EC adopts Delegated Regulation on equity transparency under MiFIR

The European Commission has adopted a Delegated Regulation amending Delegated Regulation (EU) 2017/567 as regards regulatory technical standards (RTS) on equity transparency requirements under the Markets in Financial Instrument Regulation (MiFIR). 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 changes cover: (i) the determination of what constitutes a liquid market for equity instruments, with liquidity assessment now based on the "market capitalisation" criterion, replacing the previous "free-float" criterion; (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 Delegated Regulation will be subject to scrutiny by the Council of the EU and the European Parliament. If neither object, it will be published in the Official Journal of the European Union (OJ). It will enter into force on the third day following publication in the OJ, with Article 1, point (4), applying from 23 August 2026.

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