MIR 3.7 MIR 3.7 Public disclosure
Any arrangement to make information public shall satisfy the following conditions:(a) it must include all reasonable steps necessary to ensure that the information to be published is reliable, monitored continuously for errors, and corrected as soon as errors are detected;(b) it must facilitate the consolidation of the data with similar data from other sources; and(c) it must make the information available to the public on a non-discriminatory commercial basis at a reasonable cost.
For the purposes of ensuring that published information is reliable, monitored continuously for errors, and corrected as soon as errors are detected, a verification process should be established which does not need to be external from the organisation of the publishing entity, but which should be an independent cross-check of the accuracy of the information generated by the trading process. This process should have the capability to at least identify price and volume anomalies, be systematic and conducted in real-time. The chosen process should be reasonable and proportionate in relation to the business.
MIR 3.7.3(a) In respect of arrangements facilitating the consolidation of data, the Regulator considers information as being made public, if it:(i) is accessible by automated electronic means in a machine-readable way;(ii) utilises technology that facilitates consolidation of the data and permits commercially viable usage; and(iii) is accompanied by instructions outlining how users can access the information.(b) An arrangement fulfils the 'machine-readable' criteria where the data:(i) is in a physical form that is designed to be read by a computer;(ii) is in a location on a computer storage device where that location is known in advance by the party wishing to access the data; and(iii) is in a format that is known in advance by the party wishing to access the data.(c) Publication on a non-machine-readable website would not meet the requirements.
Information that is made public should conform to a consistent and structured format based on industry standards. Recognised Investment Exchanges can choose the structure that they use.
MIR 3.7.5 Proper information
In determining whether appropriate arrangements have been made to make relevant information available to Persons engaged in dealing in Specified Investments admitted to trading on the Recognised Investment Exchange, the Regulator may have regard to:(a) the extent to which Members and clients for whom they act are able to obtain information about those Specified Investments, either through accepted channels for dissemination of information or through other regularly and widely accessible communication media, to make a reasonably informed judgment about the value and the risks associated with those Specified Investments in a timely fashion;(b) what restrictions, if any, there are on the dissemination of relevant information to the Recognised Investment Exchange's Members and clients for whom they act; and(c) whether relevant information is or can be kept to restricted groups of Persons in such a way as to facilitate or encourage dealing in contravention of the Code of Market Conduct.
MIR 3.7.6 Own means of dissemination
Recognised Investment Exchanges do not need to maintain their own arrangements for disseminating news or information about Specified Investments (or underlying assets) to their Members where they have made adequate arrangements for other Persons to do so on their behalf or there are other effective and reliable arrangements for this purpose.