1. An issuer whose shares have been admitted to trading for less than three years shall be deemed an SME for the purpose of rule 5.10.2(1) of the Market Conduct sourcebook where its market capitalisation is below EUR 200 million based on any of the following:

(a) the closing share price of the first day of trading, if its shares have been admitted to trading for less than one year;

(b) the last closing share price of the first year of trading, if its shares have been admitted to trading for more than one year but less than two years;

(c) the average of the last closing share prices of each of the first two years of trading, if its shares have been admitted to trading for more than two years but less than three years.

2. An issuer that has no equity instrument traded on any trading venue shall be deemed an SME for the purposes of regulation 2(1) of the Markets in Financial Instruments Regulations 2017 [S.I. 2017/701. The definition of "SME growth market" is inserted by regulation 5(1)(t) of these Regulations.] if the nominal value of its debt issuances over the previous calendar year, on all trading venues across the United Kingdom, does not exceed EUR 50 million.