contract<br />relating to any of the following shall fall within that Section if it<br />meets the criteria set out in that Section and in Article 38(3):<br />(a) telecommunications bandwidth;<br />(b) commodity storage capacity;<br />(c) transmission or transportation capacity relating to commodities,<br />whether cable, pipeline or other means;<br />(d) an allowance, credit, permit, right or similar asset which is<br />directly linked to the supply, distribution or consumption<br />of energy derived from renewable resources;<br />(e) a geological, environmental or other physical variable;<br />(f) any other asset or right of a fungible nature, other than a<br />right to receive a service, that is capable of being<br />transferred;<br />(g) an index or measure related to the price or value of, or<br />volume of transactions in any asset, right, service or<br />obligation.</span>';				
				ID162912D='<span class=\\\"mov_name\\\">Article 4 References to trading day</span><span class=\"mov_desc\">1. A reference to a trading day in relation to a trading venue, or<br />in relation to post-trade information to be made public under<br />Article 30 or 45 of Directive 2004/39/EC in relation to a share,<br />shall be a reference to any day during which the trading venue<br />concerned is open for trading.<br />A reference to the opening of the trading day shall be a reference<br />to the commencement of the normal trading hours of the<br />trading venue.<br />A reference to noon on the trading day shall be a reference to<br />noon in the time zone where the trading venue is established.<br />A reference to the end of the trading day shall be a reference to<br />the end of its normal trading hours.<br />2. A reference to a trading day in relation to the most relevant<br />market in terms of liquidity for a share, or in relation to posttrade<br />information to be made public under Article 28 of<br />Directive 2004/39/EC in relation to a share, shall be a reference<br />to any day of normal trading on trading venues in that market.<br />A reference to the opening of the trading day shall be a reference<br />to the earliest commencement of normal trading in that share on<br />trading venues in that market.<br />A reference to noon on the trading day shall be a reference to<br />noon in the time zone of that market.<br />A reference to the end of the trading day shall be a reference to<br />the latest cessation of normal trading in that share on trading<br />venues in that market.<br />3. A reference to a trading day in relation to a spot contract,<br />within the meaning of Article 38(2), shall be a reference to any<br />day of normal trading of that contract on trading venues.</span>';				
				ID162894D='<span class=\\\"mov_name\\\">Article 40 Re-examinations</span><span class=\"mov_desc\">1. At least once every two years, and after consulting the<br />Committee of European Securities Regulators, the Commission<br />shall re-examine the definition of ‘transaction’ for the purposes<br />of this Regulation, the Tables included in Annex II, as well as the<br />criteria for determination of liquid shares contained in Article 22.<br />2. The Commission shall, after consulting the Committee of<br />European Securities Regulators, re-examine the provisions of<br />Articles 38 and 39 relating to criteria for determining which<br />instruments are to be treated as having the characteristics of<br />other derivative financial instruments, or as being for commercial<br />purposes, or which fall within Section C(10) of Annex I to<br />Directive 2004/39/EC if the other criteria set out in that Section<br />are satisfied in relation to them.<br />The Commission shall report to the European Parliament and to<br />the Council at the same time that it makes its reports under<br />Article 65(3)(a) and (d) of Directive 2004/39/EC.<br />3. The Commission shall, no later than two years after the date<br />of application of this Regulation, after consulting the Committee<br />of European Securities Regulators, re-examine Table 4 of<br />Annex II and report on the results of this re-examination to<br />the European Parliament and the Council.</span>';				
				ID162897D='<span class=\\\"mov_name\\\">Article 41 Entry into force</span><span class=\"mov_desc\">This Regulation shall enter into force on the 20th day following<br />its publication in the Official Journal of the European Union.<br />This Regulation shall apply from 1 November 2007, except<br />Article 11 and Article 34(5) and (6), which shall apply from<br />1 June 2007.</span>';				
