Commission Delegated Regulation (EU) 2025/1411 of 16 July 2025 amending Regulation (EU) 2018/1240 of the European Parliament and of the Council as regards the amount of the European Travel Information and Authorisation System (ETIAS) travel authorisation fee

Official Journalof the European Union ENL series
2025/1411 29.10.2025
(1) The amount of the fee to be paid by applicants for a European Travel Information and Authorisation System (ETIAS) travel authorisation is specified in Article 18(1) of Regulation (EU) 2018/1240. Commission Delegated Regulation (EU) 2024/2511(2)establishes mechanisms by which the Commission is to assess the necessity of adjusting that fee.
(2) In accordance with Delegated Regulation (EU) 2024/2511, the Commission has identified a number of factors which are likely to result in a significant or persistent increase in the costs of operation and maintenance of the ETIAS system, beyond those anticipated at the time Regulation (EU) 2018/1240 was adopted. Firstly, the cumulative inflation rate in the Union has increased by 30,12 % since 2016. Secondly, the number of visa-exempt travellers entering the Union has increased significantly in recent years and is expected to continue to increase in the near future. Finally, additional ETIAS functionalities have been implemented for the functioning of ETIAS, that were not anticipated when Regulation (EU) 2018/1240 was adopted.
(3) It is necessary to align the ETIAS travel authorisation fee with those of comparable systems to ensure competitive parity and a level playing field with other travel authorisation programmes across the globe.
(4) It is therefore necessary to increase the ETIAS travel authorisation fee.
(5) Regulation (EU) 2018/1240 should therefore be amended accordingly.
(6) This Regulation does not affect the application of Directive 2004/38/EC of the European Parliament and of the Council(3)and of the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community(4).
(7) Given that Regulation (EU) 2018/1240 builds upon the Schengenacquis, in accordance with Article 4 of Protocol No 22 on the position of Denmark, annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union, Denmark notified its decision to implement Regulation (EU) 2018/1240 in its national law. Denmark is therefore bound by this Regulation.
(8) This Regulation constitutes a development of the provisions of the Schengenacquisin which Ireland does not take part, in accordance with Council Decision 2002/192/EC(5). Ireland is therefore not taking part in the adoption of this Regulation and is not bound by it or subject to its application.
(9) As regards Iceland and Norway, this Regulation constitutes a development of the provisions of the Schengenacquiswithin the meaning of the Agreement concluded by the Council of the European Union and the Republic of Iceland and the Kingdom of Norway concerning the association of those two States with the implementation, application and development of the Schengenacquis(6), which fall within the area referred to in Article 1, point A, of Council Decision 1999/437/EC(7).
(10) As regards Switzerland, this Regulation constitutes a development of the provisions of the Schengenacquiswith the meaning of the Agreement between the European Union, the European Community and the Swiss Confederation on the Swiss Confederation’s association with the implementation, application and development of the Schengenacquis(8), which fall within the area referred to in Article 1, point A, of Decision 1999/437/EC, read in conjunction with Article 3 of Council Decision 2008/146/EC(9).
(11) As regards Liechtenstein, this Regulation constitutes a development of the provisions of the Schengenacquiswithin the meaning of the Protocol between the European Union, the European Community, the Swiss Confederation and the Principality of Liechtenstein on the accession of the Principality of Liechtenstein to the Agreement between the European Union, the European Community and the Swiss Confederation on the Swiss Confederation’s association with the implementation, application and development of the Schengenacquis(10)which fall within the area referred to in Article 1, point A, of Council Decision 1999/437/EC read in conjunction with Article 3 of Council Decision 2011/350/EU(11).
(12) This Regulation constitutes an act building upon, or otherwise relating to, the Schengenacquiswithin the meaning of Article 3(1) of the 2003 Act of Accession,
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) 2018/1240 of the European Parliament and of the Council of 12 September 2018 establishing a European Travel Information and Authorisation System (ETIAS) and amending Regulations (EU) No 1077/2011, (EU) No 515/2014, (EU) 2016/399, (EU) 2016/1624 and (EU) 2017/2226(1), and in particular Article 18(4) thereof,
(1) The amount of the fee to be paid by applicants for a European Travel Information and Authorisation System (ETIAS) travel authorisation is specified in Article 18(1) of Regulation (EU) 2018/1240. Commission Delegated Regulation (EU) 2024/2511(2)establishes mechanisms by which the Commission is to assess the necessity of adjusting that fee.
(2) In accordance with Delegated Regulation (EU) 2024/2511, the Commission has identified a number of factors which are likely to result in a significant or persistent increase in the costs of operation and maintenance of the ETIAS system, beyond those anticipated at the time Regulation (EU) 2018/1240 was adopted. Firstly, the cumulative inflation rate in the Union has increased by 30,12 % since 2016. Secondly, the number of visa-exempt travellers entering the Union has increased significantly in recent years and is expected to continue to increase in the near future. Finally, additional ETIAS functionalities have been implemented for the functioning of ETIAS, that were not anticipated when Regulation (EU) 2018/1240 was adopted.
(3) It is necessary to align the ETIAS travel authorisation fee with those of comparable systems to ensure competitive parity and a level playing field with other travel authorisation programmes across the globe.
(4) It is therefore necessary to increase the ETIAS travel authorisation fee.
(5) Regulation (EU) 2018/1240 should therefore be amended accordingly.
(6) This Regulation does not affect the application of Directive 2004/38/EC of the European Parliament and of the Council(3)and of the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community(4).
(7) Given that Regulation (EU) 2018/1240 builds upon the Schengenacquis, in accordance with Article 4 of Protocol No 22 on the position of Denmark, annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union, Denmark notified its decision to implement Regulation (EU) 2018/1240 in its national law. Denmark is therefore bound by this Regulation.
(8) This Regulation constitutes a development of the provisions of the Schengenacquisin which Ireland does not take part, in accordance with Council Decision 2002/192/EC(5). Ireland is therefore not taking part in the adoption of this Regulation and is not bound by it or subject to its application.
(9) As regards Iceland and Norway, this Regulation constitutes a development of the provisions of the Schengenacquiswithin the meaning of the Agreement concluded by the Council of the European Union and the Republic of Iceland and the Kingdom of Norway concerning the association of those two States with the implementation, application and development of the Schengenacquis(6), which fall within the area referred to in Article 1, point A, of Council Decision 1999/437/EC(7).
(10) As regards Switzerland, this Regulation constitutes a development of the provisions of the Schengenacquiswith the meaning of the Agreement between the European Union, the European Community and the Swiss Confederation on the Swiss Confederation’s association with the implementation, application and development of the Schengenacquis(8), which fall within the area referred to in Article 1, point A, of Decision 1999/437/EC, read in conjunction with Article 3 of Council Decision 2008/146/EC(9).
(11) As regards Liechtenstein, this Regulation constitutes a development of the provisions of the Schengenacquiswithin the meaning of the Protocol between the European Union, the European Community, the Swiss Confederation and the Principality of Liechtenstein on the accession of the Principality of Liechtenstein to the Agreement between the European Union, the European Community and the Swiss Confederation on the Swiss Confederation’s association with the implementation, application and development of the Schengenacquis(10)which fall within the area referred to in Article 1, point A, of Council Decision 1999/437/EC read in conjunction with Article 3 of Council Decision 2011/350/EU(11).
(12) This Regulation constitutes an act building upon, or otherwise relating to, the Schengenacquiswithin the meaning of Article 3(1) of the 2003 Act of Accession,
HAS ADOPTED THIS REGULATION:

Article 1
In Article 18 of Regulation (EU) 2018/1240, paragraph 1 is replaced by the following:
‘1. A travel authorisation fee of EUR 20 shall be paid by the applicant for each application.’.

Article 2
This Regulation shall enter into force on the twentieth day following that of its publication in theOfficial Journal of the European Union.

THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) 2018/1240 of the European Parliament and of the Council of 12 September 2018 establishing a European Travel Information and Authorisation System (ETIAS) and amending Regulations (EU) No 1077/2011, (EU) No 515/2014, (EU) 2016/399, (EU) 2016/1624 and (EU) 2017/2226(1), and in particular Article 18(4) thereof,
(1) The amount of the fee to be paid by applicants for a European Travel Information and Authorisation System (ETIAS) travel authorisation is specified in Article 18(1) of Regulation (EU) 2018/1240. Commission Delegated Regulation (EU) 2024/2511(2)establishes mechanisms by which the Commission is to assess the necessity of adjusting that fee.
(2) In accordance with Delegated Regulation (EU) 2024/2511, the Commission has identified a number of factors which are likely to result in a significant or persistent increase in the costs of operation and maintenance of the ETIAS system, beyond those anticipated at the time Regulation (EU) 2018/1240 was adopted. Firstly, the cumulative inflation rate in the Union has increased by 30,12 % since 2016. Secondly, the number of visa-exempt travellers entering the Union has increased significantly in recent years and is expected to continue to increase in the near future. Finally, additional ETIAS functionalities have been implemented for the functioning of ETIAS, that were not anticipated when Regulation (EU) 2018/1240 was adopted.
(3) It is necessary to align the ETIAS travel authorisation fee with those of comparable systems to ensure competitive parity and a level playing field with other travel authorisation programmes across the globe.
(4) It is therefore necessary to increase the ETIAS travel authorisation fee.
(5) Regulation (EU) 2018/1240 should therefore be amended accordingly.
(6) This Regulation does not affect the application of Directive 2004/38/EC of the European Parliament and of the Council(3)and of the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community(4).
(7) Given that Regulation (EU) 2018/1240 builds upon the Schengenacquis, in accordance with Article 4 of Protocol No 22 on the position of Denmark, annexed to the Treaty on European Union and to the Treaty on the Functioning of the European Union, Denmark notified its decision to implement Regulation (EU) 2018/1240 in its national law. Denmark is therefore bound by this Regulation.
(8) This Regulation constitutes a development of the provisions of the Schengenacquisin which Ireland does not take part, in accordance with Council Decision 2002/192/EC(5). Ireland is therefore not taking part in the adoption of this Regulation and is not bound by it or subject to its application.
(9) As regards Iceland and Norway, this Regulation constitutes a development of the provisions of the Schengenacquiswithin the meaning of the Agreement concluded by the Council of the European Union and the Republic of Iceland and the Kingdom of Norway concerning the association of those two States with the implementation, application and development of the Schengenacquis(6), which fall within the area referred to in Article 1, point A, of Council Decision 1999/437/EC(7).
(10) As regards Switzerland, this Regulation constitutes a development of the provisions of the Schengenacquiswith the meaning of the Agreement between the European Union, the European Community and the Swiss Confederation on the Swiss Confederation’s association with the implementation, application and development of the Schengenacquis(8), which fall within the area referred to in Article 1, point A, of Decision 1999/437/EC, read in conjunction with Article 3 of Council Decision 2008/146/EC(9).
(11) As regards Liechtenstein, this Regulation constitutes a development of the provisions of the Schengenacquiswithin the meaning of the Protocol between the European Union, the European Community, the Swiss Confederation and the Principality of Liechtenstein on the accession of the Principality of Liechtenstein to the Agreement between the European Union, the European Community and the Swiss Confederation on the Swiss Confederation’s association with the implementation, application and development of the Schengenacquis(10)which fall within the area referred to in Article 1, point A, of Council Decision 1999/437/EC read in conjunction with Article 3 of Council Decision 2011/350/EU(11).
(12) This Regulation constitutes an act building upon, or otherwise relating to, the Schengenacquiswithin the meaning of Article 3(1) of the 2003 Act of Accession,
HAS ADOPTED THIS REGULATION:
In Article 18 of Regulation (EU) 2018/1240, paragraph 1 is replaced by the following:
‘1. A travel authorisation fee of EUR 20 shall be paid by the applicant for each application.’.
This Regulation shall enter into force on the twentieth day following that of its publication in theOfficial Journal of the European Union.

Council Regulation (EU) 2025/1409 of 8 July 2025 amending Regulation (EC) No 2866/98 as regards the conversion rate to the euro for Bulgaria

Official Journalof the European Union ENL series
2025/1409 14.7.2025
(1) Council Regulation (EC) No 2866/98(2)determines the conversion rates between the euro and the currencies of the Member States adopting the euro as from 1 January 1999.
(2) According to Article 5 of the 2005 Act of Accession(3), Bulgaria is a Member State with a derogation, within the meaning of Article 139(1) of the Treaty on the Functioning of the European Union.
(3) Pursuant to Council Decision (EU) 2025/1407(4)regarding the adoption on 1 January 2026 of the euro by Bulgaria, Bulgaria fulfils the necessary conditions for the adoption of the euro and the derogation of Bulgaria is abrogated with effect from 1 January 2026.
(4) The introduction of the euro in Bulgaria requires the adoption of the conversion rate between the euro and the Bulgarian lev. This conversion rate should be set at 1,95583 lev per 1 euro, which corresponds to the current central rate of the lev in the exchange rate mechanism (ERM II).
(5) Regulation (EC) No 2866/98 should therefore be amended accordingly,
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 140(3) thereof,
Having regard to the proposal from the European Commission,
Having regard to the opinion of the European Central Bank(1),
(1) Council Regulation (EC) No 2866/98(2)determines the conversion rates between the euro and the currencies of the Member States adopting the euro as from 1 January 1999.
(2) According to Article 5 of the 2005 Act of Accession(3), Bulgaria is a Member State with a derogation, within the meaning of Article 139(1) of the Treaty on the Functioning of the European Union.
(3) Pursuant to Council Decision (EU) 2025/1407(4)regarding the adoption on 1 January 2026 of the euro by Bulgaria, Bulgaria fulfils the necessary conditions for the adoption of the euro and the derogation of Bulgaria is abrogated with effect from 1 January 2026.
(4) The introduction of the euro in Bulgaria requires the adoption of the conversion rate between the euro and the Bulgarian lev. This conversion rate should be set at 1,95583 lev per 1 euro, which corresponds to the current central rate of the lev in the exchange rate mechanism (ERM II).
(5) Regulation (EC) No 2866/98 should therefore be amended accordingly,
HAS ADOPTED THIS REGULATION:

Article 1
In Article 1 of Regulation (EC) No 2866/98, the following line is inserted between the conversion rates applicable to the Belgian franc and the German mark:
‘= 1,95583 Bulgarian lev’.

Article 2
This Regulation shall enter into force on 1 January 2026.

THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 140(3) thereof,
Having regard to the proposal from the European Commission,
Having regard to the opinion of the European Central Bank(1),
(1) Council Regulation (EC) No 2866/98(2)determines the conversion rates between the euro and the currencies of the Member States adopting the euro as from 1 January 1999.
(2) According to Article 5 of the 2005 Act of Accession(3), Bulgaria is a Member State with a derogation, within the meaning of Article 139(1) of the Treaty on the Functioning of the European Union.
(3) Pursuant to Council Decision (EU) 2025/1407(4)regarding the adoption on 1 January 2026 of the euro by Bulgaria, Bulgaria fulfils the necessary conditions for the adoption of the euro and the derogation of Bulgaria is abrogated with effect from 1 January 2026.
(4) The introduction of the euro in Bulgaria requires the adoption of the conversion rate between the euro and the Bulgarian lev. This conversion rate should be set at 1,95583 lev per 1 euro, which corresponds to the current central rate of the lev in the exchange rate mechanism (ERM II).
(5) Regulation (EC) No 2866/98 should therefore be amended accordingly,
HAS ADOPTED THIS REGULATION:
In Article 1 of Regulation (EC) No 2866/98, the following line is inserted between the conversion rates applicable to the Belgian franc and the German mark:
‘= 1,95583 Bulgarian lev’.
This Regulation shall enter into force on 1 January 2026.

Council Regulation (EU) 2025/1408 of 8 July 2025 amending Regulation (EC) No 974/98 as regards the introduction of the euro in Bulgaria

Official Journalof the European Union ENL series
2025/1408 14.7.2025
(1) Council Regulation (EC) No 974/98(2)provides for the substitution of the euro for the currencies of the Member States which fulfilled the necessary conditions for the adoption of the euro at the time when the Community entered the third stage of economic and monetary union.
(2) In accordance with Article 5 of the 2005 Act of Accession, Bulgaria participates in Economic and Monetary Union from the date of accession as a Member State with a derogation, within the meaning of Article 139(1) of the Treaty.
(3) Pursuant to Council Decision (EU) 2025/1407(3), Bulgaria fulfils the necessary conditions for the adoption of the euro, and the derogation regarding Bulgaria is to be abrogated with effect from 1 January 2026.
(4) The introduction of the euro in Bulgaria requires the extension to Bulgaria of the existing provisions on the introduction of the euro that are set out in Regulation (EC) No 974/98.
(5) The National Euro Changeover Plan of Bulgaria specifies that euro banknotes and coins should become legal tender in that Member State on the day of the introduction of the euro as its currency. Consequently, the euro adoption date and the cash changeover date should be 1 January 2026. No ‘phasing-out’ period should apply.
(6) Regulation (EC) No 974/98 should therefore be amended accordingly,
‘Bulgaria 1 January 2026 1 January 2026 No’
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 140(3) thereof,
Having regard to the proposal from the European Commission,
Having regard to the opinion of the European Central Bank(1),
(1) Council Regulation (EC) No 974/98(2)provides for the substitution of the euro for the currencies of the Member States which fulfilled the necessary conditions for the adoption of the euro at the time when the Community entered the third stage of economic and monetary union.
(2) In accordance with Article 5 of the 2005 Act of Accession, Bulgaria participates in Economic and Monetary Union from the date of accession as a Member State with a derogation, within the meaning of Article 139(1) of the Treaty.
(3) Pursuant to Council Decision (EU) 2025/1407(3), Bulgaria fulfils the necessary conditions for the adoption of the euro, and the derogation regarding Bulgaria is to be abrogated with effect from 1 January 2026.
(4) The introduction of the euro in Bulgaria requires the extension to Bulgaria of the existing provisions on the introduction of the euro that are set out in Regulation (EC) No 974/98.
(5) The National Euro Changeover Plan of Bulgaria specifies that euro banknotes and coins should become legal tender in that Member State on the day of the introduction of the euro as its currency. Consequently, the euro adoption date and the cash changeover date should be 1 January 2026. No ‘phasing-out’ period should apply.
(6) Regulation (EC) No 974/98 should therefore be amended accordingly,
HAS ADOPTED THIS REGULATION:

Article 1
In the Annex to Regulation (EC) No 974/98, the following entry is inserted between the entry for Belgium and the entry for Germany:

Article 2
This Regulation shall enter into force on 1 January 2026.

THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 140(3) thereof,
Having regard to the proposal from the European Commission,
Having regard to the opinion of the European Central Bank(1),
(1) Council Regulation (EC) No 974/98(2)provides for the substitution of the euro for the currencies of the Member States which fulfilled the necessary conditions for the adoption of the euro at the time when the Community entered the third stage of economic and monetary union.
(2) In accordance with Article 5 of the 2005 Act of Accession, Bulgaria participates in Economic and Monetary Union from the date of accession as a Member State with a derogation, within the meaning of Article 139(1) of the Treaty.
(3) Pursuant to Council Decision (EU) 2025/1407(3), Bulgaria fulfils the necessary conditions for the adoption of the euro, and the derogation regarding Bulgaria is to be abrogated with effect from 1 January 2026.
(4) The introduction of the euro in Bulgaria requires the extension to Bulgaria of the existing provisions on the introduction of the euro that are set out in Regulation (EC) No 974/98.
(5) The National Euro Changeover Plan of Bulgaria specifies that euro banknotes and coins should become legal tender in that Member State on the day of the introduction of the euro as its currency. Consequently, the euro adoption date and the cash changeover date should be 1 January 2026. No ‘phasing-out’ period should apply.
(6) Regulation (EC) No 974/98 should therefore be amended accordingly,
HAS ADOPTED THIS REGULATION:
In the Annex to Regulation (EC) No 974/98, the following entry is inserted between the entry for Belgium and the entry for Germany:
This Regulation shall enter into force on 1 January 2026.

Commission Delegated Regulation (EU) 2025/1353 of 1 July 2025 amending Delegated Regulation (EU) 2023/2534 on household tumble dryers regarding information on repairability and clarifying some aspects of the measurement and calculation methods, the product information sheet, the technical documentation and the verification procedure

