Delegated Regulation on equity transparency under MiFIR published in OJ

The Delegated Regulation, amending Delegated Regulation (EU) 2017/567 as regards equity transparency requirements under the Markets in Financial Instruments Regulation (MiFIR), have published in the Official Journal of the European Union (OJ). The amendments follow the EBA's final report in December 2024 and reflect changes introduced by the MiFIR review and the amendments to the second Markets in Financial Instruments Directive (MiFID II).

The Delegated Regulation introduces targeted amendments across several areas, including: (i) the determination of what constitutes a liquid market for equity instruments; (ii) the obligation to provide market data on a "reasonable commercial basis"; (iii) the size specific to the financial instrument for the purposes of obligations for systematic internalisers; and (iv) the definition of, and disclosure for post trade risk reduction (PTRR) services. The amending Delegated Regulation was first adopted on 24 November 2025, which we covered here. It entered into force on 2 March, being the third day following publication in the OJ. Article 1, point (4) of the amending Delegated Regulation, which deletes Chapter II of Delegated Regulation (EU) 2017/567 relating to data provision obligations for trading venues and systematic internalisers, will be deleted with effect from 23 August.

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