What changed between the plenary report and the adopted text

Removed:The arrangements for deferred publication shall be organised using the following five categories of transactions related to a bond, structured finance product, emission allowance or derivatives traded on a trading venue:

Removed:(a) category 1: transactions of a medium size in a financial instrument for which there is a liquid market;

Removed:(b) category 2: transactions of a medium size in a financial instrument for which there is not a liquid market;

Removed:(c) category 3: transactions of a large size in a financial instrument for which there is a liquid market;

Removed:(d) category 4: transactions of a large size in a financial instrument for which there is not a liquid market;

Removed:(e) category 5: transactions of a very large size, irrespective of the liquidity of the financial instrument.

Removed:2. The competent authority responsible for supervising one or more trading venues on which a class of bond, structured finance product, emission allowance or derivative is traded may, where the liquidity of that class of financial instrument falls below the threshold determined in accordance with the methodology as referred to in Article 9(5)(a), temporarily suspend the obligations referred to in Article 10. That threshold shall be defined based on objective criteria specific to the market for the financial instrument concerned. Such temporary suspension shall be published on the website of the relevant competent authority.

Removed:The temporary suspension shall be valid for an initial period not exceeding three months from the date of its publication on the website of the relevant competent authority. Such a suspension may be renewed for further periods not exceeding three months at a time if the grounds for the temporary suspension continue to be applicable. Where the temporary suspension is not renewed after that three month period, it shall automatically lapse.

Removed:Before suspending or renewing the temporary suspension of the obligations referred to in Article 10, the relevant competent authority shall notify ESMA of its intention and provide an explanation. ESMA shall issue an opinion to the competent authority as soon as practicable on whether in its view the suspension or the renewal of the temporary suspension is justified in accordance with the first and second subparagraphs.

Removed:2a. With respect to sovereign debt instruments, competent authorities of a sovereign debt instrument may allow, with regard to transactions in that sovereign debt instrument in the Union:

Removed:(a) the omission of the publication of the volume of an individual transaction during an extended time period of deferral not exceeding six months; or

Removed:(b) the deferral of the publication of the details of several transactions in an aggregated form for six months.

Removed:ESMA shall publish on its website the list of the deferred publication related to sovereign debt instruments. ESMA shall monitor the application of those arrangements for deferred publication and shall submit an annual report to the Commission indication how they are used in practice.

Removed:When the deferral time period lapses, the outstanding details of the transaction and all the details of the transaction on an individual basis shall be published.

Removed:4. ESMA shall develop draft regulatory technical standards to specify the following in such a way as to enable the publication of information required under this Article and under Article 27g:

Removed:(a) the details of transactions that investment firms, including systematic internalisers, and market operators and investment firms operating a trading venue shall make available to the public for each class of financial instrument concerned in accordance with Article 10(1), including identifiers for the different types of transactions published under Article10(1) and Article 21(1), distinguishing between those determined by factors linked primarily to the valuation of the financial instruments and those determined by other factors;

Removed:(b) the time limit that would be deemed in compliance with the obligation to publish as close to real time as possible, including when trades are executed outside ordinary trading hours;

Removed:(c) for the purposes of determining the categories referred to in paragraph 1, the third subparagraph of this Article, what constitutes a transaction of a medium, large and very large size in a liquid and illiquid financial instrument as referred to in paragraph 1, third subparagraph, of this Article and in Article 21(1);

Removed:(d) the price and volume deferrals applicable to each of the five categories set out in the paragraph 1, the third subparagraph, points (a)-(e), applying the following maximum durations:

Removed:(i) for transactions in category 1: a price deferral and a volume deferral not exceeding 15 minutes;

Removed:(ii) for transactions in category 2: a price deferral and a volume deferral not exceeding the end of the trading day;

Removed:(iii) for transactions in category 3: a price deferral not exceeding the end of the trading day and a volume deferral not exceeding one week following the transaction date;

Removed:(iv) for transactions in category 4: a price deferral not exceeding the end of the trading day and a volume deferral not exceeding two weeks following the transaction date;

Removed:(v) for transactions in category 5: a price deferral and a volume deferral not exceeding four weeks following the transaction date.

Removed:For each of the categories set out under paragraph 1, the third subparagraph, points (a)-(e), ESMA shall regularly recalibrate the applicable deferral duration with the aim of gradually decreasing it where appropriate. Six months after the decreased deferral durations become applicable, ESMA shall perform a quantitative and qualitative review to assess the effects of the decrease. Where available, ESMA shall use the post-trade transparency data published by the consolidated tape for this purpose. If adverse effects to the financial instruments appear, ESMA shall increase the deferral duration back to the previous level.

Removed:4b. ESMA shall submit the draft regulatory technical standards referred to in paragraph 4 to the Commission by ... [six months after the date of entry into force of this amending Regulation].