Official Journalof the European Union ENL series
2025/1353 20.11.2025
(1) Commission Delegated Regulation (EU) 2023/2534(2)lays down harmonised requirements for the labelling of household tumble dryers, enabling customers to make informed purchasing decisions based on the energy efficiency and supplementary information about the appliances. Article 3 of that Regulation also specifies the content and format of the product information sheet and technical documentation and requires suppliers to enter the relevant parameters in the European Product Registry for Energy Labelling (EPREL).
(2) It is important to address the significant decrease in the lifespan of household tumble dryers over the last 15 years, which has prompted an increase in the rate of production to compensate for the shorter lifetime. Providing information on the repairability of tumble dryers through a repairability index could generate several environmental, social and economic benefits by encouraging consumers to choose more repairable products. The repairability index should be calculated on the basis of parameters that are relevant for assessing the ease of repair of a household tumble dryer.
(3) As from 1 January 2027, any household tumble dryer placed on the market should be accompanied by a label and a product information sheet containing repairability information. In order to ensure a smooth introduction of the repairability index, suppliers could provide labels that include the repairability information in advance of the mandatory deadline of 1 January 2027, instead of labels without the repairability information.
(4) Since the implementation of a repairability index does not involve a rescaling of the label, dealers should be allowed, after 1 January 2027 to sell, without limitation of time household tumble dryers placed on the market before that date, with labels that do not include the repairability index.
(5) In order to improve repairability of household tumble dryers, an additional element should be included in the review provided for by Article 7 of Delegated Regulation (EU) 2023/2534, namely the assessment of the possibility to include heat pumps among the priority parts taken into account when calculating the repairability index.
(6) In order to ensure legal certainty relevant definitions regarding the repairability index and the average final moisture content should be added.
(7) In order to help consumers to make informed choices about household tumble dryers degree of repair and maintenance, the relevant repairability class should be included in the energy labels for both condenser and non-condenser household tumble dryers, ranging from A to E, where the top class A corresponds to household tumble dryers with the best repairability indexes and the lower class E to household tumble dryers with the worst repairability indexes.
(8) The term ‘logo’ should be replaced by ‘pictogram’ in the description of the label provided in Annex III, to be consistent with other delegated acts on energy labelling. Furthermore, the reference to the EU Ecolabel should be deleted from Annex III, since the EU Ecolabel is no longer awarded.
(9) A method for the calculation of the repairability index of household tumble dryers, allowing to assign a repairability class to each model of household tumble dryers, should be defined.
(10) The calculation of the repairability index should be carried out through a formula based on specific scoring parameters which have been considered relevant to determine the easiness of repair for each model of household tumble dryer. Those scoring parameters are the disassembly depth, the fasteners type, the tools type and the repair information.
(11) Except for the repair information, which must be assessed at product level, the other three scoring parameters should be evaluated at the level of the part of the household tumble dryer to be replaced. For this reason, priority parts have been selected and included in the formula of each scoring parameter, with a weighted average reflecting the relevance of each priority part in terms of sales and failure rates.
(12) The description of the disassembly steps used to calculate the disassembly depth scoring parameter, should be consistent with the repair and maintenance information to be provided to professional repairers.
(13) It is appropriate to remove from the information to be provided in the technical documentation of the product, the details of the calculation method of the average final moisture content of the eco programme which were originally set in Annex IV, point 1(g) to Delegated Regulation (EU) 2023/2534. It has been noticed that obtaining 0 % value in the average final moisture content is frequently accompanied by undesired negative side effects, in terms of textiles heat damage from overdrying and excessive consumption of energy, which are to be avoided. Instead, the measurement and calculation methods provided for in the harmonised standards should be used to calculate this parameter as these provide for appropriate tolerances.
(14) In order to ensure consumers informed choices and encourage sustainable consumption, information on the repairability index and the partial scores for each of the scoring parameters should be part of the product information sheet. To avoid unnecessary administrative burden for suppliers, only changes in the global score of the repairability index of a product should be deemed relevant for the definition of a new model. On the opposite, changes in the partial calculations of the scoring parameters that do not alter the global reparability index are deemed not relevant.
(15) In order to avoid confusion for suppliers and market surveillance authorities, the content of the technical documentation including the relevant reparability information should be clarified.
(16) Delegated Regulation (EU) 2023/2534 should therefore be amended accordingly,
(1) Article 3 is amended as follows:(a)paragraph 1 is replaced by the following:‘1.   Suppliers shall ensure that:(a)from 1 March 2025 to 31 December 2026:(i)each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X;(ii)the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database;(b)from 1 July 2025 to 31 December 2026:(i)the content of the technical documentation set out in Annex VI is entered in the product database;(ii)an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer;(iii)an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer;(iv)where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form;(c)from 1 January 2027:(i)each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X;(ii)the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database;(iii)the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database;(iv)an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer;(v)an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer;(vi)where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form;(d)from 1 July 2025:(i)any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII;(ii)any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’;(b)the following paragraph 1a is inserted:‘1a.   By way of derogation from paragraph 1, points (a) and (b), during the period, from 24 November 2025 to 31 December 2026, suppliers may fulfil their obligations set out in paragraph 1, points (a) and (b) in the way set out in paragraph 1, point (c).’; (a) paragraph 1 is replaced by the following:‘1.   Suppliers shall ensure that:(a)from 1 March 2025 to 31 December 2026:(i)each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X;(ii)the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database;(b)from 1 July 2025 to 31 December 2026:(i)the content of the technical documentation set out in Annex VI is entered in the product database;(ii)an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer;(iii)an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer;(iv)where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form;(c)from 1 January 2027:(i)each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X;(ii)the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database;(iii)the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database;(iv)an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer;(v)an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer;(vi)where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form;(d)from 1 July 2025:(i)any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII;(ii)any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’; (a) from 1 March 2025 to 31 December 2026:(i)each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X;(ii)the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database; (i) each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X; (ii) the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database; (b) from 1 July 2025 to 31 December 2026:(i)the content of the technical documentation set out in Annex VI is entered in the product database;(ii)an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer;(iii)an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer;(iv)where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form; (i) the content of the technical documentation set out in Annex VI is entered in the product database; (ii) an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer; (iii) an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer; (iv) where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form; (c) from 1 January 2027:(i)each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X;(ii)the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database;(iii)the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database;(iv)an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer;(v)an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer;(vi)where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form; (i) each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X; (ii) the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database; (iii) the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database; (iv) an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer; (v) an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer; (vi) where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form; (d) from 1 July 2025:(i)any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII;(ii)any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’ (i) any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII; (ii) any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’ (b) the following paragraph 1a is inserted:‘1a.   By way of derogation from paragraph 1, points (a) and (b), during the period, from 24 November 2025 to 31 December 2026, suppliers may fulfil their obligations set out in paragraph 1, points (a) and (b) in the way set out in paragraph 1, point (c).’;
(a) paragraph 1 is replaced by the following:‘1.   Suppliers shall ensure that:(a)from 1 March 2025 to 31 December 2026:(i)each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X;(ii)the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database;(b)from 1 July 2025 to 31 December 2026:(i)the content of the technical documentation set out in Annex VI is entered in the product database;(ii)an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer;(iii)an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer;(iv)where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form;(c)from 1 January 2027:(i)each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X;(ii)the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database;(iii)the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database;(iv)an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer;(v)an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer;(vi)where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form;(d)from 1 July 2025:(i)any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII;(ii)any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’; (a) from 1 March 2025 to 31 December 2026:(i)each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X;(ii)the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database; (i) each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X; (ii) the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database; (b) from 1 July 2025 to 31 December 2026:(i)the content of the technical documentation set out in Annex VI is entered in the product database;(ii)an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer;(iii)an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer;(iv)where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form; (i) the content of the technical documentation set out in Annex VI is entered in the product database; (ii) an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer; (iii) an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer; (iv) where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form; (c) from 1 January 2027:(i)each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X;(ii)the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database;(iii)the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database;(iv)an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer;(v)an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer;(vi)where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form; (i) each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X; (ii) the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database; (iii) the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database; (iv) an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer; (v) an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer; (vi) where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form; (d) from 1 July 2025:(i)any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII;(ii)any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’ (i) any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII; (ii) any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’
(a) from 1 March 2025 to 31 December 2026:(i)each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X;(ii)the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database; (i) each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X; (ii) the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database;
(i) each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X;
(ii) the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database;
(b) from 1 July 2025 to 31 December 2026:(i)the content of the technical documentation set out in Annex VI is entered in the product database;(ii)an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer;(iii)an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer;(iv)where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form; (i) the content of the technical documentation set out in Annex VI is entered in the product database; (ii) an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer; (iii) an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer; (iv) where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form;
(i) the content of the technical documentation set out in Annex VI is entered in the product database;
(ii) an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer;
(iii) an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer;
(iv) where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form;
(c) from 1 January 2027:(i)each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X;(ii)the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database;(iii)the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database;(iv)an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer;(v)an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer;(vi)where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form; (i) each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X; (ii) the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database; (iii) the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database; (iv) an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer; (v) an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer; (vi) where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form;
(i) each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X;
(ii) the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database;
(iii) the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database;
(iv) an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer;
(v) an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer;
(vi) where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form;
(d) from 1 July 2025:(i)any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII;(ii)any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’ (i) any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII; (ii) any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’
(i) any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII;
(ii) any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’
(b) the following paragraph 1a is inserted:‘1a.   By way of derogation from paragraph 1, points (a) and (b), during the period, from 24 November 2025 to 31 December 2026, suppliers may fulfil their obligations set out in paragraph 1, points (a) and (b) in the way set out in paragraph 1, point (c).’;
(a) paragraph 1 is replaced by the following:‘1.   Suppliers shall ensure that:(a)from 1 March 2025 to 31 December 2026:(i)each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X;(ii)the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database;(b)from 1 July 2025 to 31 December 2026:(i)the content of the technical documentation set out in Annex VI is entered in the product database;(ii)an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer;(iii)an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer;(iv)where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form;(c)from 1 January 2027:(i)each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X;(ii)the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database;(iii)the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database;(iv)an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer;(v)an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer;(vi)where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form;(d)from 1 July 2025:(i)any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII;(ii)any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’; (a) from 1 March 2025 to 31 December 2026:(i)each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X;(ii)the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database; (i) each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X; (ii) the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database; (b) from 1 July 2025 to 31 December 2026:(i)the content of the technical documentation set out in Annex VI is entered in the product database;(ii)an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer;(iii)an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer;(iv)where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form; (i) the content of the technical documentation set out in Annex VI is entered in the product database; (ii) an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer; (iii) an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer; (iv) where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form; (c) from 1 January 2027:(i)each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X;(ii)the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database;(iii)the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database;(iv)an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer;(v)an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer;(vi)where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form; (i) each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X; (ii) the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database; (iii) the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database; (iv) an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer; (v) an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer; (vi) where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form; (d) from 1 July 2025:(i)any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII;(ii)any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’ (i) any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII; (ii) any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’
(a) from 1 March 2025 to 31 December 2026:(i)each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X;(ii)the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database; (i) each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X; (ii) the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database;
(i) each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X;
(ii) the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database;
(b) from 1 July 2025 to 31 December 2026:(i)the content of the technical documentation set out in Annex VI is entered in the product database;(ii)an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer;(iii)an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer;(iv)where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form; (i) the content of the technical documentation set out in Annex VI is entered in the product database; (ii) an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer; (iii) an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer; (iv) where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form;
(i) the content of the technical documentation set out in Annex VI is entered in the product database;
(ii) an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer;
(iii) an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer;
(iv) where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form;
(c) from 1 January 2027:(i)each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X;(ii)the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database;(iii)the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database;(iv)an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer;(v)an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer;(vi)where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form; (i) each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X; (ii) the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database; (iii) the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database; (iv) an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer; (v) an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer; (vi) where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form;
(i) each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X;
(ii) the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database;
(iii) the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database;
(iv) an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer;
(v) an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer;
(vi) where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form;
(d) from 1 July 2025:(i)any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII;(ii)any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’ (i) any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII; (ii) any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’
(i) any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII;
(ii) any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’
(a) from 1 March 2025 to 31 December 2026:(i)each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X;(ii)the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database; (i) each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X; (ii) the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database;
(i) each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X;
(ii) the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database;
(i) each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X;
(ii) the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database;
(b) from 1 July 2025 to 31 December 2026:(i)the content of the technical documentation set out in Annex VI is entered in the product database;(ii)an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer;(iii)an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer;(iv)where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form; (i) the content of the technical documentation set out in Annex VI is entered in the product database; (ii) an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer; (iii) an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer; (iv) where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form;
(i) the content of the technical documentation set out in Annex VI is entered in the product database;
(ii) an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer;
(iii) an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer;
(iv) where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form;
(i) the content of the technical documentation set out in Annex VI is entered in the product database;
(ii) an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer;
(iii) an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer;
(iv) where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form;
(c) from 1 January 2027:(i)each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X;(ii)the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database;(iii)the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database;(iv)an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer;(v)an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer;(vi)where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form; (i) each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X; (ii) the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database; (iii) the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database; (iv) an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer; (v) an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer; (vi) where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form;
(i) each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X;
(ii) the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database;
(iii) the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database;
(iv) an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer;
(v) an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer;
(vi) where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form;
(i) each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X;
(ii) the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database;
(iii) the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database;
(iv) an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer;
(v) an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer;
(vi) where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form;
(d) from 1 July 2025:(i)any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII;(ii)any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’ (i) any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII; (ii) any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’
(i) any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII;
(ii) any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’
(i) any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII;
(ii) any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’
(b) the following paragraph 1a is inserted:‘1a.   By way of derogation from paragraph 1, points (a) and (b), during the period, from 24 November 2025 to 31 December 2026, suppliers may fulfil their obligations set out in paragraph 1, points (a) and (b) in the way set out in paragraph 1, point (c).’;
(2) in Article 4, point (a) is replaced by the following:‘(a)each household tumble dryer, at the point of sale, including at trade fairs, bears the label provided by suppliers in accordance with Article 3(1), points (a)(i) or (c)(i), with the label being displayed for built-in appliances in such a way as to be clearly visible, and for all other appliances in such a way as to be clearly visible on the outside on the front or top of the household tumble dryer;’; ‘(a) each household tumble dryer, at the point of sale, including at trade fairs, bears the label provided by suppliers in accordance with Article 3(1), points (a)(i) or (c)(i), with the label being displayed for built-in appliances in such a way as to be clearly visible, and for all other appliances in such a way as to be clearly visible on the outside on the front or top of the household tumble dryer;’;
‘(a) each household tumble dryer, at the point of sale, including at trade fairs, bears the label provided by suppliers in accordance with Article 3(1), points (a)(i) or (c)(i), with the label being displayed for built-in appliances in such a way as to be clearly visible, and for all other appliances in such a way as to be clearly visible on the outside on the front or top of the household tumble dryer;’;
‘(a) each household tumble dryer, at the point of sale, including at trade fairs, bears the label provided by suppliers in accordance with Article 3(1), points (a)(i) or (c)(i), with the label being displayed for built-in appliances in such a way as to be clearly visible, and for all other appliances in such a way as to be clearly visible on the outside on the front or top of the household tumble dryer;’;
(3) Article 7 is amended as follows:(a)paragraph 1 is replaced by the following:‘The Commission shall review this Regulation in the light of technological progress and present the results of that review including, if appropriate, a draft proposal, to the Ecodesign Forum by 1 January 2030.The review shall in particular assess the following elements:(a)the improvement potential with regard to the energy consumption, functional and environmental performance of household tumble dryers;(b)the effectiveness of existing measures in prompting end-users to purchase appliances that are more energy- and resource-efficient and to use more energy- and resource-efficient programmes;(c)the scope for addressing circular economy objectives;(d)the appropriateness to include the heat pump in the list of priority parts for the purpose of calculating the repairability index.’;(b)paragraph 2 is deleted; (a) paragraph 1 is replaced by the following:‘The Commission shall review this Regulation in the light of technological progress and present the results of that review including, if appropriate, a draft proposal, to the Ecodesign Forum by 1 January 2030.The review shall in particular assess the following elements:(a)the improvement potential with regard to the energy consumption, functional and environmental performance of household tumble dryers;(b)the effectiveness of existing measures in prompting end-users to purchase appliances that are more energy- and resource-efficient and to use more energy- and resource-efficient programmes;(c)the scope for addressing circular economy objectives;(d)the appropriateness to include the heat pump in the list of priority parts for the purpose of calculating the repairability index.’; (a) the improvement potential with regard to the energy consumption, functional and environmental performance of household tumble dryers; (b) the effectiveness of existing measures in prompting end-users to purchase appliances that are more energy- and resource-efficient and to use more energy- and resource-efficient programmes; (c) the scope for addressing circular economy objectives; (d) the appropriateness to include the heat pump in the list of priority parts for the purpose of calculating the repairability index.’; (b) paragraph 2 is deleted;
(a) paragraph 1 is replaced by the following:‘The Commission shall review this Regulation in the light of technological progress and present the results of that review including, if appropriate, a draft proposal, to the Ecodesign Forum by 1 January 2030.The review shall in particular assess the following elements:(a)the improvement potential with regard to the energy consumption, functional and environmental performance of household tumble dryers;(b)the effectiveness of existing measures in prompting end-users to purchase appliances that are more energy- and resource-efficient and to use more energy- and resource-efficient programmes;(c)the scope for addressing circular economy objectives;(d)the appropriateness to include the heat pump in the list of priority parts for the purpose of calculating the repairability index.’; (a) the improvement potential with regard to the energy consumption, functional and environmental performance of household tumble dryers; (b) the effectiveness of existing measures in prompting end-users to purchase appliances that are more energy- and resource-efficient and to use more energy- and resource-efficient programmes; (c) the scope for addressing circular economy objectives; (d) the appropriateness to include the heat pump in the list of priority parts for the purpose of calculating the repairability index.’;
(a) the improvement potential with regard to the energy consumption, functional and environmental performance of household tumble dryers;
(b) the effectiveness of existing measures in prompting end-users to purchase appliances that are more energy- and resource-efficient and to use more energy- and resource-efficient programmes;
(c) the scope for addressing circular economy objectives;
(d) the appropriateness to include the heat pump in the list of priority parts for the purpose of calculating the repairability index.’;
(b) paragraph 2 is deleted;
(a) paragraph 1 is replaced by the following:‘The Commission shall review this Regulation in the light of technological progress and present the results of that review including, if appropriate, a draft proposal, to the Ecodesign Forum by 1 January 2030.The review shall in particular assess the following elements:(a)the improvement potential with regard to the energy consumption, functional and environmental performance of household tumble dryers;(b)the effectiveness of existing measures in prompting end-users to purchase appliances that are more energy- and resource-efficient and to use more energy- and resource-efficient programmes;(c)the scope for addressing circular economy objectives;(d)the appropriateness to include the heat pump in the list of priority parts for the purpose of calculating the repairability index.’; (a) the improvement potential with regard to the energy consumption, functional and environmental performance of household tumble dryers; (b) the effectiveness of existing measures in prompting end-users to purchase appliances that are more energy- and resource-efficient and to use more energy- and resource-efficient programmes; (c) the scope for addressing circular economy objectives; (d) the appropriateness to include the heat pump in the list of priority parts for the purpose of calculating the repairability index.’;
(a) the improvement potential with regard to the energy consumption, functional and environmental performance of household tumble dryers;
(b) the effectiveness of existing measures in prompting end-users to purchase appliances that are more energy- and resource-efficient and to use more energy- and resource-efficient programmes;
(c) the scope for addressing circular economy objectives;
(d) the appropriateness to include the heat pump in the list of priority parts for the purpose of calculating the repairability index.’;
(a) the improvement potential with regard to the energy consumption, functional and environmental performance of household tumble dryers;
(b) the effectiveness of existing measures in prompting end-users to purchase appliances that are more energy- and resource-efficient and to use more energy- and resource-efficient programmes;
(c) the scope for addressing circular economy objectives;
(d) the appropriateness to include the heat pump in the list of priority parts for the purpose of calculating the repairability index.’;
(b) paragraph 2 is deleted;
(4) in Article 10, the second paragraph is replaced by the following:‘It shall apply from 1 July 2025. However, Article 9 shall apply from 1 January 2024 and Article 3(1) and (1a) shall apply as set out therein.’;
(5) Annexes I, II and III are amended in accordance with Annex I to this Regulation;
(6) the text set out in Annex II to this Regulation, is inserted as Annex IIIa;
(7) Annexes IV and V are amended in accordance with Annex III to this Regulation;
(8) the text set out in Annex IV to this Regulation is inserted as Annex Va;
(9) Annex VI is amended in accordance with Annex V to this Regulation;
(10) the text set out in Annex VI to this Regulation is inserted as Annex VIa;
(11) Annexes VII, VIII, IX and X are amended in accordance with Annex VII to this Regulation.
(1) in Annex I, the following points are added:‘(27)“average final moisture content” means the average of the final moisture content for the eco programme at full and at half load;(28)“spare part” means a separate part that can replace a part with the same or similar function in a household tumble dryer;(29)“priority part” means a spare part used in the calculations of the repairability index set out in Section 5 of Annex IV;(30)“main printed circuit board” means the board managing directly or indirectly the electric and electronic components integrated in the appliance;(31)“disassembly” means a process whereby a product is separated into its parts and/or components in such a way that it could subsequently be reassembled and made operational;(32)“fastener” means a hardware device or substance that mechanically, magnetically or by other means connects or fixes two or more objects, parts or pieces, including a hardware device which in addition serves an electrical function;(33)“reusable fastener” means a fastener that can be completely reused in the reassembly for the same purpose and that does no damage either the product or the fastener itself during the disassembly or reassembly process in a way that makes their multiple reuse impossible;(34)“removable fastener” means a fastener that is not a reusable fastener, but which removal does not damage the product, or leave residue, which precludes reassembly;(35)“resupplied fastener” means a removable fastener that is supplied with the spare part which it is intended to connect or fix; adhesives shall be considered resupplied fasteners if they are supplied with the spare part in a quantity that is sufficient for the reassembly;(36)“step” means an operation that finishes with the removal of a part (or bundle) or with a change of tool, including any placement of a part away from its initial location where the removal entails partial disconnection or unplugging;(37)“commercially available tool” means a tool that is available for purchase by the general public and is neither a basic tool nor a proprietary tool;(38)“basic tool” means a screwdriver for slotted heads, a screwdriver for cross recess screws, a screwdriver for hexalobular recess heads, a hexagon socket key, a combination wrench, combination pliers, combination pliers for wire stripping and terminal crimping, half round nose pliers, diagonal cutters, multigrip pliers, locking pliers, a prying lever, tweezers, magnifying glass, a spudger and a pick;(39)“proprietary tool” means tool that is not available for purchase by the general public or for which any applicable patents are not available to licence under fair, reasonable and non-discriminatory terms;(40)“professional repairer” means an operator or undertaking that provides services of repair and professional maintenance of household tumble dryers.’; ‘(27) “average final moisture content” means the average of the final moisture content for the eco programme at full and at half load; (28) “spare part” means a separate part that can replace a part with the same or similar function in a household tumble dryer; (29) “priority part” means a spare part used in the calculations of the repairability index set out in Section 5 of Annex IV; (30) “main printed circuit board” means the board managing directly or indirectly the electric and electronic components integrated in the appliance; (31) “disassembly” means a process whereby a product is separated into its parts and/or components in such a way that it could subsequently be reassembled and made operational; (32) “fastener” means a hardware device or substance that mechanically, magnetically or by other means connects or fixes two or more objects, parts or pieces, including a hardware device which in addition serves an electrical function; (33) “reusable fastener” means a fastener that can be completely reused in the reassembly for the same purpose and that does no damage either the product or the fastener itself during the disassembly or reassembly process in a way that makes their multiple reuse impossible; (34) “removable fastener” means a fastener that is not a reusable fastener, but which removal does not damage the product, or leave residue, which precludes reassembly; (35) “resupplied fastener” means a removable fastener that is supplied with the spare part which it is intended to connect or fix; adhesives shall be considered resupplied fasteners if they are supplied with the spare part in a quantity that is sufficient for the reassembly; (36) “step” means an operation that finishes with the removal of a part (or bundle) or with a change of tool, including any placement of a part away from its initial location where the removal entails partial disconnection or unplugging; (37) “commercially available tool” means a tool that is available for purchase by the general public and is neither a basic tool nor a proprietary tool; (38) “basic tool” means a screwdriver for slotted heads, a screwdriver for cross recess screws, a screwdriver for hexalobular recess heads, a hexagon socket key, a combination wrench, combination pliers, combination pliers for wire stripping and terminal crimping, half round nose pliers, diagonal cutters, multigrip pliers, locking pliers, a prying lever, tweezers, magnifying glass, a spudger and a pick; (39) “proprietary tool” means tool that is not available for purchase by the general public or for which any applicable patents are not available to licence under fair, reasonable and non-discriminatory terms; (40) “professional repairer” means an operator or undertaking that provides services of repair and professional maintenance of household tumble dryers.’;
‘(27) “average final moisture content” means the average of the final moisture content for the eco programme at full and at half load;
(28) “spare part” means a separate part that can replace a part with the same or similar function in a household tumble dryer;
(29) “priority part” means a spare part used in the calculations of the repairability index set out in Section 5 of Annex IV;
(30) “main printed circuit board” means the board managing directly or indirectly the electric and electronic components integrated in the appliance;
(31) “disassembly” means a process whereby a product is separated into its parts and/or components in such a way that it could subsequently be reassembled and made operational;
(32) “fastener” means a hardware device or substance that mechanically, magnetically or by other means connects or fixes two or more objects, parts or pieces, including a hardware device which in addition serves an electrical function;
(33) “reusable fastener” means a fastener that can be completely reused in the reassembly for the same purpose and that does no damage either the product or the fastener itself during the disassembly or reassembly process in a way that makes their multiple reuse impossible;
(34) “removable fastener” means a fastener that is not a reusable fastener, but which removal does not damage the product, or leave residue, which precludes reassembly;
(35) “resupplied fastener” means a removable fastener that is supplied with the spare part which it is intended to connect or fix; adhesives shall be considered resupplied fasteners if they are supplied with the spare part in a quantity that is sufficient for the reassembly;
(36) “step” means an operation that finishes with the removal of a part (or bundle) or with a change of tool, including any placement of a part away from its initial location where the removal entails partial disconnection or unplugging;
(37) “commercially available tool” means a tool that is available for purchase by the general public and is neither a basic tool nor a proprietary tool;
(38) “basic tool” means a screwdriver for slotted heads, a screwdriver for cross recess screws, a screwdriver for hexalobular recess heads, a hexagon socket key, a combination wrench, combination pliers, combination pliers for wire stripping and terminal crimping, half round nose pliers, diagonal cutters, multigrip pliers, locking pliers, a prying lever, tweezers, magnifying glass, a spudger and a pick;
(39) “proprietary tool” means tool that is not available for purchase by the general public or for which any applicable patents are not available to licence under fair, reasonable and non-discriminatory terms;
(40) “professional repairer” means an operator or undertaking that provides services of repair and professional maintenance of household tumble dryers.’;
‘(27) “average final moisture content” means the average of the final moisture content for the eco programme at full and at half load;
(28) “spare part” means a separate part that can replace a part with the same or similar function in a household tumble dryer;
(29) “priority part” means a spare part used in the calculations of the repairability index set out in Section 5 of Annex IV;
(30) “main printed circuit board” means the board managing directly or indirectly the electric and electronic components integrated in the appliance;
(31) “disassembly” means a process whereby a product is separated into its parts and/or components in such a way that it could subsequently be reassembled and made operational;
(32) “fastener” means a hardware device or substance that mechanically, magnetically or by other means connects or fixes two or more objects, parts or pieces, including a hardware device which in addition serves an electrical function;
(33) “reusable fastener” means a fastener that can be completely reused in the reassembly for the same purpose and that does no damage either the product or the fastener itself during the disassembly or reassembly process in a way that makes their multiple reuse impossible;
(34) “removable fastener” means a fastener that is not a reusable fastener, but which removal does not damage the product, or leave residue, which precludes reassembly;
(35) “resupplied fastener” means a removable fastener that is supplied with the spare part which it is intended to connect or fix; adhesives shall be considered resupplied fasteners if they are supplied with the spare part in a quantity that is sufficient for the reassembly;
(36) “step” means an operation that finishes with the removal of a part (or bundle) or with a change of tool, including any placement of a part away from its initial location where the removal entails partial disconnection or unplugging;
(37) “commercially available tool” means a tool that is available for purchase by the general public and is neither a basic tool nor a proprietary tool;
(38) “basic tool” means a screwdriver for slotted heads, a screwdriver for cross recess screws, a screwdriver for hexalobular recess heads, a hexagon socket key, a combination wrench, combination pliers, combination pliers for wire stripping and terminal crimping, half round nose pliers, diagonal cutters, multigrip pliers, locking pliers, a prying lever, tweezers, magnifying glass, a spudger and a pick;
(39) “proprietary tool” means tool that is not available for purchase by the general public or for which any applicable patents are not available to licence under fair, reasonable and non-discriminatory terms;
(40) “professional repairer” means an operator or undertaking that provides services of repair and professional maintenance of household tumble dryers.’;
(2) in Annex II, the following Section 4 is added:‘4.REPAIRABILITY CLASSThe repairability class of a household tumble dryer shall be determined on the basis of the repairability index, as set out in Table 3a. The repairability index shall be determined in accordance with Section 5 of Annex IV.Table 3aRepairability classRepairability classRepairability index (R)A (most repairable)R > 9,00B7,00 ≤ R ≤ 9,00C5,00 ≤ R < 7,00D3,00 ≤ R < 5,00E (least repairable)R < 3,00’ Repairability class Repairability class Repairability index (R) Repairability index (R) A (most repairable) A (most repairable) R > 9,00 R > 9,00 B B 7,00 ≤ R ≤ 9,00 7,00 ≤ R ≤ 9,00 C C 5,00 ≤ R < 7,00 5,00 ≤ R < 7,00 D D 3,00 ≤ R < 5,00 3,00 ≤ R < 5,00 E (least repairable) E (least repairable) R < 3,00’ R < 3,00’
Repairability class Repairability class Repairability index (R) Repairability index (R)
Repairability class
Repairability index (R)
A (most repairable) A (most repairable) R > 9,00 R > 9,00
A (most repairable)
R > 9,00
B B 7,00 ≤ R ≤ 9,00 7,00 ≤ R ≤ 9,00
B
7,00 ≤ R ≤ 9,00
C C 5,00 ≤ R < 7,00 5,00 ≤ R < 7,00
C
5,00 ≤ R < 7,00
D D 3,00 ≤ R < 5,00 3,00 ≤ R < 5,00
D
3,00 ≤ R < 5,00
E (least repairable) E (least repairable) R < 3,00’ R < 3,00’
E (least repairable)
R < 3,00’
Repairability class Repairability class Repairability index (R) Repairability index (R)
Repairability class
Repairability index (R)
A (most repairable) A (most repairable) R > 9,00 R > 9,00
A (most repairable)
R > 9,00
B B 7,00 ≤ R ≤ 9,00 7,00 ≤ R ≤ 9,00
B
7,00 ≤ R ≤ 9,00
C C 5,00 ≤ R < 7,00 5,00 ≤ R < 7,00
C
5,00 ≤ R < 7,00
D D 3,00 ≤ R < 5,00 3,00 ≤ R < 5,00
D
3,00 ≤ R < 5,00
E (least repairable) E (least repairable) R < 3,00’ R < 3,00’
E (least repairable)
R < 3,00’
Repairability class
Repairability index (R)
A (most repairable)
R > 9,00
B
7,00 ≤ R ≤ 9,00
C
5,00 ≤ R < 7,00
D
3,00 ≤ R < 5,00
E (least repairable)
R < 3,00’
(3) Annex III is amended as follows:(a)in Section A, point 1.1 is amended as follows:(i)point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’;(ii)points VII and VIII are replaced by the following:‘VIIcondensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;VIIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;(iii)point 1.2 is deleted;(b)in Section B, point 1.1 is amended as follows:(i)point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’;(ii)point VII is replaced by the following:‘VIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;(iii)point 1.2 is deleted. (a) in Section A, point 1.1 is amended as follows:(i)point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’;(ii)points VII and VIII are replaced by the following:‘VIIcondensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;VIIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;(iii)point 1.2 is deleted; (i) point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’; ‘V the energy efficiency class determined in accordance with Annex II;’; (ii) points VII and VIII are replaced by the following:‘VIIcondensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;VIIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; ‘VII condensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV; VIII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; (iii) point 1.2 is deleted; (b) in Section B, point 1.1 is amended as follows:(i)point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’;(ii)point VII is replaced by the following:‘VIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;(iii)point 1.2 is deleted. (i) point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’; ‘V the energy efficiency class determined in accordance with Annex II;’; (ii) point VII is replaced by the following:‘VIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; ‘VII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; (iii) point 1.2 is deleted.
(a) in Section A, point 1.1 is amended as follows:(i)point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’;(ii)points VII and VIII are replaced by the following:‘VIIcondensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;VIIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;(iii)point 1.2 is deleted; (i) point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’; ‘V the energy efficiency class determined in accordance with Annex II;’; (ii) points VII and VIII are replaced by the following:‘VIIcondensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;VIIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; ‘VII condensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV; VIII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; (iii) point 1.2 is deleted;
(i) point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’; ‘V the energy efficiency class determined in accordance with Annex II;’;
‘V the energy efficiency class determined in accordance with Annex II;’;
(ii) points VII and VIII are replaced by the following:‘VIIcondensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;VIIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; ‘VII condensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV; VIII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;
‘VII condensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;
VIII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;
(iii) point 1.2 is deleted;
(b) in Section B, point 1.1 is amended as follows:(i)point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’;(ii)point VII is replaced by the following:‘VIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;(iii)point 1.2 is deleted. (i) point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’; ‘V the energy efficiency class determined in accordance with Annex II;’; (ii) point VII is replaced by the following:‘VIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; ‘VII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; (iii) point 1.2 is deleted.
(i) point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’; ‘V the energy efficiency class determined in accordance with Annex II;’;
‘V the energy efficiency class determined in accordance with Annex II;’;
(ii) point VII is replaced by the following:‘VIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; ‘VII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;
‘VII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;
(iii) point 1.2 is deleted.
(a) in Section A, point 1.1 is amended as follows:(i)point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’;(ii)points VII and VIII are replaced by the following:‘VIIcondensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;VIIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;(iii)point 1.2 is deleted; (i) point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’; ‘V the energy efficiency class determined in accordance with Annex II;’; (ii) points VII and VIII are replaced by the following:‘VIIcondensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;VIIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; ‘VII condensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV; VIII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; (iii) point 1.2 is deleted;
(i) point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’; ‘V the energy efficiency class determined in accordance with Annex II;’;
‘V the energy efficiency class determined in accordance with Annex II;’;
(ii) points VII and VIII are replaced by the following:‘VIIcondensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;VIIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; ‘VII condensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV; VIII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;
‘VII condensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;
VIII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;
(iii) point 1.2 is deleted;
(i) point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’; ‘V the energy efficiency class determined in accordance with Annex II;’;
‘V the energy efficiency class determined in accordance with Annex II;’;
‘V the energy efficiency class determined in accordance with Annex II;’;
(ii) points VII and VIII are replaced by the following:‘VIIcondensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;VIIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; ‘VII condensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV; VIII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;
‘VII condensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;
VIII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;
‘VII condensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;
VIII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;
(iii) point 1.2 is deleted;
(b) in Section B, point 1.1 is amended as follows:(i)point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’;(ii)point VII is replaced by the following:‘VIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;(iii)point 1.2 is deleted. (i) point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’; ‘V the energy efficiency class determined in accordance with Annex II;’; (ii) point VII is replaced by the following:‘VIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; ‘VII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; (iii) point 1.2 is deleted.
(i) point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’; ‘V the energy efficiency class determined in accordance with Annex II;’;
‘V the energy efficiency class determined in accordance with Annex II;’;
(ii) point VII is replaced by the following:‘VIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; ‘VII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;
‘VII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;
(iii) point 1.2 is deleted.
(i) point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’; ‘V the energy efficiency class determined in accordance with Annex II;’;
‘V the energy efficiency class determined in accordance with Annex II;’;
‘V the energy efficiency class determined in accordance with Annex II;’;
(ii) point VII is replaced by the following:‘VIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; ‘VII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;
‘VII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;
‘VII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;
(iii) point 1.2 is deleted.
I QR code;
II trademark;
III model identifier;
IV scale of energy efficiency classes from A to G;
V the energy efficiency class determined in accordance with Annex II;
VI weighted average energy consumption per 100 drying cycles in kWh, rounded to the nearest integer and calculated in accordance with Annex IV; in case of gas-fired tumble dryers, the weighted average energy consumption (gas and electricity) per 100 drying cycles in kWh, rounded to the nearest integer and calculated in accordance with Annex IV;
VII repairability class determined in accordance with Annex II, calculated in accordance with Annex IV;
VIII condensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;
IX acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;
X rated capacity, in kg, for the eco programme at full load;
XI duration of the eco programme at full load in hours and minutes [h:min] rounded to the nearest minute;
XII the number of this Regulation, which is “2023/2534”.
(a) the label shall be at least 96 mm wide and 192 mm high. Where the label is printed in a larger format, its content shall nevertheless remain proportionate to the specifications in Figure 4b;
(b) the background shall be 100 % white;
(c) the typeface shall be Verdana;
(d) the dimensions and specifications of the elements in the label shall be as indicated in the label designs in this Annex;
(e) colours shall be CMYK – cyan, magenta, yellow and black following this example: 0,70,100,0: 0 % cyan, 70 % magenta, 100 % yellow, 0 % black;
(f) the label shall fulfil all of the following requirements (numbers refer to Figure 4b):the colours of the EU logo shall be as follows:—the background: 100,80,0,0;—the stars: 0,0,100,0;the colour of the energy logo shall be: 100,80,0,0;the QR code shall be 100 % black;the trademark shall be 100 % black and in Bold 9 pt;the model identifier shall be 100 % black and in Regular 9 pt;the A to G scale shall be as follows:(a)the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows;(b)the background colours of the arrows shall be as follows:(i)A-class: 100,0,100,0;(ii)B-class: 70,0,100,0;(iii)C-class: 30,0,100,0;(iv)D-class: 0,0,100,0;(v)E-class: 0,30,100,0;(vi)F-class: 0,70,100,0;(vii)G-class: 0,100,100,0;the internal dividers shall be 80 mm wide and have a weight of 0,5 pt. The colour of the dividers shall be 100 % black;the energy efficiency class arrow shall be 100 % black. The letter inside the energy efficiency class arrow shall be 100 % white and in Bold 26 pt, and it shall be positioned in the centre of the rectangular part of the arrow. The energy efficiency class arrow and the corresponding arrow in the A to G scale shall be positioned in such a way that their tips are aligned;the value of the weighted energy consumption per 100 drying cycles shall be in Bold 28 pt; “kWh/” shall be in Regular 18 pt; the number “100” in the icon representing 100 drying cycles shall be in Regular 14 pt. The text shall be centred in the column and in 100 % black;the pictograms shall be as shown in the label design and as follows:(a)the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black;(b)the A to D scales of the condensation efficiency pictogram and of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;(c)the number of the condensation efficiency pictogram shall be in Bold 9 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;(d)the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;(e)the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;(f)the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram;(g)the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram;the number of the Regulation shall be 100 % black and in Regular 6 pt. the colours of the EU logo shall be as follows:—the background: 100,80,0,0;—the stars: 0,0,100,0; — the background: 100,80,0,0; — the stars: 0,0,100,0; the colour of the energy logo shall be: 100,80,0,0; the QR code shall be 100 % black; the trademark shall be 100 % black and in Bold 9 pt; the model identifier shall be 100 % black and in Regular 9 pt; the A to G scale shall be as follows:(a)the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows;(b)the background colours of the arrows shall be as follows:(i)A-class: 100,0,100,0;(ii)B-class: 70,0,100,0;(iii)C-class: 30,0,100,0;(iv)D-class: 0,0,100,0;(v)E-class: 0,30,100,0;(vi)F-class: 0,70,100,0;(vii)G-class: 0,100,100,0; (a) the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows; (b) the background colours of the arrows shall be as follows:(i)A-class: 100,0,100,0;(ii)B-class: 70,0,100,0;(iii)C-class: 30,0,100,0;(iv)D-class: 0,0,100,0;(v)E-class: 0,30,100,0;(vi)F-class: 0,70,100,0;(vii)G-class: 0,100,100,0; (i) A-class: 100,0,100,0; (ii) B-class: 70,0,100,0; (iii) C-class: 30,0,100,0; (iv) D-class: 0,0,100,0; (v) E-class: 0,30,100,0; (vi) F-class: 0,70,100,0; (vii) G-class: 0,100,100,0; the internal dividers shall be 80 mm wide and have a weight of 0,5 pt. The colour of the dividers shall be 100 % black; the energy efficiency class arrow shall be 100 % black. The letter inside the energy efficiency class arrow shall be 100 % white and in Bold 26 pt, and it shall be positioned in the centre of the rectangular part of the arrow. The energy efficiency class arrow and the corresponding arrow in the A to G scale shall be positioned in such a way that their tips are aligned; the value of the weighted energy consumption per 100 drying cycles shall be in Bold 28 pt; “kWh/” shall be in Regular 18 pt; the number “100” in the icon representing 100 drying cycles shall be in Regular 14 pt. The text shall be centred in the column and in 100 % black; the pictograms shall be as shown in the label design and as follows:(a)the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black;(b)the A to D scales of the condensation efficiency pictogram and of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;(c)the number of the condensation efficiency pictogram shall be in Bold 9 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;(d)the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;(e)the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;(f)the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram;(g)the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram; (a) the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black; (b) the A to D scales of the condensation efficiency pictogram and of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt; (c) the number of the condensation efficiency pictogram shall be in Bold 9 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram; (d) the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt; (e) the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram; (f) the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram; (g) the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram; the number of the Regulation shall be 100 % black and in Regular 6 pt.
the colours of the EU logo shall be as follows:—the background: 100,80,0,0;—the stars: 0,0,100,0; — the background: 100,80,0,0; — the stars: 0,0,100,0;
— the background: 100,80,0,0;
— the stars: 0,0,100,0;
the colour of the energy logo shall be: 100,80,0,0;
the QR code shall be 100 % black;
the trademark shall be 100 % black and in Bold 9 pt;
the model identifier shall be 100 % black and in Regular 9 pt;
the A to G scale shall be as follows:(a)the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows;(b)the background colours of the arrows shall be as follows:(i)A-class: 100,0,100,0;(ii)B-class: 70,0,100,0;(iii)C-class: 30,0,100,0;(iv)D-class: 0,0,100,0;(v)E-class: 0,30,100,0;(vi)F-class: 0,70,100,0;(vii)G-class: 0,100,100,0; (a) the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows; (b) the background colours of the arrows shall be as follows:(i)A-class: 100,0,100,0;(ii)B-class: 70,0,100,0;(iii)C-class: 30,0,100,0;(iv)D-class: 0,0,100,0;(v)E-class: 0,30,100,0;(vi)F-class: 0,70,100,0;(vii)G-class: 0,100,100,0; (i) A-class: 100,0,100,0; (ii) B-class: 70,0,100,0; (iii) C-class: 30,0,100,0; (iv) D-class: 0,0,100,0; (v) E-class: 0,30,100,0; (vi) F-class: 0,70,100,0; (vii) G-class: 0,100,100,0;
(a) the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows;
(b) the background colours of the arrows shall be as follows:(i)A-class: 100,0,100,0;(ii)B-class: 70,0,100,0;(iii)C-class: 30,0,100,0;(iv)D-class: 0,0,100,0;(v)E-class: 0,30,100,0;(vi)F-class: 0,70,100,0;(vii)G-class: 0,100,100,0; (i) A-class: 100,0,100,0; (ii) B-class: 70,0,100,0; (iii) C-class: 30,0,100,0; (iv) D-class: 0,0,100,0; (v) E-class: 0,30,100,0; (vi) F-class: 0,70,100,0; (vii) G-class: 0,100,100,0;
(i) A-class: 100,0,100,0;
(ii) B-class: 70,0,100,0;
(iii) C-class: 30,0,100,0;
(iv) D-class: 0,0,100,0;
(v) E-class: 0,30,100,0;
(vi) F-class: 0,70,100,0;
(vii) G-class: 0,100,100,0;
the internal dividers shall be 80 mm wide and have a weight of 0,5 pt. The colour of the dividers shall be 100 % black;
the energy efficiency class arrow shall be 100 % black. The letter inside the energy efficiency class arrow shall be 100 % white and in Bold 26 pt, and it shall be positioned in the centre of the rectangular part of the arrow. The energy efficiency class arrow and the corresponding arrow in the A to G scale shall be positioned in such a way that their tips are aligned;
the value of the weighted energy consumption per 100 drying cycles shall be in Bold 28 pt; “kWh/” shall be in Regular 18 pt; the number “100” in the icon representing 100 drying cycles shall be in Regular 14 pt. The text shall be centred in the column and in 100 % black;
the pictograms shall be as shown in the label design and as follows:(a)the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black;(b)the A to D scales of the condensation efficiency pictogram and of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;(c)the number of the condensation efficiency pictogram shall be in Bold 9 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;(d)the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;(e)the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;(f)the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram;(g)the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram; (a) the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black; (b) the A to D scales of the condensation efficiency pictogram and of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt; (c) the number of the condensation efficiency pictogram shall be in Bold 9 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram; (d) the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt; (e) the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram; (f) the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram; (g) the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram;
(a) the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black;
(b) the A to D scales of the condensation efficiency pictogram and of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;
(c) the number of the condensation efficiency pictogram shall be in Bold 9 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;
(d) the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;
(e) the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;
(f) the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram;
(g) the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram;
the number of the Regulation shall be 100 % black and in Regular 6 pt.
the colours of the EU logo shall be as follows:—the background: 100,80,0,0;—the stars: 0,0,100,0; — the background: 100,80,0,0; — the stars: 0,0,100,0;
— the background: 100,80,0,0;
— the stars: 0,0,100,0;
— the background: 100,80,0,0;
— the stars: 0,0,100,0;
the colour of the energy logo shall be: 100,80,0,0;
the QR code shall be 100 % black;
the trademark shall be 100 % black and in Bold 9 pt;
the model identifier shall be 100 % black and in Regular 9 pt;
the A to G scale shall be as follows:(a)the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows;(b)the background colours of the arrows shall be as follows:(i)A-class: 100,0,100,0;(ii)B-class: 70,0,100,0;(iii)C-class: 30,0,100,0;(iv)D-class: 0,0,100,0;(v)E-class: 0,30,100,0;(vi)F-class: 0,70,100,0;(vii)G-class: 0,100,100,0; (a) the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows; (b) the background colours of the arrows shall be as follows:(i)A-class: 100,0,100,0;(ii)B-class: 70,0,100,0;(iii)C-class: 30,0,100,0;(iv)D-class: 0,0,100,0;(v)E-class: 0,30,100,0;(vi)F-class: 0,70,100,0;(vii)G-class: 0,100,100,0; (i) A-class: 100,0,100,0; (ii) B-class: 70,0,100,0; (iii) C-class: 30,0,100,0; (iv) D-class: 0,0,100,0; (v) E-class: 0,30,100,0; (vi) F-class: 0,70,100,0; (vii) G-class: 0,100,100,0;
(a) the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows;
(b) the background colours of the arrows shall be as follows:(i)A-class: 100,0,100,0;(ii)B-class: 70,0,100,0;(iii)C-class: 30,0,100,0;(iv)D-class: 0,0,100,0;(v)E-class: 0,30,100,0;(vi)F-class: 0,70,100,0;(vii)G-class: 0,100,100,0; (i) A-class: 100,0,100,0; (ii) B-class: 70,0,100,0; (iii) C-class: 30,0,100,0; (iv) D-class: 0,0,100,0; (v) E-class: 0,30,100,0; (vi) F-class: 0,70,100,0; (vii) G-class: 0,100,100,0;
(i) A-class: 100,0,100,0;
(ii) B-class: 70,0,100,0;
(iii) C-class: 30,0,100,0;
(iv) D-class: 0,0,100,0;
(v) E-class: 0,30,100,0;
(vi) F-class: 0,70,100,0;
(vii) G-class: 0,100,100,0;
(a) the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows;
(b) the background colours of the arrows shall be as follows:(i)A-class: 100,0,100,0;(ii)B-class: 70,0,100,0;(iii)C-class: 30,0,100,0;(iv)D-class: 0,0,100,0;(v)E-class: 0,30,100,0;(vi)F-class: 0,70,100,0;(vii)G-class: 0,100,100,0; (i) A-class: 100,0,100,0; (ii) B-class: 70,0,100,0; (iii) C-class: 30,0,100,0; (iv) D-class: 0,0,100,0; (v) E-class: 0,30,100,0; (vi) F-class: 0,70,100,0; (vii) G-class: 0,100,100,0;
(i) A-class: 100,0,100,0;
(ii) B-class: 70,0,100,0;
(iii) C-class: 30,0,100,0;
(iv) D-class: 0,0,100,0;
(v) E-class: 0,30,100,0;
(vi) F-class: 0,70,100,0;
(vii) G-class: 0,100,100,0;
(i) A-class: 100,0,100,0;
(ii) B-class: 70,0,100,0;
(iii) C-class: 30,0,100,0;
(iv) D-class: 0,0,100,0;
(v) E-class: 0,30,100,0;
(vi) F-class: 0,70,100,0;
(vii) G-class: 0,100,100,0;
the internal dividers shall be 80 mm wide and have a weight of 0,5 pt. The colour of the dividers shall be 100 % black;
the energy efficiency class arrow shall be 100 % black. The letter inside the energy efficiency class arrow shall be 100 % white and in Bold 26 pt, and it shall be positioned in the centre of the rectangular part of the arrow. The energy efficiency class arrow and the corresponding arrow in the A to G scale shall be positioned in such a way that their tips are aligned;
the value of the weighted energy consumption per 100 drying cycles shall be in Bold 28 pt; “kWh/” shall be in Regular 18 pt; the number “100” in the icon representing 100 drying cycles shall be in Regular 14 pt. The text shall be centred in the column and in 100 % black;
the pictograms shall be as shown in the label design and as follows:(a)the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black;(b)the A to D scales of the condensation efficiency pictogram and of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;(c)the number of the condensation efficiency pictogram shall be in Bold 9 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;(d)the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;(e)the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;(f)the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram;(g)the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram; (a) the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black; (b) the A to D scales of the condensation efficiency pictogram and of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt; (c) the number of the condensation efficiency pictogram shall be in Bold 9 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram; (d) the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt; (e) the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram; (f) the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram; (g) the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram;
(a) the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black;
(b) the A to D scales of the condensation efficiency pictogram and of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;
(c) the number of the condensation efficiency pictogram shall be in Bold 9 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;
(d) the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;
(e) the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;
(f) the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram;
(g) the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram;
(a) the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black;
(b) the A to D scales of the condensation efficiency pictogram and of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;
(c) the number of the condensation efficiency pictogram shall be in Bold 9 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;
(d) the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;
(e) the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;
(f) the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram;
(g) the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram;
the number of the Regulation shall be 100 % black and in Regular 6 pt.
I QR code;
II trademark;
III model identifier;
IV scale of energy efficiency classes from A to G;
V the energy efficiency class determined in accordance with Annex II;
VI weighted average energy consumption per 100 drying cycles in kWh, rounded to the nearest integer and calculated in accordance with Annex IV; in case of gas-fired tumble dryers, the weighted average energy consumption (gas and electricity) per 100 drying cycles in kWh, rounded to the nearest integer and calculated in accordance with Annex IV;
VII repairability class determined in accordance with Annex II, calculated in accordance with Annex IV;
VIII acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;
IX rated capacity, in kg, for the eco programme at full load;
X duration of the eco programme at full load in hours and minutes [h:min] rounded to the nearest minute;
XI the number of this Regulation, which is “2023/2534”.
(a) the label shall be at least 96 mm wide and 192 mm high. Where the label is printed in a larger format, its content shall nevertheless remain proportionate to the specifications in Figure 4d;
(b) the background shall be 100 % white;
(c) the typeface shall be Verdana;
(d) the dimensions and specifications of the elements in the label shall be as indicated in the label designs in this Annex;
(e) colours shall be CMYK – cyan, magenta, yellow and black following this example: 0,70,100,0: 0 % cyan, 70 % magenta, 100 % yellow, 0 % black;
(f) the label shall fulfil all of the following requirements (numbers refer to Figure 4d):the colours of the EU logo shall be as follows:—the background: 100,80,0,0;—the stars: 0,0,100,0;the colour of the energy logo shall be: 100,80,0,0;the QR code shall be 100 % black;the trademark shall be 100 % black and in Bold 9 pt;the model identifier shall be 100 % black and in Regular 9 pt;the A to G scale shall be as follows:(a)the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows;(b)the background colours of the arrows shall be as follows:(i)A-class: 100,0,100,0;(ii)B-class: 70,0,100,0;(iii)C-class: 30,0,100,0;(iv)D-class: 0,0,100,0;(v)E-class: 0,30,100,0;(vi)F-class: 0,70,100,0;(vii)G-class: 0,100,100,0;the internal dividers shall be 80 mm wide and have a weight of 0,5 pt. The colour of the dividers shall be 100 % black;the energy efficiency class arrow shall be 100 % black. The letter inside the energy efficiency class arrow shall be 100 % white and in Bold 26 pt, and it shall be positioned in the centre of the rectangular part of the arrow. The energy efficiency class arrow and the corresponding arrow in the A to G scale shall be positioned in such a way that their tips are aligned;the value of the weighted energy consumption per 100 drying cycles shall be in Bold 28 pt; “kWh/” shall be in Regular 18 pt; the number “100” in the icon representing 100 drying cycles shall be in Regular 14 pt. The text shall be centred in the column and in 100 % black;the pictograms shall be as shown in the label design and as follows:(a)the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black;(b)the A to D scale of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;(c)the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;(d)the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;(e)the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram;(f)the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram;the number of the Regulation shall be 100 % black and in Regular 6 pt. the colours of the EU logo shall be as follows:—the background: 100,80,0,0;—the stars: 0,0,100,0; — the background: 100,80,0,0; — the stars: 0,0,100,0; the colour of the energy logo shall be: 100,80,0,0; the QR code shall be 100 % black; the trademark shall be 100 % black and in Bold 9 pt; the model identifier shall be 100 % black and in Regular 9 pt; the A to G scale shall be as follows:(a)the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows;(b)the background colours of the arrows shall be as follows:(i)A-class: 100,0,100,0;(ii)B-class: 70,0,100,0;(iii)C-class: 30,0,100,0;(iv)D-class: 0,0,100,0;(v)E-class: 0,30,100,0;(vi)F-class: 0,70,100,0;(vii)G-class: 0,100,100,0; (a) the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows; (b) the background colours of the arrows shall be as follows:(i)A-class: 100,0,100,0;(ii)B-class: 70,0,100,0;(iii)C-class: 30,0,100,0;(iv)D-class: 0,0,100,0;(v)E-class: 0,30,100,0;(vi)F-class: 0,70,100,0;(vii)G-class: 0,100,100,0; (i) A-class: 100,0,100,0; (ii) B-class: 70,0,100,0; (iii) C-class: 30,0,100,0; (iv) D-class: 0,0,100,0; (v) E-class: 0,30,100,0; (vi) F-class: 0,70,100,0; (vii) G-class: 0,100,100,0; the internal dividers shall be 80 mm wide and have a weight of 0,5 pt. The colour of the dividers shall be 100 % black; the energy efficiency class arrow shall be 100 % black. The letter inside the energy efficiency class arrow shall be 100 % white and in Bold 26 pt, and it shall be positioned in the centre of the rectangular part of the arrow. The energy efficiency class arrow and the corresponding arrow in the A to G scale shall be positioned in such a way that their tips are aligned; the value of the weighted energy consumption per 100 drying cycles shall be in Bold 28 pt; “kWh/” shall be in Regular 18 pt; the number “100” in the icon representing 100 drying cycles shall be in Regular 14 pt. The text shall be centred in the column and in 100 % black; the pictograms shall be as shown in the label design and as follows:(a)the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black;(b)the A to D scale of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;(c)the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;(d)the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;(e)the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram;(f)the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram; (a) the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black; (b) the A to D scale of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt; (c) the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt; (d) the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram; (e) the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram; (f) the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram; the number of the Regulation shall be 100 % black and in Regular 6 pt.
the colours of the EU logo shall be as follows:—the background: 100,80,0,0;—the stars: 0,0,100,0; — the background: 100,80,0,0; — the stars: 0,0,100,0;
— the background: 100,80,0,0;
— the stars: 0,0,100,0;
the colour of the energy logo shall be: 100,80,0,0;
the QR code shall be 100 % black;
the trademark shall be 100 % black and in Bold 9 pt;
the model identifier shall be 100 % black and in Regular 9 pt;
the A to G scale shall be as follows:(a)the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows;(b)the background colours of the arrows shall be as follows:(i)A-class: 100,0,100,0;(ii)B-class: 70,0,100,0;(iii)C-class: 30,0,100,0;(iv)D-class: 0,0,100,0;(v)E-class: 0,30,100,0;(vi)F-class: 0,70,100,0;(vii)G-class: 0,100,100,0; (a) the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows; (b) the background colours of the arrows shall be as follows:(i)A-class: 100,0,100,0;(ii)B-class: 70,0,100,0;(iii)C-class: 30,0,100,0;(iv)D-class: 0,0,100,0;(v)E-class: 0,30,100,0;(vi)F-class: 0,70,100,0;(vii)G-class: 0,100,100,0; (i) A-class: 100,0,100,0; (ii) B-class: 70,0,100,0; (iii) C-class: 30,0,100,0; (iv) D-class: 0,0,100,0; (v) E-class: 0,30,100,0; (vi) F-class: 0,70,100,0; (vii) G-class: 0,100,100,0;
(a) the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows;
(b) the background colours of the arrows shall be as follows:(i)A-class: 100,0,100,0;(ii)B-class: 70,0,100,0;(iii)C-class: 30,0,100,0;(iv)D-class: 0,0,100,0;(v)E-class: 0,30,100,0;(vi)F-class: 0,70,100,0;(vii)G-class: 0,100,100,0; (i) A-class: 100,0,100,0; (ii) B-class: 70,0,100,0; (iii) C-class: 30,0,100,0; (iv) D-class: 0,0,100,0; (v) E-class: 0,30,100,0; (vi) F-class: 0,70,100,0; (vii) G-class: 0,100,100,0;
(i) A-class: 100,0,100,0;
(ii) B-class: 70,0,100,0;
(iii) C-class: 30,0,100,0;
(iv) D-class: 0,0,100,0;
(v) E-class: 0,30,100,0;
(vi) F-class: 0,70,100,0;
(vii) G-class: 0,100,100,0;
the internal dividers shall be 80 mm wide and have a weight of 0,5 pt. The colour of the dividers shall be 100 % black;
the energy efficiency class arrow shall be 100 % black. The letter inside the energy efficiency class arrow shall be 100 % white and in Bold 26 pt, and it shall be positioned in the centre of the rectangular part of the arrow. The energy efficiency class arrow and the corresponding arrow in the A to G scale shall be positioned in such a way that their tips are aligned;
the value of the weighted energy consumption per 100 drying cycles shall be in Bold 28 pt; “kWh/” shall be in Regular 18 pt; the number “100” in the icon representing 100 drying cycles shall be in Regular 14 pt. The text shall be centred in the column and in 100 % black;
the pictograms shall be as shown in the label design and as follows:(a)the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black;(b)the A to D scale of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;(c)the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;(d)the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;(e)the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram;(f)the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram; (a) the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black; (b) the A to D scale of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt; (c) the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt; (d) the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram; (e) the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram; (f) the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram;
(a) the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black;
(b) the A to D scale of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;
(c) the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;
(d) the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;
(e) the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram;
(f) the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram;
the number of the Regulation shall be 100 % black and in Regular 6 pt.
the colours of the EU logo shall be as follows:—the background: 100,80,0,0;—the stars: 0,0,100,0; — the background: 100,80,0,0; — the stars: 0,0,100,0;
— the background: 100,80,0,0;
— the stars: 0,0,100,0;
— the background: 100,80,0,0;
— the stars: 0,0,100,0;
the colour of the energy logo shall be: 100,80,0,0;
the QR code shall be 100 % black;
the trademark shall be 100 % black and in Bold 9 pt;
the model identifier shall be 100 % black and in Regular 9 pt;
the A to G scale shall be as follows:(a)the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows;(b)the background colours of the arrows shall be as follows:(i)A-class: 100,0,100,0;(ii)B-class: 70,0,100,0;(iii)C-class: 30,0,100,0;(iv)D-class: 0,0,100,0;(v)E-class: 0,30,100,0;(vi)F-class: 0,70,100,0;(vii)G-class: 0,100,100,0; (a) the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows; (b) the background colours of the arrows shall be as follows:(i)A-class: 100,0,100,0;(ii)B-class: 70,0,100,0;(iii)C-class: 30,0,100,0;(iv)D-class: 0,0,100,0;(v)E-class: 0,30,100,0;(vi)F-class: 0,70,100,0;(vii)G-class: 0,100,100,0; (i) A-class: 100,0,100,0; (ii) B-class: 70,0,100,0; (iii) C-class: 30,0,100,0; (iv) D-class: 0,0,100,0; (v) E-class: 0,30,100,0; (vi) F-class: 0,70,100,0; (vii) G-class: 0,100,100,0;
(a) the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows;
(b) the background colours of the arrows shall be as follows:(i)A-class: 100,0,100,0;(ii)B-class: 70,0,100,0;(iii)C-class: 30,0,100,0;(iv)D-class: 0,0,100,0;(v)E-class: 0,30,100,0;(vi)F-class: 0,70,100,0;(vii)G-class: 0,100,100,0; (i) A-class: 100,0,100,0; (ii) B-class: 70,0,100,0; (iii) C-class: 30,0,100,0; (iv) D-class: 0,0,100,0; (v) E-class: 0,30,100,0; (vi) F-class: 0,70,100,0; (vii) G-class: 0,100,100,0;
(i) A-class: 100,0,100,0;
(ii) B-class: 70,0,100,0;
(iii) C-class: 30,0,100,0;
(iv) D-class: 0,0,100,0;
(v) E-class: 0,30,100,0;
(vi) F-class: 0,70,100,0;
(vii) G-class: 0,100,100,0;
(a) the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows;
(b) the background colours of the arrows shall be as follows:(i)A-class: 100,0,100,0;(ii)B-class: 70,0,100,0;(iii)C-class: 30,0,100,0;(iv)D-class: 0,0,100,0;(v)E-class: 0,30,100,0;(vi)F-class: 0,70,100,0;(vii)G-class: 0,100,100,0; (i) A-class: 100,0,100,0; (ii) B-class: 70,0,100,0; (iii) C-class: 30,0,100,0; (iv) D-class: 0,0,100,0; (v) E-class: 0,30,100,0; (vi) F-class: 0,70,100,0; (vii) G-class: 0,100,100,0;
(i) A-class: 100,0,100,0;
(ii) B-class: 70,0,100,0;
(iii) C-class: 30,0,100,0;
(iv) D-class: 0,0,100,0;
(v) E-class: 0,30,100,0;
(vi) F-class: 0,70,100,0;
(vii) G-class: 0,100,100,0;
(i) A-class: 100,0,100,0;
(ii) B-class: 70,0,100,0;
(iii) C-class: 30,0,100,0;
(iv) D-class: 0,0,100,0;
(v) E-class: 0,30,100,0;
(vi) F-class: 0,70,100,0;
(vii) G-class: 0,100,100,0;
the internal dividers shall be 80 mm wide and have a weight of 0,5 pt. The colour of the dividers shall be 100 % black;
the energy efficiency class arrow shall be 100 % black. The letter inside the energy efficiency class arrow shall be 100 % white and in Bold 26 pt, and it shall be positioned in the centre of the rectangular part of the arrow. The energy efficiency class arrow and the corresponding arrow in the A to G scale shall be positioned in such a way that their tips are aligned;
the value of the weighted energy consumption per 100 drying cycles shall be in Bold 28 pt; “kWh/” shall be in Regular 18 pt; the number “100” in the icon representing 100 drying cycles shall be in Regular 14 pt. The text shall be centred in the column and in 100 % black;
the pictograms shall be as shown in the label design and as follows:(a)the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black;(b)the A to D scale of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;(c)the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;(d)the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;(e)the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram;(f)the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram; (a) the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black; (b) the A to D scale of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt; (c) the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt; (d) the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram; (e) the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram; (f) the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram;
(a) the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black;
(b) the A to D scale of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;
(c) the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;
(d) the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;
(e) the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram;
(f) the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram;
(a) the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black;
(b) the A to D scale of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;
(c) the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;
(d) the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;
(e) the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram;
(f) the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram;
the number of the Regulation shall be 100 % black and in Regular 6 pt.
(1) Annex IV is amended as follows:(a)the third and fourth paragraphs are replaced by the following:‘The eco programme as identifiable on the programme selection, on the display and through the network connection, depending on the functionalities provided by the household tumble dryer, and with no further modification of the final moisture content setting, shall be used for the measurement and calculation of the EEI, the condensation efficiency, the programme duration and the airborne acoustic noise emissions. The energy consumption, condensation efficiency and program duration shall also be measured concurrently.The calculation of the weighted energy consumption, the weighted programme duration and the condensation efficiency shall be done on the basis of three drying cycles at full load and four drying cycles at partial load.’;(b)in Section 1, point (g) is deleted;(c)the following Section 5 is added:‘5.   METHOD FOR THE CALCULATION OF THE REPAIRABILITY INDEX OF HOUSEHOLD TUMBLE DRYERSThe repairability index is an aggregated and normalised score, as a calculated value derived from four scoring parameters where:—SDDis the “Disassembly Depth” score;—SFis the “Fasteners (type)” score;—STis the “Tools (type)” score;—SRIis the “Repair Information” score.The Repairability Index (R) shall be calculated as follows:and rounded to two decimal places.The “Disassembly Depth” (SDD), “Fasteners (type)” (SF) and “Tools (type)” (ST) scores are based on the aggregation of the following priority parts level scores:—WPis the water pump;—Bis the drum bearing;—DBis the drum belt;—Dis the door;—Mis the motor;—MBis the main printed circuit board;—Fis the fan;—MCis the motor capacitor.If any of the priority parts listed above is present in a product more than once, only the one which delivers the lowest score shall be considered in the calculation of the “Disassembly Depth” (SDD), “Fasteners (type)” (SF) and “Tools (type)” (ST) scores. If one or more priority parts are not present in the product, those priority parts shall be removed from the formula of the scoring parameters where they appear. In addition, the coefficients of the remaining priority parts in the formula of each scoring parameter shall be divided by the complementary to 1 of the sum of the coefficients corresponding to the priority parts not present in the product, so that the sum of the remaining coefficients shall always be 1.SDD,SFandSTshall be calculated on the basis of the description of the disassembly steps, the fasteners and the tools needed for each priority part.The assessment of the repairability index, specificallySDD,SFandSTshall start on a product that is:—maintained as required in the user manual for daily use;—fully assembled;—standing, all side panels and the appliance cover freely accessible;—disconnected from any supply and disposal.After the assessment the product shall be fully reassembled.5.1.The “Disassembly Depth” (SDD) score shall be calculated as follows:Disassembly Depth (DD) assessment at part levelThe Disassembly Depth score (DDi) for each priority part (DDWP,DDB,DDDB,DDD,DDM,DDMB,DDF,DDMC) shall be set on the basis of the number of steps required to remove the priority part from the product (DD) with respect to the mean number of disassembly steps (MDS) for that priority part without damaging the product.MDSfor each priority part is as follows:—water pump: 16,1 steps;—drum bearing: 18,9 steps;—drum belt: 40,9 steps;—door: 3 steps;—motor: 49,4 steps;—main printed circuit board: 13,7 steps;—fan: 7,7 steps;—motor capacitor: 24,9 steps.Points ranging from 0 to 10 are assigned toDDifor each priority part as follows:—ifDD≤ 0,70 ×MDS,DDi= 10 pt;—if 0,70 ×MDS<DD≤ 0,90 ×MDS,DDi= 7 pt;—if 0,90 ×MDS<DD≤ 1,10 ×MDS,DDi= 4 pt;—if 1,10 ×MDS<DD≤ 1,30 ×MDS,DDi= 1 pt;—ifDD> 1,30 ×MDS,DDi= 0 pt.For the calculation ofDD, the following rules shall apply:—the step count for the disassembly of each priority part is completed when the target priority part is separated and individually accessible. When the target priority part is part of an assembly or bundle of parts, implying firstly the removal of the assembly or the bundle, the end of the disassembly process takes place when the target priority part is separated and individually accessible;—fasteners are not considered as a part;—if, after the disassembly of a priority part, the disassembly of a further part requires partly the same disassembly steps, the disassembly of this part may start with the first step that is different. However,DDfor that part shall be the total number of steps calculated from a fully assembled product;—where multiple tools need to be used simultaneously, the use of each tool counts as a separate step. To grab a tool, to put a tool down and to remove a fastener are not considered the end of a step. The hand shall not be considered as a tool;—operations related to cleaning, removing traces or heating are counted as steps;—DDshall be calculated on the basis of the description of the disassembly steps for each priority part given in the technical documentation;—where remote notification or authorisation of serial numbers is necessary for the full functionality of the priority part,DDishall be zero.5.2.The Fasteners type score (SF) is calculated as follows:Fasteners (type) (F) assessment at part levelThe “Fasteners (type)” scores (Fi) for each priority part (FWP,FB,FDB,FD,FM,FMB,FF,FMC) are assigned according to the level of removability and reusability of the fasteners used in the device assembly. Points ranging from 0 to 10 are assigned toFifor each priority part as follows:—reusable fastenersFi= 10 pt;—resupplied fasteners at no cost,Fi= 7 pt;—resupplied fasteners at additional costs,Fi= 4 pt;—removable fasteners,Fi= 0 pt.The identification of the type of fasteners is based on the description of each fastener type for the disassembly process to remove the specific priority part given in the technical documentation.In case different types of fasteners are encountered in the disassembly of a priority part, the lowest score shall be considered.5.3.The Tools type score (ST) shall be calculated as follows:Tools type (T) assessment at part levelThe Tools type scores (Ti) for each priority parti(TWP,TB,TDB,TD,TM,TMB,TF,TMC) are assigned according to the complexity and availability of the tools needed for its replacement. Points ranging from 0 to 10 are assigned toTifor each priority part as follows:—replacement possible with basic tools or without a tool,Ti= 10 pt;—replacement possible with tools supplied with the spare part,Ti= 5 pt;—replacement possible with commercially available tools,Ti= 0 pt.The assessment of the type of tools is based on the disassembly process to remove the specific priority part given in the technical documentation.Where different types of tools are needed for the disassembly of a priority part, the lowest score shall be considered.5.4Repair Information (RI) assessment at product levelThe Repair Information score (SRI) for the repair and maintenance information in point 5(1)(b) of Annex II of Regulation (EU) 2023/2533 shall be calculated at product level as follows:—availability of repair information at no cost for professional repairers,SRI= 10 pt;—availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.A fee shall be considered reasonable if it does not discourage access to repair information by failing to take into account the extent to which the professional repairer uses the information.’; (a) the third and fourth paragraphs are replaced by the following:‘The eco programme as identifiable on the programme selection, on the display and through the network connection, depending on the functionalities provided by the household tumble dryer, and with no further modification of the final moisture content setting, shall be used for the measurement and calculation of the EEI, the condensation efficiency, the programme duration and the airborne acoustic noise emissions. The energy consumption, condensation efficiency and program duration shall also be measured concurrently.The calculation of the weighted energy consumption, the weighted programme duration and the condensation efficiency shall be done on the basis of three drying cycles at full load and four drying cycles at partial load.’; (b) in Section 1, point (g) is deleted; (c) the following Section 5 is added:‘5.   METHOD FOR THE CALCULATION OF THE REPAIRABILITY INDEX OF HOUSEHOLD TUMBLE DRYERSThe repairability index is an aggregated and normalised score, as a calculated value derived from four scoring parameters where:—SDDis the “Disassembly Depth” score;—SFis the “Fasteners (type)” score;—STis the “Tools (type)” score;—SRIis the “Repair Information” score.The Repairability Index (R) shall be calculated as follows:and rounded to two decimal places.The “Disassembly Depth” (SDD), “Fasteners (type)” (SF) and “Tools (type)” (ST) scores are based on the aggregation of the following priority parts level scores:—WPis the water pump;—Bis the drum bearing;—DBis the drum belt;—Dis the door;—Mis the motor;—MBis the main printed circuit board;—Fis the fan;—MCis the motor capacitor.If any of the priority parts listed above is present in a product more than once, only the one which delivers the lowest score shall be considered in the calculation of the “Disassembly Depth” (SDD), “Fasteners (type)” (SF) and “Tools (type)” (ST) scores. If one or more priority parts are not present in the product, those priority parts shall be removed from the formula of the scoring parameters where they appear. In addition, the coefficients of the remaining priority parts in the formula of each scoring parameter shall be divided by the complementary to 1 of the sum of the coefficients corresponding to the priority parts not present in the product, so that the sum of the remaining coefficients shall always be 1.SDD,SFandSTshall be calculated on the basis of the description of the disassembly steps, the fasteners and the tools needed for each priority part.The assessment of the repairability index, specificallySDD,SFandSTshall start on a product that is:—maintained as required in the user manual for daily use;—fully assembled;—standing, all side panels and the appliance cover freely accessible;—disconnected from any supply and disposal.After the assessment the product shall be fully reassembled.5.1.The “Disassembly Depth” (SDD) score shall be calculated as follows:Disassembly Depth (DD) assessment at part levelThe Disassembly Depth score (DDi) for each priority part (DDWP,DDB,DDDB,DDD,DDM,DDMB,DDF,DDMC) shall be set on the basis of the number of steps required to remove the priority part from the product (DD) with respect to the mean number of disassembly steps (MDS) for that priority part without damaging the product.MDSfor each priority part is as follows:—water pump: 16,1 steps;—drum bearing: 18,9 steps;—drum belt: 40,9 steps;—door: 3 steps;—motor: 49,4 steps;—main printed circuit board: 13,7 steps;—fan: 7,7 steps;—motor capacitor: 24,9 steps.Points ranging from 0 to 10 are assigned toDDifor each priority part as follows:—ifDD≤ 0,70 ×MDS,DDi= 10 pt;—if 0,70 ×MDS<DD≤ 0,90 ×MDS,DDi= 7 pt;—if 0,90 ×MDS<DD≤ 1,10 ×MDS,DDi= 4 pt;—if 1,10 ×MDS<DD≤ 1,30 ×MDS,DDi= 1 pt;—ifDD> 1,30 ×MDS,DDi= 0 pt.For the calculation ofDD, the following rules shall apply:—the step count for the disassembly of each priority part is completed when the target priority part is separated and individually accessible. When the target priority part is part of an assembly or bundle of parts, implying firstly the removal of the assembly or the bundle, the end of the disassembly process takes place when the target priority part is separated and individually accessible;—fasteners are not considered as a part;—if, after the disassembly of a priority part, the disassembly of a further part requires partly the same disassembly steps, the disassembly of this part may start with the first step that is different. However,DDfor that part shall be the total number of steps calculated from a fully assembled product;—where multiple tools need to be used simultaneously, the use of each tool counts as a separate step. To grab a tool, to put a tool down and to remove a fastener are not considered the end of a step. The hand shall not be considered as a tool;—operations related to cleaning, removing traces or heating are counted as steps;—DDshall be calculated on the basis of the description of the disassembly steps for each priority part given in the technical documentation;—where remote notification or authorisation of serial numbers is necessary for the full functionality of the priority part,DDishall be zero.5.2.The Fasteners type score (SF) is calculated as follows:Fasteners (type) (F) assessment at part levelThe “Fasteners (type)” scores (Fi) for each priority part (FWP,FB,FDB,FD,FM,FMB,FF,FMC) are assigned according to the level of removability and reusability of the fasteners used in the device assembly. Points ranging from 0 to 10 are assigned toFifor each priority part as follows:—reusable fastenersFi= 10 pt;—resupplied fasteners at no cost,Fi= 7 pt;—resupplied fasteners at additional costs,Fi= 4 pt;—removable fasteners,Fi= 0 pt.The identification of the type of fasteners is based on the description of each fastener type for the disassembly process to remove the specific priority part given in the technical documentation.In case different types of fasteners are encountered in the disassembly of a priority part, the lowest score shall be considered.5.3.The Tools type score (ST) shall be calculated as follows:Tools type (T) assessment at part levelThe Tools type scores (Ti) for each priority parti(TWP,TB,TDB,TD,TM,TMB,TF,TMC) are assigned according to the complexity and availability of the tools needed for its replacement. Points ranging from 0 to 10 are assigned toTifor each priority part as follows:—replacement possible with basic tools or without a tool,Ti= 10 pt;—replacement possible with tools supplied with the spare part,Ti= 5 pt;—replacement possible with commercially available tools,Ti= 0 pt.The assessment of the type of tools is based on the disassembly process to remove the specific priority part given in the technical documentation.Where different types of tools are needed for the disassembly of a priority part, the lowest score shall be considered.5.4Repair Information (RI) assessment at product levelThe Repair Information score (SRI) for the repair and maintenance information in point 5(1)(b) of Annex II of Regulation (EU) 2023/2533 shall be calculated at product level as follows:—availability of repair information at no cost for professional repairers,SRI= 10 pt;—availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.A fee shall be considered reasonable if it does not discourage access to repair information by failing to take into account the extent to which the professional repairer uses the information.’; — SDDis the “Disassembly Depth” score; — SFis the “Fasteners (type)” score; — STis the “Tools (type)” score; — SRIis the “Repair Information” score. — WPis the water pump; — Bis the drum bearing; — DBis the drum belt; — Dis the door; — Mis the motor; — MBis the main printed circuit board; — Fis the fan; — MCis the motor capacitor. — maintained as required in the user manual for daily use; — fully assembled; — standing, all side panels and the appliance cover freely accessible; — disconnected from any supply and disposal. 5.1. The “Disassembly Depth” (SDD) score shall be calculated as follows: — water pump: 16,1 steps; — drum bearing: 18,9 steps; — drum belt: 40,9 steps; — door: 3 steps; — motor: 49,4 steps; — main printed circuit board: 13,7 steps; — fan: 7,7 steps; — motor capacitor: 24,9 steps. — ifDD≤ 0,70 ×MDS,DDi= 10 pt; — if 0,70 ×MDS<DD≤ 0,90 ×MDS,DDi= 7 pt; — if 0,90 ×MDS<DD≤ 1,10 ×MDS,DDi= 4 pt; — if 1,10 ×MDS<DD≤ 1,30 ×MDS,DDi= 1 pt; — ifDD> 1,30 ×MDS,DDi= 0 pt. — the step count for the disassembly of each priority part is completed when the target priority part is separated and individually accessible. When the target priority part is part of an assembly or bundle of parts, implying firstly the removal of the assembly or the bundle, the end of the disassembly process takes place when the target priority part is separated and individually accessible; — fasteners are not considered as a part; — if, after the disassembly of a priority part, the disassembly of a further part requires partly the same disassembly steps, the disassembly of this part may start with the first step that is different. However,DDfor that part shall be the total number of steps calculated from a fully assembled product; — where multiple tools need to be used simultaneously, the use of each tool counts as a separate step. To grab a tool, to put a tool down and to remove a fastener are not considered the end of a step. The hand shall not be considered as a tool; — operations related to cleaning, removing traces or heating are counted as steps; — DDshall be calculated on the basis of the description of the disassembly steps for each priority part given in the technical documentation; — where remote notification or authorisation of serial numbers is necessary for the full functionality of the priority part,DDishall be zero. 5.2. The Fasteners type score (SF) is calculated as follows: — reusable fastenersFi= 10 pt; — resupplied fasteners at no cost,Fi= 7 pt; — resupplied fasteners at additional costs,Fi= 4 pt; — removable fasteners,Fi= 0 pt. 5.3. The Tools type score (ST) shall be calculated as follows: — replacement possible with basic tools or without a tool,Ti= 10 pt; — replacement possible with tools supplied with the spare part,Ti= 5 pt; — replacement possible with commercially available tools,Ti= 0 pt. 5.4 Repair Information (RI) assessment at product levelThe Repair Information score (SRI) for the repair and maintenance information in point 5(1)(b) of Annex II of Regulation (EU) 2023/2533 shall be calculated at product level as follows:—availability of repair information at no cost for professional repairers,SRI= 10 pt;—availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.A fee shall be considered reasonable if it does not discourage access to repair information by failing to take into account the extent to which the professional repairer uses the information.’; — availability of repair information at no cost for professional repairers,SRI= 10 pt; — availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.
(a) the third and fourth paragraphs are replaced by the following:‘The eco programme as identifiable on the programme selection, on the display and through the network connection, depending on the functionalities provided by the household tumble dryer, and with no further modification of the final moisture content setting, shall be used for the measurement and calculation of the EEI, the condensation efficiency, the programme duration and the airborne acoustic noise emissions. The energy consumption, condensation efficiency and program duration shall also be measured concurrently.The calculation of the weighted energy consumption, the weighted programme duration and the condensation efficiency shall be done on the basis of three drying cycles at full load and four drying cycles at partial load.’;
(b) in Section 1, point (g) is deleted;
(c) the following Section 5 is added:‘5.   METHOD FOR THE CALCULATION OF THE REPAIRABILITY INDEX OF HOUSEHOLD TUMBLE DRYERSThe repairability index is an aggregated and normalised score, as a calculated value derived from four scoring parameters where:—SDDis the “Disassembly Depth” score;—SFis the “Fasteners (type)” score;—STis the “Tools (type)” score;—SRIis the “Repair Information” score.The Repairability Index (R) shall be calculated as follows:and rounded to two decimal places.The “Disassembly Depth” (SDD), “Fasteners (type)” (SF) and “Tools (type)” (ST) scores are based on the aggregation of the following priority parts level scores:—WPis the water pump;—Bis the drum bearing;—DBis the drum belt;—Dis the door;—Mis the motor;—MBis the main printed circuit board;—Fis the fan;—MCis the motor capacitor.If any of the priority parts listed above is present in a product more than once, only the one which delivers the lowest score shall be considered in the calculation of the “Disassembly Depth” (SDD), “Fasteners (type)” (SF) and “Tools (type)” (ST) scores. If one or more priority parts are not present in the product, those priority parts shall be removed from the formula of the scoring parameters where they appear. In addition, the coefficients of the remaining priority parts in the formula of each scoring parameter shall be divided by the complementary to 1 of the sum of the coefficients corresponding to the priority parts not present in the product, so that the sum of the remaining coefficients shall always be 1.SDD,SFandSTshall be calculated on the basis of the description of the disassembly steps, the fasteners and the tools needed for each priority part.The assessment of the repairability index, specificallySDD,SFandSTshall start on a product that is:—maintained as required in the user manual for daily use;—fully assembled;—standing, all side panels and the appliance cover freely accessible;—disconnected from any supply and disposal.After the assessment the product shall be fully reassembled.5.1.The “Disassembly Depth” (SDD) score shall be calculated as follows:Disassembly Depth (DD) assessment at part levelThe Disassembly Depth score (DDi) for each priority part (DDWP,DDB,DDDB,DDD,DDM,DDMB,DDF,DDMC) shall be set on the basis of the number of steps required to remove the priority part from the product (DD) with respect to the mean number of disassembly steps (MDS) for that priority part without damaging the product.MDSfor each priority part is as follows:—water pump: 16,1 steps;—drum bearing: 18,9 steps;—drum belt: 40,9 steps;—door: 3 steps;—motor: 49,4 steps;—main printed circuit board: 13,7 steps;—fan: 7,7 steps;—motor capacitor: 24,9 steps.Points ranging from 0 to 10 are assigned toDDifor each priority part as follows:—ifDD≤ 0,70 ×MDS,DDi= 10 pt;—if 0,70 ×MDS<DD≤ 0,90 ×MDS,DDi= 7 pt;—if 0,90 ×MDS<DD≤ 1,10 ×MDS,DDi= 4 pt;—if 1,10 ×MDS<DD≤ 1,30 ×MDS,DDi= 1 pt;—ifDD> 1,30 ×MDS,DDi= 0 pt.For the calculation ofDD, the following rules shall apply:—the step count for the disassembly of each priority part is completed when the target priority part is separated and individually accessible. When the target priority part is part of an assembly or bundle of parts, implying firstly the removal of the assembly or the bundle, the end of the disassembly process takes place when the target priority part is separated and individually accessible;—fasteners are not considered as a part;—if, after the disassembly of a priority part, the disassembly of a further part requires partly the same disassembly steps, the disassembly of this part may start with the first step that is different. However,DDfor that part shall be the total number of steps calculated from a fully assembled product;—where multiple tools need to be used simultaneously, the use of each tool counts as a separate step. To grab a tool, to put a tool down and to remove a fastener are not considered the end of a step. The hand shall not be considered as a tool;—operations related to cleaning, removing traces or heating are counted as steps;—DDshall be calculated on the basis of the description of the disassembly steps for each priority part given in the technical documentation;—where remote notification or authorisation of serial numbers is necessary for the full functionality of the priority part,DDishall be zero.5.2.The Fasteners type score (SF) is calculated as follows:Fasteners (type) (F) assessment at part levelThe “Fasteners (type)” scores (Fi) for each priority part (FWP,FB,FDB,FD,FM,FMB,FF,FMC) are assigned according to the level of removability and reusability of the fasteners used in the device assembly. Points ranging from 0 to 10 are assigned toFifor each priority part as follows:—reusable fastenersFi= 10 pt;—resupplied fasteners at no cost,Fi= 7 pt;—resupplied fasteners at additional costs,Fi= 4 pt;—removable fasteners,Fi= 0 pt.The identification of the type of fasteners is based on the description of each fastener type for the disassembly process to remove the specific priority part given in the technical documentation.In case different types of fasteners are encountered in the disassembly of a priority part, the lowest score shall be considered.5.3.The Tools type score (ST) shall be calculated as follows:Tools type (T) assessment at part levelThe Tools type scores (Ti) for each priority parti(TWP,TB,TDB,TD,TM,TMB,TF,TMC) are assigned according to the complexity and availability of the tools needed for its replacement. Points ranging from 0 to 10 are assigned toTifor each priority part as follows:—replacement possible with basic tools or without a tool,Ti= 10 pt;—replacement possible with tools supplied with the spare part,Ti= 5 pt;—replacement possible with commercially available tools,Ti= 0 pt.The assessment of the type of tools is based on the disassembly process to remove the specific priority part given in the technical documentation.Where different types of tools are needed for the disassembly of a priority part, the lowest score shall be considered.5.4Repair Information (RI) assessment at product levelThe Repair Information score (SRI) for the repair and maintenance information in point 5(1)(b) of Annex II of Regulation (EU) 2023/2533 shall be calculated at product level as follows:—availability of repair information at no cost for professional repairers,SRI= 10 pt;—availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.A fee shall be considered reasonable if it does not discourage access to repair information by failing to take into account the extent to which the professional repairer uses the information.’; — SDDis the “Disassembly Depth” score; — SFis the “Fasteners (type)” score; — STis the “Tools (type)” score; — SRIis the “Repair Information” score. — WPis the water pump; — Bis the drum bearing; — DBis the drum belt; — Dis the door; — Mis the motor; — MBis the main printed circuit board; — Fis the fan; — MCis the motor capacitor. — maintained as required in the user manual for daily use; — fully assembled; — standing, all side panels and the appliance cover freely accessible; — disconnected from any supply and disposal. 5.1. The “Disassembly Depth” (SDD) score shall be calculated as follows: — water pump: 16,1 steps; — drum bearing: 18,9 steps; — drum belt: 40,9 steps; — door: 3 steps; — motor: 49,4 steps; — main printed circuit board: 13,7 steps; — fan: 7,7 steps; — motor capacitor: 24,9 steps. — ifDD≤ 0,70 ×MDS,DDi= 10 pt; — if 0,70 ×MDS<DD≤ 0,90 ×MDS,DDi= 7 pt; — if 0,90 ×MDS<DD≤ 1,10 ×MDS,DDi= 4 pt; — if 1,10 ×MDS<DD≤ 1,30 ×MDS,DDi= 1 pt; — ifDD> 1,30 ×MDS,DDi= 0 pt. — the step count for the disassembly of each priority part is completed when the target priority part is separated and individually accessible. When the target priority part is part of an assembly or bundle of parts, implying firstly the removal of the assembly or the bundle, the end of the disassembly process takes place when the target priority part is separated and individually accessible; — fasteners are not considered as a part; — if, after the disassembly of a priority part, the disassembly of a further part requires partly the same disassembly steps, the disassembly of this part may start with the first step that is different. However,DDfor that part shall be the total number of steps calculated from a fully assembled product; — where multiple tools need to be used simultaneously, the use of each tool counts as a separate step. To grab a tool, to put a tool down and to remove a fastener are not considered the end of a step. The hand shall not be considered as a tool; — operations related to cleaning, removing traces or heating are counted as steps; — DDshall be calculated on the basis of the description of the disassembly steps for each priority part given in the technical documentation; — where remote notification or authorisation of serial numbers is necessary for the full functionality of the priority part,DDishall be zero. 5.2. The Fasteners type score (SF) is calculated as follows: — reusable fastenersFi= 10 pt; — resupplied fasteners at no cost,Fi= 7 pt; — resupplied fasteners at additional costs,Fi= 4 pt; — removable fasteners,Fi= 0 pt. 5.3. The Tools type score (ST) shall be calculated as follows: — replacement possible with basic tools or without a tool,Ti= 10 pt; — replacement possible with tools supplied with the spare part,Ti= 5 pt; — replacement possible with commercially available tools,Ti= 0 pt. 5.4 Repair Information (RI) assessment at product levelThe Repair Information score (SRI) for the repair and maintenance information in point 5(1)(b) of Annex II of Regulation (EU) 2023/2533 shall be calculated at product level as follows:—availability of repair information at no cost for professional repairers,SRI= 10 pt;—availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.A fee shall be considered reasonable if it does not discourage access to repair information by failing to take into account the extent to which the professional repairer uses the information.’; — availability of repair information at no cost for professional repairers,SRI= 10 pt; — availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.
— SDDis the “Disassembly Depth” score;
— SFis the “Fasteners (type)” score;
— STis the “Tools (type)” score;
— SRIis the “Repair Information” score.
— WPis the water pump;
— Bis the drum bearing;
— DBis the drum belt;
— Dis the door;
— Mis the motor;
— MBis the main printed circuit board;
— Fis the fan;
— MCis the motor capacitor.
— maintained as required in the user manual for daily use;
— fully assembled;
— standing, all side panels and the appliance cover freely accessible;
— disconnected from any supply and disposal.
5.1. The “Disassembly Depth” (SDD) score shall be calculated as follows:
— water pump: 16,1 steps;
— drum bearing: 18,9 steps;
— drum belt: 40,9 steps;
— door: 3 steps;
— motor: 49,4 steps;
— main printed circuit board: 13,7 steps;
— fan: 7,7 steps;
— motor capacitor: 24,9 steps.
— ifDD≤ 0,70 ×MDS,DDi= 10 pt;
— if 0,70 ×MDS<DD≤ 0,90 ×MDS,DDi= 7 pt;
— if 0,90 ×MDS<DD≤ 1,10 ×MDS,DDi= 4 pt;
— if 1,10 ×MDS<DD≤ 1,30 ×MDS,DDi= 1 pt;
— ifDD> 1,30 ×MDS,DDi= 0 pt.
— the step count for the disassembly of each priority part is completed when the target priority part is separated and individually accessible. When the target priority part is part of an assembly or bundle of parts, implying firstly the removal of the assembly or the bundle, the end of the disassembly process takes place when the target priority part is separated and individually accessible;
— fasteners are not considered as a part;
— if, after the disassembly of a priority part, the disassembly of a further part requires partly the same disassembly steps, the disassembly of this part may start with the first step that is different. However,DDfor that part shall be the total number of steps calculated from a fully assembled product;
