{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2019-07-12","gaps":[],"covered":["ESMA Q&A 1572 — Q&A — Hedging Exemption [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-1572-hedging-exemption","url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1572-hedging-exemption","title":"ESMA Q&A 1572 — Q&A — Hedging Exemption [Published Answer Updated]","family":"l3","work_id":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1572-hedging-exemption","status":"published answer 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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":{"last_updated":"2024-10-16","question_submitted_on":"2019-07-12","locators":{"last_updated":"ESMA Q&A Excel export ESMA_QA_1572, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1572, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1572","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1572-hedging-exemption.md","body_sha256":"c7d7afda452c574eafc4b4f48801c6bace024278cf4bfeab77e1c02f88f3606e"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1572 — Q&A — Hedging Exemption [Published Answer Updated]\"\nshortTitle: \"ESMA Q&A 1572 — Q&A — Hedging Exemption [Published Answer Updated]\"\nanswer_id: ESMA_QA_1572\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: 12 July 2019\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1572\nlifecycle: \"Published Answer Updated\"\ntext_version: \"ESMA Q&A register, 12 July 2019\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1572\"\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_1572: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  last_updated: \"2024-10-16\"\n  question_submitted_on: \"2019-07-12\"\n  locators:\n    last_updated: \"ESMA Q&A Excel export ESMA_QA_1572, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1572, column 'Date of submission'\"\nlifecycle_label: \"Published Answer Updated\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · updated 16 Oct 2024 [Published Answer Updated]**\n\n*Published Answer Updated · ESMA Q&A register, 12 July 2019 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1572)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1572 — Q&A — Hedging Exemption \\[Published Answer Updated\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1572 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Updated 16 October 2024; question submitted 12 July 2019 |\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**Hedging Exemption**\n\n### Question\n\nIs the hedging exemption applicable to orders or quotes?\n\n***\n\n### Answer\n\nThis question was deleted on 16/10/2024.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1572)\n"}