Specific cases of review of exempted shares
Article 12
1. A relevant competent authority which determines whether the principal trading venue for a share is located outside the Union following one of the circumstances set out in paragraph 2 shall ensure that: (a) any calculations determining the principal trading venue are made as soon as possible after the relevant circumstances arise and in respect of the two year period preceding the date of calculation; (b) it notifies ESMA of its determination as soon as possible and, where relevant, before the date of admission to trading on a trading venue in the Union. Any revised list shall be effective from the day following that of its publication by ESMA. 2. The provisions of paragraph 1 apply when: (a) the shares of a company are removed from trading on a permanent basis on the principal venue located outside the Union; (b) the shares of a company are removed from trading on a permanent basis on a trading venue in the Union; (c) the shares of a company that was previously admitted to trading in a trading venue outside the Union are admitted to trading on a trading venue in the Union.