				ID162915D='<span class=\\\"mov_name\\\">Article 5 References to transaction</span><span class=\"mov_desc\">For the purposes of this Regulation, a reference to a transaction<br />is a reference only to the purchase and sale of a financial<br />instrument. For the purposes of this Regulation, other than<br />Chapter II, the purchase and sale of a financial instrument does<br />not include any of the following:<br />(a) securities financing transactions;<br />(b) the exercise of options or of covered warrants;<br />(c) primary market transactions (such as issuance, allotment or<br />subscription) in financial instruments falling within<br />Article 4(1)(18)(a) and (b) of Directive 2004/39/EC.</span>';				
				ID162918D='<span class=\\\"mov_name\\\">Article 6 First admission to trading of a share on a regulated market</span><span class=\"mov_desc\">For the purposes of this Regulation, the first admission to trading<br />of a share on a regulated market referred to in Article 40 of<br />Directive 2004/39/EC shall be considered to take place at a time<br />when one of the following conditions applies:<br />(a) the share has not previously been admitted to trading on a<br />regulated market;<br />(b) the share has previously been admitted to trading on a<br />regulated market but the share is removed from trading on<br />every regulated market which has so admitted it.</span>';				
				ID162771D='<span class=\\\"mov_name\\\">Article 7 Record-keeping of client orders and decisions to deal</span><span class=\"mov_desc\">An investment firm shall, in relation to every order received from<br />a client, and in relation to every decision to deal taken in<br />providing the service of portfolio management, immediately<br />make a record of the following details, to the extent they are<br />applicable to the order or decision to deal in question:<br />(a) the name or other designation of the client;<br />(b) the name or other designation of any relevant person acting<br />on behalf of the client;<br />(c) the details specified in points 4, 6 and 16 to 19, of Table 1<br />of Annex I;<br />(d) the nature of the order if other than buy or sell;<br />(e) the type of the order;<br />(f) any other details, conditions and particular instructions<br />from the client that specify how the order must be carried<br />out;<br />(g) the date and exact time of the receipt of the order, or of the<br />decision to deal, by the investment firm.</span>';				
				ID162774D='<span class=\\\"mov_name\\\">Article 8 Record-keeping of transactions</span><span class=\"mov_desc\">1. Immediately after executing a client order, or, in the case of<br />investment firms that transmit orders to another person for<br />execution, immediately after receiving confirmation that an<br />order has been executed, investment firms shall record the<br />following details of the transaction in question:<br />(a) the name or other designation of the client;<br />(b) the details specified in points 2, 3, 4, 6 and 16 to 21, of<br />Table 1 of Annex I;<br />(c) the total price, being the product of the unit price and the<br />quantity;<br />(d) the nature of the transaction if other than buy or sell;<br />(e) the natural person who executed the transaction or who is<br />responsible for the execution.<br />2. If an investment firm transmits an order to another person<br />for execution, the investment firm shall immediately record the<br />following details after making the transmission:<br />(a) the name or other designation of the client whose order has<br />been transmitted;<br />(b) the name or other designation of the person to whom the<br />order was transmitted;<br />(c) the terms of the order transmitted;<br />(d) the date and exact time of transmission.</span>';				
				ID162780D='<span class=\\\"mov_name\\\">Article 9 Determination of the most relevant market in terms of liquidity</span><span class=\"mov_desc\">1. The most relevant market in terms of liquidity for a financial<br />instrument which is admitted to trading on a regulated market,<br />hereinafter ‘the most relevant market’, shall be determined in<br />accordance with paragraphs 2 to 8.<br />2. In the case of a share or other transferable security covered<br />by Article 4(1)(18)(a) of Directive 2004/39/EC or of a unit in a<br />collective investment undertaking, the most relevant market shall<br />be the Member State where the share or the unit was first<br />admitted to trading on a regulated market.<br />3. In the case of a bond or other transferable security covered<br />by Article 4(1)(18)(b) of Directive 2004/39/EC or of a money<br />market instrument which, in either case, is issued by a subsidiary,<br />within the meaning of Seventh Council Directive 83/349/EEC of<br />13 June 1983 on consolidated accounts (1), of an entity which<br />has its registered office in a Member State, the most relevant<br />market shall be the Member State where the registered office of<br />the parent entity is situated.