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by ESMA, published in its Q&A tool · not legislation · published 18 Nov 2016, 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":"2016-11-18","last_updated":"2024-10-16","question_submitted_on":"2016-11-18","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1563, column 'Esma responses', date line (earliest)","last_updated":"ESMA Q&A Excel export ESMA_QA_1563, column 'Esma responses', date line (latest)","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1563, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1563","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1563-waiver-procedure-for-illiquid-non-equity-financial.md","body_sha256":"1f22c831eda7f0edb730348193f1013a24235594fdb8beae2b23c34f5f125a37"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1563 — Q&A — Waiver procedure for illiquid non-equity [Published Answer Updated]\"\nshortTitle: \"ESMA Q&A 1563 — Q&A — Waiver procedure for illiquid non-equity [Published Answer Updated]\"\nanswer_id: ESMA_QA_1563\ntopic: \"Pre-trade transparency waivers\"\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: 18 November 2016\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1563\nlifecycle: \"Published Answer Updated\"\ntext_version: \"ESMA Q&A register, 18 November 2016\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1563\"\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_1563: 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: \"2016-11-18\"\n  last_updated: \"2024-10-16\"\n  question_submitted_on: \"2016-11-18\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1563, column 'Esma responses', date line (earliest)\"\n    last_updated: \"ESMA Q&A Excel export ESMA_QA_1563, column 'Esma responses', date line (latest)\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1563, column 'Date of submission'\"\nlifecycle_label: \"Published Answer Updated\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 18 Nov 2016, updated 16 Oct 2024 [Published Answer Updated]**\n\n*Published Answer Updated · ESMA Q&A register, 18 November 2016 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1563)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1563 — Q&A — Waiver procedure for illiquid non-equity \\[Published Answer Updated\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1563 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 18 November 2016; updated 16 October 2024; question submitted 18 November 2016 |\n| **Legal basis** | MiFIR |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — an excerpt (not reproduced: 350 words after it) of the ESMA publication |\n\n**Waiver procedure for illiquid non-equity financial instruments**\n\n### Question\n\nWhich procedure applies to granting a waiver from pre-trade transparency obligations for non-equity financial instruments for which there is not a liquid market under Article 9(1)(c) of MiFIR?\n\n***\n\n### Answer\n\nAll waivers from pre-trade transparency under Article 9(1) of MiFIR originate with an application for a waiver by a trading venue which may then be granted by the relevant NCA. Each waiver also has to go through an ESMA opinion process as described in Article 9(2) of MiFIR.\n\nThe waiver for illiquid instruments described in Article 9(1)(c) of MiFIR is special in that it does not apply to specific order types or sizes, but that it renders all non-equity instruments deemed illiquid under MiFIR and RTS 2 for non-equity transparency eligible for a waiver from pre-trade transparency. ESMA expects an extremely large number of instruments will be eligible for this waiver, and considers that it would not be possible operationally for this waiver to be granted on a per-instrument basis. Furthermore, ESMA does not understand the legal text to impose an obligation to grant the waiver on a per instrument basis.\n\nInstead ESMA considers that the asset classes of instruments as categorised in Annex III of RTS 2 (examples for asset classes are bonds, interest rate derivatives, commodity derivatives, credit derivatives, etc.) should be the basis for applying for the “illiquid waiver”. This means that trading venues should apply for the waiver on an asset class basis and all illiquid instruments that fall within those asset classes which are already traded on the venue or in the process of being admitted to trading, or that will be traded on the venue at a later point in time would be eligible to benefit from the waiver, if granted. Also instruments within the specified asset classes which move from liquid to illiquid following the calculations as per RTS 2 would be eligible to benefit from the same waiver.\n\nEach waiver application can comprise different asset classes. A new waiver application would only be necessary in case the trading venue intends to start trading a new asset class based on the categorisation in RTS 2.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1563)\n"}