Commission Delegated Regulation (EU) 2023/944 of 17 January 2023 amending and correcting t…

as it stood on 2023-01-17, permalink: /eu-eurlex/32023r0944/2023-01-17

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Outline, 4 provisions

art_1 art_2 art_3 art_4

art_1 #art_1

Article 1

Delegated Regulation (EU) 2017/587 is amended as follows:

(1)	in Article 1, points (2) and (3) are deleted;

(2)	Article 2 is amended as follows:(a)points (d) to (i) are deleted;(b)the following point (j) is added:‘(j)the transaction does not constitute a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014 in accordance with Article 2(5) of Commission Delegated Regulation (EU) 2017/590(1).(1) 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 (OJ L 87, 31.3.2017, p. 449).’;"
(a)	points (d) to (i) are deleted;
(b)	the following point (j) is added:‘(j)the transaction does not constitute a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014 in accordance with Article 2(5) of Commission Delegated Regulation (EU) 2017/590(1).(1) 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 (OJ L 87, 31.3.2017, p. 449).’;"
‘(j)	the transaction does not constitute a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014 in accordance with Article 2(5) of Commission Delegated Regulation (EU) 2017/590(*1).

(3)	Article 6 is amended as follows:(a)points (d) to (i) are deleted;(b)the following point (k) is added;‘(k)the transaction does not constitute a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014 in accordance with Article 2(5) of Delegated Regulation (EU) 2017/590.’;
(a)	points (d) to (i) are deleted;
(b)	the following point (k) is added;‘(k)the transaction does not constitute a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014 in accordance with Article 2(5) of Delegated Regulation (EU) 2017/590.’;
‘(k)	the transaction does not constitute a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014 in accordance with Article 2(5) of Delegated Regulation (EU) 2017/590.’;

(4)	in Article 7, paragraph 2 is replaced by the following:‘2. An order in respect of an ETF shall be considered to be large in scale where the order is equal to or larger than EUR 3 000 000.’;

(5)	in Article 13, points (b), (c) and (d) are deleted;

(6)	in Article 15(3), point (b) is replaced by the following:‘(b)no later than the opening of the next trading day of the most relevant market in terms of liquidity for transactions not covered in point (a).’;
‘(b)	no later than the opening of the next trading day of the most relevant market in terms of liquidity for transactions not covered in point (a).’;

(7)	Article 17 is amended as follows:(a)paragraph 2 is replaced by the following:‘2. Competent authorities, market operators and investment firms including investment firms operating a trading venue shall use the information published in accordance with paragraph 1 of this Article for the purposes of Article 4(1), points (a) and (c) and Article 14(2) and (4) of Regulation (EU) No 600/2014, for the period between the first Monday of April of the year in which the information is published and the day before the first Monday of April of the subsequent year.’;(b)the following paragraphs 6 and 7 are added:‘6. Where ESMA or competent authorities require information in accordance with Article 22 of Regulation (EU) No 600/2014 trading venues, APAs and CTPs shall provide such information in accordance with Annex IV to this Regulation.7. Where the trade size determined for the purposes of Article 7(1) and (2), Article 8 (2), point (a), Article 11(1) and Article 15(1) is expressed in monetary value and the financial instrument is not denominated in Euros, the trade size shall be converted to the currency in which the financial instrument is denominated by applying the European Central Bank euro foreign exchange reference rate as of 31 December of the preceding year.’;
(a)	paragraph 2 is replaced by the following:‘2. Competent authorities, market operators and investment firms including investment firms operating a trading venue shall use the information published in accordance with paragraph 1 of this Article for the purposes of Article 4(1), points (a) and (c) and Article 14(2) and (4) of Regulation (EU) No 600/2014, for the period between the first Monday of April of the year in which the information is published and the day before the first Monday of April of the subsequent year.’;
(b)	the following paragraphs 6 and 7 are added:‘6. Where ESMA or competent authorities require information in accordance with Article 22 of Regulation (EU) No 600/2014 trading venues, APAs and CTPs shall provide such information in accordance with Annex IV to this Regulation.7. Where the trade size determined for the purposes of Article 7(1) and (2), Article 8 (2), point (a), Article 11(1) and Article 15(1) is expressed in monetary value and the financial instrument is not denominated in Euros, the trade size shall be converted to the currency in which the financial instrument is denominated by applying the European Central Bank euro foreign exchange reference rate as of 31 December of the preceding year.’;