— where multiple tools need to be used simultaneously, the use of each tool counts as a separate step. To grab a tool, to put a tool down and to remove a fastener are not considered the end of a step. The hand shall not be considered as a tool;
— operations related to cleaning, removing traces or heating are counted as steps;
— DDshall be calculated on the basis of the description of the disassembly steps for each priority part given in the technical documentation;
— where remote notification or authorisation of serial numbers is necessary for the full functionality of the priority part,DDishall be zero.
5.2. The Fasteners type score (SF) is calculated as follows:
— reusable fastenersFi= 10 pt;
— resupplied fasteners at no cost,Fi= 7 pt;
— resupplied fasteners at additional costs,Fi= 4 pt;
— removable fasteners,Fi= 0 pt.
5.3. The Tools type score (ST) shall be calculated as follows:
— replacement possible with basic tools or without a tool,Ti= 10 pt;
— replacement possible with tools supplied with the spare part,Ti= 5 pt;
— replacement possible with commercially available tools,Ti= 0 pt.
5.4 Repair Information (RI) assessment at product levelThe Repair Information score (SRI) for the repair and maintenance information in point 5(1)(b) of Annex II of Regulation (EU) 2023/2533 shall be calculated at product level as follows:—availability of repair information at no cost for professional repairers,SRI= 10 pt;—availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.A fee shall be considered reasonable if it does not discourage access to repair information by failing to take into account the extent to which the professional repairer uses the information.’; — availability of repair information at no cost for professional repairers,SRI= 10 pt; — availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.
— availability of repair information at no cost for professional repairers,SRI= 10 pt;
— availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.
(a) the third and fourth paragraphs are replaced by the following:‘The eco programme as identifiable on the programme selection, on the display and through the network connection, depending on the functionalities provided by the household tumble dryer, and with no further modification of the final moisture content setting, shall be used for the measurement and calculation of the EEI, the condensation efficiency, the programme duration and the airborne acoustic noise emissions. The energy consumption, condensation efficiency and program duration shall also be measured concurrently.The calculation of the weighted energy consumption, the weighted programme duration and the condensation efficiency shall be done on the basis of three drying cycles at full load and four drying cycles at partial load.’;
(b) in Section 1, point (g) is deleted;
(c) the following Section 5 is added:‘5.   METHOD FOR THE CALCULATION OF THE REPAIRABILITY INDEX OF HOUSEHOLD TUMBLE DRYERSThe repairability index is an aggregated and normalised score, as a calculated value derived from four scoring parameters where:—SDDis the “Disassembly Depth” score;—SFis the “Fasteners (type)” score;—STis the “Tools (type)” score;—SRIis the “Repair Information” score.The Repairability Index (R) shall be calculated as follows:and rounded to two decimal places.The “Disassembly Depth” (SDD), “Fasteners (type)” (SF) and “Tools (type)” (ST) scores are based on the aggregation of the following priority parts level scores:—WPis the water pump;—Bis the drum bearing;—DBis the drum belt;—Dis the door;—Mis the motor;—MBis the main printed circuit board;—Fis the fan;—MCis the motor capacitor.If any of the priority parts listed above is present in a product more than once, only the one which delivers the lowest score shall be considered in the calculation of the “Disassembly Depth” (SDD), “Fasteners (type)” (SF) and “Tools (type)” (ST) scores. If one or more priority parts are not present in the product, those priority parts shall be removed from the formula of the scoring parameters where they appear. In addition, the coefficients of the remaining priority parts in the formula of each scoring parameter shall be divided by the complementary to 1 of the sum of the coefficients corresponding to the priority parts not present in the product, so that the sum of the remaining coefficients shall always be 1.SDD,SFandSTshall be calculated on the basis of the description of the disassembly steps, the fasteners and the tools needed for each priority part.The assessment of the repairability index, specificallySDD,SFandSTshall start on a product that is:—maintained as required in the user manual for daily use;—fully assembled;—standing, all side panels and the appliance cover freely accessible;—disconnected from any supply and disposal.After the assessment the product shall be fully reassembled.5.1.The “Disassembly Depth” (SDD) score shall be calculated as follows:Disassembly Depth (DD) assessment at part levelThe Disassembly Depth score (DDi) for each priority part (DDWP,DDB,DDDB,DDD,DDM,DDMB,DDF,DDMC) shall be set on the basis of the number of steps required to remove the priority part from the product (DD) with respect to the mean number of disassembly steps (MDS) for that priority part without damaging the product.MDSfor each priority part is as follows:—water pump: 16,1 steps;—drum bearing: 18,9 steps;—drum belt: 40,9 steps;—door: 3 steps;—motor: 49,4 steps;—main printed circuit board: 13,7 steps;—fan: 7,7 steps;—motor capacitor: 24,9 steps.Points ranging from 0 to 10 are assigned toDDifor each priority part as follows:—ifDD≤ 0,70 ×MDS,DDi= 10 pt;—if 0,70 ×MDS<DD≤ 0,90 ×MDS,DDi= 7 pt;—if 0,90 ×MDS<DD≤ 1,10 ×MDS,DDi= 4 pt;—if 1,10 ×MDS<DD≤ 1,30 ×MDS,DDi= 1 pt;—ifDD> 1,30 ×MDS,DDi= 0 pt.For the calculation ofDD, the following rules shall apply:—the step count for the disassembly of each priority part is completed when the target priority part is separated and individually accessible. When the target priority part is part of an assembly or bundle of parts, implying firstly the removal of the assembly or the bundle, the end of the disassembly process takes place when the target priority part is separated and individually accessible;—fasteners are not considered as a part;—if, after the disassembly of a priority part, the disassembly of a further part requires partly the same disassembly steps, the disassembly of this part may start with the first step that is different. However,DDfor that part shall be the total number of steps calculated from a fully assembled product;—where multiple tools need to be used simultaneously, the use of each tool counts as a separate step. To grab a tool, to put a tool down and to remove a fastener are not considered the end of a step. The hand shall not be considered as a tool;—operations related to cleaning, removing traces or heating are counted as steps;—DDshall be calculated on the basis of the description of the disassembly steps for each priority part given in the technical documentation;—where remote notification or authorisation of serial numbers is necessary for the full functionality of the priority part,DDishall be zero.5.2.The Fasteners type score (SF) is calculated as follows:Fasteners (type) (F) assessment at part levelThe “Fasteners (type)” scores (Fi) for each priority part (FWP,FB,FDB,FD,FM,FMB,FF,FMC) are assigned according to the level of removability and reusability of the fasteners used in the device assembly. Points ranging from 0 to 10 are assigned toFifor each priority part as follows:—reusable fastenersFi= 10 pt;—resupplied fasteners at no cost,Fi= 7 pt;—resupplied fasteners at additional costs,Fi= 4 pt;—removable fasteners,Fi= 0 pt.The identification of the type of fasteners is based on the description of each fastener type for the disassembly process to remove the specific priority part given in the technical documentation.In case different types of fasteners are encountered in the disassembly of a priority part, the lowest score shall be considered.5.3.The Tools type score (ST) shall be calculated as follows:Tools type (T) assessment at part levelThe Tools type scores (Ti) for each priority parti(TWP,TB,TDB,TD,TM,TMB,TF,TMC) are assigned according to the complexity and availability of the tools needed for its replacement. Points ranging from 0 to 10 are assigned toTifor each priority part as follows:—replacement possible with basic tools or without a tool,Ti= 10 pt;—replacement possible with tools supplied with the spare part,Ti= 5 pt;—replacement possible with commercially available tools,Ti= 0 pt.The assessment of the type of tools is based on the disassembly process to remove the specific priority part given in the technical documentation.Where different types of tools are needed for the disassembly of a priority part, the lowest score shall be considered.5.4Repair Information (RI) assessment at product levelThe Repair Information score (SRI) for the repair and maintenance information in point 5(1)(b) of Annex II of Regulation (EU) 2023/2533 shall be calculated at product level as follows:—availability of repair information at no cost for professional repairers,SRI= 10 pt;—availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.A fee shall be considered reasonable if it does not discourage access to repair information by failing to take into account the extent to which the professional repairer uses the information.’; — SDDis the “Disassembly Depth” score; — SFis the “Fasteners (type)” score; — STis the “Tools (type)” score; — SRIis the “Repair Information” score. — WPis the water pump; — Bis the drum bearing; — DBis the drum belt; — Dis the door; — Mis the motor; — MBis the main printed circuit board; — Fis the fan; — MCis the motor capacitor. — maintained as required in the user manual for daily use; — fully assembled; — standing, all side panels and the appliance cover freely accessible; — disconnected from any supply and disposal. 5.1. The “Disassembly Depth” (SDD) score shall be calculated as follows: — water pump: 16,1 steps; — drum bearing: 18,9 steps; — drum belt: 40,9 steps; — door: 3 steps; — motor: 49,4 steps; — main printed circuit board: 13,7 steps; — fan: 7,7 steps; — motor capacitor: 24,9 steps. — ifDD≤ 0,70 ×MDS,DDi= 10 pt; — if 0,70 ×MDS<DD≤ 0,90 ×MDS,DDi= 7 pt; — if 0,90 ×MDS<DD≤ 1,10 ×MDS,DDi= 4 pt; — if 1,10 ×MDS<DD≤ 1,30 ×MDS,DDi= 1 pt; — ifDD> 1,30 ×MDS,DDi= 0 pt. — the step count for the disassembly of each priority part is completed when the target priority part is separated and individually accessible. When the target priority part is part of an assembly or bundle of parts, implying firstly the removal of the assembly or the bundle, the end of the disassembly process takes place when the target priority part is separated and individually accessible; — fasteners are not considered as a part; — if, after the disassembly of a priority part, the disassembly of a further part requires partly the same disassembly steps, the disassembly of this part may start with the first step that is different. However,DDfor that part shall be the total number of steps calculated from a fully assembled product; — where multiple tools need to be used simultaneously, the use of each tool counts as a separate step. To grab a tool, to put a tool down and to remove a fastener are not considered the end of a step. The hand shall not be considered as a tool; — operations related to cleaning, removing traces or heating are counted as steps; — DDshall be calculated on the basis of the description of the disassembly steps for each priority part given in the technical documentation; — where remote notification or authorisation of serial numbers is necessary for the full functionality of the priority part,DDishall be zero. 5.2. The Fasteners type score (SF) is calculated as follows: — reusable fastenersFi= 10 pt; — resupplied fasteners at no cost,Fi= 7 pt; — resupplied fasteners at additional costs,Fi= 4 pt; — removable fasteners,Fi= 0 pt. 5.3. The Tools type score (ST) shall be calculated as follows: — replacement possible with basic tools or without a tool,Ti= 10 pt; — replacement possible with tools supplied with the spare part,Ti= 5 pt; — replacement possible with commercially available tools,Ti= 0 pt. 5.4 Repair Information (RI) assessment at product levelThe Repair Information score (SRI) for the repair and maintenance information in point 5(1)(b) of Annex II of Regulation (EU) 2023/2533 shall be calculated at product level as follows:—availability of repair information at no cost for professional repairers,SRI= 10 pt;—availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.A fee shall be considered reasonable if it does not discourage access to repair information by failing to take into account the extent to which the professional repairer uses the information.’; — availability of repair information at no cost for professional repairers,SRI= 10 pt; — availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.
— SDDis the “Disassembly Depth” score;
— SFis the “Fasteners (type)” score;
— STis the “Tools (type)” score;
— SRIis the “Repair Information” score.
— WPis the water pump;
— Bis the drum bearing;
— DBis the drum belt;
— Dis the door;
— Mis the motor;
— MBis the main printed circuit board;
— Fis the fan;
— MCis the motor capacitor.
— maintained as required in the user manual for daily use;
— fully assembled;
— standing, all side panels and the appliance cover freely accessible;
— disconnected from any supply and disposal.
5.1. The “Disassembly Depth” (SDD) score shall be calculated as follows:
— water pump: 16,1 steps;
— drum bearing: 18,9 steps;
— drum belt: 40,9 steps;
— door: 3 steps;
— motor: 49,4 steps;
— main printed circuit board: 13,7 steps;
— fan: 7,7 steps;
— motor capacitor: 24,9 steps.
— ifDD≤ 0,70 ×MDS,DDi= 10 pt;
— if 0,70 ×MDS<DD≤ 0,90 ×MDS,DDi= 7 pt;
— if 0,90 ×MDS<DD≤ 1,10 ×MDS,DDi= 4 pt;
— if 1,10 ×MDS<DD≤ 1,30 ×MDS,DDi= 1 pt;
— ifDD> 1,30 ×MDS,DDi= 0 pt.
— the step count for the disassembly of each priority part is completed when the target priority part is separated and individually accessible. When the target priority part is part of an assembly or bundle of parts, implying firstly the removal of the assembly or the bundle, the end of the disassembly process takes place when the target priority part is separated and individually accessible;
— fasteners are not considered as a part;
— if, after the disassembly of a priority part, the disassembly of a further part requires partly the same disassembly steps, the disassembly of this part may start with the first step that is different. However,DDfor that part shall be the total number of steps calculated from a fully assembled product;
— where multiple tools need to be used simultaneously, the use of each tool counts as a separate step. To grab a tool, to put a tool down and to remove a fastener are not considered the end of a step. The hand shall not be considered as a tool;
— operations related to cleaning, removing traces or heating are counted as steps;
— DDshall be calculated on the basis of the description of the disassembly steps for each priority part given in the technical documentation;
— where remote notification or authorisation of serial numbers is necessary for the full functionality of the priority part,DDishall be zero.
5.2. The Fasteners type score (SF) is calculated as follows:
— reusable fastenersFi= 10 pt;
— resupplied fasteners at no cost,Fi= 7 pt;
— resupplied fasteners at additional costs,Fi= 4 pt;
— removable fasteners,Fi= 0 pt.
5.3. The Tools type score (ST) shall be calculated as follows:
— replacement possible with basic tools or without a tool,Ti= 10 pt;
— replacement possible with tools supplied with the spare part,Ti= 5 pt;
— replacement possible with commercially available tools,Ti= 0 pt.
5.4 Repair Information (RI) assessment at product levelThe Repair Information score (SRI) for the repair and maintenance information in point 5(1)(b) of Annex II of Regulation (EU) 2023/2533 shall be calculated at product level as follows:—availability of repair information at no cost for professional repairers,SRI= 10 pt;—availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.A fee shall be considered reasonable if it does not discourage access to repair information by failing to take into account the extent to which the professional repairer uses the information.’; — availability of repair information at no cost for professional repairers,SRI= 10 pt; — availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.
— availability of repair information at no cost for professional repairers,SRI= 10 pt;
— availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.
— SDDis the “Disassembly Depth” score;
— SFis the “Fasteners (type)” score;
— STis the “Tools (type)” score;
— SRIis the “Repair Information” score.
— WPis the water pump;
— Bis the drum bearing;
— DBis the drum belt;
— Dis the door;
— Mis the motor;
— MBis the main printed circuit board;
— Fis the fan;
— MCis the motor capacitor.
— maintained as required in the user manual for daily use;
— fully assembled;
— standing, all side panels and the appliance cover freely accessible;
— disconnected from any supply and disposal.
5.1. The “Disassembly Depth” (SDD) score shall be calculated as follows:
— water pump: 16,1 steps;
— drum bearing: 18,9 steps;
— drum belt: 40,9 steps;
— door: 3 steps;
— motor: 49,4 steps;
— main printed circuit board: 13,7 steps;
— fan: 7,7 steps;
— motor capacitor: 24,9 steps.
— ifDD≤ 0,70 ×MDS,DDi= 10 pt;
— if 0,70 ×MDS<DD≤ 0,90 ×MDS,DDi= 7 pt;
— if 0,90 ×MDS<DD≤ 1,10 ×MDS,DDi= 4 pt;
— if 1,10 ×MDS<DD≤ 1,30 ×MDS,DDi= 1 pt;
— ifDD> 1,30 ×MDS,DDi= 0 pt.
— the step count for the disassembly of each priority part is completed when the target priority part is separated and individually accessible. When the target priority part is part of an assembly or bundle of parts, implying firstly the removal of the assembly or the bundle, the end of the disassembly process takes place when the target priority part is separated and individually accessible;
— fasteners are not considered as a part;
— if, after the disassembly of a priority part, the disassembly of a further part requires partly the same disassembly steps, the disassembly of this part may start with the first step that is different. However,DDfor that part shall be the total number of steps calculated from a fully assembled product;
— where multiple tools need to be used simultaneously, the use of each tool counts as a separate step. To grab a tool, to put a tool down and to remove a fastener are not considered the end of a step. The hand shall not be considered as a tool;
— operations related to cleaning, removing traces or heating are counted as steps;
— DDshall be calculated on the basis of the description of the disassembly steps for each priority part given in the technical documentation;
— where remote notification or authorisation of serial numbers is necessary for the full functionality of the priority part,DDishall be zero.
5.2. The Fasteners type score (SF) is calculated as follows:
— reusable fastenersFi= 10 pt;
— resupplied fasteners at no cost,Fi= 7 pt;
— resupplied fasteners at additional costs,Fi= 4 pt;
— removable fasteners,Fi= 0 pt.
5.3. The Tools type score (ST) shall be calculated as follows:
— replacement possible with basic tools or without a tool,Ti= 10 pt;
— replacement possible with tools supplied with the spare part,Ti= 5 pt;
— replacement possible with commercially available tools,Ti= 0 pt.
5.4 Repair Information (RI) assessment at product levelThe Repair Information score (SRI) for the repair and maintenance information in point 5(1)(b) of Annex II of Regulation (EU) 2023/2533 shall be calculated at product level as follows:—availability of repair information at no cost for professional repairers,SRI= 10 pt;—availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.A fee shall be considered reasonable if it does not discourage access to repair information by failing to take into account the extent to which the professional repairer uses the information.’; — availability of repair information at no cost for professional repairers,SRI= 10 pt; — availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.
— availability of repair information at no cost for professional repairers,SRI= 10 pt;
— availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.
— availability of repair information at no cost for professional repairers,SRI= 10 pt;
— availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.
(2) Annex V is amended as follows:(a)the first subparagraph is replaced by the following:‘Pursuant to Article 3(1), point (a)(ii), until 31 December 2026 the supplier shall enter the information into the product database as set out in Table 4. However, in accordance with Article 3(1a), suppliers may enter the information required in Table 4a of Annex Va into the product database from 24 November 2025 instead of the information required in Table 4.’;(b)Table 4 is replaced by the following:‘Table 4Content, order and format of the product information sheetTrademark(1)(3):Model identifier(1):Technology of tumble dryer[electric air-vented, electric heat pump condenser, electric conventional condenser, gas-fired]General product parameters:ParameterValueParameterValueRated capacity(2)(kg)x,xDimensions(1)(3)(cm)HeightxWidthxDepthxEnergy Efficiency Index (EEI)(2)x,xEnergy efficiency class(2)[A/B/C/D/E/F/G](4)Condensation efficiency (%)(2)(if applicable)xxCondensation efficiency class (if applicable)(2)[A/B/C/D](4)Weighted energy consumption in kWh per drying cycle(8). Actual energy consumption will depend on how the appliance is used.x,xxProgramme duration(2)(hours:minutes)Rated capacityx:xxType[built-in/free-standing]Halfx:xxAcoustic airborne noise emission(2)(dB(A) re 1 pW)xAcoustic airborne noise emission class(2)[A/B/C/D](4)Off-mode (if applicable) (W)x,xxStandby mode (if applicable) (W)x,xxDelay start (W) (if applicable)x,xxNetworked standby (W) (if applicable)x,xxFor household tumble dryers equipped with a heat pump, the chemical name or the accepted industry designation of the refrigerant gas used, without prejudice to Regulation (EU) No 517/2014 on fluorinated greenhouse gases(1)(1)(3)Weblink to information on spare parts availability for professional repairers and end users(1)(3)(5)https://xxxWeblink to repair instructions for end-users(1)(3)(6)https://xxxWeblink to indicative pre-tax prices(1)(3)(7)https://xxxMinimum duration of the commercial guarantee offered by the supplier(1)(3)(months)Additional information(3)Link to the supplier’s website, where the information in point 6 of Annex II to Commission Regulation (EU) 2023/2533(3)(2)is found: (a) the first subparagraph is replaced by the following:‘Pursuant to Article 3(1), point (a)(ii), until 31 December 2026 the supplier shall enter the information into the product database as set out in Table 4. However, in accordance with Article 3(1a), suppliers may enter the information required in Table 4a of Annex Va into the product database from 24 November 2025 instead of the information required in Table 4.’; (b) Table 4 is replaced by the following:‘Table 4Content, order and format of the product information sheetTrademark(1)(3):Model identifier(1):Technology of tumble dryer[electric air-vented, electric heat pump condenser, electric conventional condenser, gas-fired]General product parameters:ParameterValueParameterValueRated capacity(2)(kg)x,xDimensions(1)(3)(cm)HeightxWidthxDepthxEnergy Efficiency Index (EEI)(2)x,xEnergy efficiency class(2)[A/B/C/D/E/F/G](4)Condensation efficiency (%)(2)(if applicable)xxCondensation efficiency class (if applicable)(2)[A/B/C/D](4)Weighted energy consumption in kWh per drying cycle(8). Actual energy consumption will depend on how the appliance is used.x,xxProgramme duration(2)(hours:minutes)Rated capacityx:xxType[built-in/free-standing]Halfx:xxAcoustic airborne noise emission(2)(dB(A) re 1 pW)xAcoustic airborne noise emission class(2)[A/B/C/D](4)Off-mode (if applicable) (W)x,xxStandby mode (if applicable) (W)x,xxDelay start (W) (if applicable)x,xxNetworked standby (W) (if applicable)x,xxFor household tumble dryers equipped with a heat pump, the chemical name or the accepted industry designation of the refrigerant gas used, without prejudice to Regulation (EU) No 517/2014 on fluorinated greenhouse gases(1)(1)(3)Weblink to information on spare parts availability for professional repairers and end users(1)(3)(5)https://xxxWeblink to repair instructions for end-users(1)(3)(6)https://xxxWeblink to indicative pre-tax prices(1)(3)(7)https://xxxMinimum duration of the commercial guarantee offered by the supplier(1)(3)(months)Additional information(3)Link to the supplier’s website, where the information in point 6 of Annex II to Commission Regulation (EU) 2023/2533(3)(2)is found: Trademark(1)(3): Model identifier(1): Technology of tumble dryer [electric air-vented, electric heat pump condenser, electric conventional condenser, gas-fired] General product parameters: Parameter Value Parameter Value Rated capacity(2)(kg) x,x Dimensions(1)(3)(cm) Height x Width x Depth x Energy Efficiency Index (EEI)(2) x,x Energy efficiency class(2) [A/B/C/D/E/F/G](4) Condensation efficiency (%)(2)(if applicable) xx Condensation efficiency class (if applicable)(2) [A/B/C/D](4) Weighted energy consumption in kWh per drying cycle(8). Actual energy consumption will depend on how the appliance is used. x,xx Programme duration(2)(hours:minutes) Rated capacity x:xx Type [built-in/free-standing] Half x:xx Acoustic airborne noise emission(2)(dB(A) re 1 pW) x Acoustic airborne noise emission class(2) [A/B/C/D](4) Off-mode (if applicable) (W) x,xx Standby mode (if applicable) (W) x,xx Delay start (W) (if applicable) x,xx Networked standby (W) (if applicable) x,xx For household tumble dryers equipped with a heat pump, the chemical name or the accepted industry designation of the refrigerant gas used, without prejudice to Regulation (EU) No 517/2014 on fluorinated greenhouse gases(1)(1)(3) Weblink to information on spare parts availability for professional repairers and end users(1)(3)(5) https://xxx Weblink to repair instructions for end-users(1)(3)(6) https://xxx Weblink to indicative pre-tax prices(1)(3)(7) https://xxx Minimum duration of the commercial guarantee offered by the supplier(1)(3)(months) Additional information(3) Link to the supplier’s website, where the information in point 6 of Annex II to Commission Regulation (EU) 2023/2533(3)(2)is found:
(a) the first subparagraph is replaced by the following:‘Pursuant to Article 3(1), point (a)(ii), until 31 December 2026 the supplier shall enter the information into the product database as set out in Table 4. However, in accordance with Article 3(1a), suppliers may enter the information required in Table 4a of Annex Va into the product database from 24 November 2025 instead of the information required in Table 4.’;
(b) Table 4 is replaced by the following:‘Table 4Content, order and format of the product information sheetTrademark(1)(3):Model identifier(1):Technology of tumble dryer[electric air-vented, electric heat pump condenser, electric conventional condenser, gas-fired]General product parameters:ParameterValueParameterValueRated capacity(2)(kg)x,xDimensions(1)(3)(cm)HeightxWidthxDepthxEnergy Efficiency Index (EEI)(2)x,xEnergy efficiency class(2)[A/B/C/D/E/F/G](4)Condensation efficiency (%)(2)(if applicable)xxCondensation efficiency class (if applicable)(2)[A/B/C/D](4)Weighted energy consumption in kWh per drying cycle(8). Actual energy consumption will depend on how the appliance is used.x,xxProgramme duration(2)(hours:minutes)Rated capacityx:xxType[built-in/free-standing]Halfx:xxAcoustic airborne noise emission(2)(dB(A) re 1 pW)xAcoustic airborne noise emission class(2)[A/B/C/D](4)Off-mode (if applicable) (W)x,xxStandby mode (if applicable) (W)x,xxDelay start (W) (if applicable)x,xxNetworked standby (W) (if applicable)x,xxFor household tumble dryers equipped with a heat pump, the chemical name or the accepted industry designation of the refrigerant gas used, without prejudice to Regulation (EU) No 517/2014 on fluorinated greenhouse gases(1)(1)(3)Weblink to information on spare parts availability for professional repairers and end users(1)(3)(5)https://xxxWeblink to repair instructions for end-users(1)(3)(6)https://xxxWeblink to indicative pre-tax prices(1)(3)(7)https://xxxMinimum duration of the commercial guarantee offered by the supplier(1)(3)(months)Additional information(3)Link to the supplier’s website, where the information in point 6 of Annex II to Commission Regulation (EU) 2023/2533(3)(2)is found: Trademark(1)(3): Model identifier(1): Technology of tumble dryer [electric air-vented, electric heat pump condenser, electric conventional condenser, gas-fired] General product parameters: Parameter Value Parameter Value Rated capacity(2)(kg) x,x Dimensions(1)(3)(cm) Height x Width x Depth x Energy Efficiency Index (EEI)(2) x,x Energy efficiency class(2) [A/B/C/D/E/F/G](4) Condensation efficiency (%)(2)(if applicable) xx Condensation efficiency class (if applicable)(2) [A/B/C/D](4) Weighted energy consumption in kWh per drying cycle(8). Actual energy consumption will depend on how the appliance is used. x,xx Programme duration(2)(hours:minutes) Rated capacity x:xx Type [built-in/free-standing] Half x:xx Acoustic airborne noise emission(2)(dB(A) re 1 pW) x Acoustic airborne noise emission class(2) [A/B/C/D](4) Off-mode (if applicable) (W) x,xx Standby mode (if applicable) (W) x,xx Delay start (W) (if applicable) x,xx Networked standby (W) (if applicable) x,xx For household tumble dryers equipped with a heat pump, the chemical name or the accepted industry designation of the refrigerant gas used, without prejudice to Regulation (EU) No 517/2014 on fluorinated greenhouse gases(1)(1)(3) Weblink to information on spare parts availability for professional repairers and end users(1)(3)(5) https://xxx Weblink to repair instructions for end-users(1)(3)(6) https://xxx Weblink to indicative pre-tax prices(1)(3)(7) https://xxx Minimum duration of the commercial guarantee offered by the supplier(1)(3)(months) Additional information(3) Link to the supplier’s website, where the information in point 6 of Annex II to Commission Regulation (EU) 2023/2533(3)(2)is found:
Trademark(1)(3):
Model identifier(1):
Technology of tumble dryer [electric air-vented, electric heat pump condenser, electric conventional condenser, gas-fired]
General product parameters:
Parameter Value Parameter Value
Rated capacity(2)(kg) x,x Dimensions(1)(3)(cm) Height x
Width x
Depth x
Energy Efficiency Index (EEI)(2) x,x Energy efficiency class(2) [A/B/C/D/E/F/G](4)
Condensation efficiency (%)(2)(if applicable) xx Condensation efficiency class (if applicable)(2) [A/B/C/D](4)
Weighted energy consumption in kWh per drying cycle(8). Actual energy consumption will depend on how the appliance is used. x,xx
Programme duration(2)(hours:minutes) Rated capacity x:xx Type [built-in/free-standing]
Half x:xx
Acoustic airborne noise emission(2)(dB(A) re 1 pW) x Acoustic airborne noise emission class(2) [A/B/C/D](4)
Off-mode (if applicable) (W) x,xx Standby mode (if applicable) (W) x,xx
Delay start (W) (if applicable) x,xx Networked standby (W) (if applicable) x,xx
For household tumble dryers equipped with a heat pump, the chemical name or the accepted industry designation of the refrigerant gas used, without prejudice to Regulation (EU) No 517/2014 on fluorinated greenhouse gases(1)(1)(3)
Weblink to information on spare parts availability for professional repairers and end users(1)(3)(5) https://xxx
Weblink to repair instructions for end-users(1)(3)(6) https://xxx
Weblink to indicative pre-tax prices(1)(3)(7) https://xxx
Minimum duration of the commercial guarantee offered by the supplier(1)(3)(months)
Additional information(3)
Link to the supplier’s website, where the information in point 6 of Annex II to Commission Regulation (EU) 2023/2533(3)(2)is found:
(a) the first subparagraph is replaced by the following:‘Pursuant to Article 3(1), point (a)(ii), until 31 December 2026 the supplier shall enter the information into the product database as set out in Table 4. However, in accordance with Article 3(1a), suppliers may enter the information required in Table 4a of Annex Va into the product database from 24 November 2025 instead of the information required in Table 4.’;
(b) Table 4 is replaced by the following:‘Table 4Content, order and format of the product information sheetTrademark(1)(3):Model identifier(1):Technology of tumble dryer[electric air-vented, electric heat pump condenser, electric conventional condenser, gas-fired]General product parameters:ParameterValueParameterValueRated capacity(2)(kg)x,xDimensions(1)(3)(cm)HeightxWidthxDepthxEnergy Efficiency Index (EEI)(2)x,xEnergy efficiency class(2)[A/B/C/D/E/F/G](4)Condensation efficiency (%)(2)(if applicable)xxCondensation efficiency class (if applicable)(2)[A/B/C/D](4)Weighted energy consumption in kWh per drying cycle(8). Actual energy consumption will depend on how the appliance is used.x,xxProgramme duration(2)(hours:minutes)Rated capacityx:xxType[built-in/free-standing]Halfx:xxAcoustic airborne noise emission(2)(dB(A) re 1 pW)xAcoustic airborne noise emission class(2)[A/B/C/D](4)Off-mode (if applicable) (W)x,xxStandby mode (if applicable) (W)x,xxDelay start (W) (if applicable)x,xxNetworked standby (W) (if applicable)x,xxFor household tumble dryers equipped with a heat pump, the chemical name or the accepted industry designation of the refrigerant gas used, without prejudice to Regulation (EU) No 517/2014 on fluorinated greenhouse gases(1)(1)(3)Weblink to information on spare parts availability for professional repairers and end users(1)(3)(5)https://xxxWeblink to repair instructions for end-users(1)(3)(6)https://xxxWeblink to indicative pre-tax prices(1)(3)(7)https://xxxMinimum duration of the commercial guarantee offered by the supplier(1)(3)(months)Additional information(3)Link to the supplier’s website, where the information in point 6 of Annex II to Commission Regulation (EU) 2023/2533(3)(2)is found: Trademark(1)(3): Model identifier(1): Technology of tumble dryer [electric air-vented, electric heat pump condenser, electric conventional condenser, gas-fired] General product parameters: Parameter Value Parameter Value Rated capacity(2)(kg) x,x Dimensions(1)(3)(cm) Height x Width x Depth x Energy Efficiency Index (EEI)(2) x,x Energy efficiency class(2) [A/B/C/D/E/F/G](4) Condensation efficiency (%)(2)(if applicable) xx Condensation efficiency class (if applicable)(2) [A/B/C/D](4) Weighted energy consumption in kWh per drying cycle(8). Actual energy consumption will depend on how the appliance is used. x,xx Programme duration(2)(hours:minutes) Rated capacity x:xx Type [built-in/free-standing] Half x:xx Acoustic airborne noise emission(2)(dB(A) re 1 pW) x Acoustic airborne noise emission class(2) [A/B/C/D](4) Off-mode (if applicable) (W) x,xx Standby mode (if applicable) (W) x,xx Delay start (W) (if applicable) x,xx Networked standby (W) (if applicable) x,xx For household tumble dryers equipped with a heat pump, the chemical name or the accepted industry designation of the refrigerant gas used, without prejudice to Regulation (EU) No 517/2014 on fluorinated greenhouse gases(1)(1)(3) Weblink to information on spare parts availability for professional repairers and end users(1)(3)(5) https://xxx Weblink to repair instructions for end-users(1)(3)(6) https://xxx Weblink to indicative pre-tax prices(1)(3)(7) https://xxx Minimum duration of the commercial guarantee offered by the supplier(1)(3)(months) Additional information(3) Link to the supplier’s website, where the information in point 6 of Annex II to Commission Regulation (EU) 2023/2533(3)(2)is found:
Trademark(1)(3):
Model identifier(1):
Technology of tumble dryer [electric air-vented, electric heat pump condenser, electric conventional condenser, gas-fired]
General product parameters:
Parameter Value Parameter Value
Rated capacity(2)(kg) x,x Dimensions(1)(3)(cm) Height x
Width x
Depth x
Energy Efficiency Index (EEI)(2) x,x Energy efficiency class(2) [A/B/C/D/E/F/G](4)
Condensation efficiency (%)(2)(if applicable) xx Condensation efficiency class (if applicable)(2) [A/B/C/D](4)
Weighted energy consumption in kWh per drying cycle(8). Actual energy consumption will depend on how the appliance is used. x,xx
Programme duration(2)(hours:minutes) Rated capacity x:xx Type [built-in/free-standing]
Half x:xx
Acoustic airborne noise emission(2)(dB(A) re 1 pW) x Acoustic airborne noise emission class(2) [A/B/C/D](4)
Off-mode (if applicable) (W) x,xx Standby mode (if applicable) (W) x,xx
Delay start (W) (if applicable) x,xx Networked standby (W) (if applicable) x,xx
For household tumble dryers equipped with a heat pump, the chemical name or the accepted industry designation of the refrigerant gas used, without prejudice to Regulation (EU) No 517/2014 on fluorinated greenhouse gases(1)(1)(3)
Weblink to information on spare parts availability for professional repairers and end users(1)(3)(5) https://xxx
Weblink to repair instructions for end-users(1)(3)(6) https://xxx
Weblink to indicative pre-tax prices(1)(3)(7) https://xxx
Minimum duration of the commercial guarantee offered by the supplier(1)(3)(months)
Additional information(3)
Link to the supplier’s website, where the information in point 6 of Annex II to Commission Regulation (EU) 2023/2533(3)(2)is found:
Trademark(1)(3):
Model identifier(1):
Technology of tumble dryer [electric air-vented, electric heat pump condenser, electric conventional condenser, gas-fired]
General product parameters:
Parameter Value Parameter Value
Rated capacity(2)(kg) x,x Dimensions(1)(3)(cm) Height x
Width x
Depth x
Energy Efficiency Index (EEI)(2) x,x Energy efficiency class(2) [A/B/C/D/E/F/G](4)
Condensation efficiency (%)(2)(if applicable) xx Condensation efficiency class (if applicable)(2) [A/B/C/D](4)
Weighted energy consumption in kWh per drying cycle(8). Actual energy consumption will depend on how the appliance is used. x,xx
Programme duration(2)(hours:minutes) Rated capacity x:xx Type [built-in/free-standing]
Half x:xx
Acoustic airborne noise emission(2)(dB(A) re 1 pW) x Acoustic airborne noise emission class(2) [A/B/C/D](4)
Off-mode (if applicable) (W) x,xx Standby mode (if applicable) (W) x,xx
Delay start (W) (if applicable) x,xx Networked standby (W) (if applicable) x,xx
For household tumble dryers equipped with a heat pump, the chemical name or the accepted industry designation of the refrigerant gas used, without prejudice to Regulation (EU) No 517/2014 on fluorinated greenhouse gases(1)(1)(3)
Weblink to information on spare parts availability for professional repairers and end users(1)(3)(5) https://xxx
Weblink to repair instructions for end-users(1)(3)(6) https://xxx
Weblink to indicative pre-tax prices(1)(3)(7) https://xxx
Minimum duration of the commercial guarantee offered by the supplier(1)(3)(months)
Additional information(3)
Link to the supplier’s website, where the information in point 6 of Annex II to Commission Regulation (EU) 2023/2533(3)(2)is found:
Trademark(1)(3):
Model identifier(1):
Technology of tumble dryer [electric air-vented, electric heat pump condenser, electric conventional condenser, gas-fired]
General product parameters:
Parameter Value Parameter Value
Rated capacity(2)(kg) x,x Dimensions(1)(3)(cm) Height x
Width x
Depth x
Energy Efficiency Index (EEI)(2) x,x Energy efficiency class(2) [A/B/C/D/E/F/G](4)
Condensation efficiency (%)(2)(if applicable) xx Condensation efficiency class (if applicable)(2) [A/B/C/D](4)
Weighted energy consumption in kWh per drying cycle(8). Actual energy consumption will depend on how the appliance is used. X,xx
Programme duration(2)(hours:minutes) Rated capacity x:xx Type [built-in/free-standing]
Half x:xx
Acoustic airborne noise emission(2)(dB(A) re 1 pW) x Acoustic airborne noise emission class(2) [A/B/C/D](4)
Off-mode (if applicable) (W) x,xx Standby mode (if applicable) (W) x,xx
Delay start (W) (if applicable) x,xx Networked standby (W) (if applicable) x,xx
For household tumble dryers equipped with a heat pump, the chemical name or the accepted industry designation of the refrigerant gas used, without prejudice to Regulation (EU) No 517/2014 on fluorinated greenhouse gases(1)(1)(3)
Repairability information:
Repairability Class (based on the index below) [A/B/C/D/E](4)
Repairability Index(1) x,xx
Disassembly Depth (SDD) score(1)(3) x,xx
Fasteners type score (SF)(1)(3) x,xx
Tools type score (ST)(1)(3) x,xx
Repair information score (SRI)(1)(3) x,xx
Weblink to information on spare parts availability for professional repairers and end users(1)(3)(5) https://xxx
Weblink to repair instructions for end-users(1)(3)(6) https://xxx
Weblink to indicative pre-tax prices(1)(3)(7) https://xxx
Minimum duration of the commercial guarantee offered by the supplier(1)(3)(months)
Additional information(5)
Link to the supplier’s website, where the information in point 6 of Annex II to Commission Regulation (EU) 2023/2533(5)(2)is found:
(1) point 1 is amended as follows:(a)in the first subparagraph, the introductory wording is replaced by the following:‘For electric household tumble dryers, the technical documentation referred to in Article 3(1), point (b)(i), shall include the following information:’;(b)point (g) is replaced by the following:‘(g)the values for the technical parameters set out in Table 5 for the eco programme, which are considered as the declared values for the purpose of the verification procedure set out in Annex IX.’; (a) in the first subparagraph, the introductory wording is replaced by the following:‘For electric household tumble dryers, the technical documentation referred to in Article 3(1), point (b)(i), shall include the following information:’; (b) point (g) is replaced by the following:‘(g)the values for the technical parameters set out in Table 5 for the eco programme, which are considered as the declared values for the purpose of the verification procedure set out in Annex IX.’; ‘(g) the values for the technical parameters set out in Table 5 for the eco programme, which are considered as the declared values for the purpose of the verification procedure set out in Annex IX.’;
(a) in the first subparagraph, the introductory wording is replaced by the following:‘For electric household tumble dryers, the technical documentation referred to in Article 3(1), point (b)(i), shall include the following information:’;
(b) point (g) is replaced by the following:‘(g)the values for the technical parameters set out in Table 5 for the eco programme, which are considered as the declared values for the purpose of the verification procedure set out in Annex IX.’; ‘(g) the values for the technical parameters set out in Table 5 for the eco programme, which are considered as the declared values for the purpose of the verification procedure set out in Annex IX.’;
‘(g) the values for the technical parameters set out in Table 5 for the eco programme, which are considered as the declared values for the purpose of the verification procedure set out in Annex IX.’;
(a) in the first subparagraph, the introductory wording is replaced by the following:‘For electric household tumble dryers, the technical documentation referred to in Article 3(1), point (b)(i), shall include the following information:’;
(b) point (g) is replaced by the following:‘(g)the values for the technical parameters set out in Table 5 for the eco programme, which are considered as the declared values for the purpose of the verification procedure set out in Annex IX.’; ‘(g) the values for the technical parameters set out in Table 5 for the eco programme, which are considered as the declared values for the purpose of the verification procedure set out in Annex IX.’;
‘(g) the values for the technical parameters set out in Table 5 for the eco programme, which are considered as the declared values for the purpose of the verification procedure set out in Annex IX.’;
‘(g) the values for the technical parameters set out in Table 5 for the eco programme, which are considered as the declared values for the purpose of the verification procedure set out in Annex IX.’;
(2) in Table 5, the header is replaced by the following:‘Table 5Declared technical parameters for electric household tumble dryers’;
(3) in point 2, the first subparagraph is replaced by the following:‘For gas-fired tumble dryers, the technical documentation referred to Article 3(1), point (b)(i), shall include the information listed in paragraph 1, points (a) to (f) of this Annex, and the information set out in Table 6 for the eco programme. The values in Table 6 are considered as the declared values for the purpose of the verification procedure in Annex IX.’.
(4) Table 6 is amended as follows:(a)the header is replaced by the following:‘Table 6Declared technical parameters for gas-fired household tumble dryers’;(b)the fourth row on the gas consumption of the eco programme at partial load is replaced by the following:‘Gas consumption of the eco programme at partial load (Egdry,½)kWh/drying cycleX,XX’(c)the tenth, eleventh and twelfth rows on the programme duration for the eco programme are replaced by the following:‘Programme duration for the eco programme at full load (Tdry)h:minX:XXProgramme duration for the eco programme at partial load (Tdry½)h:minX:XXWeighted programme duration for the eco programme (Tt)h:minX:XX’ (a) the header is replaced by the following:‘Table 6Declared technical parameters for gas-fired household tumble dryers’; (b) the fourth row on the gas consumption of the eco programme at partial load is replaced by the following:‘Gas consumption of the eco programme at partial load (Egdry,½)kWh/drying cycleX,XX’ ‘Gas consumption of the eco programme at partial load (Egdry,½) kWh/drying cycle X,XX’ (c) the tenth, eleventh and twelfth rows on the programme duration for the eco programme are replaced by the following:‘Programme duration for the eco programme at full load (Tdry)h:minX:XXProgramme duration for the eco programme at partial load (Tdry½)h:minX:XXWeighted programme duration for the eco programme (Tt)h:minX:XX’ ‘Programme duration for the eco programme at full load (Tdry) h:min X:XX Programme duration for the eco programme at partial load (Tdry½) h:min X:XX Weighted programme duration for the eco programme (Tt) h:min X:XX’
(a) the header is replaced by the following:‘Table 6Declared technical parameters for gas-fired household tumble dryers’;
(b) the fourth row on the gas consumption of the eco programme at partial load is replaced by the following:‘Gas consumption of the eco programme at partial load (Egdry,½)kWh/drying cycleX,XX’ ‘Gas consumption of the eco programme at partial load (Egdry,½) kWh/drying cycle X,XX’
‘Gas consumption of the eco programme at partial load (Egdry,½) kWh/drying cycle X,XX’
(c) the tenth, eleventh and twelfth rows on the programme duration for the eco programme are replaced by the following:‘Programme duration for the eco programme at full load (Tdry)h:minX:XXProgramme duration for the eco programme at partial load (Tdry½)h:minX:XXWeighted programme duration for the eco programme (Tt)h:minX:XX’ ‘Programme duration for the eco programme at full load (Tdry) h:min X:XX Programme duration for the eco programme at partial load (Tdry½) h:min X:XX Weighted programme duration for the eco programme (Tt) h:min X:XX’
‘Programme duration for the eco programme at full load (Tdry) h:min X:XX
Programme duration for the eco programme at partial load (Tdry½) h:min X:XX
Weighted programme duration for the eco programme (Tt) h:min X:XX’
(a) the header is replaced by the following:‘Table 6Declared technical parameters for gas-fired household tumble dryers’;
(b) the fourth row on the gas consumption of the eco programme at partial load is replaced by the following:‘Gas consumption of the eco programme at partial load (Egdry,½)kWh/drying cycleX,XX’ ‘Gas consumption of the eco programme at partial load (Egdry,½) kWh/drying cycle X,XX’
‘Gas consumption of the eco programme at partial load (Egdry,½) kWh/drying cycle X,XX’
‘Gas consumption of the eco programme at partial load (Egdry,½) kWh/drying cycle X,XX’
(c) the tenth, eleventh and twelfth rows on the programme duration for the eco programme are replaced by the following:‘Programme duration for the eco programme at full load (Tdry)h:minX:XXProgramme duration for the eco programme at partial load (Tdry½)h:minX:XXWeighted programme duration for the eco programme (Tt)h:minX:XX’ ‘Programme duration for the eco programme at full load (Tdry) h:min X:XX Programme duration for the eco programme at partial load (Tdry½) h:min X:XX Weighted programme duration for the eco programme (Tt) h:min X:XX’
‘Programme duration for the eco programme at full load (Tdry) h:min X:XX
Programme duration for the eco programme at partial load (Tdry½) h:min X:XX
Weighted programme duration for the eco programme (Tt) h:min X:XX’
‘Programme duration for the eco programme at full load (Tdry) h:min X:XX
Programme duration for the eco programme at partial load (Tdry½) h:min X:XX
Weighted programme duration for the eco programme (Tt) h:min X:XX’
(5) point 3 is replaced by the following:‘3.Where the information included in the technical documentation for a particular household tumble dryer has been obtained:(a)from a model that has the same technical characteristics relevant for the technical information to be provided but is produced by a different supplier;(b)by calculation on the basis of design or extrapolation from another model of the same or a different supplier,the technical documentation shall include the details of the calculation, the assessment undertaken by suppliers to verify the accuracy of the calculation and, where appropriate, the declaration of identity between the models of different suppliers.’. ‘3. Where the information included in the technical documentation for a particular household tumble dryer has been obtained:(a)from a model that has the same technical characteristics relevant for the technical information to be provided but is produced by a different supplier;(b)by calculation on the basis of design or extrapolation from another model of the same or a different supplier,the technical documentation shall include the details of the calculation, the assessment undertaken by suppliers to verify the accuracy of the calculation and, where appropriate, the declaration of identity between the models of different suppliers.’. (a) from a model that has the same technical characteristics relevant for the technical information to be provided but is produced by a different supplier; (b) by calculation on the basis of design or extrapolation from another model of the same or a different supplier,
‘3. Where the information included in the technical documentation for a particular household tumble dryer has been obtained:(a)from a model that has the same technical characteristics relevant for the technical information to be provided but is produced by a different supplier;(b)by calculation on the basis of design or extrapolation from another model of the same or a different supplier,the technical documentation shall include the details of the calculation, the assessment undertaken by suppliers to verify the accuracy of the calculation and, where appropriate, the declaration of identity between the models of different suppliers.’. (a) from a model that has the same technical characteristics relevant for the technical information to be provided but is produced by a different supplier; (b) by calculation on the basis of design or extrapolation from another model of the same or a different supplier,
(a) from a model that has the same technical characteristics relevant for the technical information to be provided but is produced by a different supplier;
(b) by calculation on the basis of design or extrapolation from another model of the same or a different supplier,
‘3. Where the information included in the technical documentation for a particular household tumble dryer has been obtained:(a)from a model that has the same technical characteristics relevant for the technical information to be provided but is produced by a different supplier;(b)by calculation on the basis of design or extrapolation from another model of the same or a different supplier,the technical documentation shall include the details of the calculation, the assessment undertaken by suppliers to verify the accuracy of the calculation and, where appropriate, the declaration of identity between the models of different suppliers.’. (a) from a model that has the same technical characteristics relevant for the technical information to be provided but is produced by a different supplier; (b) by calculation on the basis of design or extrapolation from another model of the same or a different supplier,
(a) from a model that has the same technical characteristics relevant for the technical information to be provided but is produced by a different supplier;
(b) by calculation on the basis of design or extrapolation from another model of the same or a different supplier,
(a) from a model that has the same technical characteristics relevant for the technical information to be provided but is produced by a different supplier;
(b) by calculation on the basis of design or extrapolation from another model of the same or a different supplier,
(a) a general description of the model allowing it to be unequivocally and easily identified;
(b) references to the harmonised standards applied or other measurement standards used;
(c) specific precautions to be taken when the model is assembled, installed, maintained or tested;
(d) the details and the results of calculations performed in accordance with Annex IV;
(e) testing conditions, where they are not described sufficiently in the references provided pursuant to point (b) of this section;
(f) equivalent models, if any, including model identifiers;
(g) the values for the technical parameters set out in Table 6a for the eco programme, which are considered as the declared values for the purpose of the verification procedure set out in Annex IX;
(h) a description of the disassembly steps for each priority part listed in Section 5 of Annex IV, including the tool(s) and fastener(s) needed at each step, if any;
(i) the repair and maintenance information laid down in point 5(3)(e) of Annex II to Regulation (EU) 2023/2533.
Parameter Unit Value
Rated capacity for the eco programme, at 0,5 kg intervals(c) kg X,X
Energy consumption of the eco programme at full load (Edry) kWh/drying cycle X,XX
Energy consumption of the eco programme at partial load (Edry,½) kWh/drying cycle X,XX
Weighted energy consumption of the eco programme (EtC) kWh/drying cycle X,XX
Standard energy consumption of the eco programme (SEC) kWh/drying cycle X,XX
Energy Efficiency Index (EEI) — X,X
Programme duration for the eco programme at full load (Tdry) h:min X:XX
Programme duration for the eco programme at partial load (Tdry½) h:min X:XX
Weighted programme duration for the eco programme (Tt) h:min X:XX
Average condensation efficiency of the eco programme at full load (Cdry) (if applicable) % XX
Average condensation efficiency of the eco programme at partial load (Cdry½) (if applicable) % XX
Weighted condensation efficiency of the eco programme (Ct) (if applicable) % XX
Acoustic airborne noise emission during the eco programme dB(A) with respect to 1 pW X
Power consumption in off mode (Po) (if applicable) W X,XX
Power consumption in standby mode (Psm) (if applicable) W X,XX
Does “standby mode” include the display of information? — Yes/No
Power consumption in “standby mode” in condition of networked standby (Pnsm) (if applicable) W X,XX
Power consumption in delay start (Pds) (if applicable) W X,XX
Repairability Index — X,XX
Parameter Unit Value
Rated capacity for the eco programme, at 0,5 kg intervals(c) kg X,X
Gas consumption of the eco programme at full load (Egdry) kWh/drying cycle X,XX
Gas consumption of the eco programme at partial load (Egdry,½) kWh/drying cycle X,XX
Auxiliary electricity consumption of the eco programme at full load kWh/drying cycle X,XX
Auxiliary electricity consumption of the eco programme at partial load kWh/drying cycle X,XX
Weighted energy consumption of the eco programme (EtC) kWh/drying cycle X,XX
Standard energy consumption of the eco programme (SEC) kWh/drying cycle X,XX
Energy Efficiency Index (EEI) — X,X
Programme duration for the eco programme at full load (Tdry) h:min X:XX
Programme duration for the eco programme at partial load (Tdry½) h:min X:XX
Weighted programme duration for the eco programme (Tt) h:min X:XX
Acoustic airborne noise emission during the eco programme dB(A) re 1 pW X
Power consumption in off mode (Po) (if applicable) W X,XX
Power consumption in standby mode (Psm) (if applicable) W X,XX
Does “standby mode” include the display of information? — Yes/No
Power consumption in standby mode in condition of networked standby (Pnsm) (if applicable) W X,XX
Power consumption in “delay start” (Pds) (where applicable) W X,XX
Repairability Index — X,XX
(a) from a model that has the same technical characteristics relevant for the technical information to be provided but is produced by a different supplier;
(b) by calculation on the basis of design or extrapolation from another model of the same or a different supplier,
(1) in Annex VII, points 1 and 2 are replaced by the following:‘1.In visual advertisements, for the purposes of ensuring conformity with the requirements laid down in Article 3(1), point (d)(i), and in Article 4, point (c), the energy efficiency class and the range of energy efficiency classes available on the label shall be shown as set out in point 4 of this Annex.2.In technical promotional material, for the purposes of ensuring conformity with the requirements laid down in Article 3(1), point (d)(ii), and in Article 4, point (d), the energy efficiency class and the range of energy efficiency classes available on the label shall be shown as set out in point 4 of this Annex.’; ‘1. In visual advertisements, for the purposes of ensuring conformity with the requirements laid down in Article 3(1), point (d)(i), and in Article 4, point (c), the energy efficiency class and the range of energy efficiency classes available on the label shall be shown as set out in point 4 of this Annex. 2. In technical promotional material, for the purposes of ensuring conformity with the requirements laid down in Article 3(1), point (d)(ii), and in Article 4, point (d), the energy efficiency class and the range of energy efficiency classes available on the label shall be shown as set out in point 4 of this Annex.’;
‘1. In visual advertisements, for the purposes of ensuring conformity with the requirements laid down in Article 3(1), point (d)(i), and in Article 4, point (c), the energy efficiency class and the range of energy efficiency classes available on the label shall be shown as set out in point 4 of this Annex.
2. In technical promotional material, for the purposes of ensuring conformity with the requirements laid down in Article 3(1), point (d)(ii), and in Article 4, point (d), the energy efficiency class and the range of energy efficiency classes available on the label shall be shown as set out in point 4 of this Annex.’;
‘1. In visual advertisements, for the purposes of ensuring conformity with the requirements laid down in Article 3(1), point (d)(i), and in Article 4, point (c), the energy efficiency class and the range of energy efficiency classes available on the label shall be shown as set out in point 4 of this Annex.
2. In technical promotional material, for the purposes of ensuring conformity with the requirements laid down in Article 3(1), point (d)(ii), and in Article 4, point (d), the energy efficiency class and the range of energy efficiency classes available on the label shall be shown as set out in point 4 of this Annex.’;
(2) Annex VIII is amended as follows:(a)point 1 is replaced by the following:‘1.The appropriate label made available by suppliers in accordance with Article 3(1), points (b)(ii) or (c)(iv), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the label is clearly visible and legible and shall be proportionate to the size specified in Annex III or IIIa, as applicable. The label may be displayed using a nested display, in which case the image used for accessing the label shall comply with the specifications laid down in point 2 of this Annex. If nested display is applied, the label shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the image.’;(b)point 3(b) is replaced by the following:‘(b)the image shall link to the label set out in Annex III or in Annex IIIa, as applicable;’;(c)point 4 is replaced by the following:‘4.The electronic product information sheet made available by the supplier in accordance with Article 3(1), points (b)(iii) or (c)(v), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the product information sheet is clearly visible and legible. The product information sheet may be displayed using a nested display or by referring to the product database, in which case the link used for accessing the product information sheet shall clearly and legibly indicate “Product information sheet”. If a nested display is used, the product information sheet shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the link.’; (a) point 1 is replaced by the following:‘1.The appropriate label made available by suppliers in accordance with Article 3(1), points (b)(ii) or (c)(iv), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the label is clearly visible and legible and shall be proportionate to the size specified in Annex III or IIIa, as applicable. The label may be displayed using a nested display, in which case the image used for accessing the label shall comply with the specifications laid down in point 2 of this Annex. If nested display is applied, the label shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the image.’; ‘1. The appropriate label made available by suppliers in accordance with Article 3(1), points (b)(ii) or (c)(iv), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the label is clearly visible and legible and shall be proportionate to the size specified in Annex III or IIIa, as applicable. The label may be displayed using a nested display, in which case the image used for accessing the label shall comply with the specifications laid down in point 2 of this Annex. If nested display is applied, the label shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the image.’; (b) point 3(b) is replaced by the following:‘(b)the image shall link to the label set out in Annex III or in Annex IIIa, as applicable;’; ‘(b) the image shall link to the label set out in Annex III or in Annex IIIa, as applicable;’; (c) point 4 is replaced by the following:‘4.The electronic product information sheet made available by the supplier in accordance with Article 3(1), points (b)(iii) or (c)(v), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the product information sheet is clearly visible and legible. The product information sheet may be displayed using a nested display or by referring to the product database, in which case the link used for accessing the product information sheet shall clearly and legibly indicate “Product information sheet”. If a nested display is used, the product information sheet shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the link.’; ‘4. The electronic product information sheet made available by the supplier in accordance with Article 3(1), points (b)(iii) or (c)(v), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the product information sheet is clearly visible and legible. The product information sheet may be displayed using a nested display or by referring to the product database, in which case the link used for accessing the product information sheet shall clearly and legibly indicate “Product information sheet”. If a nested display is used, the product information sheet shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the link.’;
(a) point 1 is replaced by the following:‘1.The appropriate label made available by suppliers in accordance with Article 3(1), points (b)(ii) or (c)(iv), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the label is clearly visible and legible and shall be proportionate to the size specified in Annex III or IIIa, as applicable. The label may be displayed using a nested display, in which case the image used for accessing the label shall comply with the specifications laid down in point 2 of this Annex. If nested display is applied, the label shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the image.’; ‘1. The appropriate label made available by suppliers in accordance with Article 3(1), points (b)(ii) or (c)(iv), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the label is clearly visible and legible and shall be proportionate to the size specified in Annex III or IIIa, as applicable. The label may be displayed using a nested display, in which case the image used for accessing the label shall comply with the specifications laid down in point 2 of this Annex. If nested display is applied, the label shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the image.’;
‘1. The appropriate label made available by suppliers in accordance with Article 3(1), points (b)(ii) or (c)(iv), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the label is clearly visible and legible and shall be proportionate to the size specified in Annex III or IIIa, as applicable. The label may be displayed using a nested display, in which case the image used for accessing the label shall comply with the specifications laid down in point 2 of this Annex. If nested display is applied, the label shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the image.’;
(b) point 3(b) is replaced by the following:‘(b)the image shall link to the label set out in Annex III or in Annex IIIa, as applicable;’; ‘(b) the image shall link to the label set out in Annex III or in Annex IIIa, as applicable;’;
‘(b) the image shall link to the label set out in Annex III or in Annex IIIa, as applicable;’;
(c) point 4 is replaced by the following:‘4.The electronic product information sheet made available by the supplier in accordance with Article 3(1), points (b)(iii) or (c)(v), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the product information sheet is clearly visible and legible. The product information sheet may be displayed using a nested display or by referring to the product database, in which case the link used for accessing the product information sheet shall clearly and legibly indicate “Product information sheet”. If a nested display is used, the product information sheet shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the link.’; ‘4. The electronic product information sheet made available by the supplier in accordance with Article 3(1), points (b)(iii) or (c)(v), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the product information sheet is clearly visible and legible. The product information sheet may be displayed using a nested display or by referring to the product database, in which case the link used for accessing the product information sheet shall clearly and legibly indicate “Product information sheet”. If a nested display is used, the product information sheet shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the link.’;
‘4. The electronic product information sheet made available by the supplier in accordance with Article 3(1), points (b)(iii) or (c)(v), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the product information sheet is clearly visible and legible. The product information sheet may be displayed using a nested display or by referring to the product database, in which case the link used for accessing the product information sheet shall clearly and legibly indicate “Product information sheet”. If a nested display is used, the product information sheet shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the link.’;
(a) point 1 is replaced by the following:‘1.The appropriate label made available by suppliers in accordance with Article 3(1), points (b)(ii) or (c)(iv), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the label is clearly visible and legible and shall be proportionate to the size specified in Annex III or IIIa, as applicable. The label may be displayed using a nested display, in which case the image used for accessing the label shall comply with the specifications laid down in point 2 of this Annex. If nested display is applied, the label shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the image.’; ‘1. The appropriate label made available by suppliers in accordance with Article 3(1), points (b)(ii) or (c)(iv), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the label is clearly visible and legible and shall be proportionate to the size specified in Annex III or IIIa, as applicable. The label may be displayed using a nested display, in which case the image used for accessing the label shall comply with the specifications laid down in point 2 of this Annex. If nested display is applied, the label shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the image.’;
‘1. The appropriate label made available by suppliers in accordance with Article 3(1), points (b)(ii) or (c)(iv), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the label is clearly visible and legible and shall be proportionate to the size specified in Annex III or IIIa, as applicable. The label may be displayed using a nested display, in which case the image used for accessing the label shall comply with the specifications laid down in point 2 of this Annex. If nested display is applied, the label shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the image.’;
‘1. The appropriate label made available by suppliers in accordance with Article 3(1), points (b)(ii) or (c)(iv), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the label is clearly visible and legible and shall be proportionate to the size specified in Annex III or IIIa, as applicable. The label may be displayed using a nested display, in which case the image used for accessing the label shall comply with the specifications laid down in point 2 of this Annex. If nested display is applied, the label shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the image.’;
(b) point 3(b) is replaced by the following:‘(b)the image shall link to the label set out in Annex III or in Annex IIIa, as applicable;’; ‘(b) the image shall link to the label set out in Annex III or in Annex IIIa, as applicable;’;
‘(b) the image shall link to the label set out in Annex III or in Annex IIIa, as applicable;’;
‘(b) the image shall link to the label set out in Annex III or in Annex IIIa, as applicable;’;
(c) point 4 is replaced by the following:‘4.The electronic product information sheet made available by the supplier in accordance with Article 3(1), points (b)(iii) or (c)(v), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the product information sheet is clearly visible and legible. The product information sheet may be displayed using a nested display or by referring to the product database, in which case the link used for accessing the product information sheet shall clearly and legibly indicate “Product information sheet”. If a nested display is used, the product information sheet shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the link.’; ‘4. The electronic product information sheet made available by the supplier in accordance with Article 3(1), points (b)(iii) or (c)(v), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the product information sheet is clearly visible and legible. The product information sheet may be displayed using a nested display or by referring to the product database, in which case the link used for accessing the product information sheet shall clearly and legibly indicate “Product information sheet”. If a nested display is used, the product information sheet shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the link.’;
‘4. The electronic product information sheet made available by the supplier in accordance with Article 3(1), points (b)(iii) or (c)(v), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the product information sheet is clearly visible and legible. The product information sheet may be displayed using a nested display or by referring to the product database, in which case the link used for accessing the product information sheet shall clearly and legibly indicate “Product information sheet”. If a nested display is used, the product information sheet shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the link.’;
‘4. The electronic product information sheet made available by the supplier in accordance with Article 3(1), points (b)(iii) or (c)(v), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the product information sheet is clearly visible and legible. The product information sheet may be displayed using a nested display or by referring to the product database, in which case the link used for accessing the product information sheet shall clearly and legibly indicate “Product information sheet”. If a nested display is used, the product information sheet shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the link.’;
(3) Annex IX is amended as follows:(a)point 1 is replaced by the following:‘1.The verification tolerances set out in Table 8 relate only to the verification of the declared values by Member State authorities and shall not be used by the supplier as an allowed tolerance to establish these values in the technical documentation or in interpreting these values with a view to achieving compliance or to communicate better performance by any means.’;(b)point 4(b)(iii) is replaced by the following:‘(iii)the determined values, that is to say the values of the relevant parameters as measured in testing and the values calculated from these measurements, comply with:(a)the validity criteria set out in Table 7;(b)the respective verification tolerances set out in Table 8.’;(c)point 6 is replaced by the following:‘6.Where the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select three additional units of the same model for testing. As an alternative, the three additional units selected may be of one or more equivalent models. Concerning the repairability index, if the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select one additional unit of the same model for testing.’;(d)points 8 and 9 are replaced by the following:‘8.The model shall be considered to comply with the applicable requirements where for the three units referred to in point 6, the arithmetic mean of the determined values complies with the respective verification tolerances set out in Table 8, except for the result of the repairability index, where the model shall be considered to comply with the applicable requirements where for the additional unit referred to in point 6, the determined value complies with the respective tolerance set out in Table 8.9.Where the result referred to in point 8 is not achieved, the model and all equivalent models shall be considered not in compliance with this Regulation, except for the result of the repairability index, where the model shall be considered not in compliance with this Regulation.’;(e)point 12 is replaced by the following:‘12.The Member State authorities shall only apply the validity criteria set out in Table 7 and the verification tolerances set out in Table 8 and shall only use the procedure set out in points 1 to 9 for the requirements referred to in this Annex. For the parameters set out in Tables 7 and 8, no other validity criteria or verification tolerances, such as those set out in harmonised standards or in any other measurement method, shall be applied.’;(f)Table 7 is replaced by the following:‘Table 7Validity criteriaParameterValidity criteriaAverage final moisture content of the eco programme μtThe determined value shall be measured and calculated and be lower than 1,5 %.’(g)the following Table 8 is added:‘Table 8Verification tolerancesParameterVerification tolerancesEdryand Edry½The determined value(*1)shall not exceed the declared value of Edryand Edry½by more than 6 %.Egdryand Egdry½The determined value(*1)shall not exceed the declared value of Egdryand Egdry½by more than 6 %.Egdry,aand Egdry½,aThe determined value(*) shall not exceed the declared value of Egdry,aand Egdry½,aby more than 6 %.CtThe determined value(*1)shall not be less than the declared value of Ctby more than 6 %.Tdryand Tdry½The determined value(*1)shall not exceed the declared value of Tdryand Tdry½by more than 6 %.PoThe determined value(*1)shall not exceed the declared value by more than 0,10 W.PsmThe determined value(*1)shall not exceed the declared value by more than 10 % if the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.PdsThe determined value(*1)shall not exceed the declared value by more than 10 % where the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.Acoustic airborne noise emissionsThe determined value(*1)shall not exceed the declared value by more than 2 dB with respect to 1 pW.Repairability indexThe determined value shall not be less than the declared value by more than 4 %. (a) point 1 is replaced by the following:‘1.The verification tolerances set out in Table 8 relate only to the verification of the declared values by Member State authorities and shall not be used by the supplier as an allowed tolerance to establish these values in the technical documentation or in interpreting these values with a view to achieving compliance or to communicate better performance by any means.’; ‘1. The verification tolerances set out in Table 8 relate only to the verification of the declared values by Member State authorities and shall not be used by the supplier as an allowed tolerance to establish these values in the technical documentation or in interpreting these values with a view to achieving compliance or to communicate better performance by any means.’; (b) point 4(b)(iii) is replaced by the following:‘(iii)the determined values, that is to say the values of the relevant parameters as measured in testing and the values calculated from these measurements, comply with:(a)the validity criteria set out in Table 7;(b)the respective verification tolerances set out in Table 8.’; ‘(iii) the determined values, that is to say the values of the relevant parameters as measured in testing and the values calculated from these measurements, comply with:(a)the validity criteria set out in Table 7;(b)the respective verification tolerances set out in Table 8.’; (a) the validity criteria set out in Table 7; (b) the respective verification tolerances set out in Table 8.’; (c) point 6 is replaced by the following:‘6.Where the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select three additional units of the same model for testing. As an alternative, the three additional units selected may be of one or more equivalent models. Concerning the repairability index, if the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select one additional unit of the same model for testing.’; ‘6. Where the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select three additional units of the same model for testing. As an alternative, the three additional units selected may be of one or more equivalent models. Concerning the repairability index, if the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select one additional unit of the same model for testing.’; (d) points 8 and 9 are replaced by the following:‘8.The model shall be considered to comply with the applicable requirements where for the three units referred to in point 6, the arithmetic mean of the determined values complies with the respective verification tolerances set out in Table 8, except for the result of the repairability index, where the model shall be considered to comply with the applicable requirements where for the additional unit referred to in point 6, the determined value complies with the respective tolerance set out in Table 8.9.Where the result referred to in point 8 is not achieved, the model and all equivalent models shall be considered not in compliance with this Regulation, except for the result of the repairability index, where the model shall be considered not in compliance with this Regulation.’; ‘8. The model shall be considered to comply with the applicable requirements where for the three units referred to in point 6, the arithmetic mean of the determined values complies with the respective verification tolerances set out in Table 8, except for the result of the repairability index, where the model shall be considered to comply with the applicable requirements where for the additional unit referred to in point 6, the determined value complies with the respective tolerance set out in Table 8. 9. Where the result referred to in point 8 is not achieved, the model and all equivalent models shall be considered not in compliance with this Regulation, except for the result of the repairability index, where the model shall be considered not in compliance with this Regulation.’; (e) point 12 is replaced by the following:‘12.The Member State authorities shall only apply the validity criteria set out in Table 7 and the verification tolerances set out in Table 8 and shall only use the procedure set out in points 1 to 9 for the requirements referred to in this Annex. For the parameters set out in Tables 7 and 8, no other validity criteria or verification tolerances, such as those set out in harmonised standards or in any other measurement method, shall be applied.’; ‘12. The Member State authorities shall only apply the validity criteria set out in Table 7 and the verification tolerances set out in Table 8 and shall only use the procedure set out in points 1 to 9 for the requirements referred to in this Annex. For the parameters set out in Tables 7 and 8, no other validity criteria or verification tolerances, such as those set out in harmonised standards or in any other measurement method, shall be applied.’; (f) Table 7 is replaced by the following:‘Table 7Validity criteriaParameterValidity criteriaAverage final moisture content of the eco programme μtThe determined value shall be measured and calculated and be lower than 1,5 %.’ Parameter Validity criteria Average final moisture content of the eco programme μt The determined value shall be measured and calculated and be lower than 1,5 %.’ (g) the following Table 8 is added:‘Table 8Verification tolerancesParameterVerification tolerancesEdryand Edry½The determined value(*1)shall not exceed the declared value of Edryand Edry½by more than 6 %.Egdryand Egdry½The determined value(*1)shall not exceed the declared value of Egdryand Egdry½by more than 6 %.Egdry,aand Egdry½,aThe determined value(*) shall not exceed the declared value of Egdry,aand Egdry½,aby more than 6 %.CtThe determined value(*1)shall not be less than the declared value of Ctby more than 6 %.Tdryand Tdry½The determined value(*1)shall not exceed the declared value of Tdryand Tdry½by more than 6 %.PoThe determined value(*1)shall not exceed the declared value by more than 0,10 W.PsmThe determined value(*1)shall not exceed the declared value by more than 10 % if the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.PdsThe determined value(*1)shall not exceed the declared value by more than 10 % where the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.Acoustic airborne noise emissionsThe determined value(*1)shall not exceed the declared value by more than 2 dB with respect to 1 pW.Repairability indexThe determined value shall not be less than the declared value by more than 4 %. Parameter Verification tolerances Edryand Edry½ The determined value(*1)shall not exceed the declared value of Edryand Edry½by more than 6 %. Egdryand Egdry½ The determined value(*1)shall not exceed the declared value of Egdryand Egdry½by more than 6 %. Egdry,aand Egdry½,a The determined value(*) shall not exceed the declared value of Egdry,aand Egdry½,aby more than 6 %. Ct The determined value(*1)shall not be less than the declared value of Ctby more than 6 %. Tdryand Tdry½ The determined value(*1)shall not exceed the declared value of Tdryand Tdry½by more than 6 %. Po The determined value(*1)shall not exceed the declared value by more than 0,10 W. Psm The determined value(*1)shall not exceed the declared value by more than 10 % if the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W. Pds The determined value(*1)shall not exceed the declared value by more than 10 % where the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W. Acoustic airborne noise emissions The determined value(*1)shall not exceed the declared value by more than 2 dB with respect to 1 pW. Repairability index The determined value shall not be less than the declared value by more than 4 %.
(a) point 1 is replaced by the following:‘1.The verification tolerances set out in Table 8 relate only to the verification of the declared values by Member State authorities and shall not be used by the supplier as an allowed tolerance to establish these values in the technical documentation or in interpreting these values with a view to achieving compliance or to communicate better performance by any means.’; ‘1. The verification tolerances set out in Table 8 relate only to the verification of the declared values by Member State authorities and shall not be used by the supplier as an allowed tolerance to establish these values in the technical documentation or in interpreting these values with a view to achieving compliance or to communicate better performance by any means.’;
‘1. The verification tolerances set out in Table 8 relate only to the verification of the declared values by Member State authorities and shall not be used by the supplier as an allowed tolerance to establish these values in the technical documentation or in interpreting these values with a view to achieving compliance or to communicate better performance by any means.’;
(b) point 4(b)(iii) is replaced by the following:‘(iii)the determined values, that is to say the values of the relevant parameters as measured in testing and the values calculated from these measurements, comply with:(a)the validity criteria set out in Table 7;(b)the respective verification tolerances set out in Table 8.’; ‘(iii) the determined values, that is to say the values of the relevant parameters as measured in testing and the values calculated from these measurements, comply with:(a)the validity criteria set out in Table 7;(b)the respective verification tolerances set out in Table 8.’; (a) the validity criteria set out in Table 7; (b) the respective verification tolerances set out in Table 8.’;
‘(iii) the determined values, that is to say the values of the relevant parameters as measured in testing and the values calculated from these measurements, comply with:(a)the validity criteria set out in Table 7;(b)the respective verification tolerances set out in Table 8.’; (a) the validity criteria set out in Table 7; (b) the respective verification tolerances set out in Table 8.’;
(a) the validity criteria set out in Table 7;
(b) the respective verification tolerances set out in Table 8.’;
(c) point 6 is replaced by the following:‘6.Where the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select three additional units of the same model for testing. As an alternative, the three additional units selected may be of one or more equivalent models. Concerning the repairability index, if the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select one additional unit of the same model for testing.’; ‘6. Where the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select three additional units of the same model for testing. As an alternative, the three additional units selected may be of one or more equivalent models. Concerning the repairability index, if the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select one additional unit of the same model for testing.’;
‘6. Where the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select three additional units of the same model for testing. As an alternative, the three additional units selected may be of one or more equivalent models. Concerning the repairability index, if the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select one additional unit of the same model for testing.’;
(d) points 8 and 9 are replaced by the following:‘8.The model shall be considered to comply with the applicable requirements where for the three units referred to in point 6, the arithmetic mean of the determined values complies with the respective verification tolerances set out in Table 8, except for the result of the repairability index, where the model shall be considered to comply with the applicable requirements where for the additional unit referred to in point 6, the determined value complies with the respective tolerance set out in Table 8.9.Where the result referred to in point 8 is not achieved, the model and all equivalent models shall be considered not in compliance with this Regulation, except for the result of the repairability index, where the model shall be considered not in compliance with this Regulation.’; ‘8. The model shall be considered to comply with the applicable requirements where for the three units referred to in point 6, the arithmetic mean of the determined values complies with the respective verification tolerances set out in Table 8, except for the result of the repairability index, where the model shall be considered to comply with the applicable requirements where for the additional unit referred to in point 6, the determined value complies with the respective tolerance set out in Table 8. 9. Where the result referred to in point 8 is not achieved, the model and all equivalent models shall be considered not in compliance with this Regulation, except for the result of the repairability index, where the model shall be considered not in compliance with this Regulation.’;
‘8. The model shall be considered to comply with the applicable requirements where for the three units referred to in point 6, the arithmetic mean of the determined values complies with the respective verification tolerances set out in Table 8, except for the result of the repairability index, where the model shall be considered to comply with the applicable requirements where for the additional unit referred to in point 6, the determined value complies with the respective tolerance set out in Table 8.
9. Where the result referred to in point 8 is not achieved, the model and all equivalent models shall be considered not in compliance with this Regulation, except for the result of the repairability index, where the model shall be considered not in compliance with this Regulation.’;
(e) point 12 is replaced by the following:‘12.The Member State authorities shall only apply the validity criteria set out in Table 7 and the verification tolerances set out in Table 8 and shall only use the procedure set out in points 1 to 9 for the requirements referred to in this Annex. For the parameters set out in Tables 7 and 8, no other validity criteria or verification tolerances, such as those set out in harmonised standards or in any other measurement method, shall be applied.’; ‘12. The Member State authorities shall only apply the validity criteria set out in Table 7 and the verification tolerances set out in Table 8 and shall only use the procedure set out in points 1 to 9 for the requirements referred to in this Annex. For the parameters set out in Tables 7 and 8, no other validity criteria or verification tolerances, such as those set out in harmonised standards or in any other measurement method, shall be applied.’;
‘12. The Member State authorities shall only apply the validity criteria set out in Table 7 and the verification tolerances set out in Table 8 and shall only use the procedure set out in points 1 to 9 for the requirements referred to in this Annex. For the parameters set out in Tables 7 and 8, no other validity criteria or verification tolerances, such as those set out in harmonised standards or in any other measurement method, shall be applied.’;
(f) Table 7 is replaced by the following:‘Table 7Validity criteriaParameterValidity criteriaAverage final moisture content of the eco programme μtThe determined value shall be measured and calculated and be lower than 1,5 %.’ Parameter Validity criteria Average final moisture content of the eco programme μt The determined value shall be measured and calculated and be lower than 1,5 %.’
Parameter Validity criteria
Average final moisture content of the eco programme μt The determined value shall be measured and calculated and be lower than 1,5 %.’
(g) the following Table 8 is added:‘Table 8Verification tolerancesParameterVerification tolerancesEdryand Edry½The determined value(*1)shall not exceed the declared value of Edryand Edry½by more than 6 %.Egdryand Egdry½The determined value(*1)shall not exceed the declared value of Egdryand Egdry½by more than 6 %.Egdry,aand Egdry½,aThe determined value(*) shall not exceed the declared value of Egdry,aand Egdry½,aby more than 6 %.CtThe determined value(*1)shall not be less than the declared value of Ctby more than 6 %.Tdryand Tdry½The determined value(*1)shall not exceed the declared value of Tdryand Tdry½by more than 6 %.PoThe determined value(*1)shall not exceed the declared value by more than 0,10 W.PsmThe determined value(*1)shall not exceed the declared value by more than 10 % if the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.PdsThe determined value(*1)shall not exceed the declared value by more than 10 % where the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.Acoustic airborne noise emissionsThe determined value(*1)shall not exceed the declared value by more than 2 dB with respect to 1 pW.Repairability indexThe determined value shall not be less than the declared value by more than 4 %. Parameter Verification tolerances Edryand Edry½ The determined value(*1)shall not exceed the declared value of Edryand Edry½by more than 6 %. Egdryand Egdry½ The determined value(*1)shall not exceed the declared value of Egdryand Egdry½by more than 6 %. Egdry,aand Egdry½,a The determined value(*) shall not exceed the declared value of Egdry,aand Egdry½,aby more than 6 %. Ct The determined value(*1)shall not be less than the declared value of Ctby more than 6 %. Tdryand Tdry½ The determined value(*1)shall not exceed the declared value of Tdryand Tdry½by more than 6 %. Po The determined value(*1)shall not exceed the declared value by more than 0,10 W. Psm The determined value(*1)shall not exceed the declared value by more than 10 % if the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W. Pds The determined value(*1)shall not exceed the declared value by more than 10 % where the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W. Acoustic airborne noise emissions The determined value(*1)shall not exceed the declared value by more than 2 dB with respect to 1 pW. Repairability index The determined value shall not be less than the declared value by more than 4 %.
Parameter Verification tolerances
Edryand Edry½ The determined value(*1)shall not exceed the declared value of Edryand Edry½by more than 6 %.
Egdryand Egdry½ The determined value(*1)shall not exceed the declared value of Egdryand Egdry½by more than 6 %.
Egdry,aand Egdry½,a The determined value(*) shall not exceed the declared value of Egdry,aand Egdry½,aby more than 6 %.
Ct The determined value(*1)shall not be less than the declared value of Ctby more than 6 %.
Tdryand Tdry½ The determined value(*1)shall not exceed the declared value of Tdryand Tdry½by more than 6 %.
Po The determined value(*1)shall not exceed the declared value by more than 0,10 W.
Psm The determined value(*1)shall not exceed the declared value by more than 10 % if the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.
Pds The determined value(*1)shall not exceed the declared value by more than 10 % where the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.
Acoustic airborne noise emissions The determined value(*1)shall not exceed the declared value by more than 2 dB with respect to 1 pW.
Repairability index The determined value shall not be less than the declared value by more than 4 %.
(a) point 1 is replaced by the following:‘1.The verification tolerances set out in Table 8 relate only to the verification of the declared values by Member State authorities and shall not be used by the supplier as an allowed tolerance to establish these values in the technical documentation or in interpreting these values with a view to achieving compliance or to communicate better performance by any means.’; ‘1. The verification tolerances set out in Table 8 relate only to the verification of the declared values by Member State authorities and shall not be used by the supplier as an allowed tolerance to establish these values in the technical documentation or in interpreting these values with a view to achieving compliance or to communicate better performance by any means.’;
‘1. The verification tolerances set out in Table 8 relate only to the verification of the declared values by Member State authorities and shall not be used by the supplier as an allowed tolerance to establish these values in the technical documentation or in interpreting these values with a view to achieving compliance or to communicate better performance by any means.’;
‘1. The verification tolerances set out in Table 8 relate only to the verification of the declared values by Member State authorities and shall not be used by the supplier as an allowed tolerance to establish these values in the technical documentation or in interpreting these values with a view to achieving compliance or to communicate better performance by any means.’;
(b) point 4(b)(iii) is replaced by the following:‘(iii)the determined values, that is to say the values of the relevant parameters as measured in testing and the values calculated from these measurements, comply with:(a)the validity criteria set out in Table 7;(b)the respective verification tolerances set out in Table 8.’; ‘(iii) the determined values, that is to say the values of the relevant parameters as measured in testing and the values calculated from these measurements, comply with:(a)the validity criteria set out in Table 7;(b)the respective verification tolerances set out in Table 8.’; (a) the validity criteria set out in Table 7; (b) the respective verification tolerances set out in Table 8.’;
‘(iii) the determined values, that is to say the values of the relevant parameters as measured in testing and the values calculated from these measurements, comply with:(a)the validity criteria set out in Table 7;(b)the respective verification tolerances set out in Table 8.’; (a) the validity criteria set out in Table 7; (b) the respective verification tolerances set out in Table 8.’;
(a) the validity criteria set out in Table 7;
(b) the respective verification tolerances set out in Table 8.’;
‘(iii) the determined values, that is to say the values of the relevant parameters as measured in testing and the values calculated from these measurements, comply with:(a)the validity criteria set out in Table 7;(b)the respective verification tolerances set out in Table 8.’; (a) the validity criteria set out in Table 7; (b) the respective verification tolerances set out in Table 8.’;
(a) the validity criteria set out in Table 7;
(b) the respective verification tolerances set out in Table 8.’;
(a) the validity criteria set out in Table 7;
(b) the respective verification tolerances set out in Table 8.’;
(c) point 6 is replaced by the following:‘6.Where the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select three additional units of the same model for testing. As an alternative, the three additional units selected may be of one or more equivalent models. Concerning the repairability index, if the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select one additional unit of the same model for testing.’; ‘6. Where the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select three additional units of the same model for testing. As an alternative, the three additional units selected may be of one or more equivalent models. Concerning the repairability index, if the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select one additional unit of the same model for testing.’;
‘6. Where the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select three additional units of the same model for testing. As an alternative, the three additional units selected may be of one or more equivalent models. Concerning the repairability index, if the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select one additional unit of the same model for testing.’;
‘6. Where the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select three additional units of the same model for testing. As an alternative, the three additional units selected may be of one or more equivalent models. Concerning the repairability index, if the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select one additional unit of the same model for testing.’;
(d) points 8 and 9 are replaced by the following:‘8.The model shall be considered to comply with the applicable requirements where for the three units referred to in point 6, the arithmetic mean of the determined values complies with the respective verification tolerances set out in Table 8, except for the result of the repairability index, where the model shall be considered to comply with the applicable requirements where for the additional unit referred to in point 6, the determined value complies with the respective tolerance set out in Table 8.9.Where the result referred to in point 8 is not achieved, the model and all equivalent models shall be considered not in compliance with this Regulation, except for the result of the repairability index, where the model shall be considered not in compliance with this Regulation.’; ‘8. The model shall be considered to comply with the applicable requirements where for the three units referred to in point 6, the arithmetic mean of the determined values complies with the respective verification tolerances set out in Table 8, except for the result of the repairability index, where the model shall be considered to comply with the applicable requirements where for the additional unit referred to in point 6, the determined value complies with the respective tolerance set out in Table 8. 9. Where the result referred to in point 8 is not achieved, the model and all equivalent models shall be considered not in compliance with this Regulation, except for the result of the repairability index, where the model shall be considered not in compliance with this Regulation.’;
‘8. The model shall be considered to comply with the applicable requirements where for the three units referred to in point 6, the arithmetic mean of the determined values complies with the respective verification tolerances set out in Table 8, except for the result of the repairability index, where the model shall be considered to comply with the applicable requirements where for the additional unit referred to in point 6, the determined value complies with the respective tolerance set out in Table 8.
9. Where the result referred to in point 8 is not achieved, the model and all equivalent models shall be considered not in compliance with this Regulation, except for the result of the repairability index, where the model shall be considered not in compliance with this Regulation.’;
‘8. The model shall be considered to comply with the applicable requirements where for the three units referred to in point 6, the arithmetic mean of the determined values complies with the respective verification tolerances set out in Table 8, except for the result of the repairability index, where the model shall be considered to comply with the applicable requirements where for the additional unit referred to in point 6, the determined value complies with the respective tolerance set out in Table 8.
9. Where the result referred to in point 8 is not achieved, the model and all equivalent models shall be considered not in compliance with this Regulation, except for the result of the repairability index, where the model shall be considered not in compliance with this Regulation.’;
(e) point 12 is replaced by the following:‘12.The Member State authorities shall only apply the validity criteria set out in Table 7 and the verification tolerances set out in Table 8 and shall only use the procedure set out in points 1 to 9 for the requirements referred to in this Annex. For the parameters set out in Tables 7 and 8, no other validity criteria or verification tolerances, such as those set out in harmonised standards or in any other measurement method, shall be applied.’; ‘12. The Member State authorities shall only apply the validity criteria set out in Table 7 and the verification tolerances set out in Table 8 and shall only use the procedure set out in points 1 to 9 for the requirements referred to in this Annex. For the parameters set out in Tables 7 and 8, no other validity criteria or verification tolerances, such as those set out in harmonised standards or in any other measurement method, shall be applied.’;
‘12. The Member State authorities shall only apply the validity criteria set out in Table 7 and the verification tolerances set out in Table 8 and shall only use the procedure set out in points 1 to 9 for the requirements referred to in this Annex. For the parameters set out in Tables 7 and 8, no other validity criteria or verification tolerances, such as those set out in harmonised standards or in any other measurement method, shall be applied.’;
‘12. The Member State authorities shall only apply the validity criteria set out in Table 7 and the verification tolerances set out in Table 8 and shall only use the procedure set out in points 1 to 9 for the requirements referred to in this Annex. For the parameters set out in Tables 7 and 8, no other validity criteria or verification tolerances, such as those set out in harmonised standards or in any other measurement method, shall be applied.’;
(f) Table 7 is replaced by the following:‘Table 7Validity criteriaParameterValidity criteriaAverage final moisture content of the eco programme μtThe determined value shall be measured and calculated and be lower than 1,5 %.’ Parameter Validity criteria Average final moisture content of the eco programme μt The determined value shall be measured and calculated and be lower than 1,5 %.’
Parameter Validity criteria
Average final moisture content of the eco programme μt The determined value shall be measured and calculated and be lower than 1,5 %.’
Parameter Validity criteria
Average final moisture content of the eco programme μt The determined value shall be measured and calculated and be lower than 1,5 %.’
(g) the following Table 8 is added:‘Table 8Verification tolerancesParameterVerification tolerancesEdryand Edry½The determined value(*1)shall not exceed the declared value of Edryand Edry½by more than 6 %.Egdryand Egdry½The determined value(*1)shall not exceed the declared value of Egdryand Egdry½by more than 6 %.Egdry,aand Egdry½,aThe determined value(*) shall not exceed the declared value of Egdry,aand Egdry½,aby more than 6 %.CtThe determined value(*1)shall not be less than the declared value of Ctby more than 6 %.Tdryand Tdry½The determined value(*1)shall not exceed the declared value of Tdryand Tdry½by more than 6 %.PoThe determined value(*1)shall not exceed the declared value by more than 0,10 W.PsmThe determined value(*1)shall not exceed the declared value by more than 10 % if the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.PdsThe determined value(*1)shall not exceed the declared value by more than 10 % where the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.Acoustic airborne noise emissionsThe determined value(*1)shall not exceed the declared value by more than 2 dB with respect to 1 pW.Repairability indexThe determined value shall not be less than the declared value by more than 4 %. Parameter Verification tolerances Edryand Edry½ The determined value(*1)shall not exceed the declared value of Edryand Edry½by more than 6 %. Egdryand Egdry½ The determined value(*1)shall not exceed the declared value of Egdryand Egdry½by more than 6 %. Egdry,aand Egdry½,a The determined value(*) shall not exceed the declared value of Egdry,aand Egdry½,aby more than 6 %. Ct The determined value(*1)shall not be less than the declared value of Ctby more than 6 %. Tdryand Tdry½ The determined value(*1)shall not exceed the declared value of Tdryand Tdry½by more than 6 %. Po The determined value(*1)shall not exceed the declared value by more than 0,10 W. Psm The determined value(*1)shall not exceed the declared value by more than 10 % if the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W. Pds The determined value(*1)shall not exceed the declared value by more than 10 % where the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W. Acoustic airborne noise emissions The determined value(*1)shall not exceed the declared value by more than 2 dB with respect to 1 pW. Repairability index The determined value shall not be less than the declared value by more than 4 %.
Parameter Verification tolerances
Edryand Edry½ The determined value(*1)shall not exceed the declared value of Edryand Edry½by more than 6 %.
Egdryand Egdry½ The determined value(*1)shall not exceed the declared value of Egdryand Egdry½by more than 6 %.
Egdry,aand Egdry½,a The determined value(*) shall not exceed the declared value of Egdry,aand Egdry½,aby more than 6 %.
Ct The determined value(*1)shall not be less than the declared value of Ctby more than 6 %.
Tdryand Tdry½ The determined value(*1)shall not exceed the declared value of Tdryand Tdry½by more than 6 %.
Po The determined value(*1)shall not exceed the declared value by more than 0,10 W.
Psm The determined value(*1)shall not exceed the declared value by more than 10 % if the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.
Pds The determined value(*1)shall not exceed the declared value by more than 10 % where the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.
Acoustic airborne noise emissions The determined value(*1)shall not exceed the declared value by more than 2 dB with respect to 1 pW.
Repairability index The determined value shall not be less than the declared value by more than 4 %.
Parameter Verification tolerances
Edryand Edry½ The determined value(*1)shall not exceed the declared value of Edryand Edry½by more than 6 %.
Egdryand Egdry½ The determined value(*1)shall not exceed the declared value of Egdryand Egdry½by more than 6 %.
Egdry,aand Egdry½,a The determined value(*) shall not exceed the declared value of Egdry,aand Egdry½,aby more than 6 %.
Ct The determined value(*1)shall not be less than the declared value of Ctby more than 6 %.
Tdryand Tdry½ The determined value(*1)shall not exceed the declared value of Tdryand Tdry½by more than 6 %.
Po The determined value(*1)shall not exceed the declared value by more than 0,10 W.
Psm The determined value(*1)shall not exceed the declared value by more than 10 % if the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.
Pds The determined value(*1)shall not exceed the declared value by more than 10 % where the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.
Acoustic airborne noise emissions The determined value(*1)shall not exceed the declared value by more than 2 dB with respect to 1 pW.
Repairability index The determined value shall not be less than the declared value by more than 4 %.
(4) Annex X is amended as follows:(a)in the first paragraph, the introductory wording is replaced by the following:‘Following the measurement and calculation methods set out in Annex IV, each drum of a multi-drum household tumble dryer shall be supplied with a label complying with the requirements set out in Annexes II and III or IIIa, as applicable. Those requirements shall apply to each of the drums independently, except when the drums are built in the same casing and can, in the eco programme, only operate simultaneously. In the latter case, these provisions shall apply to the multi-drum household tumble dryer as a whole, as follows:’;(b)the second paragraph is replaced by the following:‘The product information sheet shall include and present jointly the information required under Annex V or Annex Va, as applicable, for all the drums to which the provisions of this Annex apply. The technical documentation shall include and present jointly the information required under Annex VI or Annex VIa, as applicable, for all the drums to which the provisions of this Annex apply.’. (a) in the first paragraph, the introductory wording is replaced by the following:‘Following the measurement and calculation methods set out in Annex IV, each drum of a multi-drum household tumble dryer shall be supplied with a label complying with the requirements set out in Annexes II and III or IIIa, as applicable. Those requirements shall apply to each of the drums independently, except when the drums are built in the same casing and can, in the eco programme, only operate simultaneously. In the latter case, these provisions shall apply to the multi-drum household tumble dryer as a whole, as follows:’; (b) the second paragraph is replaced by the following:‘The product information sheet shall include and present jointly the information required under Annex V or Annex Va, as applicable, for all the drums to which the provisions of this Annex apply. The technical documentation shall include and present jointly the information required under Annex VI or Annex VIa, as applicable, for all the drums to which the provisions of this Annex apply.’.
(a) in the first paragraph, the introductory wording is replaced by the following:‘Following the measurement and calculation methods set out in Annex IV, each drum of a multi-drum household tumble dryer shall be supplied with a label complying with the requirements set out in Annexes II and III or IIIa, as applicable. Those requirements shall apply to each of the drums independently, except when the drums are built in the same casing and can, in the eco programme, only operate simultaneously. In the latter case, these provisions shall apply to the multi-drum household tumble dryer as a whole, as follows:’;
(b) the second paragraph is replaced by the following:‘The product information sheet shall include and present jointly the information required under Annex V or Annex Va, as applicable, for all the drums to which the provisions of this Annex apply. The technical documentation shall include and present jointly the information required under Annex VI or Annex VIa, as applicable, for all the drums to which the provisions of this Annex apply.’.
(a) in the first paragraph, the introductory wording is replaced by the following:‘Following the measurement and calculation methods set out in Annex IV, each drum of a multi-drum household tumble dryer shall be supplied with a label complying with the requirements set out in Annexes II and III or IIIa, as applicable. Those requirements shall apply to each of the drums independently, except when the drums are built in the same casing and can, in the eco programme, only operate simultaneously. In the latter case, these provisions shall apply to the multi-drum household tumble dryer as a whole, as follows:’;
(b) the second paragraph is replaced by the following:‘The product information sheet shall include and present jointly the information required under Annex V or Annex Va, as applicable, for all the drums to which the provisions of this Annex apply. The technical documentation shall include and present jointly the information required under Annex VI or Annex VIa, as applicable, for all the drums to which the provisions of this Annex apply.’.
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) 2017/1369 of the European Parliament and of the Council of 4 July 2017 setting a framework for energy labelling and repealing Directive 2010/30/EU(1), and in particular Article 16(1) thereof,
(1) Commission Delegated Regulation (EU) 2023/2534(2)lays down harmonised requirements for the labelling of household tumble dryers, enabling customers to make informed purchasing decisions based on the energy efficiency and supplementary information about the appliances. Article 3 of that Regulation also specifies the content and format of the product information sheet and technical documentation and requires suppliers to enter the relevant parameters in the European Product Registry for Energy Labelling (EPREL).
(2) It is important to address the significant decrease in the lifespan of household tumble dryers over the last 15 years, which has prompted an increase in the rate of production to compensate for the shorter lifetime. Providing information on the repairability of tumble dryers through a repairability index could generate several environmental, social and economic benefits by encouraging consumers to choose more repairable products. The repairability index should be calculated on the basis of parameters that are relevant for assessing the ease of repair of a household tumble dryer.
(3) As from 1 January 2027, any household tumble dryer placed on the market should be accompanied by a label and a product information sheet containing repairability information. In order to ensure a smooth introduction of the repairability index, suppliers could provide labels that include the repairability information in advance of the mandatory deadline of 1 January 2027, instead of labels without the repairability information.
(4) Since the implementation of a repairability index does not involve a rescaling of the label, dealers should be allowed, after 1 January 2027 to sell, without limitation of time household tumble dryers placed on the market before that date, with labels that do not include the repairability index.
(5) In order to improve repairability of household tumble dryers, an additional element should be included in the review provided for by Article 7 of Delegated Regulation (EU) 2023/2534, namely the assessment of the possibility to include heat pumps among the priority parts taken into account when calculating the repairability index.
(6) In order to ensure legal certainty relevant definitions regarding the repairability index and the average final moisture content should be added.
(7) In order to help consumers to make informed choices about household tumble dryers degree of repair and maintenance, the relevant repairability class should be included in the energy labels for both condenser and non-condenser household tumble dryers, ranging from A to E, where the top class A corresponds to household tumble dryers with the best repairability indexes and the lower class E to household tumble dryers with the worst repairability indexes.
(8) The term ‘logo’ should be replaced by ‘pictogram’ in the description of the label provided in Annex III, to be consistent with other delegated acts on energy labelling. Furthermore, the reference to the EU Ecolabel should be deleted from Annex III, since the EU Ecolabel is no longer awarded.
(9) A method for the calculation of the repairability index of household tumble dryers, allowing to assign a repairability class to each model of household tumble dryers, should be defined.
(10) The calculation of the repairability index should be carried out through a formula based on specific scoring parameters which have been considered relevant to determine the easiness of repair for each model of household tumble dryer. Those scoring parameters are the disassembly depth, the fasteners type, the tools type and the repair information.
(11) Except for the repair information, which must be assessed at product level, the other three scoring parameters should be evaluated at the level of the part of the household tumble dryer to be replaced. For this reason, priority parts have been selected and included in the formula of each scoring parameter, with a weighted average reflecting the relevance of each priority part in terms of sales and failure rates.
(12) The description of the disassembly steps used to calculate the disassembly depth scoring parameter, should be consistent with the repair and maintenance information to be provided to professional repairers.
(13) It is appropriate to remove from the information to be provided in the technical documentation of the product, the details of the calculation method of the average final moisture content of the eco programme which were originally set in Annex IV, point 1(g) to Delegated Regulation (EU) 2023/2534. It has been noticed that obtaining 0 % value in the average final moisture content is frequently accompanied by undesired negative side effects, in terms of textiles heat damage from overdrying and excessive consumption of energy, which are to be avoided. Instead, the measurement and calculation methods provided for in the harmonised standards should be used to calculate this parameter as these provide for appropriate tolerances.
(14) In order to ensure consumers informed choices and encourage sustainable consumption, information on the repairability index and the partial scores for each of the scoring parameters should be part of the product information sheet. To avoid unnecessary administrative burden for suppliers, only changes in the global score of the repairability index of a product should be deemed relevant for the definition of a new model. On the opposite, changes in the partial calculations of the scoring parameters that do not alter the global reparability index are deemed not relevant.
(15) In order to avoid confusion for suppliers and market surveillance authorities, the content of the technical documentation including the relevant reparability information should be clarified.
(16) Delegated Regulation (EU) 2023/2534 should therefore be amended accordingly,
HAS ADOPTED THIS REGULATION:

