Commission Delegated Regulation (EU) 2016/1052Show full title

Article 6 U.K. Disclosure and reporting obligations

1. Before the start of the initial or secondary offer of the securities, the person appointed in accordance with paragraph 5 shall ensure adequate public disclosure of the following information:

(a) the fact that stabilisation may not necessarily occur and that it may cease at any time;

(b) the fact that stabilisation transactions aim at supporting the market price of the securities during the stabilisation period;

(c) the beginning and the end of the stabilisation period, during which stabilisation may be carried out;

(d) the identity of the entity undertaking the stabilisation, unless unknown at the time of disclosure, in which case it shall be subject to adequate public disclosure before the stabilisation begins;

(e) the existence of any overallotment facility or greenshoe option and the maximum number of securities covered by that facility or option, the period during which the greenshoe option may be exercised and any conditions for the use of the overallotment facility or exercise of the greenshoe option; and

(f) the place where the stabilisation may be undertaken including, where relevant, the name of the trading venue(s).

2. During the stabilisation period, the persons appointed according to paragraph 5 shall ensure adequate public disclosure of the details of all stabilisation transactions no later than the end of the seventh daily market session following the date of execution of such transactions.

3. Within 1 week of the end of the stabilisation period, the person appointed in accordance with paragraph 5 shall ensure adequate public disclosure of the following information:

(a) whether or not the stabilisation was undertaken;

(b) the date on which stabilisation started;

(c) the date on which stabilisation last occurred;

(d) the price range within which stabilisation was carried out, for each of the dates during which stabilisation transactions were carried out;

(e) the trading venue(s) on which the stabilisation transactions were carried out, where applicable.

4. For the purpose of complying with the notification requirement set out in Article 5(5) of Regulation (EU) No 596/2014, the entities undertaking the stabilisation, whether or not they act on behalf of the issuer or the offeror, shall record each stabilisation order or transaction in securities and associated instruments pursuant to Article 25(1) and Article 26(1), (2) and (3) of Regulation (EU) No 600/2014 of the European Parliament and of the Council(1). The entities undertaking the stabilisation, whether or not acting on behalf of the issuer or the offeror, shall notify all stabilisation transactions in securities and associated instruments carried out to:

(a) the competent authority of each trading venue on which the securities under the stabilisation are admitted to trading or are traded;

(b) the competent authority of each trading venue where transactions in associated instruments for the stabilisation of securities are carried out.

5. The issuer, the offeror and any entity undertaking the stabilisation, as well as the persons acting on their behalf, shall appoint one among them to act as central point responsible:

(a) for the public disclosure requirements referred to in paragraphs 1, 2 and 3; and

(b) for handling any request from any of the competent authorities referred to in paragraph 4.

(1)

Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 (OJ L 173, 12.6.2014, p. 84).