On 18 June 2025, the European Commission adopted a Delegated Regulation amending the regulatory technical standards (RTS) laid down in Delegated Regulations (EU) 2017/583 and (EU) 2017/587 as regards transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances, and equity instrument.

Background

The review of the Markets in Financial Instruments Regulation (MiFIR) introduced amendments to the transparency requirements applicable to trading venues and investment firms in respect of equity and non-equity instruments with a view to simplifying and further harmonising rules, increasing trade transparency and improving the price formation process. The amended rules will, in turn, make consolidated tapes a more valuable tool for investors.  

Amendments

Given the amendments to the MiFIR transparency rules, the Delegated Regulation updates the relevant RTS, in particular Commission Delegated Regulation (EU) 2017/583 on transparency requirements in respect of bonds, structured finance products (SFPs) and emission allowances and Commission Delegated Regulation (EU) 2017/587 on transparency requirements in respect of equities instruments. Additional amendments to Commission Delegated Regulation (EU) 2017/583 will be introduced at a later stage with respect to the calibration of pre- and post-trade transparency rules for derivatives.

Next steps

The Delegated Regulation enters into force on the twentieth day following that of its publication in the Official Journal of the EU.

Article 1, Article 2, point (2), points (3)(a) and (c), point (5), point (10)(a), and point (13) apply from 2 March 2026.