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\"ESMA Q&A 1574 — Q&A — Application of the double volume mechanism to newly [Answer Published]\"\nshortTitle: \"ESMA Q&A 1574 — Q&A — Application of the double volume mechanism to newly [Answer Published]\"\nanswer_id: ESMA_QA_1574\ntopic: \"Double volume cap\"\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: 3 October 2016\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1574\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 3 October 2016\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1574\"\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_1574: 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: \"2016-10-03\"\n  question_submitted_on: \"2016-10-03\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1574, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1574, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 3 Oct 2016 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 3 October 2016 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1574)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1574 — Q&A — Application of the double volume mechanism to newly \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1574 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 3 October 2016; question submitted 3 October 2016 |\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**Application of the double volume mechanism to newly issued instruments**\n\n### Question\n\nHow will the DVC be applied to newly issued shares?\n\n***\n\n### Answer\n\n\\[ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 6.3\\]\n\nESMA will publish the percentage of trading in a financial instrument carried out under the reference price waiver and the negotiated transactions waiver under Article 4(1)(b)(i) of MiFIR for shares newly admitted to trading or traded from the start of trading.\n\nHowever, since according to Article 5(1) of MiFIR the double volume cap mechanism can only apply where the relevant thresholds are breached over the previous 12 months, the suspension of waivers when the thresholds are breached can only be triggered when at least 12 months of data for the volume of total trading and the percentage carried out under the waivers is available.\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1574)\n"}