(Article 2(1)(17)(b) of Regulation (EU) No 600/2014)
1. For the purposes of Article 2(1)(17)(b) of Regulation (EU) No 600/2014, a share that is traded daily shall be considered to have a liquid market where all of the following conditions are satisfied:
(a) the free float of the share is:
(i) not less than EUR 100 million for shares admitted to trading on a regulated market;
(ii) not less than EUR 200 million for shares that are only traded on MTFs;
(b) the average daily number of transactions in the share is not less than 250;
(c) the average daily turnover for the share is not less than EUR 1 million.
2. For the purposes of paragraph 1(a), the free float of a share shall be calculated by multiplying the number of outstanding shares by the price per share, excluding individual holdings in that share that exceed 5 % of the total voting rights of the issuer, unless those holdings are held by a collective investment undertaking or a pension fund. Voting rights shall be calculated by refe
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