EU · MiFIR · TITLE II TRANSPARENCY FOR TRADING VENUES · CHAPTER 1 Transparency for equity instruments
Article 7 MiFIRAuthorisation of deferred publication
Lets competent authorities authorise trading venues to defer publication of equity transactions based on type or size, in particular large-in-scale trades, with prior approval of the arrangements and disclosure to the market; ESMA monitors their use and reports annually, and RTS set the publication details, timing and deferral conditions.
Level 2: delegated and implementing acts
- RTSIn forceLegal basis
AI summaryAmends 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.
- RTSIn forceLegal basis
AI summaryAmends RTS 1 (2017/587) on equity transparency: aligns non-price forming transactions with RTS 22, raises the pre-trade large-in-scale threshold and the size qualifying for 60-minute deferral for ETFs, adds pre-trade transparency rules for hybrid trading systems and shortens publication delays. Most changes apply from 1 January 2024.
- RTSIn forceLegal basis
AI summaryRTS 1 on transparency for shares, depositary receipts, ETFs, certificates and similar instruments: defines non-price forming transactions, sets pre-trade transparency by trading system, the conditions for negotiated trade, large-in-scale and order management facility waivers, systematic internaliser quoting rules, and post-trade publication and deferrals, and covers the share trading obligation. Amended notably by Delegated Regulations 2019/442, 2023/944 and 2025/1246.
Level 3: ESMA Q&As, guidelines and opinions
- Q&ALegacy Q&A documentESMA rulebook
AI summaryESMA's consolidated legacy Q&A document on MiFID II and MiFIR transparency (final version 27 October 2023, printed with the reference ESMA70-1562901-35), covering equity and non-equity transparency, pre-trade waivers, the double volume cap, the systematic internaliser regime, data reporting services providers and third-country issues. It is no longer updated; later Q&As are in ESMA's Q&A tool.
Commentary
No law-firm commentary is linked to this provision yet.
219 more documents relate to MiFIR as a whole without naming an article.
UK counterpart
- Article 7 UK MiFIR · Authorisation of deferred publication
Revocation enacted by Financial Services and Markets Act 2023; no commencement date yet.
DivergedExplicit referenceUK changes after onshoring: S.I. 2024/107 (from 5 Apr 2024). UK revocation enacted (Financial Services and Markets Act 2023), not yet commenced.
- Explicit reference
The Handbook source note on this provision cites the article.
- MAR 5.7.1CD
- REC 2.6.18UK
- REC 3.14A.7CD Pre- and post- trade transparency requirements for equity and non-equity instruments: form of waiver and deferral
FCA Handbook references © FCA, used under the Open Government Licence v3.0. Rulestack is independent and not endorsed by the FCA.
Version history
- From 2 Jul 2014
Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.