{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"from:2026-03-02","held_since":"2026-03-02","gaps":[],"covered":["2017/567 — Delegated act — Transparency, compression and supervisory measures [in force] L2"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"EUR-Lex"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifir/level-2/delegated-acts/2017-567-definitions-transparency-portfolio-compression-and/articles/23","url":"https://www.headlesslaw.com/mifir/level-2/delegated-acts/2017-567-definitions-transparency-portfolio-compression-and/articles/23","title":"Article 23 — Transitional provisions","family":"l2_unit_view","work_id":"spaces/mifir/level-2/delegated-acts/2017-567-definitions-transparency-portfolio-compression-and","view_of":"/mifir/level-2/delegated-acts/2017-567-definitions-transparency-portfolio-compression-and","status":"in_force","force_status":"in_force","date_state":"current","requested_date":null,"as_of":"2026-11-01","applies_from":null,"application":null,"version_label":"Consolidated version of 23 August 2026","check":{"against":"EUR-Lex","on":"2026-10-26"},"check_result":"matched","official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02017R0567-20260823","valid_from":"2017-04-20","valid_until":null,"content_id":"1e9ce6952dfb927c","versions":["2017-04-20"],"version_url":"https://www.headlesslaw.com/mifir/level-2/delegated-acts/2017-567-definitions-transparency-portfolio-compression-and/articles/23/versions/2026-03-02","revision_url":"https://www.headlesslaw.com/mifir/level-2/delegated-acts/2017-567-definitions-transparency-portfolio-compression-and/articles/23/versions/2026-03-02/rev/1e9ce6952dfb927c","versions_url":"https://www.headlesslaw.com/mifir/level-2/delegated-acts/2017-567-definitions-transparency-portfolio-compression-and/articles/23/versions","relations_url":"https://www.headlesslaw.com/mifir/level-2/delegated-acts/2017-567-definitions-transparency-portfolio-compression-and/articles/23/relations","act_url":"https://www.headlesslaw.com/mifir/level-2/delegated-acts/2017-567-definitions-transparency-portfolio-compression-and#art-23","source_line":"Commission Delegated Regulation (EU) 2017/567 · binding · OJ L 87, 31.3.2017 · dated 18 May 2016 [in force]","attribution":{"prepared_by":"European Commission","published_by":"Publications Office of the EU","published_in":"Official Journal of the European Union","document_type":"delegated_regulation","legal_nature":"binding_adopted","addressees":"not stated in the document","dates":{"document_date":"2016-05-18","entry_into_force":"2017-04-20","locators":{"document_date":"CELLAR 32017R0567 work_date_document","entry_into_force":"CELLAR 32017R0567 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/mifir/level-2/delegated-acts/2017-567-definitions-transparency-portfolio-compression-and","path":"/mifir/level-2/delegated-acts/2017-567-definitions-transparency-portfolio-compression-and","name":"Commission Delegated Regulation (EU) 2017/567","number":"2017/567","celex":"32017R0567","title_official":"COMMISSION DELEGATED REGULATION (EU) 2017/567 of 18 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions (Text with EEA relevance)","document_date":"2016-05-18"},"position":{"kind":"article","key":"23","index":25,"articles":26,"annexes":1},"prev":{"path":"/mifir/level-2/delegated-acts/2017-567-definitions-transparency-portfolio-compression-and/articles/22","key":"22","title":"Article 22 — Position management powers of ESMA (Article 45 of Regulation (EU) No 600/2014)"},"next":{"path":"/mifir/level-2/delegated-acts/2017-567-definitions-transparency-portfolio-compression-and/articles/24","key":"24","title":"Article 24 — Entry into Force"},"act_anchor":"#art-23"}},"provenance":{"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02017R0567-20260823","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mifir/level-2/delegated-acts/2017-567-definitions-transparency-portfolio-compression-and.md","unit_text_sha256":"75ce8b7760f7a112621b51bbf4feaf06b1b785d833394254e8afef704e69b636","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/mifir/level-2/delegated-acts/2017-567-definitions-transparency-portfolio-compression-and/art-23","kind":"article","key":"23","heading":"Article 23 — Transitional provisions","text":"## <a id=\"art-23\"></a>Article 23 — Transitional provisions\n\n1. <a id=\"art-23-p-1\"></a>By way of derogation from Article 5(1), from the date of entry into force of this Regulation until the date of application thereof, competent authorities shall carry out liquidity assessments and shall publish the result of those assessments immediately upon their completion in accordance with the following timeframe:\n\n    <a id=\"art-23-p-1-a\"></a>**(a)** where the date on which financial instruments are traded for the first time on a trading venue within the Union is a date not less than 10 weeks prior to the date of application of Regulation (EU) No 600/2014, competent authorities shall publish the result of the assessments no later than four weeks prior to the date of application of Regulation (EU) No 600/2014;\n\n    <a id=\"art-23-p-1-b\"></a>**(b)** where the date on which financial instruments are traded for the first time on a trading venue within the Union is a date falling within the period commencing 10 weeks prior to the date of application of Regulation (EU) No 600/2014 and ending on the day preceding the date of application of Regulation (EU) No 600/2014, competent authorities shall publish the result of the assessments no later than the date of application of Regulation (EU) No 600/2014.\n\n2. <a id=\"art-23-p-2\"></a>The assessments referred to in paragraph 1 shall be carried out as follows:\n\n    <a id=\"art-23-p-2-a\"></a>**(a)** where the date on which financial instruments are traded for the first time on a trading venue within the Union is a date not less than sixteen weeks prior to the date of application of Regulation (EU) No 600/2014, the assessments shall be based on data available for a forty-week reference period commencing fifty-two weeks prior to the date of application of Regulation (EU) No 600/2014;\n\n    <a id=\"art-23-p-2-b\"></a>**(b)** where the date on which financial instruments are traded for the first time on a trading venue within the Union is a date within the period commencing sixteen weeks prior to the date of application of Regulation (EU) No 600/2014 and ending 10 weeks prior to the date of application of Regulation (EU) No 600/2014, the assessments shall be based on data available for the first four week trading period of the financial instrument.\n\n    <a id=\"art-23-p-2-c\"></a>**(c)** where the date on which financial instruments are traded for the first time on a trading venue within the Union is a date falling within the period commencing 10 weeks prior to the date of application of Regulation (EU) No 600/2014 and ending on the day preceding the date of application of Regulation (EU) No 600/2014, the assessments shall be based on the trading history of the financial instruments or other financial instruments considered to have similar characteristics to those financial instruments.\n\n3. <a id=\"art-23-p-3\"></a>Competent authorities, market operators and investment firms including investment firms operating a trading venue shall use the information published in accordance with paragraph 1 for the purposes of Article 2(1)(17)(b) of Regulation (EU) No 600/2014 until 1 April of the year following the date of application of that Regulation.\n\n4. <a id=\"art-23-p-4\"></a>During the period referred to in paragraph 3, competent authorities shall ensure the following with regard to the financial instruments referred to in points (b) and (c) of paragraph 2:\n\n    <a id=\"art-23-p-4-a\"></a>**(a)** that the information published in accordance with paragraph 1 remains appropriate for the purposes of Article 2(1)(17)(b) of Regulation (EU) No 600/2014;\n\n    <a id=\"art-23-p-4-b\"></a>**(b)** that the information published in accordance with paragraph 1 is updated on the basis of a longer trading period and a more comprehensive trading history, where necessary.\n\n","marks":[],"text_hash":"75ce8b7760f7a112621b51bbf4feaf06b1b785d833394254e8afef704e69b636","revision":1}}