Skip to the text

Article 11 — Deferred publication in respect of bonds, structured finance products or emission allowances — compare

Showing 45 of 45Release 2 Nov 2026Details
Coverage
MiFIR: every English consolidation from 1 Jan 2022. Older wording is not held and is not replaced by any other text. Not covered: national guidance, court decisions.
Freshness
Release c89ff15e published 2 Nov 2026, 05:02 CET. This article checked word for word against EUR-Lex on 26 Oct 2026.
Shown
Showing 45 of 45
Failures
None.
Incomplete
No.
From
1 January 2022 · Consolidated version of 1 January 2022 · Checked against EUR-Lex on 26 Oct 2026 · Official source
To
2 November 2026 · Consolidated version of 28 March 2024 · Checked against EUR-Lex on 26 Oct 2026 · Official source

Authorisation Deferred publication in respect of deferred publicationbonds, structured finance products or emission allowances

11(1)

1.Competent authorities shall be able to authorise marketMarket operators and investment firms operating a trading venue to provide for deferredmay defer the publication of the details of transactions based on the size executed in respect of bonds, structured finance products or type of emission allowances traded on a trading venue, including the transactionprice and the volume, in accordance with this Article.

11(1)(a)
(a)are large in scale compared with the normal market size for that bond, structured finance product, emission allowance or derivative traded on a trading venue, or for that class of bond, structured finance product, emission allowance or derivative traded on a trading venue; or
11(1)(b)
(b)are related to a bond, structured finance product, emission allowance or derivative traded on a trading venue, or a class of bond, structured finance product, emission allowance or derivative traded on a trading venue for which there is not a liquid market;
11(1)(c)
(c)are above a size specific to that bond, structured finance product, emission allowance or derivative traded on a trading venue, or that class of bond, structured finance product, emission allowance or derivative traded on a trading venue, which would expose liquidity providers to undue risk and takes into account whether the relevant market participants are retail or wholesale investors.

In particular, the competent authorities may authorise Market operators and investment firms operating a trading venue shall clearly disclose the arrangements for deferred publication in respect to market participants and the public. ESMA shall monitor the application of transactions that:those arrangements and shall, every two years, submit a report to the Commission on how they are used in practice.

Market operators and investment firms operating a trading venue shall obtain the competent authority’s prior approval of proposed arrangements for deferred trade-publication, and shall clearly disclose those arrangements to market participants and the public. ESMA shall monitor the application of those arrangements for deferred trade-publication and shall submit an annual report to the Commission on how they are used in practice.

11(1a)

1a.The arrangements for deferred publication in respect of bonds, or classes thereof, shall be organised by using five categories:

11(1a)(a)
(a)category 1: transactions of a medium size in a financial instrument for which there is a liquid market;
11(1a)(b)
(b)category 2: transactions of a medium size in a financial instrument for which there is not a liquid market;
11(1a)(c)
(c)category 3: transactions of a large size in a financial instrument for which there is a liquid market;
11(1a)(d)
(d)category 4: transactions of a large size in a financial instrument for which there is not a liquid market;
11(1a)(e)
(e)category 5: transactions of a very large size.

When the period of deferral lapses, all the details of the transactions on an individual basis shall be published.

11(1b)

1b.The arrangements for deferred publication in respect of structured finance products or emission allowances, or classes thereof, traded on a trading venue shall be organised pursuant to the regulatory technical standards referred to in paragraph 4, point (g).

When the period of deferral lapses, all the details of the transactions on an individual basis shall be published.

11(2)

2.The competent authority responsible for supervising one or more trading venues on which a class of bond, structured finance product, or emission allowance or derivative is traded may, where the liquidity of that class of financial instrument falls below the threshold determined in accordance with the methodology as referred to in Article  9(5), point (a), temporarily suspend the obligations referred to in Article  10. That threshold shall be defined basedestablished on the basis of objective criteria specific to the market for the financial instrument concerned. Such temporary suspension shall be published on the website of the relevant competent authority.

The Such a temporary suspension shall be valid for an initial period not exceeding three months from the date of its publicationpublished on the website of the relevant competent authority. Such a suspension may and shall be renewed for further periods not exceeding three months at a time if the grounds for the temporary suspension continuenotified to be applicableESMA. Where the temporary suspension is not renewed afterESMA shall publish that three-month period, it shall automatically lapsetemporary suspension on its website.

Before suspending or renewing ESMA may, in the case of an emergency, such as a significant adverse effect on the temporary suspension liquidity of a class of the obligations referred to bond, structured finance product or emission allowance traded in Article 10the Union, extend the relevant competent authority shall notify ESMA of its intention and provide an explanationmaximum deferral durations set in accordance with the regulatory technical standards adopted pursuant to paragraph 4, points (f) and (g). ESMA shall issue Before deciding on such an opinion to the extension, ESMA shall consult with any competent authority as soon as practicable on whether in its view the suspension or the renewal of the temporary suspension responsible for supervising one or more trading venues on which that class of bond, structured finance product or emission allowance is justified in accordance with the first and second subparagraphstraded. Such an extension shall be published on the ESMA website.

The temporary suspension referred to in the first subparagraph or the extension referred to in the third subparagraph shall be valid for an initial period not exceeding three months from the date of its publication on the website of the relevant competent authority or ESMA, respectively. Such a suspension or extension may be renewed for further periods not exceeding three months at a time if the grounds for the temporary suspension or extension continue to be applicable.

Before suspending or renewing the temporary suspension as referred to in the first subparagraph, the relevant competent authority shall notify ESMA of its intention and provide an explanation. ESMA shall issue an opinion to the competent authority as soon as practicable on whether in its view the suspension or the renewal of the temporary suspension is justified in accordance with the first and fourth subparagraphs.

11(3)

3.Competent authorities In addition to the deferred publication as referred to in paragraph 1, the competent authority of a Member State may allow, in conjunction with an authorisation of deferred publicationrespect of sovereign debt instruments issued by that Member State, or classes thereof:

11(3)(a)
(a)request the publicationomission of limited detailsthe publication of a transaction or detailsthe volume of several transactions in an aggregated form, or a combination thereof, during the time period of deferralindividual transaction for an extended period not exceeding six months; or
11(3)(b)
(b)allow the omissionpublication of the publicationdetails of the volume ofseveral transactions in an individual transaction duringaggregated form for an extended time period of deferral;not exceeding six months.
11(3)(c)
(c)regarding non-equity instruments that are not sovereign debt, allow the publication of several transactions in an aggregated form during an extended time period of deferral;
11(3)(d)
(d)regarding sovereign debt instruments, allow the publication of several transactions in an aggregated form for an indefinite period of time.

In relationWith regard to transactions in sovereign debt instruments, points (b) and (d) may be used either separately or consecutively whereby once the volume omission extended period lapses, not issued by a Member State, decisions in accordance with the volumes could thenfirst subparagraph shall be published in aggregated formtaken by ESMA.

In relation to all other financial instruments, when ESMA shall publish on its website the list of deferrals allowed pursuant the deferral time period lapses, the outstanding details first and second subparagraphs. ESMA shall monitor the application of decisions taken pursuant to the transactionfirst and all the details of second subparagraphs and shall, every two years, submit a report to the transactionsCommission on an individual basis shall be publishedhow they are used in practice.

When the period of deferral lapses, all the details of the transactions on an individual basis shall be published.

11(4)

4.ESMA shall, after consulting the expert stakeholder group established pursuant to Article 22b(2), develop draft regulatory technical standards to specify the following in such a way as to enable the publication of information required under Article 64 of Directive 2014/65/EUpursuant to this Article and Article 27g:

11(4)(a)
(a)the details of transactions that investment firms, including systematic internalisers, and market operators and investment firms operating a trading venue shallare to make available to the public for each class of financial instrument concerned in accordance with Article 10(as referred to in paragraph 1) of this Article, including identifiers for the different types of transactions published under Article pursuant to Article 10(1) and Article  21(1), distinguishing between those determined by factors linked primarily to the valuation of the financial instruments and those determined by other factors;
11(4)(b)
(b)the time limit that would be deemed in complianceis considered to comply with the obligation to publish as close to real time as technically possible including when trades are executed outside ordinarynormal trading hours;
11(4)(c)
(c)the conditions for authorising investment firms, including systematic internalisers, and market operators and investment firms operatingwhich structured finance products or emission allowances traded on a trading venue, to provide for deferred publication of the details of transactions for each class of financial instrument concerned in accordance with paragraph 1 of this Article and with Article 21(4)or classes thereof, a liquid market exists;
11(4)(d)
(d)the criteria to be applied when determining the size or type ofwhat constitutes a transaction for which deferred publicationliquid and publication of limited details of a transactionilliquid market for bonds, or publication of details of several transactions in an aggregated formclasses thereof, or omission of the publication of the volume of a transaction with particular referenceexpressed as thresholds determined according to allowing an extended length of timethe issuance size of deferral for certain financial instruments depending on their liquidity, is allowed under paragraph 3.those bonds;
11(4)(e)
(e)for a liquid or illiquid bond, or for a class thereof, what constitutes a transaction of a medium size, of a large size and of a very large size, as referred to in paragraph 1a of this Article, on the basis of a quantitative and qualitative analysis and taking into account the criteria in Article 2(1), point (17)(a), and other relevant criteria where applicable;
11(4)(f)
(f)in respect of bonds, or classes thereof, the price and volume deferrals applicable to each of the five categories set out in paragraph 1a, applying the following maximum durations:
11(4)(f)(i)
(i)for transactions in category 1: a price deferral and a volume deferral not exceeding 15 minutes;
11(4)(f)(ii)
(ii)for transactions in category 2: a price deferral and a volume deferral not exceeding the end of the trading day;
11(4)(f)(iii)
(iii)for transactions in category 3: a price deferral not exceeding the end of the first trading day after the transaction date and a volume deferral not exceeding one week after the transaction date;
11(4)(f)(iv)
(iv)for transactions in category 4: a price deferral not exceeding the end of the second trading day after the transaction date and a volume deferral not exceeding two weeks after the transaction date;
11(4)(f)(v)
(v)for transactions in category 5: a price deferral and a volume deferral not exceeding four weeks after the transaction date;
11(4)(g)
(g)the arrangements for deferred publication in respect of structured finance products and emission allowances, or classes thereof, on the basis of a quantitative and qualitative analysis and taking into account the criteria in Article 2(1), point (17)(a), and other relevant criteria where applicable;
11(4)(h)
(h)in respect of sovereign debt instruments, or classes thereof, the criteria to be applied when determining the size or type of a transaction in such instruments for which decisions can be taken pursuant to paragraph 3.

For each of the categories set out in paragraph 1a, ESMA shall submit those regularly update the draft regulatory technical standards referred to in the Commission first subparagraph, point (f), of this paragraph in order to recalibrate the applicable deferral duration with the aim of gradually decreasing it where appropriate. No later than one year after the decreased deferral durations become applicable, ESMA shall perform a quantitative and qualitative analysis to assess the effects of the decrease. Where available, ESMA shall use the post-trade transparency data disseminated by 3 July 2015the CTP for this purpose. If adverse effects to the financial instruments appear, ESMA shall update the draft regulatory technical standards referred to in the first subparagraph, point (f), of this paragraph to increase the deferral duration back to the previous level.

Power is delegated toESMA shall submit the Commission to adopt thedraft regulatory technical standards referred to in the first subparagraph in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010the Commission by 29 December 2024.

Power is delegated to the Commission to supplement this Regulation by adopting the regulatory technical standards referred to in the first and second subparagraphs in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.