in force 2024-03-28 MODIFIED+406 −1,333§
Amended by Regulation (EU) 2024/791 32024R0791
applies from: unchanged
The heading and Article 21(1) drop the reference to systematic internalisers and to derivatives generally, instead scoping the transaction types to bonds, structured finance products and emission allowances traded on a trading venue plus OTC derivatives as referred to in Article 8a(2).
Paragraph 3 now cross-references Article 11(4), points (a) and (b), together with Article 11a(3), points (a) and (b), instead of only Article 11(4)(a) and (b), and paragraph 5's introductory reference to publication requirements now points to Article 27g rather than Article 64 of Directive 2014/65/EU.
The former single paragraph 4, which set out detailed deferred-publication and suspension arrangements under Article 11, has been replaced by two shorter paragraphs, 4 and the newly added 4a, which separately allow deferred publication of price or volume for bonds, structured finance products and emission allowances under Article 11 and for OTC derivatives under Article 8a(2) under Article 11a.
Cited: Art. 21, v1 · Art. 21, v2
text before / after
02014R0600-20240109 → 02014R0600-20240328
Article 21
Post-trade disclosure by investment firms, including systematic internalisers, firms in respect of bonds, structured finance products, emission allowances and derivatives
1. Investment firms which, either on own account or on behalf of clients, conclude transactions in bonds, structured finance products, products and emission allowances and derivatives traded on a trading venue or OTC derivatives as referred to in Article 8a(2), shall make public the volume and price of those transactions and the time at which they were concluded. That information shall be made public through an APA.
2. Each individual transaction shall be made public once through a single APA.
3. The information which is made public in accordance with paragraph 1 and the time-limits within which it is published shall comply with the requirements adopted pursuant to Article 10, including the regulatory technical standards adopted in accordance with pursuant to Article 11(4)(a) 11(4), points (a) and (b), and Article 11a(3), points (a) and (b).
4. Competent authorities shall be able With regard to authorise bonds, structured finance products and emission allowances traded on a trading venue, investment firms to provide for deferred publication, or may request the publication of limited details of a transaction or details of several transactions in an aggregated form, or a combination thereof, during the time period of the deferral or may allow the omission of defer the publication of the price or volume for individual transactions during an extended time period of deferral, or in the case of non-equity financial instruments that are not sovereign debt, may allow the publication of several transactions in an aggregated form during an extended time period of deferral, or in the case of sovereign debt instruments may allow the publication of several transactions in an aggregated form for an indefinite period of time, and may temporarily suspend the obligations referred to in paragraph 1 on the same conditions as laid down in Article 11.
Where the measures adopted pursuant 4a. With regard to OTC derivatives as referred to in Article 11 provide for deferred publication and publication of limited details or details in an aggregated form, or a combination thereof, or for omission of 8a(2), investment firms may defer the publication of the price or volume for certain categories of transactions on the same conditions as laid down in bonds, structured finance products, emission allowances and derivatives traded on a trading venue, that possibility shall also apply to those transactions when undertaken outside trading venues. Article 11a.
5. ESMA shall develop draft regulatory technical standards in such a way as to enable the publication of information required under pursuant to Article 64 of Directive 2014/65/EU 27g to specify the following:
(a) the identifiers for the different types of transactions published in accordance with this Article, distinguishing between those determined by factors linked primarily to the valuation of the financial instruments and those determined by other factors;
(b) the application of the obligation under paragraph 1 to transactions involving the use of those financial instruments for collateral, lending or other purposes where the exchange of financial instruments is determined by factors other than the current market valuation of the financial instrument; instrument.
(c) the party to a transaction that has to make the transaction public in accordance with paragraph 1 if both parties to the transaction are investment firms.
ESMA shall submit those draft regulatory technical standards to the Commission by 3 July 2015.
Power is delegated to the Commission to adopt the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.