Delegated Regulation on volume cap and transparency calculations published in OJ

The Commission Delegated Regulation (EU) 2026/392 amending the regulatory technical standards (RTS) in Delegated Regulation (EU) 2017/577, has been published in the Official Journal of the European Union (OJ).

The Delegated Regulation is based on the European Securities and Markets Authority April 2025 final report and reflects amendments to the Markets in Financial Instruments (MiFIR) framework, including those introduced by Regulation (EU) 2024/791. These include extending record-keeping obligations to five years for operators of trading venues, approved publication arrangements and consolidated tape providers, and replacing the double volume cap with a single volume cap, together with related changes to publication requirements. It also removes provisions relating to the previous volume cap reporting framework, including associated reporting requirements and formats. The Regulation further reflects amendments introduced by Directive (EU) 2024/790 to the definition of 'systematic internaliser'. It also updates provisions on data reporting formats, clarifying that XML should be used for periodic reporting, while allowing ESMA and competent authorities to specify formats for ad hoc requests. To minimise burden, it encourages the use of existing datasets, including transaction data reported under Article 26 of MiFIR. The Delegated Regulation will enter into force on 21 June, being the 20th day following its publication in the OJ.

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