Suspension and removal of financial instruments from trading
Suspension and removal of financial instruments from trading

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • Suspension and removal of financial instruments from trading
  • MiFID II: suspension and removal of financial instruments from trading
  • UK implementation of MiFID II
  • The FCA’s powers under FSMA 2000, Pt 18A
  • FCA notice of suspension or removal of financial instruments from trading
  • Procedure following consideration of representations
  • Revocation of requirements
  • Other trading venues and systematic internalisers
  • Notification requirements
  • Suspension of trading under the Market Abuse Regulation

BREXIT: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance, see Practice Notes: The impact of Brexit on the MiFID II regime and Brexit—UK listing and prospectus regime — Key areas of the UK listing and prospectus regime which will be affected by Brexit.

This Practice Note summarises the provisions of the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the Market Abuse Regulation (Regulation (EU) 596/2014) related to the suspension and removal of financial instruments from trading by competent authorities and trading venue operators. It also provides information on the powers of the Financial Conduct Authority (FCA), found in Part 18A of the Financial Services and Markets Act 2000 (FSMA 2000) and the Financial Services and Markets Act 2000 (Recognition Requirements for Investment Exchanges and Clearing Houses) Regulations 2001, SI 2001/995, to suspend or remove financial instruments from trading, as well as related provisions of the FCA Handbook.

MiFID II: suspension and removal of financial instruments from trading

The original Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I) empowered competent authorities and regulated markets to suspend and