Delegated Regulation on MiFIR RTS amendments on derivatives, package orders and consolidated tape published in OJ

Commission Delegated Regulation (EU) 2026/1763 has been published in the Official Journal of the European Union (OJ). The Delegated Regulation amends the regulatory technical standards (RTS) under the Markets in Financial Instruments Regulation (MiFIR) to implement changes introduced by the MiFIR Review (as implemented by Regulation (EU) 2024/791) and to support the establishment of the over-the-counter (OTC) derivatives consolidated tape.

In particular, the Delegated Regulation: (i) amends the RTS on transparency requirements for derivatives under Delegated Regulation (EU) 2017/583 (RTS 2); (ii) amends the RTS on package orders to align them with the revised transparency framework under Delegated Regulation (EU) 2017/2194; and (iii) establishes the input and output data requirements for the OTC derivatives consolidated tape under Delegated Regulation (EU) 2025/1155.

The published texts do not materially differ from the drafts adopted by the European Commission (EC) in July, except that they incorporate the amended applicable execution/publication venues for the matched principal trading flag and the negotiated transaction flags, as set out in the Corrigendum to RTS 2 published by the EC in September. The Delegated Regulation enters into force on 12 November, 20 days after its publication in the OJ, while the main substantive provisions on derivatives transparency will apply from 1 March 2027.

The publication of the Delegated Regulation also means that those elements of the European Securities and Markets Authority manual on pre-trade and post-trade transparency under MiFID II/MiFIR which are dependent on the Delegated Regulation, and so are currently to be considered as draft guidance, can be treated as final from 12 November.

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