What changed, Commission Delegated Regulation (EU) 2017/588 of 14 July 2016 supplementing Directive 2014/65/EU

+ ### Article 1 — Most relevant market in terms of liquidity
− ### art_1
+ For the purposes of this Regulation, the most relevant market in terms of liquidity for a share or a depositary receipt shall be considered to be the most relevant market in terms of liquidity as referred to in Article 4(1)(a) of Regulation (EU) No 600/2014 and specified in Article 4 of Commission D…
− Article 1
+ ### Article 2
− For the purposes of this Regulation, the most relevant market in terms of liquidity for a share or a depositary receipt shall be considered to be the most relevant market in terms of liquidity as referred to in Article 4(1)(a) of Regulation (EU) No 600/2014 and specified in Article 4 of Commission D…
+ Tick size for shares, depositary receipts and exchange-traded funds
− ### art_2
+ (Article 49(1) and (2) of Directive 2014/65/EU)
− Article 2
+ (a) the liquidity band in the table in the Annex corresponding to average daily number of transactions in the most relevant market in terms of liquidity for that instrument; and
− | (a) | the liquidity band in the table in the Annex corresponding to average daily number of transactions in the most relevant market in terms of liquidity for that instrument; and |
− | --- | --- |
+ (b) the price range in that liquidity band corresponding to the price of the order.
− | (b) | the price range in that liquidity band corresponding to the price of the order. |
− | --- | --- |
+ (a) the liquidity band in the table in the Annex corresponding to the highest average daily number of transactions; and
− | (a) | the liquidity band in the table in the Annex corresponding to the highest average daily number of transactions; and |
− | --- | --- |
+ (b) the price range in that liquidity band corresponding to the price of the order.
− | (b) | the price range in that liquidity band corresponding to the price of the order. |
− | --- | --- |
+ ### Article 3
+ 
+ Average daily number of transactions for shares and depositary receipts
− ### art_3
+ (Article 49(1) and (2) of Directive 2014/65/EU)
− Article 3
+ The competent authority referred to in subparagraph 1shall be the competent authority of the most relevant market in terms of liquidity as specified in Article 16 of Commission Delegated Regulation (EU) 2017/590 (2).
− The competent authority referred to in subparagraph 1shall be the competent authority of the most relevant market in terms of liquidity as specified in Article 16 of Commission Delegated Regulation (EU) 2017/590 (5).
+ (a) it shall include, for each trading venue, transactions executed under the rules of that trading venue, excluding reference price and negotiated transactions flagged as set out in Table 4 of Annex I to Delegated Regulation (EU) 2017/587 and transactions executed on the basis of at least one order…
− | (a) | it shall include, for each trading venue, transactions executed under the rules of that trading venue, excluding reference price and negotiated transactions flagged as set out in Table 4 of Annex I to Delegated Regulation (EU) 2017/587 and transactions executed on the basis of at least one o…
− | --- | --- |
+ (b) it shall cover either the preceding calendar year or, where applicable, the period of the preceding calendar year during which the financial instrument was admitted to trading or has been traded on a trading venue and was not suspended from trading.
− | (b) | it shall cover either the preceding calendar year or, where applicable, the period of the preceding calendar year during which the financial instrument was admitted to trading or has been traded on a trading venue and was not suspended from trading. |
− | --- | --- |
+ 
+ 8. The competent authority for a specific share may adjust the average daily number of transactions calculated or estimated by that competent authority for that share in accordance with the procedure set out in paragraphs 1 to 7 where all of the following conditions are met:
+ 
+ (a) the trading venue with the highest turnover for that share is located in a third country;
+ 
+ (b) where that average daily number of transactions has been calculated and published in accordance with the procedure set out in paragraphs 1 to 4, it is equal to or greater than one.
+ When adjusting the average daily number of transactions for a share, the competent authority shall take into account the transactions executed on the third-country trading venue with the highest turnover for trading of that share.
+ 
+ 9. The competent authority that adjusted the average daily number of transactions for a share in accordance with paragraph 8 shall ensure the publication of that adjusted average daily number of transactions. Prior to that publication, the competent authority shall communicate the adjusted average d…
+ 
+ 10. Trading venues shall apply the tick sizes of the liquidity band corresponding to the adjusted average daily number of transactions from the second calendar day after its publication.
