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Commission Delegated Regulation (EU) 2017/577Show full title
Commission Delegated Regulation (EU) 2017/577 of 13 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on the volume cap mechanism and the provision of information for the purposes of transparency and other calculations (Text with EEA relevance)
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Commission Delegated Regulation (EU) 2017/577, Article 1 is up to date with all changes known to be in force on or before 27 December 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
EUR 2017 No. 577 may be subject to amendment by EU Exit Instruments made by the Financial Conduct Authority under powers set out in The Financial Regulators' Powers (Technical Standards etc.) (Amendment etc.) (EU Exit) Regulations 2018 (S.I. 2018/1115), regs. 2, 3, Sch. Pt. 1. These amendments are not currently available on legislation.gov.uk. Details of relevant amending instruments can be found on their website/s.
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Changes and effects yet to be applied to Article 1:
- Regulation revoked by 2023 c. 29 Sch. 1 Pt. 1 3
Article 1U.K.Subject matter and scope
1.This Regulation sets out, the details of the data requests to be sent by competent authorities and the details of the reply to those requests to be sent by trading venues, approved publication arrangements (APAs) and consolidated tape providers (CTPs), for the purposes of calculating and adjusting the pre-trade and post-trade transparency and trading obligation regimes and in particular for the purposes of determining the following factors:
(a)whether equity, equity-like and non-equity financial instruments have a liquid market;
(b)the thresholds for pre-trade transparency waivers for equity, equity-like and non-equity financial instruments;
(c)the thresholds for post-trade transparency deferrals for equity, equity-like and non-equity financial instruments;
(d)when the liquidity of a class of financial instruments falls below a specified threshold;
(e)whether an investment firm is a systematic internaliser;
(f)the standard market size applicable to systematic internalisers dealing in equity and equity-like instruments, and the size specific to the instrument applicable to systematic internalisers dealing in non-equity instruments;
(g)for equity and equity-like instruments, the total volume of trading for the previous 12 months and of the percentages of trading carried out under both the negotiated trade and reference price waivers across the Union and on each trading venue in the previous 12 months;
(h)whether derivatives are sufficiently liquid for the purposes of implementing the trading obligation for derivatives.
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