Europejski Urząd Nadzoru Giełd i Papierów Wartościowych (European Securities and Markets Authority - ESMA), Raport końcowy z przeglądu Regulacyjnych Standardów Technicznych 1 (transparentność kapitałowa)

28 March 2022

ESMA70-156-4944

Final Report

On the review of RTS 1 (equity transparency)

1 Executive Summary

Reasons for publication

Commission Delegated Regulation (EU) 2017/587 (RTS 1) and Commission Delegated Regulation (EU) 2017/583 (RTS 2) further specify the MiFIR pre-trade and post-trade transparency requirements for equity instruments (shares, depositary receipts, exchange traded funds (ETFs) and certificates) and non-equity instruments (bonds, structured finance products (SFPs), emission allowances and derivatives).

Three years after the start of application of MiFID II and MiFIR, ESMA started to review the applicable obligations both through a series of review reports on the MIFIDII/MiFIR framework itself as well as on technical standards specifying this framework. On the latter, ESMA published a Consultation Paper (CP) in July 2021 with proposals for amending RTS 1 and 2.

This Final Report presents ESMA’s draft RTS for the amendment of RTS 1 for the first step of the review. An...