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  5. Article 21 Post-trade Disclosure By Investment Firms In Respect of Bonds, Structured Finance Prod...

Article 21 Post-trade disclosure by investment firms in respect of bonds, structured finance products, emission allowances and derivatives

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1. Investment firms which, either on own account or on behalf of clients, conclude transactions in bonds, structured finance products and emission allowances 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  pursuant  to Article 11(4), points (a) and (b), and Article 11a(3), points (a) and (b).

4. With regard to bonds, structured finance products and emission allowances traded on a trading venue, investment firms may defer the publication of the price or volume on the same conditions as laid down in Article 11.

4a. With regard to OTC derivatives as referred to in Article 8a(2), investment firms may defer the publication of the price or volume on the same conditions as laid down in Article 11a.

5. ESMA shall develop draft regulatory technical standards in such a way as to enable the publication of information required pursuant to Article 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.
              

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.

Explanatory note regarding MiFIR Review and Transition:

The amendments to Article 21(4) and (4a) will apply when the revised version of Commission Delegated Regulation (EU) 2017/583 (RTS 2) starts applying.

Till such date, in respect of deferred publications:

  • Article 21 of MiFIR of the consolidated version of 09/01/2024 applies;
  • Article 8 of the current version of Commission Delegated Regulation (EU) 2017/583 (RTS 2) applies.

The rest of the provisions in Article 21 apply from 28 March 2024.

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