RTS · European Commission
Commission Delegated Regulation (EU) 2025/1246 of 18 June 2025 amending the regulatory technical standards laid down in Delegated Regulations (EU) 2017/583 and (EU) 2017/587 as regards transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances, and equity instruments
In force
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Amends RTS 2 (2017/583) and RTS 1 (2017/587) after the 2024 MiFIR review: removes request-for-quote and voice trading systems from non-equity pre-trade transparency, defines central limit order books and periodic auction systems, keeps some provisions for derivatives during the transition, and updates large-in-scale and other transparency rules for bonds, structured finance products, emission allowances and equity instruments. Parts apply from 2 March 2026.
Details
| Reference | Delegated Regulation (EU) 2025/1246 |
|---|---|
| Issuer | European Commission |
| Published | 3 Nov 2025 |
| CELEX | 32025R1246 |
| In force / applies from | 23 Nov 2025, 2 Mar 2026 |
Provisions it relates to
- Article 4 MiFIR · Waivers for equity instrumentsLegal basis
- Article 7 MiFIR · Authorisation of deferred publicationLegal basis
- Article 9 MiFIR · Waivers for bonds, structured finance products, emission allowances, derivatives and package ordersLegal basis
- Article 11 MiFIR · Deferred publication in respect of bonds, structured finance products or emission allowancesLegal basis
- Article 14 MiFIR · Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instrumentsLegal basis
- Article 20 MiFIR · Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instrumentsLegal basis
- Article 21 MiFIR · Post-trade disclosure by investment firms in respect of bonds, structured finance products, emission allowances and derivativesLegal basis
- Article 22 MiFIR · Providing information for the purposes of transparency and other calculationsLegal basis
- Article 23 MiFIR · Trading obligation for investment firmsLegal basis