{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2018-10-04","gaps":[],"covered":["ESMA Q&A 1561 — Q&A — Scope of Article 9(1)(c) of MiFIR [Published Answer Updated] 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-1561-scope-of-article-9-1-c-of-mifir","url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1561-scope-of-article-9-1-c-of-mifir","title":"ESMA Q&A 1561 — Q&A — Scope of Article 9(1)(c) of MiFIR [Published Answer Updated]","family":"l3","work_id":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1561-scope-of-article-9-1-c-of-mifir","status":"published answer updated","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, 4 October 2018","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1561","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"95924f40c55d6d64","change_date":null,"nearest_versions":["2018-10-04"],"first_text_date":null,"correction_applies":false,"versions":["2018-10-04"],"version_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1561-scope-of-article-9-1-c-of-mifir/versions/2018-10-04","revision_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1561-scope-of-article-9-1-c-of-mifir/versions/2018-10-04/rev/95924f40c55d6d64","versions_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1561-scope-of-article-9-1-c-of-mifir/versions","relations_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1561-scope-of-article-9-1-c-of-mifir/relations","source_line":"Answer by ESMA, published in its Q&A tool · not legislation · published 4 Oct 2018, updated 16 Oct 2024 [Published Answer Updated]","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":"2018-10-04","last_updated":"2024-10-16","question_submitted_on":"2018-10-04","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1561, column 'Esma responses', date line (earliest)","last_updated":"ESMA Q&A Excel export ESMA_QA_1561, column 'Esma responses', date line (latest)","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1561, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1561","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1561-scope-of-article-9-1-c-of-mifir.md","body_sha256":"aebbe817c4abb75e1243aa5edfb1d9febe776915f3ef3535b34d63c4a499b55f"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1561 — Q&A — Scope of Article 9(1)(c) of MiFIR [Published Answer Updated]\"\nshortTitle: \"ESMA Q&A 1561 — Q&A — Scope of Article 9(1)(c) of MiFIR [Published Answer Updated]\"\nanswer_id: ESMA_QA_1561\ntopic: \"Non-equity transparency\"\nstatus: \"Published Answer Updated\"\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: 4 October 2018\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1561\nlifecycle: \"Published Answer Updated\"\ntext_version: \"ESMA Q&A register, 4 October 2018\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1561\"\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_1561: 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: \"2018-10-04\"\n  last_updated: \"2024-10-16\"\n  question_submitted_on: \"2018-10-04\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1561, column 'Esma responses', date line (earliest)\"\n    last_updated: \"ESMA Q&A Excel export ESMA_QA_1561, column 'Esma responses', date line (latest)\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1561, column 'Date of submission'\"\nlifecycle_label: \"Published Answer Updated\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 4 Oct 2018, updated 16 Oct 2024 [Published Answer Updated]**\n\n*Published Answer Updated · ESMA Q&A register, 4 October 2018 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1561)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1561 — Q&A — Scope of Article 9(1)(c) of MiFIR \\[Published Answer Updated\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1561 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 4 October 2018; updated 16 October 2024; question submitted 4 October 2018 |\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**Scope of Article 9(1)(c) of MiFIR**\n\n### Question\n\nWhat types of derivatives can benefit from the pre-trade transparency waiver provided under Article 9(1)(c) of MiFIR?\n\n***\n\n### Answer\n\nOTC derivatives specified in Article 8a(2) of MiFIR that are both (i) not subject to the trading obligation as referred to in Article 28 of MiFIR and (ii) for which there is not a liquid market and other derivatives for which there is not a liquid market can benefit from the pre-trade transparency waiver set out under Article 9(1)(c) of MiFIR.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1561)\n"}