Requirement (MIFID)
Article 33 Calculations and estimates for shares admitted to trading on a regulated market
Requirements MIFID - REGULATION (EC) No 1287/2006
Description
Description
1. In respect of each share that is admitted to trading on a
regulated market, the relevant competent authority for that share
shall ensure that the following calculations are made in respect of
that share promptly after the end of each calendar year:
(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.
This paragraph and paragraph 2 shall not apply to a share which
is first admitted to trading on a regulated market four weeks or
less before the end of the calendar year.
2. The calculation of the average daily turnover, average value
of the orders executed and average daily number of transactions
shall take into account all the orders executed in the Community
in respect of the share in question between 1 January and
31 December of the preceding year, or, where applicable, that
part of the year during which the share was admitted to trading
on a regulated market and was not suspended from trading on a
regulated market.
In the calculations of the average daily turnover, average value of
the orders executed and average daily number of transactions of
a share, non-trading days in the Member State of the relevant
competent authority for that share shall be excluded.
3. Before the first admission of a share to trading on a
regulated market, the relevant competent authority for that share
shall ensure that estimates are provided, in respect of that share,
of the average daily turnover, the market capitalisation as it will
stand at the start of the first day of trading and, where the
estimate of the market capitalisation is EUR 500 million or
more:
(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.
The estimates shall relate to the six-week period following
admission to trading, or the end of that period, as applicable, and
shall take account of any previous trading history of the share, as
well as that of shares that are considered to have similar
characteristics.
4. After the first admission of a share to trading on a regulated
market, the relevant competent authority for that share shall
ensure that, in respect of that share, the figures referred to in
points (a) to (d) of paragraph 1 are calculated, using data relating
to the first four weeks’ trading, as if a reference in point (c) of
paragraph 1 to 31 December were a reference to the end of the
first four weeks’ trading, as soon as practicable after those data
are available, and in any case before the end of the six-week
period referred to in Article 22(5).
5. During the course of a calendar year, the relevant competent
authorities shall ensure the review and where necessary the
recalculation of the average daily turnover, average value of the
orders executed, average daily number of transactions executed
and the free float whenever there is a change in relation to the
share or the issuer which significantly affects the previous
calculations on an ongoing basis.
6. The calculations referred to in paragraphs 1 to 5 which are
to be published on or before the first trading day in March 2009
shall be made on the basis of the data relating to the regulated
market or markets of the Member State which is the most
relevant market in terms of liquidity for the share in...
Comment
Applies to Articles 27, 28, 29, 30, 44 and 45 of Directive 2004/39/EC