(1) For the purposes of Commission Regulation EC 1287/2006 and these Regulations, shares in entities, which shares are admitted to trading on a regulated market in the State, are liquid shares if -
(a) the shares are traded daily;
(b) the shares have a free float of not less than €500 million, and
(c) either -
(i) the average daily number of transactions in the shares is not less than 500, or
(ii) the average daily turnover for the shares is not less than €2 million;
(2) Where the number of the entities (in which there are shares that qualify under paragraph (1) as liquid shares) is less than 5, the Bank -
(a) shall designate as additional liquid shares those shares that are traded daily on a regulated market in the State with the highest average daily turnover, so that the maximum number of liquid shares is 5, or
(b) may require a regulated market to so designate the additional liquid shares on the Bank’s behalf.
(3) The Bank may require from regulated markets in the State