<br />4. In the case of a bond or other transferable security covered<br />by Article 4(1)(18)(b) of Directive 2004/39/EC or of a money<br />market instrument which, in either case, is issued by a<br />Community issuer and which is not covered by paragraph 3 of<br />this Article, the most relevant market shall be the Member State<br />where the registered office of the issuer is situated.<br />5. In the case of a bond or other transferable security covered<br />by Article 4(1)(18)(b) of Directive 2004/39/EC or a money<br />market instrument which, in either case, is issued by a third<br />country issuer and which is not covered by paragraph 3 of this<br />Article, the most relevant market shall be the Member State<br />where that security was first admitted to trading on a regulated<br />market.<br />6. In the case of a derivative contract or a financial contract for<br />differences or a transferable security covered by Article 4(1)(18)<br />(c) of Directive 2004/39/EC, the most relevant market shall be:<br />(a) where the underlying security is a share or other<br />transferable security covered by Article 4(1)(18)(a) of<br />Directive 2004/39/EC which is admitted to trading on a<br />regulated market, the Member State deemed to be the most<br />relevant market in terms of liquidity for the underlying<br />security, in accordance with paragraph 2;<br />(b) where the underlying security is a bond or other<br />transferable security covered by Article 4(1)(18)(b) of<br />Directive 2004/39/EC or a money market instrument<br />which is admitted to trading on a regulated market, the<br />Member State deemed to be the most relevant market in<br />terms of liquidity for that underlying security, in<br />accordance with paragraphs 3, 4 or 5;<br />(c) where the underlying is an index composed of shares all of<br />which are traded on a particular regulated market, the<br />Member State where that regulated market is situated.<br />7. In any case not covered by paragraphs 2 to 6, the most<br />relevant market shall be the Member State where the regulated<br />market that first admitted the transferable security or derivative<br />contract or financial contract for differences to trading is located.<br />8. Where a financial instrument covered by paragraphs 2, 5 or<br />7, or the underlying financial instrument of a financial<br />instrument covered by paragraph 6 to which one of paragraphs 2,<br />5 or 7 is relevant, was first admitted to trading on more than one<br />regulated market simultaneously, and all those regulated markets<br />share the same home Member State, that Member State shall be<br />the most relevant market...</span>';				
				ID162900D='<span class=\\\"mov_name\\\">CHAPTER I GENERAL</span>';				
				ID162768D='<span class=\\\"mov_name\\\">CHAPTER II RECORD-KEEPING: CLIENT ORDERS AND TRANSACTIONS</span><span class=\"mov_desc\">CHAPTER II RECORD-KEEPING: CLIENT ORDERS AND TRANSACTIONS</span>';				
				ID162777D='<span class=\\\"mov_name\\\">CHAPTER III TRANSACTION REPORTING</span>';				
				ID162804D='<span class=\\\"mov_name\\\">CHAPTER IV MARKET TRANSPARENCY</span>';				
				ID162870D='<span class=\\\"mov_name\\\">CHAPTER V ADMISSION OF FINANCIAL INSTRUMENTS TO TRADING</span>';				
				ID162882D='<span class=\\\"mov_name\\\">CHAPTER VI DERIVATIVE FINANCIAL INSTRUMENTS</span>';				
				ID162891D='<span class=\\\"mov_name\\\">CHAPTER VII FINAL PROVISIONS</span>';				
				ID162765D='<span class=\\\"mov_name\\\">COMMISSION REGULATION (EC) No 1287/2006 of 10 August 2006</span><span class=\"mov_desc\">implementing Directive 2004/39/EC of the European Parliament and of the Council as regards recordkeeping<br />obligations for investment firms, transaction reporting, market transparency, admission of<br />financial instruments to trading, and defined terms for the purposes of that Directive</span>';				
				ID162807D='<span class=\\\"mov_name\\\">SECTION 1 Pre-trade transparency for regulated markets and MTFs</span>';				
				ID162822D='<span class=\\\"mov_name\\\">SECTION 2 Pre-trade transparency for systematic internalisers</span>';				
				ID162840D='<span class=\\\"mov_name\\\">SECTION 3 Post-trade transparency for regulated markets, MTFs and investment firms</span>';				
				ID162849D='<span class=\\\"mov_name\\\">SECTION 4 Provisions common to pre- and post-trade transparency</span>';				
				
			
function readCM()
{
			ID162903CM = new instCM("Article 1 Subject-matter and scope");
ID162783CM = new instCM("Article 10 Alternative determination of most relevant market in terms");
