5.6.1 Acquisitions and disposals
As explained in the introduction to Block 1, CAs are interested in the changes in the ownership of financial instruments for market abuse purposes. Movements that do not result in a change of ownership are not reportable. One example is the movement from a client account operated under a discretionary mandate to one operated on an execution-only basis.
The exception to this is the simultaneous acquisition and disposal specifically referred to in Article 2(4) of Commission Delegated Regulation (EU) 2017/590 where there is post-trade publication. This only applies to the situation of an Investment Firm hitting its own order on the order book of a Trading Venue. An example of reporting for this situation is provided in section 5.14.3.
5.6.2 Exclusions from reporting
5.6.2.1 Exclusions under Article 2(5)(a)
For the purpose of Article 2(5)(a) of Commission Delegated Regulation (EU) 2017/590, the following examples should be considered:
Two Investme
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