(fra kommisjonsforordningen)

(1) To ensure that the pre- and post-trade transparency regime for derivatives is simple and, at the same time, appropriately calibrated, derivatives should be specified by reference to the contract type, type of underlying and time to maturity. In view of the heterogeneity of commodity derivatives markets, commodity derivatives contracts should be specified by reference to additional contract characteristics, including the load type and the delivery location of energy derivatives. 

(2) To ensure a simple and stable pre-trade transparency regime for derivatives, it is appropriate to introduce static thresholds for determining when an order in derivatives is large in scale. To allow for a better calibration of the large in scale thresholds across different exchange-traded equity derivatives, those derivatives should be further grouped into subclasses and, for each subclass, the large in scale thresholds should be calibrated by using liquidity bands based on average daily notional amounts. 

(3) Article 11a of Regulation (EU) No 600/2014 lays down requirements on deferred publication in respect of derivatives and empowers the European Securities and Markets Authority (ESMA) and the Commission to determine which derivatives or classes of derivatives are liquid, which are illiquid, above which transaction size it is possible to defer the publication of the details of the transaction, and the duration of deferrals. It is therefore necessary to determine the details of the regime on deferred publication in respect of derivatives. 

(4) To ensure a simple and stable transparency regime for derivatives, it is appropriate to introduce a static determination of liquidity for the purposes of the deferral regime set out in Article 11a of Regulation (EU) No 600/2014. For the same reason, that static determination of liquidity should also apply for the purposes of the illiquid waiver for derivatives set out in Article 9(1), point (c), of Regulation (EU) No 600/2014. 

(5) To ensure a simple and stable post-trade transparency regime for derivatives, the deferral regime set out in Article 11a of Regulation (EU) No 600/2014 should be based on static thresholds to determine what constitutes a transaction of a medium size, of a large size and of a very large size. Those size thresholds should be minimum thresholds. Market operators and investment firms operating a trading venue should therefore be able to adopt higher thresholds, where appropriate. To allow for a better calibration of the medium, large and very large size thresholds across different exchange-traded equity derivatives, those derivatives should be further grouped into subclasses and, for each subclass, the medium, large and very large size thresholds should be calibrated by using liquidity bands based on average daily notional amounts. 

(6) Article 11(3) of Regulation (EU) No 600/2014 allows ESMA and competent authorities to supplement the deferral regime pursuant to that Regulation only with respect to sovereign debt instruments. Article 11 of Commission Delegated Regulation (EU) 2017/58313 should therefore be deleted. 

(7) Article 1(8), first subparagraph, of Regulation (EU) No 600/2014 requires ESMA to specify the monetary, foreign exchange and financial stability policy operations and the types of transactions to which Article 1(6) and (7) of that Regulation apply with regard to members of the European System of Central Banks (ESCB) that are not members of the Eurosystem. Since the scope of the empowerment laid down in Article 1(8), third subparagraph, of Regulation (EU) No 600/2014 only covers transactions entered into by members of the ESCB that are not members of the Eurosystem, Articles 14 and 15 of Delegated Regulation (EU) 2017/583 should be amended accordingly. 

(8) Article 16 of Delegated Regulation (EU) 2017/583 on the temporary suspension of transparency obligations contains references to other provisions of that Regulation and of Regulation (EU) No 600/2014. In view of the amendments to Regulation (EU) No 600/2014 introduced by Regulation (EU) 2024/791 of the European Parliament and of the Council14 and the amendments to Delegated Regulation (EU) 2017/583, those references should be updated accordingly. 

(9) Delegated Regulation (EU) 2017/583 should therefore be amended accordingly. 

(10) As a result of the amendments to Annex III to Delegated Regulation (EU) 2017/583, the references to that Annex in Article 1(a), point (ii), and Articles 3, 4 and 5 of Commission Delegated Regulation (EU) 2017/219415 should be replaced with references specifying the exact scope of asset classes covered by those provisions. Furthermore, Article 2 of Delegated Regulation (EU) 2017/2194 should be aligned with the scope of OTC derivatives subject to transparency requirements pursuant to Article 8a(2) of Regulation (EU) No 600/2014. 

(11) Package orders consist of interlinked orders which are priced as a single economic unit, with each component bearing material economic or financial risk in relation to the others. Requiring pre-trade transparency for such a package where at least one of its components is not subject to pre-trade transparency requirements would be inconsistent with that nature. Package orders should therefore be subject to pre-trade transparency requirements only where all their components are subject to those requirements. 

(12) Delegated Regulation (EU) 2017/2194 should therefore be amended accordingly. 

(13) The input and output data necessary for the operation of the consolidated tape for bonds, as set out in Commission Delegated Regulation (EU) 2025/115516 , are based on the transparency requirements set out in Delegated Regulation (EU) 2017/583, and, as such, also comprise data on exchange-traded commodities (‘ETCs’) and exchangetraded notes (‘ETNs’). However, the inclusion of data on ETCs and ETNs in the consolidated tape for bonds can be misleading, since ETCs and ETNs trade more similar to shares and ETFs than to bonds. Therefore, data on ETCs and ETNs should not be reported to and disseminated by the consolidated tape for bonds. 

(14) Delegated Regulation 2025/1155 specifies the input and output data of the consolidated tape for bonds and the consolidated tape for shares and ETFs. In view of the establishment of a consolidated tape for OTC derivatives, it is necessary to also specify input and output data of the consolidated tape for OTC derivatives. To avoid an undue burden on data contributors, when determining the content of the data to be transmitted to and disseminated by the consolidated tape for OTC derivatives, it is important to ensure consistency with the pre- and post-trade transparency requirements for derivatives laid down in Delegated Regulation (EU) 2017/583 and, to the extent possible, with the data to be transmitted to and disseminated by the other consolidated tapes. 

(15) Delegated Regulation (EU) 2025/1155 should therefore be amended accordingly. 

(16) Commission Delegated Regulation (EU) 2025/1246 of 18 June 202517 amended Article 12 of Commission Delegated Regulation (EU) 2017/58718 . That amendment inadvertently deleted Article 12(6) that required investment firms to take all reasonable steps to ensure that the transaction is made public as a single transaction. Delegated Regulation (EU) 2025/1246 also inadvertently retained Article 12(4) of Delegated Regulation (EU) 2017/587. 

(17) Delegated Regulation (EU) 2017/587 should therefore be corrected accordingly. 

(18) To provide market participants with sufficient time to prepare for the new requirements, while ensuring the timely establishment of the OTC derivatives consolidated tape, the date of application of the amendments to Delegated Regulation (EU) 2017/583 and Delegated Regulation (EU) 2017/2194, and the amendments to Delegated Regulation (EU) 2025/1155 which relate to the input and output data of the OTC derivatives consolidated tape should be deferred. 

(19) This Regulation is based on the draft regulatory technical standards submitted to the Commission by ESMA. ESMA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council19 . 

(20) The expert stakeholder group on equity and non-equity market data quality and transmission protocols was consulted in accordance with Article 11a(3) and Article 22b(3) of Regulation (EU) No 600/2014. 

(21) To ensure an effective transparency regime and the successful establishment of the consolidated tape for OTC derivatives, and considering that all provisions of this Regulation concern pre- and post-trade transparency, it is necessary to include the amendments to Delegated Regulations (EU) 2017/583, (EU) 2017/2194 and (EU) 2025/1155 and the correction to Delegated Regulation (EU) 2017/587 into a single Regulation,