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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":"4","index":4,"articles":26,"annexes":1},"prev":{"path":"/mifir/level-2/delegated-acts/2017-567-definitions-transparency-portfolio-compression-and/articles/3","key":"3","title":"Article 3 — Determining liquid markets for exchange traded funds (Article 2(1), point (17)(b), of Regulation (EU) No 600/2014)"},"next":{"path":"/mifir/level-2/delegated-acts/2017-567-definitions-transparency-portfolio-compression-and/articles/4a","key":"4a","title":"Article 4a — Determining liquid markets for other similar financial instruments (Article 2(1), point (17)(b), of Regulation (EU) No 600/2014)"},"act_anchor":"#art-4"}},"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":"373ebafd5459d388bb8c3945717e977981b30da772b6306530f76d3c68e6be24","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-4","kind":"article","key":"4","heading":"Article 4 — Determining liquid markets for certificates (Article 2(1), point (17)(b), of Regulation (EU) No 600/2014)","text":"## <a id=\"art-4\"></a>Article 4 — Determining liquid markets for certificates (Article 2(1), point (17)(b), of Regulation (EU) No 600/2014)\n\n1. <a id=\"art-4-p-1\"></a>For the purposes of Article 2(1), point (17)(b), of Regulation (EU) No 600/2014, a certificate that is traded daily shall be considered to have a liquid market where all of the following conditions are met:\n\n    <a id=\"art-4-p-1-a\"></a>**(a)** the market capitalisation is not less than EUR 1 million;\n\n    <a id=\"art-4-p-1-b\"></a>**(b)** the average daily number of transactions in the certificate is not less than 20;\n\n    <a id=\"art-4-p-1-c\"></a>**(c)** the average daily turnover for the certificate is not less than EUR 500 000 .\n\n2. <a id=\"art-4-p-2\"></a>For the purposes of paragraph 1, point (a), the market capitalisation of a certificate shall be the issuance size irrespective of the number of units issued.\n\n3. <a id=\"art-4-p-3\"></a>For the purposes of paragraph 1, point (c), the daily turnover for the certificate shall be calculated by aggregating the results of multiplying, for each transaction executed during a trading day, the number of units of the certificate exchanged between the buyer and the seller by the price per unit.\n\n4. <a id=\"art-4-p-4\"></a>During the six-week period commencing on the first trading day following the first admission of a certificate to trading on a trading venue, that certificate shall be considered to have a liquid market for the purposes of Article 2(1), point (17)(b), of Regulation (EU) No 600/2014 where the estimated market capitalisation at the start of the first trading day stands at not less than EUR 1 million, and where, according to estimated data for that period, the conditions set out in paragraph 1, points (b) and (c), are fulfilled.\n\n5. <a id=\"art-4-p-5\"></a>Where fewer than five certificates traded on the trading venues of a Member State and first admitted to trading in that Member State are considered to have a liquid market as referred to in paragraph 1, the competent authority of that Member State may designate one or more certificates first admitted to trading on those trading venues as certificates considered to have a liquid market, provided that the total number of certificates first admitted to trading in that Member State and considered to have a liquid market does not exceed five.\n\n","marks":[],"text_hash":"373ebafd5459d388bb8c3945717e977981b30da772b6306530f76d3c68e6be24","revision":1}}