On 24 November 2025, the European Commission adopted a Commission Delegated Regulation amending Delegated Regulation (EU) 2017/567 as regards the determination of what constitutes a liquid market for equity instruments, the obligation to provide market data on a reasonable commercial basis, the size specific to the instrument for the purposes of obligations for systematic internalisers, and the definition of and disclosure for post-trade risk reduction (PTRR) services together with an annex.

The MiFIR review removed barriers to the creation of three consolidated tape providers and strengthened market transparency and competitiveness. In light of those changes, the draft Commission Delegated Regulation updates the requirements laid down in Delegated Regulation (EU) 2017/567 and deletes the redundant provisions.

Our earlier blog on the Commission Delegated Regulation is here.