For the purposes of this Regulation, the first admission to trading
of a share on a regulated market referred to in Article 40 of
Directive 2004/39/EC shall be considered to take place at a time
when one of the following conditions applies:
(a) the share has not previously been admitted to trading on a
regulated market;
(b) the share has previously been admitted to trading on a
regulated market but the share is removed from trading on
every regulated market which has so admitted it.