Amending provisions
Article 1
Delegated Regulation (EU) 2023/2534 is amended as follows:
(1)
Article 3 is amended as follows:
(a)
paragraph 1 is replaced by the following:
‘1. Suppliers shall ensure that:
(a)
from 1 March 2025 to 31 December 2026:
(i)
each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X;
(ii)
the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database;
(b)
from 1 July 2025 to 31 December 2026:
(i)
the content of the technical documentation set out in Annex VI is entered in the product database;
(ii)
an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer;
(iii)
an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer;
(iv)
where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form;
(c)
from 1 January 2027:
(i)
each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X;
(ii)
the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database;
(iii)
the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database;
(iv)
an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer;
(v)
an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer;
(vi)
where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form;
(d)
from 1 July 2025:
(i)
any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII;
(ii)
any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’
(b)
the following paragraph 1a is inserted:
‘1a. By way of derogation from paragraph 1, points (a) and (b), during the period, from 24 November 2025 to 31 December 2026, suppliers may fulfil their obligations set out in paragraph 1, points (a) and (b) in the way set out in paragraph 1, point (c).’
(2)
in Article 4, point (a) is replaced by the following:
‘(a)
each household tumble dryer, at the point of sale, including at trade fairs, bears the label provided by suppliers in accordance with Article 3(1), points (a)(i) or (c)(i), with the label being displayed for built-in appliances in such a way as to be clearly visible, and for all other appliances in such a way as to be clearly visible on the outside on the front or top of the household tumble dryer;’;
(3)
Article 7 is amended as follows:
(a)
paragraph 1 is replaced by the following:
‘The Commission shall review this Regulation in the light of technological progress and present the results of that review including, if appropriate, a draft proposal, to the Ecodesign Forum by 1 January 2030.
The review shall in particular assess the following elements:
(a)
the improvement potential with regard to the energy consumption, functional and environmental performance of household tumble dryers;
(b)
the effectiveness of existing measures in prompting end-users to purchase appliances that are more energy- and resource-efficient and to use more energy- and resource-efficient programmes;
(c)
the scope for addressing circular economy objectives;
(d)
the appropriateness to include the heat pump in the list of priority parts for the purpose of calculating the repairability index.’;
(b)
paragraph 2 is deleted;
(4)
in Article 10, the second paragraph is replaced by the following:
‘It shall apply from 1 July 2025. However, Article 9 shall apply from 1 January 2024 and Article 3(1) and (1a) shall apply as set out therein.’;
(5)
Annexes I, II and III are amended in accordance with Annex I to this Regulation;
(6)
the text set out in Annex II to this Regulation, is inserted as Annex IIIa;
(7)
Annexes IV and V are amended in accordance with Annex III to this Regulation;
(8)
the text set out in Annex IV to this Regulation is inserted as Annex Va;
(9)
Annex VI is amended in accordance with Annex V to this Regulation;
(10)
the text set out in Annex VI to this Regulation is inserted as Annex VIa;
(11)
Annexes VII, VIII, IX and X are amended in accordance with Annex VII to this Regulation.

Entry into force and application
Article 2
This Regulation shall enter into force on the fourth day following that of its publication in theOfficial Journal of the European Union.

THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) 2017/1369 of the European Parliament and of the Council of 4 July 2017 setting a framework for energy labelling and repealing Directive 2010/30/EU(1), and in particular Article 16(1) thereof,
(1) Commission Delegated Regulation (EU) 2023/2534(2)lays down harmonised requirements for the labelling of household tumble dryers, enabling customers to make informed purchasing decisions based on the energy efficiency and supplementary information about the appliances. Article 3 of that Regulation also specifies the content and format of the product information sheet and technical documentation and requires suppliers to enter the relevant parameters in the European Product Registry for Energy Labelling (EPREL).
(2) It is important to address the significant decrease in the lifespan of household tumble dryers over the last 15 years, which has prompted an increase in the rate of production to compensate for the shorter lifetime. Providing information on the repairability of tumble dryers through a repairability index could generate several environmental, social and economic benefits by encouraging consumers to choose more repairable products. The repairability index should be calculated on the basis of parameters that are relevant for assessing the ease of repair of a household tumble dryer.
(3) As from 1 January 2027, any household tumble dryer placed on the market should be accompanied by a label and a product information sheet containing repairability information. In order to ensure a smooth introduction of the repairability index, suppliers could provide labels that include the repairability information in advance of the mandatory deadline of 1 January 2027, instead of labels without the repairability information.
(4) Since the implementation of a repairability index does not involve a rescaling of the label, dealers should be allowed, after 1 January 2027 to sell, without limitation of time household tumble dryers placed on the market before that date, with labels that do not include the repairability index.
(5) In order to improve repairability of household tumble dryers, an additional element should be included in the review provided for by Article 7 of Delegated Regulation (EU) 2023/2534, namely the assessment of the possibility to include heat pumps among the priority parts taken into account when calculating the repairability index.
(6) In order to ensure legal certainty relevant definitions regarding the repairability index and the average final moisture content should be added.
(7) In order to help consumers to make informed choices about household tumble dryers degree of repair and maintenance, the relevant repairability class should be included in the energy labels for both condenser and non-condenser household tumble dryers, ranging from A to E, where the top class A corresponds to household tumble dryers with the best repairability indexes and the lower class E to household tumble dryers with the worst repairability indexes.
(8) The term ‘logo’ should be replaced by ‘pictogram’ in the description of the label provided in Annex III, to be consistent with other delegated acts on energy labelling. Furthermore, the reference to the EU Ecolabel should be deleted from Annex III, since the EU Ecolabel is no longer awarded.
(9) A method for the calculation of the repairability index of household tumble dryers, allowing to assign a repairability class to each model of household tumble dryers, should be defined.
(10) The calculation of the repairability index should be carried out through a formula based on specific scoring parameters which have been considered relevant to determine the easiness of repair for each model of household tumble dryer. Those scoring parameters are the disassembly depth, the fasteners type, the tools type and the repair information.
(11) Except for the repair information, which must be assessed at product level, the other three scoring parameters should be evaluated at the level of the part of the household tumble dryer to be replaced. For this reason, priority parts have been selected and included in the formula of each scoring parameter, with a weighted average reflecting the relevance of each priority part in terms of sales and failure rates.
(12) The description of the disassembly steps used to calculate the disassembly depth scoring parameter, should be consistent with the repair and maintenance information to be provided to professional repairers.
(13) It is appropriate to remove from the information to be provided in the technical documentation of the product, the details of the calculation method of the average final moisture content of the eco programme which were originally set in Annex IV, point 1(g) to Delegated Regulation (EU) 2023/2534. It has been noticed that obtaining 0 % value in the average final moisture content is frequently accompanied by undesired negative side effects, in terms of textiles heat damage from overdrying and excessive consumption of energy, which are to be avoided. Instead, the measurement and calculation methods provided for in the harmonised standards should be used to calculate this parameter as these provide for appropriate tolerances.
(14) In order to ensure consumers informed choices and encourage sustainable consumption, information on the repairability index and the partial scores for each of the scoring parameters should be part of the product information sheet. To avoid unnecessary administrative burden for suppliers, only changes in the global score of the repairability index of a product should be deemed relevant for the definition of a new model. On the opposite, changes in the partial calculations of the scoring parameters that do not alter the global reparability index are deemed not relevant.
(15) In order to avoid confusion for suppliers and market surveillance authorities, the content of the technical documentation including the relevant reparability information should be clarified.
(16) Delegated Regulation (EU) 2023/2534 should therefore be amended accordingly,
HAS ADOPTED THIS REGULATION:

Amending provisions

Delegated Regulation (EU) 2023/2534 is amended as follows:
(1)
Article 3 is amended as follows:
(a)
paragraph 1 is replaced by the following:
‘1. Suppliers shall ensure that:
(a)
from 1 March 2025 to 31 December 2026:
(i)
each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex III and, for a multi-drum household tumble dryer, in accordance with Annex X;
(ii)
the values for the parameters of the product information sheet, as set out in Annex V, are entered in the public part of the product database;
(b)
from 1 July 2025 to 31 December 2026:
(i)
the content of the technical documentation set out in Annex VI is entered in the product database;
(ii)
an electronic label in the format and containing the information as set out in Annex III is made available to dealers for each model of household tumble dryer;
(iii)
an electronic product information sheet as set out in Annex V is made available to dealers for each model of household tumble dryer;
(iv)
where specifically requested by the dealer, the product information sheet as set out in Annex V is made available in printed form;
(c)
from 1 January 2027:
(i)
each household tumble dryer is supplied with a printed label in the format and containing the information set out in Annex IIIa and, for a multi-drum household tumble dryer, in accordance with Annex X;
(ii)
the values for the parameters of the product information sheet as set out in Annex Va are entered in the public part of the product database;
(iii)
the content of the technical documentation set out in Annex VIa, except the information referred to in points 1(h) and 1(i) of that Annex, is entered in the product database;
(iv)
an electronic label in the format and containing the information set out in Annex IIIa is made available to dealers for each model of household tumble dryer;
(v)
an electronic product information sheet, as set out in Annex Va, is made available to dealers for each model of household tumble dryer;
(vi)
where specifically requested by the dealer, the product information sheet as set out in Annex Va is made available in printed form;
(d)
from 1 July 2025:
(i)
any visual advertisement concerning a specific model of household tumble dryer gives the energy efficiency class and range of energy efficiency classes available on the label in accordance with Annexes VII and VIII;
(ii)
any technical promotional material concerning a specific model of household tumble dryer, including technical promotional material on the internet, which describes its specific technical parameters, gives the energy efficiency class of that model and the range of energy efficiency classes available on the label, in accordance with Annex VII.’
(b)
the following paragraph 1a is inserted:
‘1a. By way of derogation from paragraph 1, points (a) and (b), during the period, from 24 November 2025 to 31 December 2026, suppliers may fulfil their obligations set out in paragraph 1, points (a) and (b) in the way set out in paragraph 1, point (c).’
(2)
in Article 4, point (a) is replaced by the following:
‘(a)
each household tumble dryer, at the point of sale, including at trade fairs, bears the label provided by suppliers in accordance with Article 3(1), points (a)(i) or (c)(i), with the label being displayed for built-in appliances in such a way as to be clearly visible, and for all other appliances in such a way as to be clearly visible on the outside on the front or top of the household tumble dryer;’;
(3)
Article 7 is amended as follows:
(a)
paragraph 1 is replaced by the following:
‘The Commission shall review this Regulation in the light of technological progress and present the results of that review including, if appropriate, a draft proposal, to the Ecodesign Forum by 1 January 2030.
The review shall in particular assess the following elements:
(a)
the improvement potential with regard to the energy consumption, functional and environmental performance of household tumble dryers;
(b)
the effectiveness of existing measures in prompting end-users to purchase appliances that are more energy- and resource-efficient and to use more energy- and resource-efficient programmes;
(c)
the scope for addressing circular economy objectives;
(d)
the appropriateness to include the heat pump in the list of priority parts for the purpose of calculating the repairability index.’;
(b)
paragraph 2 is deleted;
(4)
in Article 10, the second paragraph is replaced by the following:
‘It shall apply from 1 July 2025. However, Article 9 shall apply from 1 January 2024 and Article 3(1) and (1a) shall apply as set out therein.’;
(5)
Annexes I, II and III are amended in accordance with Annex I to this Regulation;
(6)
the text set out in Annex II to this Regulation, is inserted as Annex IIIa;
(7)
Annexes IV and V are amended in accordance with Annex III to this Regulation;
(8)
the text set out in Annex IV to this Regulation is inserted as Annex Va;
(9)
Annex VI is amended in accordance with Annex V to this Regulation;
(10)
the text set out in Annex VI to this Regulation is inserted as Annex VIa;
(11)
Annexes VII, VIII, IX and X are amended in accordance with Annex VII to this Regulation.

Entry into force and application

This Regulation shall enter into force on the fourth day following that of its publication in theOfficial Journal of the European Union.
ANNEX IAnnexes I, II and III to Delegated Regulation (EU) 2023/2534 are amended as follows:

(1) | in Annex I, the following points are added:‘(27)“average final moisture content” means the average of the final moisture content for the eco programme at full and at half load;(28)“spare part” means a separate part that can replace a part with the same or similar function in a household tumble dryer;(29)“priority part” means a spare part used in the calculations of the repairability index set out in Section 5 of Annex IV;(30)“main printed circuit board” means the board managing directly or indirectly the electric and electronic components integrated in the appliance;(31)“disassembly” means a process whereby a product is separated into its parts and/or components in such a way that it could subsequently be reassembled and made operational;(32)“fastener” means a hardware device or substance that mechanically, magnetically or by other means connects or fixes two or more objects, parts or pieces, including a hardware device which in addition serves an electrical function;(33)“reusable fastener” means a fastener that can be completely reused in the reassembly for the same purpose and that does no damage either the product or the fastener itself during the disassembly or reassembly process in a way that makes their multiple reuse impossible;(34)“removable fastener” means a fastener that is not a reusable fastener, but which removal does not damage the product, or leave residue, which precludes reassembly;(35)“resupplied fastener” means a removable fastener that is supplied with the spare part which it is intended to connect or fix; adhesives shall be considered resupplied fasteners if they are supplied with the spare part in a quantity that is sufficient for the reassembly;(36)“step” means an operation that finishes with the removal of a part (or bundle) or with a change of tool, including any placement of a part away from its initial location where the removal entails partial disconnection or unplugging;(37)“commercially available tool” means a tool that is available for purchase by the general public and is neither a basic tool nor a proprietary tool;(38)“basic tool” means a screwdriver for slotted heads, a screwdriver for cross recess screws, a screwdriver for hexalobular recess heads, a hexagon socket key, a combination wrench, combination pliers, combination pliers for wire stripping and terminal crimping, half round nose pliers, diagonal cutters, multigrip pliers, locking pliers, a prying lever, tweezers, magnifying glass, a spudger and a pick;(39)“proprietary tool” means tool that is not available for purchase by the general public or for which any applicable patents are not available to licence under fair, reasonable and non-discriminatory terms;(40)“professional repairer” means an operator or undertaking that provides services of repair and professional maintenance of household tumble dryers.’; | ‘(27) | “average final moisture content” means the average of the final moisture content for the eco programme at full and at half load; | (28) | “spare part” means a separate part that can replace a part with the same or similar function in a household tumble dryer; | (29) | “priority part” means a spare part used in the calculations of the repairability index set out in Section 5 of Annex IV; | (30) | “main printed circuit board” means the board managing directly or indirectly the electric and electronic components integrated in the appliance; | (31) | “disassembly” means a process whereby a product is separated into its parts and/or components in such a way that it could subsequently be reassembled and made operational; | (32) | “fastener” means a hardware device or substance that mechanically, magnetically or by other means connects or fixes two or more objects, parts or pieces, including a hardware device which in addition serves an electrical function; | (33) | “reusable fastener” means a fastener that can be completely reused in the reassembly for the same purpose and that does no damage either the product or the fastener itself during the disassembly or reassembly process in a way that makes their multiple reuse impossible; | (34) | “removable fastener” means a fastener that is not a reusable fastener, but which removal does not damage the product, or leave residue, which precludes reassembly; | (35) | “resupplied fastener” means a removable fastener that is supplied with the spare part which it is intended to connect or fix; adhesives shall be considered resupplied fasteners if they are supplied with the spare part in a quantity that is sufficient for the reassembly; | (36) | “step” means an operation that finishes with the removal of a part (or bundle) or with a change of tool, including any placement of a part away from its initial location where the removal entails partial disconnection or unplugging; | (37) | “commercially available tool” means a tool that is available for purchase by the general public and is neither a basic tool nor a proprietary tool; | (38) | “basic tool” means a screwdriver for slotted heads, a screwdriver for cross recess screws, a screwdriver for hexalobular recess heads, a hexagon socket key, a combination wrench, combination pliers, combination pliers for wire stripping and terminal crimping, half round nose pliers, diagonal cutters, multigrip pliers, locking pliers, a prying lever, tweezers, magnifying glass, a spudger and a pick; | (39) | “proprietary tool” means tool that is not available for purchase by the general public or for which any applicable patents are not available to licence under fair, reasonable and non-discriminatory terms; | (40) | “professional repairer” means an operator or undertaking that provides services of repair and professional maintenance of household tumble dryers.’;
‘(27) | “average final moisture content” means the average of the final moisture content for the eco programme at full and at half load;
(28) | “spare part” means a separate part that can replace a part with the same or similar function in a household tumble dryer;
(29) | “priority part” means a spare part used in the calculations of the repairability index set out in Section 5 of Annex IV;
(30) | “main printed circuit board” means the board managing directly or indirectly the electric and electronic components integrated in the appliance;
(31) | “disassembly” means a process whereby a product is separated into its parts and/or components in such a way that it could subsequently be reassembled and made operational;
(32) | “fastener” means a hardware device or substance that mechanically, magnetically or by other means connects or fixes two or more objects, parts or pieces, including a hardware device which in addition serves an electrical function;
(33) | “reusable fastener” means a fastener that can be completely reused in the reassembly for the same purpose and that does no damage either the product or the fastener itself during the disassembly or reassembly process in a way that makes their multiple reuse impossible;
(34) | “removable fastener” means a fastener that is not a reusable fastener, but which removal does not damage the product, or leave residue, which precludes reassembly;
(35) | “resupplied fastener” means a removable fastener that is supplied with the spare part which it is intended to connect or fix; adhesives shall be considered resupplied fasteners if they are supplied with the spare part in a quantity that is sufficient for the reassembly;
(36) | “step” means an operation that finishes with the removal of a part (or bundle) or with a change of tool, including any placement of a part away from its initial location where the removal entails partial disconnection or unplugging;
(37) | “commercially available tool” means a tool that is available for purchase by the general public and is neither a basic tool nor a proprietary tool;
(38) | “basic tool” means a screwdriver for slotted heads, a screwdriver for cross recess screws, a screwdriver for hexalobular recess heads, a hexagon socket key, a combination wrench, combination pliers, combination pliers for wire stripping and terminal crimping, half round nose pliers, diagonal cutters, multigrip pliers, locking pliers, a prying lever, tweezers, magnifying glass, a spudger and a pick;
(39) | “proprietary tool” means tool that is not available for purchase by the general public or for which any applicable patents are not available to licence under fair, reasonable and non-discriminatory terms;
(40) | “professional repairer” means an operator or undertaking that provides services of repair and professional maintenance of household tumble dryers.’;
(2) | in Annex II, the following Section 4 is added:‘4.REPAIRABILITY CLASSThe repairability class of a household tumble dryer shall be determined on the basis of the repairability index, as set out in Table 3a. The repairability index shall be determined in accordance with Section 5 of Annex IV.Table 3aRepairability classRepairability classRepairability index (R)A (most repairable)R > 9,00B7,00 ≤ R ≤ 9,00C5,00 ≤ R < 7,00D3,00 ≤ R < 5,00E (least repairable)R 9,00 | | R > 9,00 | B | | B | 7,00 ≤ R ≤ 9,00 | | 7,00 ≤ R ≤ 9,00 | C | | C | 5,00 ≤ R < 7,00 | | 5,00 ≤ R < 7,00 | D | | D | 3,00 ≤ R < 5,00 | | 3,00 ≤ R < 5,00 | E (least repairable) | | E (least repairable) | R < 3,00’ | | R < 3,00’
Repairability class | | Repairability class | Repairability index (R) | | Repairability index (R)
| Repairability class
| Repairability index (R)
A (most repairable) | | A (most repairable) | R > 9,00 | | R > 9,00
| A (most repairable)
| R > 9,00
B | | B | 7,00 ≤ R ≤ 9,00 | | 7,00 ≤ R ≤ 9,00
| B
| 7,00 ≤ R ≤ 9,00
C | | C | 5,00 ≤ R < 7,00 | | 5,00 ≤ R < 7,00
| C
| 5,00 ≤ R < 7,00
D | | D | 3,00 ≤ R < 5,00 | | 3,00 ≤ R < 5,00
| D
| 3,00 ≤ R < 5,00
E (least repairable) | | E (least repairable) | R < 3,00’ | | R < 3,00’
| E (least repairable)
| R < 3,00’
(3) | Annex III is amended as follows:(a)in Section A, point 1.1 is amended as follows:(i)point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’;(ii)points VII and VIII are replaced by the following:‘VIIcondensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;VIIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;(iii)point 1.2 is deleted;(b)in Section B, point 1.1 is amended as follows:(i)point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’;(ii)point VII is replaced by the following:‘VIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;(iii)point 1.2 is deleted. | (a) | in Section A, point 1.1 is amended as follows:(i)point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’;(ii)points VII and VIII are replaced by the following:‘VIIcondensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;VIIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;(iii)point 1.2 is deleted; | (i) | point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’; | ‘V | the energy efficiency class determined in accordance with Annex II;’; | (ii) | points VII and VIII are replaced by the following:‘VIIcondensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;VIIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; | ‘VII | condensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV; | VIII | acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; | (iii) | point 1.2 is deleted; | (b) | in Section B, point 1.1 is amended as follows:(i)point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’;(ii)point VII is replaced by the following:‘VIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;(iii)point 1.2 is deleted. | (i) | point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’; | ‘V | the energy efficiency class determined in accordance with Annex II;’; | (ii) | point VII is replaced by the following:‘VIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; | ‘VII | acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; | (iii) | point 1.2 is deleted.
(a) | in Section A, point 1.1 is amended as follows:(i)point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’;(ii)points VII and VIII are replaced by the following:‘VIIcondensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;VIIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;(iii)point 1.2 is deleted; | (i) | point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’; | ‘V | the energy efficiency class determined in accordance with Annex II;’; | (ii) | points VII and VIII are replaced by the following:‘VIIcondensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;VIIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; | ‘VII | condensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV; | VIII | acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; | (iii) | point 1.2 is deleted;
(i) | point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’; | ‘V | the energy efficiency class determined in accordance with Annex II;’;
‘V | the energy efficiency class determined in accordance with Annex II;’;
(ii) | points VII and VIII are replaced by the following:‘VIIcondensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;VIIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; | ‘VII | condensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV; | VIII | acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;
‘VII | condensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;
VIII | acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;
(iii) | point 1.2 is deleted;
(b) | in Section B, point 1.1 is amended as follows:(i)point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’;(ii)point VII is replaced by the following:‘VIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;(iii)point 1.2 is deleted. | (i) | point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’; | ‘V | the energy efficiency class determined in accordance with Annex II;’; | (ii) | point VII is replaced by the following:‘VIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; | ‘VII | acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; | (iii) | point 1.2 is deleted.
(i) | point V is replaced by the following:‘Vthe energy efficiency class determined in accordance with Annex II;’; | ‘V | the energy efficiency class determined in accordance with Annex II;’;
‘V | the energy efficiency class determined in accordance with Annex II;’;
(ii) | point VII is replaced by the following:‘VIIacoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’; | ‘VII | acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;
‘VII | acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;’;
(iii) | point 1.2 is deleted.

ANNEX II
‘ANNEX IIIa
LABEL WITH REPAIRABILITY INFORMATION
A. Label for condenser tumble dryers with repairability class pictogram 1. LABEL FOR CONDENSER TUMBLE DRYERS WITH REPAIRABILITY CLASS PICTOGRAM
Figure 4a
The following information shall be included in the label:
I
QR code;
II
trademark;
III
model identifier;
IV
scale of energy efficiency classes from A to G;
V
the energy efficiency class determined in accordance with Annex II;
VI
weighted average energy consumption per 100 drying cycles in kWh, rounded to the nearest integer and calculated in accordance with Annex IV; in case of gas-fired tumble dryers, the weighted average energy consumption (gas and electricity) per 100 drying cycles in kWh, rounded to the nearest integer and calculated in accordance with Annex IV;
VII
repairability class determined in accordance with Annex II, calculated in accordance with Annex IV;
VIII
condensation efficiency class determined in accordance with Annex II, with relevant pictogram and value rounded to the nearest integer and calculated in accordance with Annex IV;
IX
acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;
X
rated capacity, in kg, for the eco programme at full load;
XI
duration of the eco programme at full load in hours and minutes [h:min] rounded to the nearest minute;
XII
the number of this Regulation, which is “2023/2534”. 2. LABEL DESIGN FOR CONDENSER TUMBLE DRYERS WITH REPAIRABILITY CLASS PICTOGRAM
Figure 4b
Whereby:
(a) the label shall be at least 96 mm wide and 192 mm high. Where the label is printed in a larger format, its content shall nevertheless remain proportionate to the specifications in Figure 4b;
(b) the background shall be 100 % white;
(c) the typeface shall be Verdana;
(d) the dimensions and specifications of the elements in the label shall be as indicated in the label designs in this Annex;
(e) colours shall be CMYK – cyan, magenta, yellow and black following this example: 0,70,100,0: 0 % cyan, 70 % magenta, 100 % yellow, 0 % black;
(f) the label shall fulfil all of the following requirements (numbers refer to Figure 4b):
the colours of the EU logo shall be as follows:
—
the background: 100,80,0,0;
—
the stars: 0,0,100,0;
the colour of the energy logo shall be: 100,80,0,0;
the QR code shall be 100 % black;
the trademark shall be 100 % black and in Bold 9 pt;
the model identifier shall be 100 % black and in Regular 9 pt;
the A to G scale shall be as follows:
(a) the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows;
(b) the background colours of the arrows shall be as follows:
(i) A-class: 100,0,100,0;
(ii) B-class: 70,0,100,0;
(iii) C-class: 30,0,100,0;
(iv) D-class: 0,0,100,0;
(v) E-class: 0,30,100,0;
(vi) F-class: 0,70,100,0;
(vii) G-class: 0,100,100,0;
the internal dividers shall be 80 mm wide and have a weight of 0,5 pt. The colour of the dividers shall be 100 % black;
the energy efficiency class arrow shall be 100 % black. The letter inside the energy efficiency class arrow shall be 100 % white and in Bold 26 pt, and it shall be positioned in the centre of the rectangular part of the arrow. The energy efficiency class arrow and the corresponding arrow in the A to G scale shall be positioned in such a way that their tips are aligned;
the value of the weighted energy consumption per 100 drying cycles shall be in Bold 28 pt; “kWh/” shall be in Regular 18 pt; the number “100” in the icon representing 100 drying cycles shall be in Regular 14 pt. The text shall be centred in the column and in 100 % black;
the pictograms shall be as shown in the label design and as follows:
(a) the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black;
(b) the A to D scales of the condensation efficiency pictogram and of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;
(c) the number of the condensation efficiency pictogram shall be in Bold 9 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;
(d) the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;
(e) the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;
(f) the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram;
(g) the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram;
the number of the Regulation shall be 100 % black and in Regular 6 pt.
B. Label for non-condenser tumble dryers with repairability class pictogram 1. LABEL FOR NON-CONDENSER TUMBLE DRYERS WITH REPAIRABILITY CLASS PICTOGRAM
Figure 4c
The following information shall be included in the label:
I
QR code;
II
trademark;
III
model identifier;
IV
scale of energy efficiency classes from A to G;
V
the energy efficiency class determined in accordance with Annex II;
VI
weighted average energy consumption per 100 drying cycles in kWh, rounded to the nearest integer and calculated in accordance with Annex IV; in case of gas-fired tumble dryers, the weighted average energy consumption (gas and electricity) per 100 drying cycles in kWh, rounded to the nearest integer and calculated in accordance with Annex IV;
VII
repairability class determined in accordance with Annex II, calculated in accordance with Annex IV;
VIII
acoustic airborne noise emission class of the drying cycle of the eco programme, with relevant pictogram and value in dB(A), determined in accordance with Section 4 of Annex IV;
IX
rated capacity, in kg, for the eco programme at full load;
X
duration of the eco programme at full load in hours and minutes [h:min] rounded to the nearest minute;
XI
the number of this Regulation, which is “2023/2534”. 2. LABEL DESIGN FOR NON-CONDENSER TUMBLE DRYERS WITH REPAIRABILITY CLASS PICTOGRAM
Figure 4d
Whereby:
(a) the label shall be at least 96 mm wide and 192 mm high. Where the label is printed in a larger format, its content shall nevertheless remain proportionate to the specifications in Figure 4d;
(b) the background shall be 100 % white;
(c) the typeface shall be Verdana;
(d) the dimensions and specifications of the elements in the label shall be as indicated in the label designs in this Annex;
(e) colours shall be CMYK – cyan, magenta, yellow and black following this example: 0,70,100,0: 0 % cyan, 70 % magenta, 100 % yellow, 0 % black;
(f) the label shall fulfil all of the following requirements (numbers refer to Figure 4d):
the colours of the EU logo shall be as follows:
—
the background: 100,80,0,0;
—
the stars: 0,0,100,0;
the colour of the energy logo shall be: 100,80,0,0;
the QR code shall be 100 % black;
the trademark shall be 100 % black and in Bold 9 pt;
the model identifier shall be 100 % black and in Regular 9 pt;
the A to G scale shall be as follows:
(a) the letters in the arrows shall be 100 % white and in Bold 16 pt, and shall be centred on an axis at 4,5 mm from the left side of the arrows;
(b) the background colours of the arrows shall be as follows:
(i) A-class: 100,0,100,0;
(ii) B-class: 70,0,100,0;
(iii) C-class: 30,0,100,0;
(iv) D-class: 0,0,100,0;
(v) E-class: 0,30,100,0;
(vi) F-class: 0,70,100,0;
(vii) G-class: 0,100,100,0;
the internal dividers shall be 80 mm wide and have a weight of 0,5 pt. The colour of the dividers shall be 100 % black;
the energy efficiency class arrow shall be 100 % black. The letter inside the energy efficiency class arrow shall be 100 % white and in Bold 26 pt, and it shall be positioned in the centre of the rectangular part of the arrow. The energy efficiency class arrow and the corresponding arrow in the A to G scale shall be positioned in such a way that their tips are aligned;
the value of the weighted energy consumption per 100 drying cycles shall be in Bold 28 pt; “kWh/” shall be in Regular 18 pt; the number “100” in the icon representing 100 drying cycles shall be in Regular 14 pt. The text shall be centred in the column and in 100 % black;
the pictograms shall be as shown in the label design and as follows:
(a) the lines of the pictograms shall have a weight of 1,2 pt and they and the texts (numbers and units) shall be 100 % black;
(b) the A to D scale of the acoustic airborne noise emission pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;
(c) the A to E scale of the repairability class pictogram shall be aligned on a vertical axis on the left side of the icon, with the letter of the applicable class in Bold 12 pt and the other letters of the rest of the classes in Regular 8 pt;
(d) the number of the acoustic airborne noise emission pictogram shall be in Bold 12 pt and the unit in Regular 9 pt, with the number and the unit next to each other and centred inside the pictogram;
(e) the number of the rated capacity pictogram shall be in Bold 16 pt and the unit in Regular 12 pt, with the number and the unit next to each other and centred under the pictogram;
(f) the number of the duration of the eco programme pictogram shall be in Bold 16 pt and it shall be centred under the pictogram;
the number of the Regulation shall be 100 % black and in Regular 6 pt.
’
ANNEX IIIAnnexes IV and V to Delegated Regulation (EU) 2023/2534 are amended as follows:

(1) | Annex IV is amended as follows:(a)the third and fourth paragraphs are replaced by the following:‘The eco programme as identifiable on the programme selection, on the display and through the network connection, depending on the functionalities provided by the household tumble dryer, and with no further modification of the final moisture content setting, shall be used for the measurement and calculation of the EEI, the condensation efficiency, the programme duration and the airborne acoustic noise emissions. The energy consumption, condensation efficiency and program duration shall also be measured concurrently.The calculation of the weighted energy consumption, the weighted programme duration and the condensation efficiency shall be done on the basis of three drying cycles at full load and four drying cycles at partial load.’;(b)in Section 1, point (g) is deleted;(c)the following Section 5 is added:‘5. METHOD FOR THE CALCULATION OF THE REPAIRABILITY INDEX OF HOUSEHOLD TUMBLE DRYERSThe repairability index is an aggregated and normalised score, as a calculated value derived from four scoring parameters where:—SDDis the “Disassembly Depth” score;—SFis the “Fasteners (type)” score;—STis the “Tools (type)” score;—SRIis the “Repair Information” score.The Repairability Index (R) shall be calculated as follows:and rounded to two decimal places.The “Disassembly Depth” (SDD), “Fasteners (type)” (SF) and “Tools (type)” (ST) scores are based on the aggregation of the following priority parts level scores:—WPis the water pump;—Bis the drum bearing;—DBis the drum belt;—Dis the door;—Mis the motor;—MBis the main printed circuit board;—Fis the fan;—MCis the motor capacitor.If any of the priority parts listed above is present in a product more than once, only the one which delivers the lowest score shall be considered in the calculation of the “Disassembly Depth” (SDD), “Fasteners (type)” (SF) and “Tools (type)” (ST) scores. If one or more priority parts are not present in the product, those priority parts shall be removed from the formula of the scoring parameters where they appear. In addition, the coefficients of the remaining priority parts in the formula of each scoring parameter shall be divided by the complementary to 1 of the sum of the coefficients corresponding to the priority parts not present in the product, so that the sum of the remaining coefficients shall always be 1.SDD,SFandSTshall be calculated on the basis of the description of the disassembly steps, the fasteners and the tools needed for each priority part.The assessment of the repairability index, specificallySDD,SFandSTshall start on a product that is:—maintained as required in the user manual for daily use;—fully assembled;—standing, all side panels and the appliance cover freely accessible;—disconnected from any supply and disposal.After the assessment the product shall be fully reassembled.5.1.The “Disassembly Depth” (SDD) score shall be calculated as follows:Disassembly Depth (DD) assessment at part levelThe Disassembly Depth score (DDi) for each priority part (DDWP,DDB,DDDB,DDD,DDM,DDMB,DDF,DDMC) shall be set on the basis of the number of steps required to remove the priority part from the product (DD) with respect to the mean number of disassembly steps (MDS) for that priority part without damaging the product.MDSfor each priority part is as follows:—water pump: 16,1 steps;—drum bearing: 18,9 steps;—drum belt: 40,9 steps;—door: 3 steps;—motor: 49,4 steps;—main printed circuit board: 13,7 steps;—fan: 7,7 steps;—motor capacitor: 24,9 steps.Points ranging from 0 to 10 are assigned toDDifor each priority part as follows:—ifDD≤ 0,70 ×MDS,DDi= 10 pt;—if 0,70 ×MDS<DD≤ 0,90 ×MDS,DDi= 7 pt;—if 0,90 ×MDS<DD≤ 1,10 ×MDS,DDi= 4 pt;—if 1,10 ×MDS

