{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2026-10-26","gaps":[],"covered":["2016/2020 — RTS — Criteria for the trading obligation [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/rts/2016-2020-criteria-for-determining-whether-derivatives-subject-to-the/articles/5","url":"https://www.headlesslaw.com/mifir/level-2/rts/2016-2020-criteria-for-determining-whether-derivatives-subject-to-the/articles/5","title":"Article 5 — Average size of spreads","family":"l2_unit_view","work_id":"spaces/mifir/level-2/rts/2016-2020-criteria-for-determining-whether-derivatives-subject-to-the","view_of":"/mifir/level-2/rts/2016-2020-criteria-for-determining-whether-derivatives-subject-to-the","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":"Commission Delegated Regulation (EU) 2016/2020, OJ L 313, 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Delegated Regulation (EU) 2016/2020 · binding · OJ L 313, 19.11.2016 · dated 26 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":"2016-05-26","entry_into_force":"2016-12-09","locators":{"document_date":"CELLAR 32016R2020 work_date_document","entry_into_force":"CELLAR 32016R2020 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/mifir/level-2/rts/2016-2020-criteria-for-determining-whether-derivatives-subject-to-the","path":"/mifir/level-2/rts/2016-2020-criteria-for-determining-whether-derivatives-subject-to-the","name":"Commission Delegated Regulation (EU) 2016/2020","number":"2016/2020","celex":"32016R2020","title_official":"COMMISSION DELEGATED REGULATION (EU) 2016/2020 of 26 May 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on criteria for determining whether derivatives subject to the clearing obligation should be subject to the trading obligation (Text with EEA relevance)","document_date":"2016-05-26"},"position":{"kind":"article","key":"5","index":5,"articles":6,"annexes":0},"prev":{"path":"/mifir/level-2/rts/2016-2020-criteria-for-determining-whether-derivatives-subject-to-the/articles/4","key":"4","title":"Article 4 — Number and type of active market participants"},"next":{"path":"/mifir/level-2/rts/2016-2020-criteria-for-determining-whether-derivatives-subject-to-the/articles/6","key":"6","title":"Article 6 — Entry into force and 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periods of time;\n\n    <a id=\"art-5-p-1-b\"></a>**(b)** spreads at different points in time of trading sessions.\n\n1. <a id=\"art-5-p-2\"></a>Where information on spreads is not available, ESMA shall take into consideration a proxy for the assessment of this criterion.\n\n","marks":[],"text_hash":"932856088b580b19b2eab96dd5b523b0097b96b61e1755688ab3c024cba6bcdf","revision":1}}