(fra kommisjonsforordningen)

(1) Regulation (EU) 2024/2809 of the European Parliament and of the Council amended Article 5 of Regulation (EU) No 596/2014 by requiring issuers to report transactions relating to buy-back programmes only to the competent authority of the most relevant market in terms of liquidity as referred to in Article 26(1) of Regulation (EU) No 600/2014 of the European Parliament and of the Council, rather than to the competent authority of each trading venue on which the shares have been admitted to trading or are traded, to be able to benefit from the exemption laid down in Article 5(1) of Regulation (EU) No 596/2014. Regulation (EU) 2024/2809 also simplified the disclosure regime for buy-back transactions by allowing an issuer to disclose to the public only the aggregated volume and the weighted average price per day and per trading venue. It is therefore necessary to amend Article 2 of Delegated Regulation (EU) 2016/1052 to align it with those amendments to Regulation (EU) No 596/2014. 

(2) To reduce the administrative burden on issuers conducting a buy-back programme, while preserving the ability of competent authorities to monitor trading activity and to detect suspicious behaviours connected with the execution of buy-back programmes, issuers should report the transactions relating to buy-back programmes in aggregated form to the competent authority of the most relevant market in terms of liquidity for the shares, as referred to in Article 26(1) of Regulation (EU) No 600/2014. 

(3) To reduce the administrative burden on issuers, offerors, and entities undertaking stabilisation measures, and to align the regulatory treatment of stabilisation measures to that of buy-back programmes, such issuers, offerors, or entities should disclose information about the stabilisation measures in aggregated form. For the same reason, such issuers, offerors, or entities should also report transactions that are part of a stabilisation programme in aggregated form, and only to the competent authority of the most relevant market in terms of liquidity for each instrument concerned, as referred to in Article 26(1) of Regulation (EU) No 600/2014. That competent authority should, upon request, forward that information to the competent authority of each trading venue on which the securities under the stabilisation and the associated instruments are admitted to trading and are traded. 

(4) Delegated Regulation (EU) 2016/1052 should therefore be amended accordingly. 

(5) This Regulation is based on draft regulatory technical standards submitted to the Commission by European Securities and Markets Authority (ESMA). 

(6) ESMA did not conduct open public consultations on the draft regulatory technical standards on which this Regulation is based, nor did it analyse the potential related costs and benefits of introducing such standards, as to have done so would have been highly disproportionate to the scope and impact of those standards, taking into account their limited scope and that they do not impose any additional requirements on market participants. The final draft was published for feedback on the Better Regulation Portal of the European Commission for a four-week period from 21 September to 19 October 2026,