Shearman & Sterling LLP | FinReg | EU Delays Publication Dates for Annual Transparency Calculations for Non-Equities
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  • EU Delays Publication Dates for Annual Transparency Calculations for Non-Equities
    04/09/2020
    The European Securities and Markets Authority has issued a public statement announcing the delay of the publication dates of the annual transparency calculations for non-equity instruments. ESMA's statement is made in response to the impact of the coronavirus. The Markets in Financial Instruments Directive and Markets in Financial Instruments Regulation, which became effective on January 3, 2018, introduced pre- and post-trade transparency requirements for equity and non-equity financial instruments. ESMA is postponing the publication of the annual transparency calculation for derivatives, emission allowances and structured finance products from April 30, 2020 to July 15, 2020 and their application from June 1, 2020 to September 15, 2020. The transitional transparency calculations will continue to apply until September 14, 2020 (inclusive). The publication and application of the annual transparency calculations for bonds remain unchanged. The new thresholds will be applicable from June 1, 2020.

    In March 2020, ESMA confirmed that the existing date for the application of the equity transparency calculations will remain unchanged and that the transparency calculations that ESMA published on February 28, 2020 will apply to new instruments from April 1, 2020 until March 31, 2021.

    ESMA is also postponing the publication date for the quarterly systematic internaliser data for non-equity instruments other than bonds from May 1, 2020 to August 1, 2020. The mandatory systematic internaliser regime for derivatives, emission allowances and structured finance products will apply from September 15, 2020.

    View ESMA's statement.

    View details of ESMA's statement on equity transparency calculations.

    Details of other regulatory responses to COVID-19 are available on our COVID-19 Research Center.

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    TOPICS: COVID-19MiFID II