(7)

Article 17 is amended as follows:(a)paragraph 2 is replaced by the following:‘2. Competent authorities, market operators and investment firms including investment firms operating a trading venue shall use the information published in accordance with paragraph 1 of this Article for the purposes of Article 4(1), points (a) and (c) and Article 14(2) and (4) of Regulation (EU) No 600/2014, for the period between the first Monday of April of the year in which the information is published and the day before the first Monday of April of the subsequent year.’;(b)the following paragraphs 6 and 7 are added:‘6. Where ESMA or competent authorities require information in accordance with Article 22 of Regulation (EU) No 600/2014 trading venues, APAs and CTPs shall provide such information in accordance with Annex IV to this Regulation.7. Where the trade size determined for the purposes of Article 7(1) and (2), Article 8 (2), point (a), Article 11(1) and Article 15(1) is expressed in monetary value and the financial instrument is not denominated in Euros, the trade size shall be converted to the currency in which the financial instrument is denominated by applying the European Central Bank euro foreign exchange reference rate as of 31 December of the preceding year.’;

(a)

paragraph 2 is replaced by the following:‘2. Competent authorities, market operators and investment firms including investment firms operating a trading venue shall use the information published in accordance with paragraph 1 of this Article for the purposes of Article 4(1), points (a) and (c) and Article 14(2) and (4) of Regulation (EU) No 600/2014, for the period between the first Monday of April of the year in which the information is published and the day before the first Monday of April of the subsequent year.’;

(b)

the following paragraphs 6 and 7 are added:‘6. Where ESMA or competent authorities require information in accordance with Article 22 of Regulation (EU) No 600/2014 trading venues, APAs and CTPs shall provide such information in accordance with Annex IV to this Regulation.7. Where the trade size determined for the purposes of Article 7(1) and (2), Article 8 (2), point (a), Article 11(1) and Article 15(1) is expressed in monetary value and the financial instrument is not denominated in Euros, the trade size shall be converted to the currency in which the financial instrument is denominated by applying the European Central Bank euro foreign exchange reference rate as of 31 December of the preceding year.’;

(8)	Annex I is amended in accordance with Annex I to this Regulation;

(9)	Annex II is amended in accordance with Annex II to this Regulation;

(10)	The text set out in Annex III to this Regulation is added as Annex IV.

art_2 #art_2

Article 2

Delegated Regulation (EU) 2017/587 is corrected as follows:

(1)	in Article 9, point (b) is replaced by the following:‘(b)the arrangement complies with technical arrangements equivalent to those specified for approved publication arrangements (APAs) in Article 14 of Delegated Regulation (EU) 2017/571 that facilitate the consolidation of the data with similar data from other sources;’;
‘(b)	the arrangement complies with technical arrangements equivalent to those specified for approved publication arrangements (APAs) in Article 14 of Delegated Regulation (EU) 2017/571 that facilitate the consolidation of the data with similar data from other sources;’;

(2)

Article 18 is replaced by the following:‘Article 18Reference to competent authorities(Article 22(1) of Regulation (EU) No 600/2014)The competent authority for a specific financial instrument responsible for performing the calculations and ensuring the publication of the information referred to in Articles 4, 7, 11 and 17 shall be the competent authority of the most relevant market in terms of liquidity in Article 26 of Regulation (EU) No 600/2014 and specified in Article 16 of Delegated Regulation (EU) 2017/590.’.

art_3 #art_3

Article 3

Articles 2, 6 and 13 of and Annex I to Delegated Regulation (EU) 2017/587 as applicable on 31 December 2023 shall continue to apply to transactions executed before 1 January 2024.

art_4 #art_4

Article 4

This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

Article 1, points (2), (3), (5), and (8) shall apply from 1 January 2024.

Provenance and validity dates, identifier, hash

as of	2023-01-17 → this version applied
valid	2023-01-17 → open publisher-asserted
type	REG_DEL Commission Delegated Regulation (EU) 2023/944 of 17 January 2023 amending and correcting the regulatory technical standards laid down in Delegated Regulation (EU) 2017/587 as regards certain transparency requirements applicable to transactions in equity instruments (Text with EEA relevance)
language	en
published	2023-01-17
lex_id	eu-eurlex:32023r0944:2023-01-17
record sha256	ee70171078135cb51a82ee7a272912f3ffe1389572f9e1807addb9c26c74a98c

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