On 9 July 2021, the European Securities and Markets Authority (ESMA) issued a consultation paper setting out proposals to amend Commission Delegated Regulation 2017/587 (RTS 1) and Commission Delegated Regulation 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. The consultation paper follows ESMA’s work in reviewing the MiFID II/MiFIR provisions, in particular on equity and non-equity transparency as well as on the functioning of the consolidated tape provider for equity instruments.

The consultation paper has two main sections:

  • Section 3 deals with the review of RTS 1. Sections 3.1 and 3.2 focus on amendments of provisions in the main text of RTS 1, in particular the large in scale thresholds for exchange traded funds, the topic of non-addressable liquidity and non-price forming transactions as well as proposed amendments to the pre-trade transparency requirements for equity instruments. Sections 3.3 and 3.4 cover the annexes of RTS 1, in particular the reporting fields and flags to be populated when making post trade information public, as well as the reporting of transparency reference and quantitative data to ESMA.
  • Section 4 covers the proposals for reviewing RTS 2. Section 4.1 covers amendments proposed to the main text of RTS 2 as well as reflections on potential changes to the calibration of the transparency regime for derivatives other than commodity derivatives. Section 4.2 covers the proposed recalibration of the transparency regime for commodity derivatives and sections 4.3 and 4.4 cover reporting fields for post-trade transparency, including flags, and the reference and quantitative data to be reported to ESMA.

The deadline for comments on the consultation paper is 1 October 2021.

ESMA intends to submit a final report to the European Commission in Q1 2022