ID162786CM = new instCM("Article 11 List of financial instruments");
ID162789CM = new instCM("Article 12 Reporting channels");
ID162792CM = new instCM("Article 13 Content of the transaction report");
ID162795CM = new instCM("Article 14 Exchange of information on transactions");
ID162798CM = new instCM("Article 15 Request for cooperation and exchange of information");
ID162801CM = new instCM("Article 16 Determination of the substantial importance of a regulated market\'s operations in a host Member State");
ID162810CM = new instCM("Article 17 Pre-trade transparency obligations");
ID162813CM = new instCM("Article 18 Waivers based on market model and type of order or transaction");
ID162816CM = new instCM("Article 19 References to negotiated transaction");
ID162906CM = new instCM("Article 2 Definitions");
ID162819CM = new instCM("Article 20 Waivers in relation to transactions which are large in scale");
ID162762CM = new instCM("Article 21 Criteria for determining whether an investment firm is a systematic internaliser");
ID162825CM = new instCM("Article 22 Determination of liquid shares");
ID162828CM = new instCM("Article 23 Standard market size");
ID162831CM = new instCM("Article 24 Quotes reflecting prevailing market conditions");
ID162834CM = new instCM("Article 25 Execution of orders by systematic internalisers");
ID162837CM = new instCM("Article 26 Retail size");
ID162843CM = new instCM("Article 27 Post-trade transparency obligation");
ID162846CM = new instCM("Article 28 Deferred publication of large transactions");
ID162852CM = new instCM("Article 29 Publication and availability of pre- and post-trade transparency data");
ID162909CM = new instCM("Article 3 Transactions related to an individual share in a portfolio trade and volume weighted average price transactions");
ID162855CM = new instCM("Article 30 Public availability of pre- and post-trade information");
ID162858CM = new instCM("Article 31 Disclosure of client limit orders");
ID162861CM = new instCM("Article 32 Arrangements for making information public");
ID162864CM = new instCM("Article 33 Calculations and estimates for shares admitted to trading on a regulated market");
ID162867CM = new instCM("Article 34 Publication and effect of results of required calculations and estimates");
ID162873CM = new instCM("Article 35 Transferable securities");
ID162876CM = new instCM("Article 36 Units in collective investment undertakings");
ID162879CM = new instCM("Article 37 Derivatives");
ID162885CM = new instCM("Article 38 Characteristics of other derivative financial instruments");
ID162888CM = new instCM("Article 39 Derivatives within Section C(10) of Annex I to Directive 2004/39/EC");
ID162912CM = new instCM("Article 4 References to trading day");
ID162894CM = new instCM("Article 40 Re-examinations");
ID162897CM = new instCM("Article 41 Entry into force");
ID162915CM = new instCM("Article 5 References to transaction");
ID162918CM = new instCM("Article 6 First admission to trading of a share on a regulated market");
ID162771CM = new instCM("Article 7 Record-keeping of client orders and decisions to deal");
ID162774CM = new instCM("Article 8 Record-keeping of transactions");
ID162780CM = new instCM("Article 9 Determination of the most relevant market in terms of liquidity");
ID162900CM = new instCM("CHAPTER I GENERAL");
ID162768CM = new instCM("CHAPTER II RECORD-KEEPING: CLIENT ORDERS AND TRANSACTIONS");
ID162777CM = new instCM("CHAPTER III TRANSACTION REPORTING");
ID162804CM = new instCM("CHAPTER IV MARKET TRANSPARENCY");
ID162870CM = new instCM("CHAPTER V ADMISSION OF FINANCIAL INSTRUMENTS TO TRADING");
ID162882CM = new instCM("CHAPTER VI DERIVATIVE FINANCIAL INSTRUMENTS");
ID162891CM = new instCM("CHAPTER VII FINAL PROVISIONS");
ID162765CM = new instCM("COMMISSION REGULATION (EC) No 1287/2006 of 10 August 2006");
ID162807CM = new instCM("SECTION 1 Pre-trade transparency for regulated markets and MTFs");
ID162822CM = new instCM("SECTION 2 Pre-trade transparency for systematic internalisers");
ID162840CM = new instCM("SECTION 3 Post-trade transparency for regulated markets, MTFs and investment firms");
ID162849CM = new instCM("SECTION 4 Provisions common to pre- and post-trade transparency");
ID162921CM = new instCM("");
ID162922CM = new instCM("");
ID162923CM = new instCM("");
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ID162938CM = new instCM("");
ID162939CM = new instCM("");
ID162940CM = new instCM("");
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ID162945CM = new instCM("");
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ID162964CM = new instCM("");
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