1,30 ×MDS,DDi= 0 pt.For the calculation ofDD, the following rules shall apply:—the step count for the disassembly of each priority part is completed when the target priority part is separated and individually accessible. When the target priority part is part of an assembly or bundle of parts, implying firstly the removal of the assembly or the bundle, the end of the disassembly process takes place when the target priority part is separated and individually accessible;—fasteners are not considered as a part;—if, after the disassembly of a priority part, the disassembly of a further part requires partly the same disassembly steps, the disassembly of this part may start with the first step that is different. However,DDfor that part shall be the total number of steps calculated from a fully assembled product;—where multiple tools need to be used simultaneously, the use of each tool counts as a separate step. To grab a tool, to put a tool down and to remove a fastener are not considered the end of a step. The hand shall not be considered as a tool;—operations related to cleaning, removing traces or heating are counted as steps;—DDshall be calculated on the basis of the description of the disassembly steps for each priority part given in the technical documentation;—where remote notification or authorisation of serial numbers is necessary for the full functionality of the priority part,DDishall be zero.5.2.The Fasteners type score (SF) is calculated as follows:Fasteners (type) (F) assessment at part levelThe “Fasteners (type)” scores (Fi) for each priority part (FWP,FB,FDB,FD,FM,FMB,FF,FMC) are assigned according to the level of removability and reusability of the fasteners used in the device assembly. Points ranging from 0 to 10 are assigned toFifor each priority part as follows:—reusable fastenersFi= 10 pt;—resupplied fasteners at no cost,Fi= 7 pt;—resupplied fasteners at additional costs,Fi= 4 pt;—removable fasteners,Fi= 0 pt.The identification of the type of fasteners is based on the description of each fastener type for the disassembly process to remove the specific priority part given in the technical documentation.In case different types of fasteners are encountered in the disassembly of a priority part, the lowest score shall be considered.5.3.The Tools type score (ST) shall be calculated as follows:Tools type (T) assessment at part levelThe Tools type scores (Ti) for each priority parti(TWP,TB,TDB,TD,TM,TMB,TF,TMC) are assigned according to the complexity and availability of the tools needed for its replacement. Points ranging from 0 to 10 are assigned toTifor each priority part as follows:—replacement possible with basic tools or without a tool,Ti= 10 pt;—replacement possible with tools supplied with the spare part,Ti= 5 pt;—replacement possible with commercially available tools,Ti= 0 pt.The assessment of the type of tools is based on the disassembly process to remove the specific priority part given in the technical documentation.Where different types of tools are needed for the disassembly of a priority part, the lowest score shall be considered.5.4Repair Information (RI) assessment at product levelThe Repair Information score (SRI) for the repair and maintenance information in point 5(1)(b) of Annex II of Regulation (EU) 2023/2533 shall be calculated at product level as follows:—availability of repair information at no cost for professional repairers,SRI= 10 pt;—availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.A fee shall be considered reasonable if it does not discourage access to repair information by failing to take into account the extent to which the professional repairer uses the information.’; | (a) | the third and fourth paragraphs are replaced by the following:‘The eco programme as identifiable on the programme selection, on the display and through the network connection, depending on the functionalities provided by the household tumble dryer, and with no further modification of the final moisture content setting, shall be used for the measurement and calculation of the EEI, the condensation efficiency, the programme duration and the airborne acoustic noise emissions. The energy consumption, condensation efficiency and program duration shall also be measured concurrently.The calculation of the weighted energy consumption, the weighted programme duration and the condensation efficiency shall be done on the basis of three drying cycles at full load and four drying cycles at partial load.’; | (b) | in Section 1, point (g) is deleted; | (c) | the following Section 5 is added:‘5. METHOD FOR THE CALCULATION OF THE REPAIRABILITY INDEX OF HOUSEHOLD TUMBLE DRYERSThe repairability index is an aggregated and normalised score, as a calculated value derived from four scoring parameters where:—SDDis the “Disassembly Depth” score;—SFis the “Fasteners (type)” score;—STis the “Tools (type)” score;—SRIis the “Repair Information” score.The Repairability Index (R) shall be calculated as follows:and rounded to two decimal places.The “Disassembly Depth” (SDD), “Fasteners (type)” (SF) and “Tools (type)” (ST) scores are based on the aggregation of the following priority parts level scores:—WPis the water pump;—Bis the drum bearing;—DBis the drum belt;—Dis the door;—Mis the motor;—MBis the main printed circuit board;—Fis the fan;—MCis the motor capacitor.If any of the priority parts listed above is present in a product more than once, only the one which delivers the lowest score shall be considered in the calculation of the “Disassembly Depth” (SDD), “Fasteners (type)” (SF) and “Tools (type)” (ST) scores. If one or more priority parts are not present in the product, those priority parts shall be removed from the formula of the scoring parameters where they appear. In addition, the coefficients of the remaining priority parts in the formula of each scoring parameter shall be divided by the complementary to 1 of the sum of the coefficients corresponding to the priority parts not present in the product, so that the sum of the remaining coefficients shall always be 1.SDD,SFandSTshall be calculated on the basis of the description of the disassembly steps, the fasteners and the tools needed for each priority part.The assessment of the repairability index, specificallySDD,SFandSTshall start on a product that is:—maintained as required in the user manual for daily use;—fully assembled;—standing, all side panels and the appliance cover freely accessible;—disconnected from any supply and disposal.After the assessment the product shall be fully reassembled.5.1.The “Disassembly Depth” (SDD) score shall be calculated as follows:Disassembly Depth (DD) assessment at part levelThe Disassembly Depth score (DDi) for each priority part (DDWP,DDB,DDDB,DDD,DDM,DDMB,DDF,DDMC) shall be set on the basis of the number of steps required to remove the priority part from the product (DD) with respect to the mean number of disassembly steps (MDS) for that priority part without damaging the product.MDSfor each priority part is as follows:—water pump: 16,1 steps;—drum bearing: 18,9 steps;—drum belt: 40,9 steps;—door: 3 steps;—motor: 49,4 steps;—main printed circuit board: 13,7 steps;—fan: 7,7 steps;—motor capacitor: 24,9 steps.Points ranging from 0 to 10 are assigned toDDifor each priority part as follows:—ifDD≤ 0,70 ×MDS,DDi= 10 pt;—if 0,70 ×MDS<DD≤ 0,90 ×MDS,DDi= 7 pt;—if 0,90 ×MDS<DD≤ 1,10 ×MDS,DDi= 4 pt;—if 1,10 ×MDS
1,30 ×MDS,DDi= 0 pt.For the calculation ofDD, the following rules shall apply:—the step count for the disassembly of each priority part is completed when the target priority part is separated and individually accessible. When the target priority part is part of an assembly or bundle of parts, implying firstly the removal of the assembly or the bundle, the end of the disassembly process takes place when the target priority part is separated and individually accessible;—fasteners are not considered as a part;—if, after the disassembly of a priority part, the disassembly of a further part requires partly the same disassembly steps, the disassembly of this part may start with the first step that is different. However,DDfor that part shall be the total number of steps calculated from a fully assembled product;—where multiple tools need to be used simultaneously, the use of each tool counts as a separate step. To grab a tool, to put a tool down and to remove a fastener are not considered the end of a step. The hand shall not be considered as a tool;—operations related to cleaning, removing traces or heating are counted as steps;—DDshall be calculated on the basis of the description of the disassembly steps for each priority part given in the technical documentation;—where remote notification or authorisation of serial numbers is necessary for the full functionality of the priority part,DDishall be zero.5.2.The Fasteners type score (SF) is calculated as follows:Fasteners (type) (F) assessment at part levelThe “Fasteners (type)” scores (Fi) for each priority part (FWP,FB,FDB,FD,FM,FMB,FF,FMC) are assigned according to the level of removability and reusability of the fasteners used in the device assembly. Points ranging from 0 to 10 are assigned toFifor each priority part as follows:—reusable fastenersFi= 10 pt;—resupplied fasteners at no cost,Fi= 7 pt;—resupplied fasteners at additional costs,Fi= 4 pt;—removable fasteners,Fi= 0 pt.The identification of the type of fasteners is based on the description of each fastener type for the disassembly process to remove the specific priority part given in the technical documentation.In case different types of fasteners are encountered in the disassembly of a priority part, the lowest score shall be considered.5.3.The Tools type score (ST) shall be calculated as follows:Tools type (T) assessment at part levelThe Tools type scores (Ti) for each priority parti(TWP,TB,TDB,TD,TM,TMB,TF,TMC) are assigned according to the complexity and availability of the tools needed for its replacement. Points ranging from 0 to 10 are assigned toTifor each priority part as follows:—replacement possible with basic tools or without a tool,Ti= 10 pt;—replacement possible with tools supplied with the spare part,Ti= 5 pt;—replacement possible with commercially available tools,Ti= 0 pt.The assessment of the type of tools is based on the disassembly process to remove the specific priority part given in the technical documentation.Where different types of tools are needed for the disassembly of a priority part, the lowest score shall be considered.5.4Repair Information (RI) assessment at product levelThe Repair Information score (SRI) for the repair and maintenance information in point 5(1)(b) of Annex II of Regulation (EU) 2023/2533 shall be calculated at product level as follows:—availability of repair information at no cost for professional repairers,SRI= 10 pt;—availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.A fee shall be considered reasonable if it does not discourage access to repair information by failing to take into account the extent to which the professional repairer uses the information.’; | — | SDDis the “Disassembly Depth” score; | — | SFis the “Fasteners (type)” score; | — | STis the “Tools (type)” score; | — | SRIis the “Repair Information” score. | — | WPis the water pump; | — | Bis the drum bearing; | — | DBis the drum belt; | — | Dis the door; | — | Mis the motor; | — | MBis the main printed circuit board; | — | Fis the fan; | — | MCis the motor capacitor. | — | maintained as required in the user manual for daily use; | — | fully assembled; | — | standing, all side panels and the appliance cover freely accessible; | — | disconnected from any supply and disposal. | | 5.1. | The “Disassembly Depth” (SDD) score shall be calculated as follows: | — | water pump: 16,1 steps; | — | drum bearing: 18,9 steps; | — | drum belt: 40,9 steps; | — | door: 3 steps; | — | motor: 49,4 steps; | — | main printed circuit board: 13,7 steps; | — | fan: 7,7 steps; | — | motor capacitor: 24,9 steps. | — | ifDD≤ 0,70 ×MDS,DDi= 10 pt; | — | if 0,70 ×MDS<DD≤ 0,90 ×MDS,DDi= 7 pt; | — | if 0,90 ×MDS<DD≤ 1,10 ×MDS,DDi= 4 pt; | — | if 1,10 ×MDS
1,30 ×MDS,DDi= 0 pt. | — | the step count for the disassembly of each priority part is completed when the target priority part is separated and individually accessible. When the target priority part is part of an assembly or bundle of parts, implying firstly the removal of the assembly or the bundle, the end of the disassembly process takes place when the target priority part is separated and individually accessible; | — | fasteners are not considered as a part; | — | if, after the disassembly of a priority part, the disassembly of a further part requires partly the same disassembly steps, the disassembly of this part may start with the first step that is different. However,DDfor that part shall be the total number of steps calculated from a fully assembled product; | — | where multiple tools need to be used simultaneously, the use of each tool counts as a separate step. To grab a tool, to put a tool down and to remove a fastener are not considered the end of a step. The hand shall not be considered as a tool; | — | operations related to cleaning, removing traces or heating are counted as steps; | — | DDshall be calculated on the basis of the description of the disassembly steps for each priority part given in the technical documentation; | — | where remote notification or authorisation of serial numbers is necessary for the full functionality of the priority part,DDishall be zero. | | 5.2. | The Fasteners type score (SF) is calculated as follows: | — | reusable fastenersFi= 10 pt; | — | resupplied fasteners at no cost,Fi= 7 pt; | — | resupplied fasteners at additional costs,Fi= 4 pt; | — | removable fasteners,Fi= 0 pt. | | 5.3. | The Tools type score (ST) shall be calculated as follows: | — | replacement possible with basic tools or without a tool,Ti= 10 pt; | — | replacement possible with tools supplied with the spare part,Ti= 5 pt; | — | replacement possible with commercially available tools,Ti= 0 pt. | | 5.4 | Repair Information (RI) assessment at product levelThe Repair Information score (SRI) for the repair and maintenance information in point 5(1)(b) of Annex II of Regulation (EU) 2023/2533 shall be calculated at product level as follows:—availability of repair information at no cost for professional repairers,SRI= 10 pt;—availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.A fee shall be considered reasonable if it does not discourage access to repair information by failing to take into account the extent to which the professional repairer uses the information.’; | — | availability of repair information at no cost for professional repairers,SRI= 10 pt; | — | availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.
(a) | the third and fourth paragraphs are replaced by the following:‘The eco programme as identifiable on the programme selection, on the display and through the network connection, depending on the functionalities provided by the household tumble dryer, and with no further modification of the final moisture content setting, shall be used for the measurement and calculation of the EEI, the condensation efficiency, the programme duration and the airborne acoustic noise emissions. The energy consumption, condensation efficiency and program duration shall also be measured concurrently.The calculation of the weighted energy consumption, the weighted programme duration and the condensation efficiency shall be done on the basis of three drying cycles at full load and four drying cycles at partial load.’;
(b) | in Section 1, point (g) is deleted;
(c) | the following Section 5 is added:‘5. METHOD FOR THE CALCULATION OF THE REPAIRABILITY INDEX OF HOUSEHOLD TUMBLE DRYERSThe repairability index is an aggregated and normalised score, as a calculated value derived from four scoring parameters where:—SDDis the “Disassembly Depth” score;—SFis the “Fasteners (type)” score;—STis the “Tools (type)” score;—SRIis the “Repair Information” score.The Repairability Index (R) shall be calculated as follows:and rounded to two decimal places.The “Disassembly Depth” (SDD), “Fasteners (type)” (SF) and “Tools (type)” (ST) scores are based on the aggregation of the following priority parts level scores:—WPis the water pump;—Bis the drum bearing;—DBis the drum belt;—Dis the door;—Mis the motor;—MBis the main printed circuit board;—Fis the fan;—MCis the motor capacitor.If any of the priority parts listed above is present in a product more than once, only the one which delivers the lowest score shall be considered in the calculation of the “Disassembly Depth” (SDD), “Fasteners (type)” (SF) and “Tools (type)” (ST) scores. If one or more priority parts are not present in the product, those priority parts shall be removed from the formula of the scoring parameters where they appear. In addition, the coefficients of the remaining priority parts in the formula of each scoring parameter shall be divided by the complementary to 1 of the sum of the coefficients corresponding to the priority parts not present in the product, so that the sum of the remaining coefficients shall always be 1.SDD,SFandSTshall be calculated on the basis of the description of the disassembly steps, the fasteners and the tools needed for each priority part.The assessment of the repairability index, specificallySDD,SFandSTshall start on a product that is:—maintained as required in the user manual for daily use;—fully assembled;—standing, all side panels and the appliance cover freely accessible;—disconnected from any supply and disposal.After the assessment the product shall be fully reassembled.5.1.The “Disassembly Depth” (SDD) score shall be calculated as follows:Disassembly Depth (DD) assessment at part levelThe Disassembly Depth score (DDi) for each priority part (DDWP,DDB,DDDB,DDD,DDM,DDMB,DDF,DDMC) shall be set on the basis of the number of steps required to remove the priority part from the product (DD) with respect to the mean number of disassembly steps (MDS) for that priority part without damaging the product.MDSfor each priority part is as follows:—water pump: 16,1 steps;—drum bearing: 18,9 steps;—drum belt: 40,9 steps;—door: 3 steps;—motor: 49,4 steps;—main printed circuit board: 13,7 steps;—fan: 7,7 steps;—motor capacitor: 24,9 steps.Points ranging from 0 to 10 are assigned toDDifor each priority part as follows:—ifDD≤ 0,70 ×MDS,DDi= 10 pt;—if 0,70 ×MDS<DD≤ 0,90 ×MDS,DDi= 7 pt;—if 0,90 ×MDS<DD≤ 1,10 ×MDS,DDi= 4 pt;—if 1,10 ×MDS
1,30 ×MDS,DDi= 0 pt.For the calculation ofDD, the following rules shall apply:—the step count for the disassembly of each priority part is completed when the target priority part is separated and individually accessible. When the target priority part is part of an assembly or bundle of parts, implying firstly the removal of the assembly or the bundle, the end of the disassembly process takes place when the target priority part is separated and individually accessible;—fasteners are not considered as a part;—if, after the disassembly of a priority part, the disassembly of a further part requires partly the same disassembly steps, the disassembly of this part may start with the first step that is different. However,DDfor that part shall be the total number of steps calculated from a fully assembled product;—where multiple tools need to be used simultaneously, the use of each tool counts as a separate step. To grab a tool, to put a tool down and to remove a fastener are not considered the end of a step. The hand shall not be considered as a tool;—operations related to cleaning, removing traces or heating are counted as steps;—DDshall be calculated on the basis of the description of the disassembly steps for each priority part given in the technical documentation;—where remote notification or authorisation of serial numbers is necessary for the full functionality of the priority part,DDishall be zero.5.2.The Fasteners type score (SF) is calculated as follows:Fasteners (type) (F) assessment at part levelThe “Fasteners (type)” scores (Fi) for each priority part (FWP,FB,FDB,FD,FM,FMB,FF,FMC) are assigned according to the level of removability and reusability of the fasteners used in the device assembly. Points ranging from 0 to 10 are assigned toFifor each priority part as follows:—reusable fastenersFi= 10 pt;—resupplied fasteners at no cost,Fi= 7 pt;—resupplied fasteners at additional costs,Fi= 4 pt;—removable fasteners,Fi= 0 pt.The identification of the type of fasteners is based on the description of each fastener type for the disassembly process to remove the specific priority part given in the technical documentation.In case different types of fasteners are encountered in the disassembly of a priority part, the lowest score shall be considered.5.3.The Tools type score (ST) shall be calculated as follows:Tools type (T) assessment at part levelThe Tools type scores (Ti) for each priority parti(TWP,TB,TDB,TD,TM,TMB,TF,TMC) are assigned according to the complexity and availability of the tools needed for its replacement. Points ranging from 0 to 10 are assigned toTifor each priority part as follows:—replacement possible with basic tools or without a tool,Ti= 10 pt;—replacement possible with tools supplied with the spare part,Ti= 5 pt;—replacement possible with commercially available tools,Ti= 0 pt.The assessment of the type of tools is based on the disassembly process to remove the specific priority part given in the technical documentation.Where different types of tools are needed for the disassembly of a priority part, the lowest score shall be considered.5.4Repair Information (RI) assessment at product levelThe Repair Information score (SRI) for the repair and maintenance information in point 5(1)(b) of Annex II of Regulation (EU) 2023/2533 shall be calculated at product level as follows:—availability of repair information at no cost for professional repairers,SRI= 10 pt;—availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.A fee shall be considered reasonable if it does not discourage access to repair information by failing to take into account the extent to which the professional repairer uses the information.’; | — | SDDis the “Disassembly Depth” score; | — | SFis the “Fasteners (type)” score; | — | STis the “Tools (type)” score; | — | SRIis the “Repair Information” score. | — | WPis the water pump; | — | Bis the drum bearing; | — | DBis the drum belt; | — | Dis the door; | — | Mis the motor; | — | MBis the main printed circuit board; | — | Fis the fan; | — | MCis the motor capacitor. | — | maintained as required in the user manual for daily use; | — | fully assembled; | — | standing, all side panels and the appliance cover freely accessible; | — | disconnected from any supply and disposal. | | 5.1. | The “Disassembly Depth” (SDD) score shall be calculated as follows: | — | water pump: 16,1 steps; | — | drum bearing: 18,9 steps; | — | drum belt: 40,9 steps; | — | door: 3 steps; | — | motor: 49,4 steps; | — | main printed circuit board: 13,7 steps; | — | fan: 7,7 steps; | — | motor capacitor: 24,9 steps. | — | ifDD≤ 0,70 ×MDS,DDi= 10 pt; | — | if 0,70 ×MDS<DD≤ 0,90 ×MDS,DDi= 7 pt; | — | if 0,90 ×MDS<DD≤ 1,10 ×MDS,DDi= 4 pt; | — | if 1,10 ×MDS
1,30 ×MDS,DDi= 0 pt. | — | the step count for the disassembly of each priority part is completed when the target priority part is separated and individually accessible. When the target priority part is part of an assembly or bundle of parts, implying firstly the removal of the assembly or the bundle, the end of the disassembly process takes place when the target priority part is separated and individually accessible; | — | fasteners are not considered as a part; | — | if, after the disassembly of a priority part, the disassembly of a further part requires partly the same disassembly steps, the disassembly of this part may start with the first step that is different. However,DDfor that part shall be the total number of steps calculated from a fully assembled product; | — | where multiple tools need to be used simultaneously, the use of each tool counts as a separate step. To grab a tool, to put a tool down and to remove a fastener are not considered the end of a step. The hand shall not be considered as a tool; | — | operations related to cleaning, removing traces or heating are counted as steps; | — | DDshall be calculated on the basis of the description of the disassembly steps for each priority part given in the technical documentation; | — | where remote notification or authorisation of serial numbers is necessary for the full functionality of the priority part,DDishall be zero. | | 5.2. | The Fasteners type score (SF) is calculated as follows: | — | reusable fastenersFi= 10 pt; | — | resupplied fasteners at no cost,Fi= 7 pt; | — | resupplied fasteners at additional costs,Fi= 4 pt; | — | removable fasteners,Fi= 0 pt. | | 5.3. | The Tools type score (ST) shall be calculated as follows: | — | replacement possible with basic tools or without a tool,Ti= 10 pt; | — | replacement possible with tools supplied with the spare part,Ti= 5 pt; | — | replacement possible with commercially available tools,Ti= 0 pt. | | 5.4 | Repair Information (RI) assessment at product levelThe Repair Information score (SRI) for the repair and maintenance information in point 5(1)(b) of Annex II of Regulation (EU) 2023/2533 shall be calculated at product level as follows:—availability of repair information at no cost for professional repairers,SRI= 10 pt;—availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.A fee shall be considered reasonable if it does not discourage access to repair information by failing to take into account the extent to which the professional repairer uses the information.’; | — | availability of repair information at no cost for professional repairers,SRI= 10 pt; | — | availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.
— | SDDis the “Disassembly Depth” score;
— | SFis the “Fasteners (type)” score;
— | STis the “Tools (type)” score;
— | SRIis the “Repair Information” score.
— | WPis the water pump;
— | Bis the drum bearing;
— | DBis the drum belt;
— | Dis the door;
— | Mis the motor;
— | MBis the main printed circuit board;
— | Fis the fan;
— | MCis the motor capacitor.
— | maintained as required in the user manual for daily use;
— | fully assembled;
— | standing, all side panels and the appliance cover freely accessible;
— | disconnected from any supply and disposal.
| 5.1. | The “Disassembly Depth” (SDD) score shall be calculated as follows:
— | water pump: 16,1 steps;
— | drum bearing: 18,9 steps;
— | drum belt: 40,9 steps;
— | door: 3 steps;
— | motor: 49,4 steps;
— | main printed circuit board: 13,7 steps;
— | fan: 7,7 steps;
— | motor capacitor: 24,9 steps.
— | ifDD≤ 0,70 ×MDS,DDi= 10 pt;
— | if 0,70 ×MDS<DD≤ 0,90 ×MDS,DDi= 7 pt;
— | if 0,90 ×MDS<DD≤ 1,10 ×MDS,DDi= 4 pt;
— | if 1,10 ×MDS<DD≤ 1,30 ×MDS,DDi= 1 pt;
— | ifDD> 1,30 ×MDS,DDi= 0 pt.
— | the step count for the disassembly of each priority part is completed when the target priority part is separated and individually accessible. When the target priority part is part of an assembly or bundle of parts, implying firstly the removal of the assembly or the bundle, the end of the disassembly process takes place when the target priority part is separated and individually accessible;
— | fasteners are not considered as a part;
— | if, after the disassembly of a priority part, the disassembly of a further part requires partly the same disassembly steps, the disassembly of this part may start with the first step that is different. However,DDfor that part shall be the total number of steps calculated from a fully assembled product;
— | where multiple tools need to be used simultaneously, the use of each tool counts as a separate step. To grab a tool, to put a tool down and to remove a fastener are not considered the end of a step. The hand shall not be considered as a tool;
— | operations related to cleaning, removing traces or heating are counted as steps;
— | DDshall be calculated on the basis of the description of the disassembly steps for each priority part given in the technical documentation;
— | where remote notification or authorisation of serial numbers is necessary for the full functionality of the priority part,DDishall be zero.
| 5.2. | The Fasteners type score (SF) is calculated as follows:
— | reusable fastenersFi= 10 pt;
— | resupplied fasteners at no cost,Fi= 7 pt;
— | resupplied fasteners at additional costs,Fi= 4 pt;
— | removable fasteners,Fi= 0 pt.
| 5.3. | The Tools type score (ST) shall be calculated as follows:
— | replacement possible with basic tools or without a tool,Ti= 10 pt;
— | replacement possible with tools supplied with the spare part,Ti= 5 pt;
— | replacement possible with commercially available tools,Ti= 0 pt.
| 5.4 | Repair Information (RI) assessment at product levelThe Repair Information score (SRI) for the repair and maintenance information in point 5(1)(b) of Annex II of Regulation (EU) 2023/2533 shall be calculated at product level as follows:—availability of repair information at no cost for professional repairers,SRI= 10 pt;—availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.A fee shall be considered reasonable if it does not discourage access to repair information by failing to take into account the extent to which the professional repairer uses the information.’; | — | availability of repair information at no cost for professional repairers,SRI= 10 pt; | — | availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.
— | availability of repair information at no cost for professional repairers,SRI= 10 pt;
— | availability of repair information with a reasonable and proportionate fee for professional repairers,SRI= 0 pt.
(2) | Annex V is amended as follows:(a)the first subparagraph is replaced by the following:‘Pursuant to Article 3(1), point (a)(ii), until 31 December 2026 the supplier shall enter the information into the product database as set out in Table 4. However, in accordance with Article 3(1a), suppliers may enter the information required in Table 4a of Annex Va into the product database from 24 November 2025 instead of the information required in Table 4.’;(b)Table 4 is replaced by the following:‘Table 4Content, order and format of the product information sheetTrademark(1)(3):Model identifier(1):Technology of tumble dryer[electric air-vented, electric heat pump condenser, electric conventional condenser, gas-fired]General product parameters:ParameterValueParameterValueRated capacity(2)(kg)x,xDimensions(1)(3)(cm)HeightxWidthxDepthxEnergy Efficiency Index (EEI)(2)x,xEnergy efficiency class(2)[A/B/C/D/E/F/G](4)Condensation efficiency (%)(2)(if applicable)xxCondensation efficiency class (if applicable)(2)[A/B/C/D](4)Weighted energy consumption in kWh per drying cycle(8). Actual energy consumption will depend on how the appliance is used.x,xxProgramme duration(2)(hours:minutes)Rated capacityx:xxType[built-in/free-standing]Halfx:xxAcoustic airborne noise emission(2)(dB(A) re 1 pW)xAcoustic airborne noise emission class(2)[A/B/C/D](4)Off-mode (if applicable) (W)x,xxStandby mode (if applicable) (W)x,xxDelay start (W) (if applicable)x,xxNetworked standby (W) (if applicable)x,xxFor household tumble dryers equipped with a heat pump, the chemical name or the accepted industry designation of the refrigerant gas used, without prejudice to Regulation (EU) No 517/2014 on fluorinated greenhouse gases(1)(1)(3)Weblink to information on spare parts availability for professional repairers and end users(1)(3)(5)https://xxxWeblink to repair instructions for end-users(1)(3)(6)https://xxxWeblink to indicative pre-tax prices(1)(3)(7)https://xxxMinimum duration of the commercial guarantee offered by the supplier(1)(3)(months)Additional information(3)Link to the supplier’s website, where the information in point 6 of Annex II to Commission Regulation (EU) 2023/2533(3)(2)is found: | (a) | the first subparagraph is replaced by the following:‘Pursuant to Article 3(1), point (a)(ii), until 31 December 2026 the supplier shall enter the information into the product database as set out in Table 4. However, in accordance with Article 3(1a), suppliers may enter the information required in Table 4a of Annex Va into the product database from 24 November 2025 instead of the information required in Table 4.’; | (b) | Table 4 is replaced by the following:‘Table 4Content, order and format of the product information sheetTrademark(1)(3):Model identifier(1):Technology of tumble dryer[electric air-vented, electric heat pump condenser, electric conventional condenser, gas-fired]General product parameters:ParameterValueParameterValueRated capacity(2)(kg)x,xDimensions(1)(3)(cm)HeightxWidthxDepthxEnergy Efficiency Index (EEI)(2)x,xEnergy efficiency class(2)[A/B/C/D/E/F/G](4)Condensation efficiency (%)(2)(if applicable)xxCondensation efficiency class (if applicable)(2)[A/B/C/D](4)Weighted energy consumption in kWh per drying cycle(8). Actual energy consumption will depend on how the appliance is used.x,xxProgramme duration(2)(hours:minutes)Rated capacityx:xxType[built-in/free-standing]Halfx:xxAcoustic airborne noise emission(2)(dB(A) re 1 pW)xAcoustic airborne noise emission class(2)[A/B/C/D](4)Off-mode (if applicable) (W)x,xxStandby mode (if applicable) (W)x,xxDelay start (W) (if applicable)x,xxNetworked standby (W) (if applicable)x,xxFor household tumble dryers equipped with a heat pump, the chemical name or the accepted industry designation of the refrigerant gas used, without prejudice to Regulation (EU) No 517/2014 on fluorinated greenhouse gases(1)(1)(3)Weblink to information on spare parts availability for professional repairers and end users(1)(3)(5)https://xxxWeblink to repair instructions for end-users(1)(3)(6)https://xxxWeblink to indicative pre-tax prices(1)(3)(7)https://xxxMinimum duration of the commercial guarantee offered by the supplier(1)(3)(months)Additional information(3)Link to the supplier’s website, where the information in point 6 of Annex II to Commission Regulation (EU) 2023/2533(3)(2)is found: | Trademark(1)(3): | Model identifier(1): | Technology of tumble dryer | [electric air-vented, electric heat pump condenser, electric conventional condenser, gas-fired] | General product parameters: | Parameter | Value | Parameter | Value | Rated capacity(2)(kg) | x,x | Dimensions(1)(3)(cm) | Height | x | Width | x | Depth | x | Energy Efficiency Index (EEI)(2) | x,x | Energy efficiency class(2) | [A/B/C/D/E/F/G](4) | Condensation efficiency (%)(2)(if applicable) | xx | Condensation efficiency class (if applicable)(2) | [A/B/C/D](4) | Weighted energy consumption in kWh per drying cycle(8). Actual energy consumption will depend on how the appliance is used. | x,xx | | | Programme duration(2)(hours:minutes) | Rated capacity | x:xx | Type | [built-in/free-standing] | Half | x:xx | Acoustic airborne noise emission(2)(dB(A) re 1 pW) | x | Acoustic airborne noise emission class(2) | [A/B/C/D](4) | Off-mode (if applicable) (W) | x,xx | Standby mode (if applicable) (W) | x,xx | Delay start (W) (if applicable) | x,xx | Networked standby (W) (if applicable) | x,xx | For household tumble dryers equipped with a heat pump, the chemical name or the accepted industry designation of the refrigerant gas used, without prejudice to Regulation (EU) No 517/2014 on fluorinated greenhouse gases(1)(1)(3) | | Weblink to information on spare parts availability for professional repairers and end users(1)(3)(5) | https://xxx | Weblink to repair instructions for end-users(1)(3)(6) | https://xxx | Weblink to indicative pre-tax prices(1)(3)(7) | https://xxx | Minimum duration of the commercial guarantee offered by the supplier(1)(3)(months) | | Additional information(3) | | Link to the supplier’s website, where the information in point 6 of Annex II to Commission Regulation (EU) 2023/2533(3)(2)is found:
(a) | the first subparagraph is replaced by the following:‘Pursuant to Article 3(1), point (a)(ii), until 31 December 2026 the supplier shall enter the information into the product database as set out in Table 4. However, in accordance with Article 3(1a), suppliers may enter the information required in Table 4a of Annex Va into the product database from 24 November 2025 instead of the information required in Table 4.’;
(b) | Table 4 is replaced by the following:‘Table 4Content, order and format of the product information sheetTrademark(1)(3):Model identifier(1):Technology of tumble dryer[electric air-vented, electric heat pump condenser, electric conventional condenser, gas-fired]General product parameters:ParameterValueParameterValueRated capacity(2)(kg)x,xDimensions(1)(3)(cm)HeightxWidthxDepthxEnergy Efficiency Index (EEI)(2)x,xEnergy efficiency class(2)[A/B/C/D/E/F/G](4)Condensation efficiency (%)(2)(if applicable)xxCondensation efficiency class (if applicable)(2)[A/B/C/D](4)Weighted energy consumption in kWh per drying cycle(8). Actual energy consumption will depend on how the appliance is used.x,xxProgramme duration(2)(hours:minutes)Rated capacityx:xxType[built-in/free-standing]Halfx:xxAcoustic airborne noise emission(2)(dB(A) re 1 pW)xAcoustic airborne noise emission class(2)[A/B/C/D](4)Off-mode (if applicable) (W)x,xxStandby mode (if applicable) (W)x,xxDelay start (W) (if applicable)x,xxNetworked standby (W) (if applicable)x,xxFor household tumble dryers equipped with a heat pump, the chemical name or the accepted industry designation of the refrigerant gas used, without prejudice to Regulation (EU) No 517/2014 on fluorinated greenhouse gases(1)(1)(3)Weblink to information on spare parts availability for professional repairers and end users(1)(3)(5)https://xxxWeblink to repair instructions for end-users(1)(3)(6)https://xxxWeblink to indicative pre-tax prices(1)(3)(7)https://xxxMinimum duration of the commercial guarantee offered by the supplier(1)(3)(months)Additional information(3)Link to the supplier’s website, where the information in point 6 of Annex II to Commission Regulation (EU) 2023/2533(3)(2)is found: | Trademark(1)(3): | Model identifier(1): | Technology of tumble dryer | [electric air-vented, electric heat pump condenser, electric conventional condenser, gas-fired] | General product parameters: | Parameter | Value | Parameter | Value | Rated capacity(2)(kg) | x,x | Dimensions(1)(3)(cm) | Height | x | Width | x | Depth | x | Energy Efficiency Index (EEI)(2) | x,x | Energy efficiency class(2) | [A/B/C/D/E/F/G](4) | Condensation efficiency (%)(2)(if applicable) | xx | Condensation efficiency class (if applicable)(2) | [A/B/C/D](4) | Weighted energy consumption in kWh per drying cycle(8). Actual energy consumption will depend on how the appliance is used. | x,xx | | | Programme duration(2)(hours:minutes) | Rated capacity | x:xx | Type | [built-in/free-standing] | Half | x:xx | Acoustic airborne noise emission(2)(dB(A) re 1 pW) | x | Acoustic airborne noise emission class(2) | [A/B/C/D](4) | Off-mode (if applicable) (W) | x,xx | Standby mode (if applicable) (W) | x,xx | Delay start (W) (if applicable) | x,xx | Networked standby (W) (if applicable) | x,xx | For household tumble dryers equipped with a heat pump, the chemical name or the accepted industry designation of the refrigerant gas used, without prejudice to Regulation (EU) No 517/2014 on fluorinated greenhouse gases(1)(1)(3) | | Weblink to information on spare parts availability for professional repairers and end users(1)(3)(5) | https://xxx | Weblink to repair instructions for end-users(1)(3)(6) | https://xxx | Weblink to indicative pre-tax prices(1)(3)(7) | https://xxx | Minimum duration of the commercial guarantee offered by the supplier(1)(3)(months) | | Additional information(3) | | Link to the supplier’s website, where the information in point 6 of Annex II to Commission Regulation (EU) 2023/2533(3)(2)is found:
Trademark(1)(3):
Model identifier(1):
Technology of tumble dryer | [electric air-vented, electric heat pump condenser, electric conventional condenser, gas-fired]
General product parameters:
Parameter | Value | Parameter | Value
Rated capacity(2)(kg) | x,x | Dimensions(1)(3)(cm) | Height | x
Width | x
Depth | x
Energy Efficiency Index (EEI)(2) | x,x | Energy efficiency class(2) | [A/B/C/D/E/F/G](4)
Condensation efficiency (%)(2)(if applicable) | xx | Condensation efficiency class (if applicable)(2) | [A/B/C/D](4)
Weighted energy consumption in kWh per drying cycle(8). Actual energy consumption will depend on how the appliance is used. | x,xx | |
Programme duration(2)(hours:minutes) | Rated capacity | x:xx | Type | [built-in/free-standing]
Half | x:xx
Acoustic airborne noise emission(2)(dB(A) re 1 pW) | x | Acoustic airborne noise emission class(2) | [A/B/C/D](4)
Off-mode (if applicable) (W) | x,xx | Standby mode (if applicable) (W) | x,xx
Delay start (W) (if applicable) | x,xx | Networked standby (W) (if applicable) | x,xx
For household tumble dryers equipped with a heat pump, the chemical name or the accepted industry designation of the refrigerant gas used, without prejudice to Regulation (EU) No 517/2014 on fluorinated greenhouse gases(1)(1)(3) |
Weblink to information on spare parts availability for professional repairers and end users(1)(3)(5) | https://xxx
Weblink to repair instructions for end-users(1)(3)(6) | https://xxx
Weblink to indicative pre-tax prices(1)(3)(7) | https://xxx
Minimum duration of the commercial guarantee offered by the supplier(1)(3)(months) |
Additional information(3) |
Link to the supplier’s website, where the information in point 6 of Annex II to Commission Regulation (EU) 2023/2533(3)(2)is found:
(1) Regulation (EU) No 517/2014 of the European Parliament and of the Council of 16 April 2014 on fluorinated greenhouse gases and repealing Regulation (EC) No 842/2006 (OJ L 150, 20.5.2014, p. 195, ELI: http://data.europa.eu/eli/reg/2014/517/oj).
(2) Commission Regulation (EU) 2023/2533 of 17 November 2023 implementing Directive 2009/125/EC of the European Parliament and of the Council with regard to ecodesign requirements for household tumble dryers, amending Commission Regulation (EU) 2023/826, and repealing Commission Regulation (EU) No 932/2012 (OJ L, 2023/2533, 22.11.2023, ELI: http://data.europa.eu/eli/reg/2023/2533/oj).
(1) This item shall not be considered relevant for the purpose of Article 2(6) of Regulation (EU) 2017/1369.
(2) For the eco programme.
(3) Changes to those items shall not be considered relevant for the purpose of Article 4(4) of Regulation (EU) 2017/1369.
(4) If the product database automatically generates the definitive content of that cell the supplier shall not enter those data.
(5) The suppliers’ obligation is to include the link to the webpage where the relevant information will be available. Effective access to the website is nevertheless to be granted in accordance with the timeline and provisions laid down in point 5(1)(b) of Annex II to Regulation (EU) 2023/2533.
(6) The suppliers’ obligation is to include the link to the webpage where the relevant information will be available. Effective access to the website is nevertheless to be granted in accordance with the timeline and provisions laid down in point 5(1)(d) of Annex II to Regulation (EU) 2023/2533.
(7) The suppliers’ obligation is to include the link to the webpage where the relevant information will be available. Effective access to the website is nevertheless to be granted in accordance with the timeline and provisions laid down in point 5(1)(f) of Annex II to Regulation (EU) 2023/2533.
(8) For gas-fired tumble dryers calculated as the weighted average energy consumption per 100 drying cycles in accordance with Section 1, point (f), of Annex IV of this Regulation, divided by 100.’
ANNEX IV
‘ANNEX Va
PRODUCT INFORMATION SHEET WITH REPAIRABILITY INFORMATION
Pursuant to Article 3(1), point (e)(ii), from 1 January 2027 the supplier shall enter the information as set out in Table 4a into the product database. However, in accordance with Article 3(1a) of this Regulation, suppliers may enter the information required in Table 4a into the product database from 24 November 2025 instead of the information required in Table 4 of Annex V to this Regulation.
The user manual or other literature provided with the product shall clearly indicate the link to the model in the product database as a human-readable Uniform Resource Locator (URL) or as a QR code or by providing the product registration number.
Table 4a
Content, order and format of the product information sheet
Trademark
(1) (3):
Model identifier
(1):
Technology of tumble dryer
[electric air-vented, electric heat pump condenser, electric conventional condenser, gas-fired]
General product parameters:
Parameter
Value
Parameter
Value
Rated capacity (2) (kg)
x,x
Dimensions (1) (3) (cm) Height
x
Width
x
Depth
x
Energy Efficiency Index (EEI) (2) x,x
Energy efficiency class (2) [A/B/C/D/E/F/G] (4) Condensation efficiency (%) (2) (if applicable)
xx
Condensation efficiency class (if applicable) (2) [A/B/C/D] (4) Weighted energy consumption in kWh per drying cycle (8). Actual energy consumption will depend on how the appliance is used.
X,xx

Programme duration (2) (hours:minutes)
Rated capacity
x:xx
Type
[built-in/free-standing]
Half
x:xx
Acoustic airborne noise emission (2) (dB(A) re 1 pW)
x
Acoustic airborne noise emission class (2) [A/B/C/D] (4) Off-mode (if applicable) (W)
x,xx
Standby mode (if applicable) (W)
x,xx
Delay start (W) (if applicable)
x,xx
Networked standby (W) (if applicable)
x,xx
For household tumble dryers equipped with a heat pump, the chemical name or the accepted industry designation of the refrigerant gas used, without prejudice to Regulation (EU) No 517/2014 on fluorinated greenhouse gases (1) (1) (3)
Repairability information:
Repairability Class (based on the index below)
[A/B/C/D/E] (4) Repairability Index (1) x,xx
Disassembly Depth (SDD
) score (1) (3) x,xx
Fasteners type score (SF
) (1) (3) x,xx
Tools type score (ST
) (1) (3) x,xx
Repair information score (SRI
) (1) (3) x,xx
Weblink to information on spare parts availability for professional repairers and end users (1) (3) (5) https://xxx
Weblink to repair instructions for end-users (1) (3) (6) https://xxx
Weblink to indicative pre-tax prices (1) (3) (7) https://xxx
Minimum duration of the commercial guarantee offered by the supplier (1) (3) (months)

Additional information
(5)
Link to the supplier’s website, where the information in point 6 of Annex II to Commission Regulation (EU) 2023/2533 (5) (2) is found:
’

(1) Regulation (EU) No 517/2014 of the European Parliament and of the Council of 16 April 2014 on fluorinated greenhouse gases and repealing Regulation (EC) No 842/2006 (OJ L 150, 20.5.2014, p. 195, ELI: http://data.europa.eu/eli/reg/2014/517/oj).
(2) Commission Regulation (EU) 2023/2533 of 17 November 2023 implementing Directive 2009/125/EC of the European Parliament and of the Council with regard to ecodesign requirements for household tumble dryers, amending Commission Regulation (EU) 2023/826, and repealing Commission Regulation (EU) No 932/2012 (OJ L, 2023/2533, 22.11.2023, ELI: http://data.europa.eu/eli/reg/2023/2533/oj).
(1) This item shall not be considered relevant for the purpose of Article 2(6) of Regulation (EU) 2017/1369.
(2) For the eco programme.
(3) Changes to those items shall not be considered relevant for the purpose of Article 4(4) of Regulation (EU) 2017/1369.
(4) If the product database automatically generates the definitive content of that cell the supplier shall not enter those data.
(5) The suppliers’ obligation is to include the link to the webpage where the relevant information will be available. Effective access to the website is nevertheless to be granted in accordance with the timeline and provisions laid down in point 5(1)(b) of Annex II to Regulation (EU) 2023/2533.
(6) The suppliers’ obligation is to include the link to the webpage where the relevant information will be available. Effective access to the website is nevertheless to be granted in accordance with the timeline and provisions laid down in point 5(1)(d) of Annex II to Regulation (EU) 2023/2533.
(7) The suppliers’ obligation is to include the link to the webpage where the relevant information will be available. Effective access to the website is nevertheless to be granted in accordance with the timeline and provisions laid down in point 5(1)(f) of Annex II to Regulation (EU) 2023/2533.
(8) For gas-fired tumble dryers calculated as the weighted average energy consumption per 100 drying cycles in accordance with Section 1, point (f), of Annex IV of this Regulation, divided by 100.

