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Q&A 1559 — Q&A — Geographical scope of the temporary suspension [Answer Published]\"\nshortTitle: \"ESMA Q&A 1559 — Q&A — Geographical scope of the temporary suspension [Answer Published]\"\nanswer_id: ESMA_QA_1559\ntopic: \"Non-equity transparency\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFIR\"\nmifir_level3: true\nmica_level2: false\nlegal_basis: \"MiFIR\"\ndate: 10 August 2023\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1559\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 10 August 2023\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1559\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_1559: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2017-11-15\"\n  question_submitted_on: \"2023-08-10\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1559, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1559, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 15 Nov 2017 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 10 August 2023 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1559)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1559 — Q&A — Geographical scope of the temporary suspension \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1559 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 15 November 2017; question submitted 10 August 2023 |\n| **Legal basis** | MiFIR |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Geographical scope of the temporary suspension of transparency**\n\n### Question\n\nWould the temporary suspension of transparency requirements apply to all the venues on which the class of instruments is traded or rather on venue-by-venue basis?\n\n***\n\n### Answer\n\n\\[ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 4.9\\]\n\nWhile the calculations to identify whether liquidity has fallen below the thresholds specified under Article 16 of RTS 2 have to be performed at EU level, the actual suspension of the transparency obligations remains under the competences of each competent authority (CA) and therefore has to be activated on a jurisdiction-by-jurisdiction basis.\n\nAs a consequence, for classes of financial instruments where trading takes place on venues located in different Member States, the CA of each of those Member States will have the possibility, where the conditions set out in Article 16 of RTS 2 are met, to activate the temporary suspension mechanism independently of the decision to be taken by others.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1559)\n"}