On Nov. 3, 2025, EU CMSN issued Delegated Reg 2025/1246 of Jun. 18, 2025 amending regulatory technical standards laid down in Delegated Regs 2017/583 and 2017/587 regarding transparency requirements for trading venues, investment firms for bonds, structured finance products, emission allowances and equity instruments.
The Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union, i.e. Nov. 23, 2025.
Article 1, Article 2, point (2), points (3)(a) and (c), point (5), point (10)(a), and point (13) shall apply from Mar. 2, 2026.
On Jun. 18, EC issued amending RTS re bonds, structured finance.
EC issued Commission delegated regulation amending the regulatory technical standards laid down in delegated regulations (EU) 2017/583 and (EU) 2017/587 as regards transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances, and equity instruments.
Follows ESMA Dec. 2024 report on bond transparency under MiFIR, see #237442.
Overview
Due to amended MiFIR transparency rules, updates Reg 2017/5834 on transparency requirements in respect of bonds, structured finance products (SFPs) and emission allowances and Reg 2017/587 on transparency in respect of equities instruments.
Includes the amendments to regulatory technical standards (RTS) on the mandates for bonds, structured finance products (SFPs) and emission allowances (EUA).
Re bond deferral regime, ESMA performed new data analysis, focusing on metrics such as average daily volumes, to improve deferral regime proposed in a consultation.
Proposed pre- and post-trade transparency requirements for non-equity instruments ensure high level of transparency whilst ensuring liquidity providers are risk protected.
RTS ensures new deferral regime is ready before go-live of bond consolidated tape.
Effectiveness
EP and EU CNCL may object with scrutiny period, which generally lasts two months.
In force on 20th day after publication in OJ except Article 1, Article 2, point (2), points (3)(a) and (c), point (5), point (10)(a), and point (13) shall apply from Mar. 2, 2026.
Nov. 2025 Official Journal
On Nov. 3, 2025, EU CMSN issued Delegated Reg 2025/1246 of Jun. 18, 2025 amending regulatory technical standards laid down in Delegated Regs 2017/583 and 2017/587 regarding transparency requirements for trading venues, investment firms for bonds, structured finance products, emission allowances and equity instruments.
The Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union, i.e. Nov. 23, 2025.
Article 1, Article 2, point (2), points (3)(a) and (c), point (5), point (10)(a), and point (13) shall apply from Mar. 2, 2026.
