ESMA_QA_1559
Status: ✅ Answer Published
Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/1559
Regulatory Context
Regulation : MIFIR
Level 1 Regulation: Markets in Financial Instruments Regulation (MiFIR) Regulation (EU) No 600/2014- Secondary Markets
Level 2 Regulation: No information available
Level 3 Regulation: No information available
Topic: Non-equity transparency
Subject Matter: Geographical scope of the temporary suspension of transparency
Question
Submission Date: 10 August 2023
Would the temporary suspension of transparency requirements apply to all the venues on which the class of instruments is traded or rather on venue-by-venue basis?
ESMA Answer
Answer Date: 15-11-2017
[ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 4.9] While the calculations to identify whether liquidity has fallen below the thresholds specified under Article 16 of RTS 2 have to be performed at EU level, the actual suspension of the transparency obligations remains under the competences of each competent authority (CA) and therefore has to be activated on a jurisdiction-by-jurisdiction basis. As a consequence, for classes of financial instruments where trading takes place on venues located in different Member States, the CA of each of those Member States will have the possibility, where the conditions set out in Article 16 of RTS 2 are met, to activate the temporary suspension mechanism independently of the decision to be taken by others.
This document was automatically extracted from the ESMA EMIR Q&A database.