http://www.legislation.gov.uk/eur/2016/908/chapter/II/section/3Commission Delegated Regulation (EU) 2016/908 of 26 February 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council laying down regulatory technical standards on the criteria, the procedure and the requirements for establishing an accepted market practice and the requirements for maintaining it, terminating it or modifying the conditions for its acceptance (Text with EEA relevance)Commission Delegated Regulation (EU) 2016/908Commission Delegated Regulation (EU) 2016/908 of 26 February 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council laying down regulatory technical standards on the criteria, the procedure and the requirements for establishing an accepted market practice and the requirements for maintaining it, terminating it or modifying the conditions for its acceptance (Text with EEA relevance)King's Printer of Acts of Parliamenthttps://webarchive.nationalarchives.gov.uk/eu-exit/https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32016R0908texttext/xmlen2024-01-02Expert Participation2023-07-11Commission Delegated Regulation (EU) 2016/908 of 26 February 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council laying down regulatory technical standards on the criteria, the procedure and the requirements for establishing an accepted market practice and the requirements for maintaining it, terminating it or modifying the conditions for its acceptance (Text with EEA relevance)RegulationFinancial Services and Markets Act 2023Sch. 1 Pt. 13s. 1(4)s. 86(3)CHAPTER IIACCEPTED MARKET PRACTICES
SECTION 3 Procedures
Article 10Notification when intending to establish an accepted market practice1.

Competent authorities shall notify, in accordance with Article 13(3) of Regulation (EU) No 596/2014, their intention to establish an AMP by post or e-mail to ESMA and to the other competent authorities simultaneously, using a pre-identified list of contact points to be set-up and regularly maintained by competent authorities and ESMA.

2.

The notification referred to in paragraph 1 shall include the following elements:

(a)

a statement of the intention to establish an AMP, including the expected date of establishment;

(b)

the identification of the notifying competent authority and the contact details of the contact person(s) within that competent authority (name, professional telephone number and e-mail address, title);

(c)

a detailed description of the market practice including:

(i)

the identification of the types of financial instrument and trading venues on which the AMP will be performed;

(ii)

the types of persons who can perform the AMP;

(iii)

the type of beneficiaries;

(iv)

the indication of whether the market practice can be performed for a determined period of time and of any situations or conditions leading to a temporary interruption, suspension or termination of the practice;

(d)

the reason for which the practice could constitute market manipulation under Article 12 of Regulation (EU) No 596/2014;

(e)

the details of the assessment made according to Article 13(2) of Regulation (EU) No 596/2014.

3.

The notification referred to in paragraph 1 shall include the table for assessing a proposed market practice using the template in the Annex.

Article 11ESMA opinion1.

Following receipt of the notification referred to Article 13(4) of Regulation (EU) No 596/2014 and before issuing the opinion required under that paragraph, ESMA shall initiate, on its own initiative or upon request of any competent authority, a process to provide the notifying competent authority with preliminary comments, concerns, disagreement or request for clarifications, if any, concerning the notified market practice. The notifying competent authority may provide further clarification concerning the notified market practice to ESMA.

2.

Where in the course of the process referred to in paragraph 1, any fundamental or significant change is introduced that affects the basis or substance of the notified market practice or the assessment carried out by the notifying competent authority, the process of issuing the ESMA opinion on the notified practice shall cease. If appropriate, the competent authority shall initiate a new process for establishing the modified practice as an AMP in accordance with Article 13(3) of Regulation (EU) No 596/2014.