+ 
+ ### Article 4
+ 
+ Corporate actions
− ### art_4
+ (Article 49(1) and (2) of Directive 2014/65/EU)
− Article 4
+ ### Article 5 — Transitional provisions
− ### art_5
− 
− Article 5
+ (a) no later than 4 weeks prior to the date of application of Regulation (EU) No 600/2014 where the date on which shares or depositary receipts are traded for the first time on a trading venue within the Union is a date not less than 10 weeks prior to the date of application of Regulation (EU) No 60…
− | (a) | no later than 4 weeks prior to the date of application of Regulation (EU) No 600/2014 where the date on which shares or depositary receipts are traded for the first time on a trading venue within the Union is a date not less than 10 weeks prior to the date of application of Regulation (EU) N…
− | --- | --- |
+ (b) no later than the date of application of Regulation (EU) No 600/2014 where the date on which financial instruments are traded for the first time on a trading venue within the Union is a date falling within the period commencing 10 weeks prior to the date of application of Regulation (EU) No 600/…
− | (b) | no later than the date of application of Regulation (EU) No 600/2014 where the date on which financial instruments are traded for the first time on a trading venue within the Union is a date falling within the period commencing 10 weeks prior to the date of application of Regulation (EU) No …
− | --- | --- |
+ (a) where the date on which shares or depositary receipts are traded for the first time on a trading venue within the Union is a date not less than 16 weeks prior to the date of application of Regulation (EU) No 600/2014, the calculation shall be based on data available for a 40-week reference perio…
− | (a) | where the date on which shares or depositary receipts are traded for the first time on a trading venue within the Union is a date not less than 16 weeks prior to the date of application of Regulation (EU) No 600/2014, the calculation shall be based on data available for a 40-week reference p…
− | --- | --- |
+ (b) where the date on which shares or depositary receipts are traded for the first time on a trading venue within the Union is a date within the period commencing 16 weeks prior to the date of application of Regulation (EU) No 600/2014 and ending 10 weeks prior to the date of application of Regulati…
− | (b) | where the date on which shares or depositary receipts are traded for the first time on a trading venue within the Union is a date within the period commencing 16 weeks prior to the date of application of Regulation (EU) No 600/2014 and ending 10 weeks prior to the date of application of Regu…
− | --- | --- |
+ (c) where the date on which shares or depositary receipts are traded for the first time on a trading venue within the Union is a date falling within the period commencing 10 weeks prior to the date of application of Regulation (EU) No 600/2014 and ending on the day preceding the date of application …
− | (c) | where the date on which shares or depositary receipts are traded for the first time on a trading venue within the Union is a date falling within the period commencing 10 weeks prior to the date of application of Regulation (EU) No 600/2014 and ending on the day preceding the date of applicat…
− | --- | --- |
+ ### Article 6 — Entry into force and application
− ### art_6
+ This Regulation shall enter into force on the twentieth day following that of its publication in the *Official Journal of the European Union*.
− Article 6
− This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
− 
+ 
+ This Regulation shall be binding in its entirety and directly applicable in all Member States.
+ 
+ ### ANNEX
+ 
+ **Tick size table**
+ 
+ |  | Liquidity bands |  |  |  |  |  |
+ | --- | --- | --- | --- | --- | --- | --- |
+ | Price ranges | 0 ≤ Average daily number of transactions < 10 | 10 ≤ Average daily number of transactions < 80 | 80 ≤ Average daily number of transactions < 600 | 600 ≤ Average daily number of transactions < 2 000 | 2 000 ≤ Average daily number of transactions < 9 000 | 9 000 ≤ Average daily number…
+ | 0 ≤ price < 0,1 | 0,0005 | 0,0002 | 0,0001 | 0,0001 | 0,0001 | 0,0001 |
+ | 0,1 ≤ price < 0,2 | 0,001 | 0,0005 | 0,0002 | 0,0001 | 0,0001 | 0,0001 |
+ | 0,2 ≤ price < 0,5 | 0,002 | 0,001 | 0,0005 | 0,0002 | 0,0001 | 0,0001 |
+ | 0,5 ≤ price < 1 | 0,005 | 0,002 | 0,001 | 0,0005 | 0,0002 | 0,0001 |
+ | 1 ≤ price < 2 | 0,01 | 0,005 | 0,002 | 0,001 | 0,0005 | 0,0002 |
+ | 2 ≤ price < 5 | 0,02 | 0,01 | 0,005 | 0,002 | 0,001 | 0,0005 |
+ | 5 ≤ price < 10 | 0,05 | 0,02 | 0,01 | 0,005 | 0,002 | 0,001 |
+ | 10 ≤ price < 20 | 0,1 | 0,05 | 0,02 | 0,01 | 0,005 | 0,002 |
+ | 20 ≤ price < 50 | 0,2 | 0,1 | 0,05 | 0,02 | 0,01 | 0,005 |
+ | 50 ≤ price < 100 | 0,5 | 0,2 | 0,1 | 0,05 | 0,02 | 0,01 |
+ | 100 ≤ price < 200 | 1 | 0,5 | 0,2 | 0,1 | 0,05 | 0,02 |
+ | 200 ≤ price < 500 | 2 | 1 | 0,5 | 0,2 | 0,1 | 0,05 |
+ | 500 ≤ price < 1 000 | 5 | 2 | 1 | 0,5 | 0,2 | 0,1 |
+ | 1 000 ≤ price < 2 000 | 10 | 5 | 2 | 1 | 0,5 | 0,2 |
+ | 2 000 ≤ price < 5 000 | 20 | 10 | 5 | 2 | 1 | 0,5 |
+ | 5 000 ≤ price < 10 000 | 50 | 20 | 10 | 5 | 2 | 1 |
+ | 10 000 ≤ price < 20 000 | 100 | 50 | 20 | 10 | 5 | 2 |
+ | 20 000 ≤ price < 50 000 | 200 | 100 | 50 | 20 | 10 | 5 |
+ | 50 000 ≤ price | 500 | 200 | 100 | 50 | 20 | 10 |
+ 
+ (1) Commission Delegated Regulation (EU) 2017/587 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment f…
+ 
+ (2) Commission Delegated Regulation (EU) 2017/590 of 28 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities (see page 449 of this Official Journal).