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Article 9 — Waivers for bonds, structured finance products, emission allowances, derivatives and package orders — compare

Showing 18 of 18Release 1 Nov 2026Details
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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.
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Release a4f2a049 published 1 Nov 2026, 17:41 CET. This article checked word for word against EUR-Lex on 26 Oct 2026.
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1 January 2022 · Consolidated version of 1 January 2022 · Checked against EUR-Lex on 26 Oct 2026 · Official source
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2 November 2026 · Consolidated version of 28 March 2024 · Checked against EUR-Lex on 1 Nov 2026 · Official source

Waivers for non-equity instrumentsbonds, structured finance products, emission allowances, derivatives and package orders

9(1)

1.Competent authorities shall be able to waive the obligation for market operators and investment firms operating a trading venue to make public the information referred to in Article  8(1), Article 8a(1) and (2) and Article 8b(1) for:

9(1)(b)
(b)actionable indications of interest in request-for-quote and voice trading systems that are above a size specific to the financial instrument, which would expose liquidity providers to undue risk and takes into account whether the relevant market participants are retail or wholesale investors; [in_force → deleted]
9(1)(c)
(c)OTC derivatives which are not subject to the trading obligation specified as referred to in Article  28 and for which there is not a liquid market, and other financial instruments for which there is not a liquid market;
9(1)(e)(ii)
(ii)at least one of its components is large in scale compared with the normal market size, unless there is a liquid market for the package order as a whole;.
9(1)(e)(iii)
(iii)all of its components are executed on a request-for-quote or voice system and are above the size specific to the instrument. [in_force → deleted]
9(2a)

2a.Competent authorities shall be able to waive the obligation referred to in Article 8 8b(1) for each individual component of a package order.

9(3)

3.Competent authorities, may, either on their own initiative or upon request by other competent authorities or by ESMA, withdraw a waiver granted under paragraph pursuant to paragraph 1 if they observe that the waiver is being used in a way that deviates from its original purpose or if they consider that the waiver is being used to circumvent the requirements established in this Article.

9(4)

4.The competent authority responsible for supervising one or more trading venues on which a class of bond, structured finance product, emission allowance or derivative is traded may, where the liquidity of that class of financial instrument falls below a specified threshold, temporarily suspend the obligations referred to in Article  8. The specified threshold shall be definedset on the basis of objective criteria specific to the market for the financial instrument concerned. Notification of such temporary suspension shall be published on the website of the relevant competent authority and shall be notified to ESMA. ESMA shall publish that temporary suspension on its website.

Before suspending, or renewing thea temporary suspension under this paragraph of, the obligations referred to in Article  8, 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 second subparagraphs of this paragraph.

9(5)(b)
(b)the range of bid and offer prices or quotes and the depth of trading interests at those prices, or indicative pre-trade bid and offer prices which are close to the price of the trading interest, to be made public for each class of financial instrument concerned in accordance with Article  8(1), Article 8a(1) and (2) and Article 8b (41), taking into account the necessary calibration for different types of trading systems as referred to in Article  8(2), Article 8a(3) and Article 8b(2);
9(5)(d)
(d)the size specific to the financial instrument referred to in paragraph 1(b) and the definition of request-for-quote and voice trading systems for which pre-trade disclosure may be waived under paragraph 1; [in_force → deleted]
9(5)(d)(i)
(i)whether, at such sizes, liquidity providers would be able to hedge their risks;
9(5)(d)(ii)
(ii)where a market in the financial instrument, or a class of financial instruments, consists in part of retail investors, the average value of transactions undertaken by those investors;

When determining the size specific to the financial instrument that would expose liquidity providers to undue risk and takes into account whether the relevant market participants are retail or wholesale investors, in accordance with paragraph 1(b), ESMA shall take the following factors into account:

9(5)(e)
(e)the financial instruments or the classes of financial instruments for which there is not a liquid market where pre-trade disclosure may be waived under paragraph 1.;
9(5)(f)
(f)the characteristics of central limit order books and periodic auction trading systems.

ESMA shall submit those draft regulatory technical standards to the Commission by 3 July 201529 March 2025.

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

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