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---
title: "ESMA Q&A 1567 — Q&A — Partial execution of LIS orders [Published Answer Updated]"
shortTitle: "ESMA Q&A 1567 — Q&A — Partial execution of LIS orders [Published Answer Updated]"
answer_id: ESMA_QA_1567
topic: "Pre-trade transparency waivers"
status: "Published Answer Updated"
type: qa
instrument_type: qa
authority: ESMA
binding: false
binding_character: non_binding
legal_status: in_force
regulation: "MiFIR"
mifir_level3: true
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legal_basis: "MiFIR"
date: 15 November 2017
source_link: https://www.esma.europa.eu/publications-data/questions-answers/1567
lifecycle: "Published Answer Updated"
text_version: "ESMA Q&A register, 15 November 2017"
source_url: "https://www.esma.europa.eu/publications-data/questions-answers/1567"
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last_checked: 2026-10-26
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document_type: "qa_answer"
legal_nature: "not_legislation"
addressees: "not stated in the document"
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  last_updated: "2024-10-16"
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    published_on: "ESMA Q&A Excel export ESMA_QA_1567, column 'Esma responses', date line (earliest)"
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    question_submitted_on: "ESMA Q&A Excel export ESMA_QA_1567, column 'Date of submission'"
lifecycle_label: "Published Answer Updated"
---

**Answer by ESMA, published in its Q&A tool · not legislation · published 15 Nov 2017, updated 16 Oct 2024 [Published Answer Updated]**

*Published Answer Updated · 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/1567)*

| | |
|---|---|
| **Full title** | ESMA Q&A 1567 — Q&A — Partial execution of LIS orders \[Published Answer Updated\] |
| **Prepared by** | ESMA |
| **Published by** | ESMA, in the ESMA Q&A tool |
| **Reference** | ESMA_QA_1567 |
| **Document type** | Q&A |
| **Legal nature** | Not legislation |
| **Addressees** | Not stated in the document |
| **Dates** | Published 15 November 2017; updated 16 October 2024; question submitted 15 November 2017 |
| **Legal basis** | MiFIR |
| **Related instruments** | None recorded |
| **Text on this page** | Word for word — an excerpt (not reproduced: 238 words after it) of the ESMA publication |

**Partial execution of LIS orders (Article 9(1)(a) of MiFIR) and orders above SSTI**

### Question

Do the waivers under Article 9(1)(a) of MiFIR in respect of Large in Scale (LIS) orders persist during the life of that particular order regardless of any partial execution?

***

### Answer

Article 7(5) of RTS 1 allows the Large in Scale (LIS) waiver pursuant to Article 4(1)(c) of MiFIR to continue to apply in respect of an order that is LIS when entered into an order book but that, following partial execution in the order book facility benefiting from the LIS waiver, falls below the threshold applicable for that financial instrument. The LIS waiver no longer applies when the price or other relevant conditions for the execution of an order are amended or where the partial execution is taking place on another trading facility operated by the trading venue. There should be no difference in approach for equity and equity-like instruments and non-equity instruments and the same treatment should apply to the remaining portion of a partially executed LIS order in an order book in a non-equity instrument.

***

**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1567)