Requirement (MIFID)
Article 34 Publication and effect of results of required calculations and estimates
Requirements MIFID - REGULATION (EC) No 1287/2006
Description
Description
1. On the first trading day of March of each year, each
competent authority shall, in relation to each share for which it is
the relevant competent authority that was admitted to trading on
a regulated market at the end of the preceding calendar year,
ensure the publication of the following information:
(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).
This paragraph shall not apply to shares to which the second
subparagraph of Article 33(1) applies.
2. The results of the estimates and calculations required under
Article 33(3), (4) or (5) shall be published as soon as practicable
after the calculation or estimate is completed.
3. The information referred to in paragraphs 1 or 2 shall be
considered as published when it is published by the Committee
of European Securities Regulators in accordance with paragraph
5.
4. For the purposes of this Regulation, the following shall
apply:
(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.
However, the classification based on the recalculations specified
in Article 33(5) shall apply from the date of publication and,
unless further recalculated under Article 33(5), until the
following 31 March.
5. The Committee of European Securities Regulators shall, on
the basis of data supplied to it by or on behalf of competent
authorities, publish on its website consolidated and regularly
updated lists of:
(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.
6. Each competent authority shall ensure the first publication
of the details referred to in points (a) and (b) of paragraph 1 on
the first trading day in July 2007, based on the reference period
1 April 2006 to 31 March 2007. By way of derogation from
paragraph 4, the classification based on that publication shall
apply for the five-month period starting on 1 November 2007
and ending on 31 March 2008.
Comment
Applies to Articles 27, 28, 29, 30, 44 and 45 of Directive 2004/39/EC