On 19 January 2023, the European Securities and Markets Authority (ESMA) published a consultation paper which sets out proposals for Level 3 guidance on post trade transparency fields. The guidance takes the form of a manual.

In March 2022 ESMA published final reports which proposed amendments to Commission Delegated Regulation (EU) 2017/587 (RTS 1) and Commission Delegated Regulation (EU) 2017/583 (RTS 2). RTS 1 and RTS 2 specify the MiFIR pre- and post-trade transparency requirements for equity instruments and non-equity instruments. In the final reports ESMA also confirmed that it would provide further clarification at Level 3 on certain issues to improve the consistency and usability of the information published and on the reporting to ESMA’s Financial Instruments Reference Data System (FITRS) for the purpose of the performance of the transparency calculations.

The amended RTS 1 and RTS 2 have so far not been endorsed by the co-legislators. Therefore ESMA has published the consultation paper on the basis of the texts of the amended RTS 1 and RTS 2 adopted by the European Commission on 17 January 2023.

The proposed manual is intended to be a practical tool for the purposes of supporting the practical implementation of the applicable post-transparency legal requirements to stakeholders. It does not provide EU law interpretation nor does it contain supervisory elements.

The deadline for comments on the consultation paper is 31 March 2023.

The European Parliament and the Council have a 3 month period to object to the adoption of the amended RTS 1 and RTS 2 texts. ESMA will publish a final report and manual only after the end of the non-objection period.