Removed:Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.’;

Removed:(7) ▌Article 13, is replaced by the following:

Removed:‘1. Market operators and investment firms operating a trading venue, APAs, CTPs and systematic internalisers shall make the information published in accordance with Article 3 and Article 4, Articles 6 to 11, and Articles 14, 20, 21, 27g and 27h, available to the public on a reasonable commercial basis and ensure non-discriminatory access to the information. Market operators and investment firms operating a trading venue, APAs and systematic internalisers shall make such information available free of charge 15 minutes after publication.

Removed:2. Providing data on a reasonable commercial basis means that the price of market data shall be based on the cost of producing and disseminating such data and may include a reasonable margin.

Removed:2a. Market operators and investment firms operating a trading venue, APAs, CTPs and systematic internalisers shall, upon request, provide the competent authorities and ESMA with information on the actual costs of producing and disseminating market data including the margins.

Removed:3. ESMA shall develop draft regulatory technical standards to:

Removed:(a) specify what constitutes a reasonable commercial basis, as well as the content, format and terminology of the reasonable commercial basis information that trading venues, APAs, CTPs and systematic internalisers have to make available to the public;

Removed:(b) specify the frequency, contact details and format of the information to be provided to the competent authorities and ESMA in accordance with paragraph 2a;

Removed:(c) identify the cost criteria of producing and disseminating market data resulting from trading activities and specify what constitutes a reasonable margin that market operators and investment firms operating a trading venue, APAs, CTPs and systematic internalisers shall follow to comply with Article 13(2).

Removed:ESMA shall regularly monitor the developments in market data costs and the levels of compliance with the rules, and shall regularly update its draft regulatory technical standards in light of the result of its assessment.

Removed:ESMA shall submit those draft regulatory technical standards to the Commission by [OP please insert XX months after entry into force].

Removed: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.’;

Removed:(8) Article 14 is amended as follows:

Removed:(a) paragraphs 2 and 3 are replaced by the following:

Removed:‘2. This Article and Articles 15, 16 and 17 shall apply to systematic internalisers when they deal in sizes up to the threshold determined by ESMA in accordance with Article 4(6)(ea). Systematic internalisers shall not be subject to this Article and Articles 15, 16 and 17 when they deal in sizes above that threshold.

Removed:3. Systematic internalisers ▌minimum quoting size shall be determined by ESMA in accordance with paragraph 7. For a particular share, depository receipt, ETF, certificate or other financial instrument that is similar to those financial instruments and that is traded on a trading venue, each quote shall include a firm bid and offer price, or firm bid and offer prices for a size or sizes which could be up to the threshold determined by ESMA in accordance with paragraph 7. The price or prices shall reflect the prevailing market conditions for that share, depositary receipt, ETF, certificate or financial instrument that is similar to those financial instruments.’;

Removed:(b) the following paragraph 6a is inserted:

Removed:‘6a. ESMA shall, taking into consideration efficient valuation of shares, depositary receipts, ETFs, certificates and other similar financial instruments as well as the provision of favourable deals for investment firm clients, assess the appropriateness of the threshold for:

Removed:(a) the arrangements for the publication of a firm quote as referred to in paragraph 1;

Removed:(b) the size below which this Article and Articles 15, 16 and 17 shall apply to systematic internalisers as referred to in paragraph 2;

Removed:(c) the minimum quoting sizes as referred to in paragraph 3;

Removed:(d) the determination of whether prices reflect prevailing market conditions as referred to in paragraph 3; and

Removed:(e) the standard market size as referred to in paragraph 4.

Removed:On the basis of the assessment referred to in the first subparagraph, ESMA shall develop draft regulatory technical standards to modify the thresholds referred to in points (a)-(e), where appropriate.

Removed:ESMA shall submit those draft regulatory technical standards to the Commission by 31 December 2024.

Removed:Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the second subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.’;

Removed:(ba) in paragraph 7, the first subparagraph is replaced by the following:

Removed:‘In order to ensure the efficient valuation of shares, depositary receipts, ETFs, certificates and other similar financial instruments and maximise the possibility of investment firms to obtain the best deal for their clients, ESMA shall develop draft regulatory technical standards to specify further the arrangements for the publication of a firm quote as referred to in paragraph 1, the determination of the minimum quoting sizes as referred to in paragraph 3, and of the standard market size as referred to in paragraph 4.’

Removed:(8a) Article 15 is amended as follows:

Removed:(a) in paragraph 1, the following subparagraphs are added:

Removed:‘Upon the request of competent authorities, systematic internalisers shall provide the competent authority with a detailed description of the functioning of the systematic internaliser, including any links to or participation by a regulated market, an MTF, an OTF or a systematic internaliser owned by the same investment firm.

Removed:Competent authorities shall make that information available to ESMA on request.

Removed:Systematic internalisers shall establish and implement transparent and non-discriminatory rules and objective criteria for the efficient execution of orders. They shall have arrangements for the sound management of their technical operations, including the establishment of effective contingency arrangements to cope with risks of systems disruption.’;

Removed:(b) paragraph 5 is replaced by the following: