Article 31 — Portfolio Compression

Financial servicesLevel 1RegulationMiFIRIn forceOfficial source

1.When providing portfolio compression, investment firms and market operators shall not be subject to the best execution obligation in Article 27 of Directive 2014/65/EU, the transparency obligations in Articles 8, 10, 18 and 21 of this Regulation and the obligation in Article 1(6) of Directive 2014/65/EU. The termination or replacement of the component derivatives in the portfolio compression shall not be subject to Article 28 of this Regulation.

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31(2)

2.Investment firms and market operators providing portfolio compression shall make public through an APA the volumes of transactions subject to portfolio compressions and the time they were concluded within the time limits specified in Article 10.

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31(3)

3.Investment firms and market operators providing portfolio compressions shall keep complete and accurate records of all portfolio compressions which they organise or participate in. Those records shall be made available promptly to the relevant competent authority or ESMA upon request.

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31(4)

4.The Commission may adopt by means of delegated acts in accordance with Article 50, measures specifying the following:

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31(4)(a)

(a)the elements of portfolio compression,

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31(4)(b)

(b)the information to be published pursuant to paragraph 2,

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in such a way as to make use as far as possible of any existing record keeping, reporting or publication requirements.