A&O Shearman | FinReg | EC adopts amendments to transparency requirements under MiFIR Review
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  • EC adopts amendments to transparency requirements under MiFIR Review

    18 June 2025
    The European Commission has adopted a Commission Delegated Regulation to amend regulatory technical standards (RTS) on transparency requirements. The MiFIR Review revised the Markets in Financial Instruments Regulation amending the pre- and post-transparency requirements for trading venues as regards equities and non-equities. The amendments took effect on 28 March 2024. The adopted Delegated Regulation has amended two RTS supplementing the MiFIR transparency requirements.

    Firstly, the adopted Delegated Regulation amends Delegated Regulation (EU) 2017/583 on transparency requirements for bonds, structured finance products (SFPs) and emission allowances by aligning the scope of the pre-transparency obligation with the MiFIR provisions, updating the transparency requirements for pre-trade transparency and recalibrating the post-trade requirements.

    Secondly, the adopted Delegated Regulation amends Delegated Regulation (EU) 2017/587 on transparency requirements for equities, including shares, depositary receipts, exchange-traded funds and certificates. Among other things, the amendments set out the details of pre-trade data to be made public, set pre-trade transparency requirements for systematic internalisers and prescribe the transactions that will be exempt from the share trading obligation due to characteristics that show that the transaction is not contributing to the price discovery process.

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    Topic: MiFID II