{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"from:2026-06-21","held_since":"2026-06-21","gaps":[],"covered":["2017/577 — RTS — Volume cap mechanism and the provision of information [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/2017-577-the-volume-cap-mechanism-and-the-provision-of-information/articles/1","url":"https://www.headlesslaw.com/mifir/level-2/rts/2017-577-the-volume-cap-mechanism-and-the-provision-of-information/articles/1","title":"Article 1 — Subject matter and 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Delegated Regulation (EU) 2017/577 · binding · OJ L 87, 31.3.2017 · dated 13 Jun 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":"2016-06-13","entry_into_force":"2017-04-20","locators":{"document_date":"CELLAR 32017R0577 work_date_document","entry_into_force":"CELLAR 32017R0577 resource_legal_date_entry-into-force (earliest)"}},"adoption":null},"context":{"act":{"work_id":"spaces/mifir/level-2/rts/2017-577-the-volume-cap-mechanism-and-the-provision-of-information","path":"/mifir/level-2/rts/2017-577-the-volume-cap-mechanism-and-the-provision-of-information","name":"Commission Delegated Regulation (EU) 2017/577","number":"2017/577","celex":"32017R0577","title_official":"COMMISSION DELEGATED REGULATION (EU) 2017/577 of 13 June 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 the volume cap mechanism and the provision of information for the purposes of transparency and other calculations (Text with EEA relevance)","document_date":"2016-06-13"},"position":{"kind":"article","key":"1","index":1,"articles":9,"annexes":1},"prev":null,"next":{"path":"/mifir/level-2/rts/2017-577-the-volume-cap-mechanism-and-the-provision-of-information/articles/2","key":"2","title":"Article 2 — Content of the data requests and information to be reported"},"act_anchor":"#art-1"}},"provenance":{"official_url":"https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02017R0577-20260621","check":{"result":"matched","checked_at":"2026-10-26","against":"EUR-Lex"},"repo_path":"spaces/mifir/level-2/rts/2017-577-the-volume-cap-mechanism-and-the-provision-of-information.md","unit_text_sha256":"705a952310035db7d99e759482071915bc355265494db93c493a5118173268f2","note":"the unit is a byte-exact part of the act page, whose check record covers it"},"unit":{"locator":"spaces/mifir/level-2/rts/2017-577-the-volume-cap-mechanism-and-the-provision-of-information/art-1","kind":"article","key":"1","heading":"Article 1 — Subject matter and scope","text":"## <a id=\"art-1\"></a>Article 1 — Subject matter and scope\n\n1. <a id=\"art-1-p-1\"></a>This Regulation sets out, the details of the data requests to be sent by competent authorities and the details of the reply to those requests to be sent by trading venues, approved publication arrangements (APAs) and consolidated tape providers (CTPs), for the purposes of calculating and adjusting the pre-trade and post-trade transparency and trading obligation regimes and in particular for the purposes of determining the following factors:\n\n    <a id=\"art-1-p-1-a\"></a>**(a)** whether equity, equity-like and non-equity financial instruments have a liquid market;\n\n    <a id=\"art-1-p-1-b\"></a>**(b)** the thresholds for pre-trade transparency waivers for equity, equity-like and non-equity financial instruments;\n\n    <a id=\"art-1-p-1-c\"></a>**(c)** the thresholds for post-trade transparency deferrals for equity, equity-like and non-equity financial instruments;\n\n    <a id=\"art-1-p-1-d\"></a>**(d)** when the liquidity of a class of financial instruments falls below a specified threshold;\n\n    <a id=\"art-1-p-1-e\"></a>**(e)** [Deleted by [Commission Delegated Regulation (EU) 2026/392](https://eur-lex.europa.eu/eli/reg_del/2026/392/oj) of 20 February 2026.]\n\n    <a id=\"art-1-p-1-f\"></a>**(f)** the standard market size applicable to systematic internalisers dealing in equity and equity-like instruments;\n\n    <a id=\"art-1-p-1-g\"></a>**(g)** for equity and equity-like instruments, the total volume of trading in the Union per financial instrument in the previous 12 months and the percentages of trading in each financial instrument carried out across the Union under the waiver referred to in Article 4(1), point (a), of Regulation (EU) No 600/2014 in the previous 12 months;\n\n    <a id=\"art-1-p-1-h\"></a>**(h)** whether derivatives are sufficiently liquid for the purposes of implementing the trading obligation for derivatives.\n\n","marks":[],"text_hash":"705a952310035db7d99e759482071915bc355265494db93c493a5118173268f2","revision":1}}