On 2 May 2024, there was published in the Official Journal of the EU, a Commission Notice on the interpretation and implementation of the transitional provision laid down in Regulation (EU) 2024/791 amending MiFIR as regards enhancing data transparency, removing obstacles to the emergence of consolidated tapes, optimising the trading obligations and prohibiting receiving payment for order flow.

The MiFIR review entered into force on 28 March 2024 and applies from that date. Several provisions in the MiFIR review need to be supplemented by Commission delegated regulations to become fully operational. For the transitional period, Article 54(3) MiFIR provides that the provisions of the delegated acts adopted pursuant to MiFIR as applicable before 28 March 2024 shall continue to apply until the date of application of the delegated acts adopted by the MiFIR review. However, in some cases the new MiFIR provisions are to be supplemented by new or amended Commission delegated regulations and cannot be adequately supplemented by the existing Commission delegated regulations. In such cases the existing delegated regulations continue to apply together with the MiFIR provisions that they supplement as applicable before 28 March 2024.

The Commission Notice identifies and interprets the following in light of Article 54(3):

  • The volume cap mechanism (Article 5 MiFIR).
  • Deferred publication of the details of transactions in respect of bonds, structured finance products or emission allowances and deferred publication of the details of transactions in respect of derivatives (Articles 11 and 11a MiFIR).
  • Obligation to make pre-trade and post-trade data available on a reasonable commercial basis (Article 13 MiFIR).
  • Quotation rules for SIs in equity instruments (Article 14 MiFIR).
  • The obligation to report transactions (Article 26 MiFIR).