<!-- headlesslaw {"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2017-11-15","gaps":[],"covered":["ESMA Q&A 1558 — Q&A — Temporary suspension of transparency for bonds [Answer Published] L3"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"the ESMA publication"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifir/level-3/q-and-a/esma/esma-qa-1558-temporary-suspension-of-transparency-for-bonds","url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1558-temporary-suspension-of-transparency-for-bonds","title":"ESMA Q&A 1558 — Q&A — Temporary suspension of transparency for bonds [Answer Published]","family":"l3","work_id":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1558-temporary-suspension-of-transparency-for-bonds","status":"answer published","force_status":null,"date_state":"current","requested_date":null,"as_of":"2026-11-01","applies_from":null,"application":null,"version_label":"ESMA Q&A register, 15 November 2017","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1558","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"f5871ae799ed5409","change_date":null,"nearest_versions":["2017-11-15"],"first_text_date":null,"correction_applies":false,"versions":["2017-11-15"],"version_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1558-temporary-suspension-of-transparency-for-bonds/versions/2017-11-15","revision_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1558-temporary-suspension-of-transparency-for-bonds/versions/2017-11-15/rev/f5871ae799ed5409","versions_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1558-temporary-suspension-of-transparency-for-bonds/versions","relations_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1558-temporary-suspension-of-transparency-for-bonds/relations","source_line":"Answer by ESMA, published in its Q&A tool · not legislation · published 15 Nov 2017 [Answer Published]","attribution":{"prepared_by":"ESMA","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2017-11-15","question_submitted_on":"2017-11-15","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1558, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1558, column 'Date of submission'"}},"adoption":null}}} -->
---
title: "ESMA Q&A 1558 — Q&A — Temporary suspension of transparency for bonds [Answer Published]"
shortTitle: "ESMA Q&A 1558 — Q&A — Temporary suspension of transparency for bonds [Answer Published]"
answer_id: ESMA_QA_1558
topic: "Non-equity transparency"
status: "Answer Published"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: in_force
regulation: "MiFIR"
mifir_level3: true
mica_level2: false
legal_basis: "MiFIR"
date: 15 November 2017
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1558
lifecycle: "Answer Published"
text_version: "ESMA Q&A register, 15 November 2017"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1558"
check_status: matched
verified: true
last_checked: 2026-10-26
checked_against: "the ESMA publication"
source:
  prepared_by: "ESMA"
  published_by: "ESMA"
  published_in: "ESMA Q&A tool"
  evidence:
    prepared_by: "ESMA Answer"
    locator: "ESMA Q&A entry ESMA_QA_1558: field 'ESMA Answer', no 'Answer provided by' line"
document_type: "qa_answer"
legal_nature: "not_legislation"
addressees: "not stated in the document"
dates:
  published_on: "2017-11-15"
  question_submitted_on: "2017-11-15"
  locators:
    published_on: "ESMA Q&A Excel export ESMA_QA_1558, column 'Esma responses', date line"
    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1558, column 'Date of submission'"
lifecycle_label: "Answer Published"
---

**Answer by ESMA, published in its Q&A tool · not legislation · published 15 Nov 2017 [Answer Published]**

*Answer Published · ESMA Q&A register, 15 November 2017 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1558)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1558 — Q&A — Temporary suspension of transparency for bonds \[Answer Published\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1558 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 15 November 2017; question submitted 15 November 2017 |
| **Legal basis** | MiFIR |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — the full text of the ESMA publication |

**Temporary suspension of transparency for bonds**

### Question

How is the concept of “class of bonds” to be understood in respect of the temporary suspension of transparency?

***

### Answer

\[ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 4.8\]

Since the suspension of transparency under Article 9(4) and 11(2) of MiFIR applies at a class level, with respect to bonds, the classes of bonds defined in Table 2.2 Annex III of RTS 2 should be used.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1558)