ANNEX VAnnex VI to Delegated Regulation (EU) 2023/2534 is amended as follows:

(1) | point 1 is amended as follows:(a)in the first subparagraph, the introductory wording is replaced by the following:‘For electric household tumble dryers, the technical documentation referred to in Article 3(1), point (b)(i), shall include the following information:’;(b)point (g) is replaced by the following:‘(g)the values for the technical parameters set out in Table 5 for the eco programme, which are considered as the declared values for the purpose of the verification procedure set out in Annex IX.’; | (a) | in the first subparagraph, the introductory wording is replaced by the following:‘For electric household tumble dryers, the technical documentation referred to in Article 3(1), point (b)(i), shall include the following information:’; | (b) | point (g) is replaced by the following:‘(g)the values for the technical parameters set out in Table 5 for the eco programme, which are considered as the declared values for the purpose of the verification procedure set out in Annex IX.’; | ‘(g) | the values for the technical parameters set out in Table 5 for the eco programme, which are considered as the declared values for the purpose of the verification procedure set out in Annex IX.’;
(a) | in the first subparagraph, the introductory wording is replaced by the following:‘For electric household tumble dryers, the technical documentation referred to in Article 3(1), point (b)(i), shall include the following information:’;
(b) | point (g) is replaced by the following:‘(g)the values for the technical parameters set out in Table 5 for the eco programme, which are considered as the declared values for the purpose of the verification procedure set out in Annex IX.’; | ‘(g) | the values for the technical parameters set out in Table 5 for the eco programme, which are considered as the declared values for the purpose of the verification procedure set out in Annex IX.’;
‘(g) | the values for the technical parameters set out in Table 5 for the eco programme, which are considered as the declared values for the purpose of the verification procedure set out in Annex IX.’;
(2) | in Table 5, the header is replaced by the following:‘Table 5Declared technical parameters for electric household tumble dryers’;
(3) | in point 2, the first subparagraph is replaced by the following:‘For gas-fired tumble dryers, the technical documentation referred to Article 3(1), point (b)(i), shall include the information listed in paragraph 1, points (a) to (f) of this Annex, and the information set out in Table 6 for the eco programme. The values in Table 6 are considered as the declared values for the purpose of the verification procedure in Annex IX.’.
(4) | Table 6 is amended as follows:(a)the header is replaced by the following:‘Table 6Declared technical parameters for gas-fired household tumble dryers’;(b)the fourth row on the gas consumption of the eco programme at partial load is replaced by the following:‘Gas consumption of the eco programme at partial load (Egdry,½)kWh/drying cycleX,XX’(c)the tenth, eleventh and twelfth rows on the programme duration for the eco programme are replaced by the following:‘Programme duration for the eco programme at full load (Tdry)h:minX:XXProgramme duration for the eco programme at partial load (Tdry½)h:minX:XXWeighted programme duration for the eco programme (Tt)h:minX:XX’ | (a) | the header is replaced by the following:‘Table 6Declared technical parameters for gas-fired household tumble dryers’; | (b) | the fourth row on the gas consumption of the eco programme at partial load is replaced by the following:‘Gas consumption of the eco programme at partial load (Egdry,½)kWh/drying cycleX,XX’ | ‘Gas consumption of the eco programme at partial load (Egdry,½) | kWh/drying cycle | X,XX’ | (c) | the tenth, eleventh and twelfth rows on the programme duration for the eco programme are replaced by the following:‘Programme duration for the eco programme at full load (Tdry)h:minX:XXProgramme duration for the eco programme at partial load (Tdry½)h:minX:XXWeighted programme duration for the eco programme (Tt)h:minX:XX’ | ‘Programme duration for the eco programme at full load (Tdry) | h:min | X:XX | Programme duration for the eco programme at partial load (Tdry½) | h:min | X:XX | Weighted programme duration for the eco programme (Tt) | h:min | X:XX’
(a) | the header is replaced by the following:‘Table 6Declared technical parameters for gas-fired household tumble dryers’;
(b) | the fourth row on the gas consumption of the eco programme at partial load is replaced by the following:‘Gas consumption of the eco programme at partial load (Egdry,½)kWh/drying cycleX,XX’ | ‘Gas consumption of the eco programme at partial load (Egdry,½) | kWh/drying cycle | X,XX’
‘Gas consumption of the eco programme at partial load (Egdry,½) | kWh/drying cycle | X,XX’
(c) | the tenth, eleventh and twelfth rows on the programme duration for the eco programme are replaced by the following:‘Programme duration for the eco programme at full load (Tdry)h:minX:XXProgramme duration for the eco programme at partial load (Tdry½)h:minX:XXWeighted programme duration for the eco programme (Tt)h:minX:XX’ | ‘Programme duration for the eco programme at full load (Tdry) | h:min | X:XX | Programme duration for the eco programme at partial load (Tdry½) | h:min | X:XX | Weighted programme duration for the eco programme (Tt) | h:min | X:XX’
‘Programme duration for the eco programme at full load (Tdry) | h:min | X:XX
Programme duration for the eco programme at partial load (Tdry½) | h:min | X:XX
Weighted programme duration for the eco programme (Tt) | h:min | X:XX’
(5) | point 3 is replaced by the following:‘3.Where the information included in the technical documentation for a particular household tumble dryer has been obtained:(a)from a model that has the same technical characteristics relevant for the technical information to be provided but is produced by a different supplier;(b)by calculation on the basis of design or extrapolation from another model of the same or a different supplier,the technical documentation shall include the details of the calculation, the assessment undertaken by suppliers to verify the accuracy of the calculation and, where appropriate, the declaration of identity between the models of different suppliers.’. | ‘3. | Where the information included in the technical documentation for a particular household tumble dryer has been obtained:(a)from a model that has the same technical characteristics relevant for the technical information to be provided but is produced by a different supplier;(b)by calculation on the basis of design or extrapolation from another model of the same or a different supplier,the technical documentation shall include the details of the calculation, the assessment undertaken by suppliers to verify the accuracy of the calculation and, where appropriate, the declaration of identity between the models of different suppliers.’. | (a) | from a model that has the same technical characteristics relevant for the technical information to be provided but is produced by a different supplier; | (b) | by calculation on the basis of design or extrapolation from another model of the same or a different supplier,
‘3. | Where the information included in the technical documentation for a particular household tumble dryer has been obtained:(a)from a model that has the same technical characteristics relevant for the technical information to be provided but is produced by a different supplier;(b)by calculation on the basis of design or extrapolation from another model of the same or a different supplier,the technical documentation shall include the details of the calculation, the assessment undertaken by suppliers to verify the accuracy of the calculation and, where appropriate, the declaration of identity between the models of different suppliers.’. | (a) | from a model that has the same technical characteristics relevant for the technical information to be provided but is produced by a different supplier; | (b) | by calculation on the basis of design or extrapolation from another model of the same or a different supplier,
(a) | from a model that has the same technical characteristics relevant for the technical information to be provided but is produced by a different supplier;
(b) | by calculation on the basis of design or extrapolation from another model of the same or a different supplier,

ANNEX VI
‘ANNEX VIa
TECHNICAL DOCUMENTATION WITH REPAIRABILITY INFORMATION 1.
For electric household tumble dryers, the technical documentation referred to in Article 3(1), point (c)(iii), shall include the following information:
(a) a general description of the model allowing it to be unequivocally and easily identified;
(b) references to the harmonised standards applied or other measurement standards used;
(c) specific precautions to be taken when the model is assembled, installed, maintained or tested;
(d) the details and the results of calculations performed in accordance with Annex IV;
(e) testing conditions, where they are not described sufficiently in the references provided pursuant to point (b) of this section;
(f) equivalent models, if any, including model identifiers;
(g) the values for the technical parameters set out in Table 6a for the eco programme, which are considered as the declared values for the purpose of the verification procedure set out in Annex IX;
(h) a description of the disassembly steps for each priority part listed in Section 5 of Annex IV, including the tool(s) and fastener(s) needed at each step, if any;
(i) the repair and maintenance information laid down in point 5(3)(e) of Annex II to Regulation (EU) 2023/2533. The information provided pursuant to points (a) to (g) shall constitute the mandatory specific parts of the technical documentation that the supplier is to enter into the product database, pursuant to Article 12(5) of Regulation (EU) 2017/1369. Table 6a
Declared technical parameters for electric household tumble dryers
Parameter
Unit
Value
Rated capacity for the eco programme, at 0,5 kg intervals (c) kg
X,X
Energy consumption of the eco programme at full load (Edry)
kWh/drying cycle
X,XX
Energy consumption of the eco programme at partial load (Edry,½)
kWh/drying cycle
X,XX
Weighted energy consumption of the eco programme (EtC
)
kWh/drying cycle
X,XX
Standard energy consumption of the eco programme (SEC
)
kWh/drying cycle
X,XX
Energy Efficiency Index (EEI)
—
X,X
Programme duration for the eco programme at full load (Tdry
)
h:min
X:XX
Programme duration for the eco programme at partial load (Tdry½
)
h:min
X:XX
Weighted programme duration for the eco programme (Tt
)
h:min
X:XX
Average condensation efficiency of the eco programme at full load (Cdry
) (if applicable)
%
XX
Average condensation efficiency of the eco programme at partial load (Cdry½
) (if applicable)
%
XX
Weighted condensation efficiency of the eco programme (Ct
) (if applicable)
%
XX
Acoustic airborne noise emission during the eco programme
dB(A) with respect to 1 pW
X
Power consumption in off mode (Po
) (if applicable)
W
X,XX
Power consumption in standby mode (Psm
) (if applicable)
W
X,XX
Does “standby mode” include the display of information?
—
Yes/No
Power consumption in “standby mode” in condition of networked standby (Pnsm
) (if applicable)
W
X,XX
Power consumption in delay start (Pds
) (if applicable)
W
X,XX
Repairability Index
—
X,XX 2.
For gas-fired tumble dryers, the technical documentation referred to in Article 3(1) point (c)(iii), shall include the information listed in paragraph 1, points (a) to (f), (h) and (i) of this Annex, and the information set out in Table 6b for the eco programme. The values in Table 6b are considered as the declared values for the purpose of the verification procedure in Annex IX.
The information provided pursuant to the first subparagraph of this point, except points (h) and (i), shall constitute the mandatory specific parts of the technical documentation that the supplier is to enter into the database, pursuant to Article 12(5) of Regulation (EU) 2017/1369. Table 6b
Declared technical parameters for gas-fired household tumble dryers
Parameter
Unit
Value
Rated capacity for the eco programme, at 0,5 kg intervals (c) kg
X,X
Gas consumption of the eco programme at full load (Egdry
)
kWh/drying cycle
X,XX
Gas consumption of the eco programme at partial load (Egdry,½
)
kWh/drying cycle
X,XX
Auxiliary electricity consumption of the eco programme at full load
kWh/drying cycle
X,XX
Auxiliary electricity consumption of the eco programme at partial load
kWh/drying cycle
X,XX
Weighted energy consumption of the eco programme (EtC
)
kWh/drying cycle
X,XX
Standard energy consumption of the eco programme (SEC
)
kWh/drying cycle
X,XX
Energy Efficiency Index (EEI)
—
X,X
Programme duration for the eco programme at full load (Tdry
)
h:min
X:XX
Programme duration for the eco programme at partial load (Tdry½
)
h:min
X:XX
Weighted programme duration for the eco programme (Tt
)
h:min
X:XX
Acoustic airborne noise emission during the eco programme
dB(A) re 1 pW
X
Power consumption in off mode (Po
) (if applicable)
W
X,XX
Power consumption in standby mode (Psm
) (if applicable)
W
X,XX
Does “standby mode” include the display of information?
—
Yes/No
Power consumption in standby mode in condition of networked standby (Pnsm
) (if applicable)
W
X,XX
Power consumption in “delay start” (Pds
) (where applicable)
W
X,XX
Repairability Index
—
X,XX 3.
Where the information included in the technical documentation for a particular household tumble dryer has been obtained:
(a) from a model that has the same technical characteristics relevant for the technical information to be provided but is produced by a different supplier;
(b) by calculation on the basis of design or extrapolation from another model of the same or a different supplier,
the technical documentation shall include the details of the calculation, the assessment undertaken by suppliers to verify the accuracy of the calculation and, where appropriate, the declaration of identity between the models of different suppliers.
’
ANNEX VIIAnnexes VII, VIII, IX and X to Delegated Regulation (EU) 2023/2534 are amended as follows:

(1) | in Annex VII, points 1 and 2 are replaced by the following:‘1.In visual advertisements, for the purposes of ensuring conformity with the requirements laid down in Article 3(1), point (d)(i), and in Article 4, point (c), the energy efficiency class and the range of energy efficiency classes available on the label shall be shown as set out in point 4 of this Annex.2.In technical promotional material, for the purposes of ensuring conformity with the requirements laid down in Article 3(1), point (d)(ii), and in Article 4, point (d), the energy efficiency class and the range of energy efficiency classes available on the label shall be shown as set out in point 4 of this Annex.’; | ‘1. | In visual advertisements, for the purposes of ensuring conformity with the requirements laid down in Article 3(1), point (d)(i), and in Article 4, point (c), the energy efficiency class and the range of energy efficiency classes available on the label shall be shown as set out in point 4 of this Annex. | 2. | In technical promotional material, for the purposes of ensuring conformity with the requirements laid down in Article 3(1), point (d)(ii), and in Article 4, point (d), the energy efficiency class and the range of energy efficiency classes available on the label shall be shown as set out in point 4 of this Annex.’;
‘1. | In visual advertisements, for the purposes of ensuring conformity with the requirements laid down in Article 3(1), point (d)(i), and in Article 4, point (c), the energy efficiency class and the range of energy efficiency classes available on the label shall be shown as set out in point 4 of this Annex.
2. | In technical promotional material, for the purposes of ensuring conformity with the requirements laid down in Article 3(1), point (d)(ii), and in Article 4, point (d), the energy efficiency class and the range of energy efficiency classes available on the label shall be shown as set out in point 4 of this Annex.’;
(2) | Annex VIII is amended as follows:(a)point 1 is replaced by the following:‘1.The appropriate label made available by suppliers in accordance with Article 3(1), points (b)(ii) or (c)(iv), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the label is clearly visible and legible and shall be proportionate to the size specified in Annex III or IIIa, as applicable. The label may be displayed using a nested display, in which case the image used for accessing the label shall comply with the specifications laid down in point 2 of this Annex. If nested display is applied, the label shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the image.’;(b)point 3(b) is replaced by the following:‘(b)the image shall link to the label set out in Annex III or in Annex IIIa, as applicable;’;(c)point 4 is replaced by the following:‘4.The electronic product information sheet made available by the supplier in accordance with Article 3(1), points (b)(iii) or (c)(v), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the product information sheet is clearly visible and legible. The product information sheet may be displayed using a nested display or by referring to the product database, in which case the link used for accessing the product information sheet shall clearly and legibly indicate “Product information sheet”. If a nested display is used, the product information sheet shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the link.’; | (a) | point 1 is replaced by the following:‘1.The appropriate label made available by suppliers in accordance with Article 3(1), points (b)(ii) or (c)(iv), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the label is clearly visible and legible and shall be proportionate to the size specified in Annex III or IIIa, as applicable. The label may be displayed using a nested display, in which case the image used for accessing the label shall comply with the specifications laid down in point 2 of this Annex. If nested display is applied, the label shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the image.’; | ‘1. | The appropriate label made available by suppliers in accordance with Article 3(1), points (b)(ii) or (c)(iv), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the label is clearly visible and legible and shall be proportionate to the size specified in Annex III or IIIa, as applicable. The label may be displayed using a nested display, in which case the image used for accessing the label shall comply with the specifications laid down in point 2 of this Annex. If nested display is applied, the label shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the image.’; | (b) | point 3(b) is replaced by the following:‘(b)the image shall link to the label set out in Annex III or in Annex IIIa, as applicable;’; | ‘(b) | the image shall link to the label set out in Annex III or in Annex IIIa, as applicable;’; | (c) | point 4 is replaced by the following:‘4.The electronic product information sheet made available by the supplier in accordance with Article 3(1), points (b)(iii) or (c)(v), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the product information sheet is clearly visible and legible. The product information sheet may be displayed using a nested display or by referring to the product database, in which case the link used for accessing the product information sheet shall clearly and legibly indicate “Product information sheet”. If a nested display is used, the product information sheet shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the link.’; | ‘4. | The electronic product information sheet made available by the supplier in accordance with Article 3(1), points (b)(iii) or (c)(v), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the product information sheet is clearly visible and legible. The product information sheet may be displayed using a nested display or by referring to the product database, in which case the link used for accessing the product information sheet shall clearly and legibly indicate “Product information sheet”. If a nested display is used, the product information sheet shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the link.’;
(a) | point 1 is replaced by the following:‘1.The appropriate label made available by suppliers in accordance with Article 3(1), points (b)(ii) or (c)(iv), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the label is clearly visible and legible and shall be proportionate to the size specified in Annex III or IIIa, as applicable. The label may be displayed using a nested display, in which case the image used for accessing the label shall comply with the specifications laid down in point 2 of this Annex. If nested display is applied, the label shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the image.’; | ‘1. | The appropriate label made available by suppliers in accordance with Article 3(1), points (b)(ii) or (c)(iv), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the label is clearly visible and legible and shall be proportionate to the size specified in Annex III or IIIa, as applicable. The label may be displayed using a nested display, in which case the image used for accessing the label shall comply with the specifications laid down in point 2 of this Annex. If nested display is applied, the label shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the image.’;
‘1. | The appropriate label made available by suppliers in accordance with Article 3(1), points (b)(ii) or (c)(iv), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the label is clearly visible and legible and shall be proportionate to the size specified in Annex III or IIIa, as applicable. The label may be displayed using a nested display, in which case the image used for accessing the label shall comply with the specifications laid down in point 2 of this Annex. If nested display is applied, the label shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the image.’;
(b) | point 3(b) is replaced by the following:‘(b)the image shall link to the label set out in Annex III or in Annex IIIa, as applicable;’; | ‘(b) | the image shall link to the label set out in Annex III or in Annex IIIa, as applicable;’;
‘(b) | the image shall link to the label set out in Annex III or in Annex IIIa, as applicable;’;
(c) | point 4 is replaced by the following:‘4.The electronic product information sheet made available by the supplier in accordance with Article 3(1), points (b)(iii) or (c)(v), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the product information sheet is clearly visible and legible. The product information sheet may be displayed using a nested display or by referring to the product database, in which case the link used for accessing the product information sheet shall clearly and legibly indicate “Product information sheet”. If a nested display is used, the product information sheet shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the link.’; | ‘4. | The electronic product information sheet made available by the supplier in accordance with Article 3(1), points (b)(iii) or (c)(v), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the product information sheet is clearly visible and legible. The product information sheet may be displayed using a nested display or by referring to the product database, in which case the link used for accessing the product information sheet shall clearly and legibly indicate “Product information sheet”. If a nested display is used, the product information sheet shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the link.’;
‘4. | The electronic product information sheet made available by the supplier in accordance with Article 3(1), points (b)(iii) or (c)(v), as applicable, shall be shown on the display mechanism in proximity to the price of the product if the price is shown, and in all other cases in proximity to the name or the picture of the product. The size shall be such that the product information sheet is clearly visible and legible. The product information sheet may be displayed using a nested display or by referring to the product database, in which case the link used for accessing the product information sheet shall clearly and legibly indicate “Product information sheet”. If a nested display is used, the product information sheet shall appear on the first mouse click, mouse roll-over or tactile screen expansion on the link.’;
(3) | Annex IX is amended as follows:(a)point 1 is replaced by the following:‘1.The verification tolerances set out in Table 8 relate only to the verification of the declared values by Member State authorities and shall not be used by the supplier as an allowed tolerance to establish these values in the technical documentation or in interpreting these values with a view to achieving compliance or to communicate better performance by any means.’;(b)point 4(b)(iii) is replaced by the following:‘(iii)the determined values, that is to say the values of the relevant parameters as measured in testing and the values calculated from these measurements, comply with:(a)the validity criteria set out in Table 7;(b)the respective verification tolerances set out in Table 8.’;(c)point 6 is replaced by the following:‘6.Where the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select three additional units of the same model for testing. As an alternative, the three additional units selected may be of one or more equivalent models. Concerning the repairability index, if the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select one additional unit of the same model for testing.’;(d)points 8 and 9 are replaced by the following:‘8.The model shall be considered to comply with the applicable requirements where for the three units referred to in point 6, the arithmetic mean of the determined values complies with the respective verification tolerances set out in Table 8, except for the result of the repairability index, where the model shall be considered to comply with the applicable requirements where for the additional unit referred to in point 6, the determined value complies with the respective tolerance set out in Table 8.9.Where the result referred to in point 8 is not achieved, the model and all equivalent models shall be considered not in compliance with this Regulation, except for the result of the repairability index, where the model shall be considered not in compliance with this Regulation.’;(e)point 12 is replaced by the following:‘12.The Member State authorities shall only apply the validity criteria set out in Table 7 and the verification tolerances set out in Table 8 and shall only use the procedure set out in points 1 to 9 for the requirements referred to in this Annex. For the parameters set out in Tables 7 and 8, no other validity criteria or verification tolerances, such as those set out in harmonised standards or in any other measurement method, shall be applied.’;(f)Table 7 is replaced by the following:‘Table 7Validity criteriaParameterValidity criteriaAverage final moisture content of the eco programme μtThe determined value shall be measured and calculated and be lower than 1,5 %.’(g)the following Table 8 is added:‘Table 8Verification tolerancesParameterVerification tolerancesEdryand Edry½The determined value(*1)shall not exceed the declared value of Edryand Edry½by more than 6 %.Egdryand Egdry½The determined value(*1)shall not exceed the declared value of Egdryand Egdry½by more than 6 %.Egdry,aand Egdry½,aThe determined value(*) shall not exceed the declared value of Egdry,aand Egdry½,aby more than 6 %.CtThe determined value(*1)shall not be less than the declared value of Ctby more than 6 %.Tdryand Tdry½The determined value(*1)shall not exceed the declared value of Tdryand Tdry½by more than 6 %.PoThe determined value(*1)shall not exceed the declared value by more than 0,10 W.PsmThe determined value(*1)shall not exceed the declared value by more than 10 % if the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.PdsThe determined value(*1)shall not exceed the declared value by more than 10 % where the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.Acoustic airborne noise emissionsThe determined value(*1)shall not exceed the declared value by more than 2 dB with respect to 1 pW.Repairability indexThe determined value shall not be less than the declared value by more than 4 %. | (a) | point 1 is replaced by the following:‘1.The verification tolerances set out in Table 8 relate only to the verification of the declared values by Member State authorities and shall not be used by the supplier as an allowed tolerance to establish these values in the technical documentation or in interpreting these values with a view to achieving compliance or to communicate better performance by any means.’; | ‘1. | The verification tolerances set out in Table 8 relate only to the verification of the declared values by Member State authorities and shall not be used by the supplier as an allowed tolerance to establish these values in the technical documentation or in interpreting these values with a view to achieving compliance or to communicate better performance by any means.’; | (b) | point 4(b)(iii) is replaced by the following:‘(iii)the determined values, that is to say the values of the relevant parameters as measured in testing and the values calculated from these measurements, comply with:(a)the validity criteria set out in Table 7;(b)the respective verification tolerances set out in Table 8.’; | ‘(iii) | the determined values, that is to say the values of the relevant parameters as measured in testing and the values calculated from these measurements, comply with:(a)the validity criteria set out in Table 7;(b)the respective verification tolerances set out in Table 8.’; | (a) | the validity criteria set out in Table 7; | (b) | the respective verification tolerances set out in Table 8.’; | (c) | point 6 is replaced by the following:‘6.Where the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select three additional units of the same model for testing. As an alternative, the three additional units selected may be of one or more equivalent models. Concerning the repairability index, if the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select one additional unit of the same model for testing.’; | ‘6. | Where the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select three additional units of the same model for testing. As an alternative, the three additional units selected may be of one or more equivalent models. Concerning the repairability index, if the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select one additional unit of the same model for testing.’; | (d) | points 8 and 9 are replaced by the following:‘8.The model shall be considered to comply with the applicable requirements where for the three units referred to in point 6, the arithmetic mean of the determined values complies with the respective verification tolerances set out in Table 8, except for the result of the repairability index, where the model shall be considered to comply with the applicable requirements where for the additional unit referred to in point 6, the determined value complies with the respective tolerance set out in Table 8.9.Where the result referred to in point 8 is not achieved, the model and all equivalent models shall be considered not in compliance with this Regulation, except for the result of the repairability index, where the model shall be considered not in compliance with this Regulation.’; | ‘8. | The model shall be considered to comply with the applicable requirements where for the three units referred to in point 6, the arithmetic mean of the determined values complies with the respective verification tolerances set out in Table 8, except for the result of the repairability index, where the model shall be considered to comply with the applicable requirements where for the additional unit referred to in point 6, the determined value complies with the respective tolerance set out in Table 8. | 9. | Where the result referred to in point 8 is not achieved, the model and all equivalent models shall be considered not in compliance with this Regulation, except for the result of the repairability index, where the model shall be considered not in compliance with this Regulation.’; | (e) | point 12 is replaced by the following:‘12.The Member State authorities shall only apply the validity criteria set out in Table 7 and the verification tolerances set out in Table 8 and shall only use the procedure set out in points 1 to 9 for the requirements referred to in this Annex. For the parameters set out in Tables 7 and 8, no other validity criteria or verification tolerances, such as those set out in harmonised standards or in any other measurement method, shall be applied.’; | ‘12. | The Member State authorities shall only apply the validity criteria set out in Table 7 and the verification tolerances set out in Table 8 and shall only use the procedure set out in points 1 to 9 for the requirements referred to in this Annex. For the parameters set out in Tables 7 and 8, no other validity criteria or verification tolerances, such as those set out in harmonised standards or in any other measurement method, shall be applied.’; | (f) | Table 7 is replaced by the following:‘Table 7Validity criteriaParameterValidity criteriaAverage final moisture content of the eco programme μtThe determined value shall be measured and calculated and be lower than 1,5 %.’ | Parameter | Validity criteria | Average final moisture content of the eco programme μt | The determined value shall be measured and calculated and be lower than 1,5 %.’ | (g) | the following Table 8 is added:‘Table 8Verification tolerancesParameterVerification tolerancesEdryand Edry½The determined value(*1)shall not exceed the declared value of Edryand Edry½by more than 6 %.Egdryand Egdry½The determined value(*1)shall not exceed the declared value of Egdryand Egdry½by more than 6 %.Egdry,aand Egdry½,aThe determined value(*) shall not exceed the declared value of Egdry,aand Egdry½,aby more than 6 %.CtThe determined value(*1)shall not be less than the declared value of Ctby more than 6 %.Tdryand Tdry½The determined value(*1)shall not exceed the declared value of Tdryand Tdry½by more than 6 %.PoThe determined value(*1)shall not exceed the declared value by more than 0,10 W.PsmThe determined value(*1)shall not exceed the declared value by more than 10 % if the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.PdsThe determined value(*1)shall not exceed the declared value by more than 10 % where the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.Acoustic airborne noise emissionsThe determined value(*1)shall not exceed the declared value by more than 2 dB with respect to 1 pW.Repairability indexThe determined value shall not be less than the declared value by more than 4 %. | Parameter | Verification tolerances | Edryand Edry½ | The determined value(*1)shall not exceed the declared value of Edryand Edry½by more than 6 %. | Egdryand Egdry½ | The determined value(*1)shall not exceed the declared value of Egdryand Egdry½by more than 6 %. | Egdry,aand Egdry½,a | The determined value(*) shall not exceed the declared value of Egdry,aand Egdry½,aby more than 6 %. | Ct | The determined value(*1)shall not be less than the declared value of Ctby more than 6 %. | Tdryand Tdry½ | The determined value(*1)shall not exceed the declared value of Tdryand Tdry½by more than 6 %. | Po | The determined value(*1)shall not exceed the declared value by more than 0,10 W. | Psm | The determined value(*1)shall not exceed the declared value by more than 10 % if the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W. | Pds | The determined value(*1)shall not exceed the declared value by more than 10 % where the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W. | Acoustic airborne noise emissions | The determined value(*1)shall not exceed the declared value by more than 2 dB with respect to 1 pW. | Repairability index | The determined value shall not be less than the declared value by more than 4 %.
(a) | point 1 is replaced by the following:‘1.The verification tolerances set out in Table 8 relate only to the verification of the declared values by Member State authorities and shall not be used by the supplier as an allowed tolerance to establish these values in the technical documentation or in interpreting these values with a view to achieving compliance or to communicate better performance by any means.’; | ‘1. | The verification tolerances set out in Table 8 relate only to the verification of the declared values by Member State authorities and shall not be used by the supplier as an allowed tolerance to establish these values in the technical documentation or in interpreting these values with a view to achieving compliance or to communicate better performance by any means.’;
‘1. | The verification tolerances set out in Table 8 relate only to the verification of the declared values by Member State authorities and shall not be used by the supplier as an allowed tolerance to establish these values in the technical documentation or in interpreting these values with a view to achieving compliance or to communicate better performance by any means.’;
(b) | point 4(b)(iii) is replaced by the following:‘(iii)the determined values, that is to say the values of the relevant parameters as measured in testing and the values calculated from these measurements, comply with:(a)the validity criteria set out in Table 7;(b)the respective verification tolerances set out in Table 8.’; | ‘(iii) | the determined values, that is to say the values of the relevant parameters as measured in testing and the values calculated from these measurements, comply with:(a)the validity criteria set out in Table 7;(b)the respective verification tolerances set out in Table 8.’; | (a) | the validity criteria set out in Table 7; | (b) | the respective verification tolerances set out in Table 8.’;
‘(iii) | the determined values, that is to say the values of the relevant parameters as measured in testing and the values calculated from these measurements, comply with:(a)the validity criteria set out in Table 7;(b)the respective verification tolerances set out in Table 8.’; | (a) | the validity criteria set out in Table 7; | (b) | the respective verification tolerances set out in Table 8.’;
(a) | the validity criteria set out in Table 7;
(b) | the respective verification tolerances set out in Table 8.’;
(c) | point 6 is replaced by the following:‘6.Where the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select three additional units of the same model for testing. As an alternative, the three additional units selected may be of one or more equivalent models. Concerning the repairability index, if the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select one additional unit of the same model for testing.’; | ‘6. | Where the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select three additional units of the same model for testing. As an alternative, the three additional units selected may be of one or more equivalent models. Concerning the repairability index, if the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select one additional unit of the same model for testing.’;
‘6. | Where the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select three additional units of the same model for testing. As an alternative, the three additional units selected may be of one or more equivalent models. Concerning the repairability index, if the result referred to in point 4(b)(iii) is not achieved, the Member State authorities shall select one additional unit of the same model for testing.’;
(d) | points 8 and 9 are replaced by the following:‘8.The model shall be considered to comply with the applicable requirements where for the three units referred to in point 6, the arithmetic mean of the determined values complies with the respective verification tolerances set out in Table 8, except for the result of the repairability index, where the model shall be considered to comply with the applicable requirements where for the additional unit referred to in point 6, the determined value complies with the respective tolerance set out in Table 8.9.Where the result referred to in point 8 is not achieved, the model and all equivalent models shall be considered not in compliance with this Regulation, except for the result of the repairability index, where the model shall be considered not in compliance with this Regulation.’; | ‘8. | The model shall be considered to comply with the applicable requirements where for the three units referred to in point 6, the arithmetic mean of the determined values complies with the respective verification tolerances set out in Table 8, except for the result of the repairability index, where the model shall be considered to comply with the applicable requirements where for the additional unit referred to in point 6, the determined value complies with the respective tolerance set out in Table 8. | 9. | Where the result referred to in point 8 is not achieved, the model and all equivalent models shall be considered not in compliance with this Regulation, except for the result of the repairability index, where the model shall be considered not in compliance with this Regulation.’;
‘8. | The model shall be considered to comply with the applicable requirements where for the three units referred to in point 6, the arithmetic mean of the determined values complies with the respective verification tolerances set out in Table 8, except for the result of the repairability index, where the model shall be considered to comply with the applicable requirements where for the additional unit referred to in point 6, the determined value complies with the respective tolerance set out in Table 8.
9. | Where the result referred to in point 8 is not achieved, the model and all equivalent models shall be considered not in compliance with this Regulation, except for the result of the repairability index, where the model shall be considered not in compliance with this Regulation.’;
(e) | point 12 is replaced by the following:‘12.The Member State authorities shall only apply the validity criteria set out in Table 7 and the verification tolerances set out in Table 8 and shall only use the procedure set out in points 1 to 9 for the requirements referred to in this Annex. For the parameters set out in Tables 7 and 8, no other validity criteria or verification tolerances, such as those set out in harmonised standards or in any other measurement method, shall be applied.’; | ‘12. | The Member State authorities shall only apply the validity criteria set out in Table 7 and the verification tolerances set out in Table 8 and shall only use the procedure set out in points 1 to 9 for the requirements referred to in this Annex. For the parameters set out in Tables 7 and 8, no other validity criteria or verification tolerances, such as those set out in harmonised standards or in any other measurement method, shall be applied.’;
‘12. | The Member State authorities shall only apply the validity criteria set out in Table 7 and the verification tolerances set out in Table 8 and shall only use the procedure set out in points 1 to 9 for the requirements referred to in this Annex. For the parameters set out in Tables 7 and 8, no other validity criteria or verification tolerances, such as those set out in harmonised standards or in any other measurement method, shall be applied.’;
(f) | Table 7 is replaced by the following:‘Table 7Validity criteriaParameterValidity criteriaAverage final moisture content of the eco programme μtThe determined value shall be measured and calculated and be lower than 1,5 %.’ | Parameter | Validity criteria | Average final moisture content of the eco programme μt | The determined value shall be measured and calculated and be lower than 1,5 %.’
Parameter | Validity criteria
Average final moisture content of the eco programme μt | The determined value shall be measured and calculated and be lower than 1,5 %.’
(g) | the following Table 8 is added:‘Table 8Verification tolerancesParameterVerification tolerancesEdryand Edry½The determined value(*1)shall not exceed the declared value of Edryand Edry½by more than 6 %.Egdryand Egdry½The determined value(*1)shall not exceed the declared value of Egdryand Egdry½by more than 6 %.Egdry,aand Egdry½,aThe determined value(*) shall not exceed the declared value of Egdry,aand Egdry½,aby more than 6 %.CtThe determined value(*1)shall not be less than the declared value of Ctby more than 6 %.Tdryand Tdry½The determined value(*1)shall not exceed the declared value of Tdryand Tdry½by more than 6 %.PoThe determined value(*1)shall not exceed the declared value by more than 0,10 W.PsmThe determined value(*1)shall not exceed the declared value by more than 10 % if the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.PdsThe determined value(*1)shall not exceed the declared value by more than 10 % where the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.Acoustic airborne noise emissionsThe determined value(*1)shall not exceed the declared value by more than 2 dB with respect to 1 pW.Repairability indexThe determined value shall not be less than the declared value by more than 4 %. | Parameter | Verification tolerances | Edryand Edry½ | The determined value(*1)shall not exceed the declared value of Edryand Edry½by more than 6 %. | Egdryand Egdry½ | The determined value(*1)shall not exceed the declared value of Egdryand Egdry½by more than 6 %. | Egdry,aand Egdry½,a | The determined value(*) shall not exceed the declared value of Egdry,aand Egdry½,aby more than 6 %. | Ct | The determined value(*1)shall not be less than the declared value of Ctby more than 6 %. | Tdryand Tdry½ | The determined value(*1)shall not exceed the declared value of Tdryand Tdry½by more than 6 %. | Po | The determined value(*1)shall not exceed the declared value by more than 0,10 W. | Psm | The determined value(*1)shall not exceed the declared value by more than 10 % if the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W. | Pds | The determined value(*1)shall not exceed the declared value by more than 10 % where the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W. | Acoustic airborne noise emissions | The determined value(*1)shall not exceed the declared value by more than 2 dB with respect to 1 pW. | Repairability index | The determined value shall not be less than the declared value by more than 4 %.
Parameter | Verification tolerances
Edryand Edry½ | The determined value(*1)shall not exceed the declared value of Edryand Edry½by more than 6 %.
Egdryand Egdry½ | The determined value(*1)shall not exceed the declared value of Egdryand Egdry½by more than 6 %.
Egdry,aand Egdry½,a | The determined value(*) shall not exceed the declared value of Egdry,aand Egdry½,aby more than 6 %.
Ct | The determined value(*1)shall not be less than the declared value of Ctby more than 6 %.
Tdryand Tdry½ | The determined value(*1)shall not exceed the declared value of Tdryand Tdry½by more than 6 %.
Po | The determined value(*1)shall not exceed the declared value by more than 0,10 W.
Psm | The determined value(*1)shall not exceed the declared value by more than 10 % if the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.
Pds | The determined value(*1)shall not exceed the declared value by more than 10 % where the declared value is higher than 1,00 W, or by more than 0,10 W if the declared value is lower than or equal to 1,00 W.
Acoustic airborne noise emissions | The determined value(*1)shall not exceed the declared value by more than 2 dB with respect to 1 pW.
Repairability index | The determined value shall not be less than the declared value by more than 4 %.
(4) | Annex X is amended as follows:(a)in the first paragraph, the introductory wording is replaced by the following:‘Following the measurement and calculation methods set out in Annex IV, each drum of a multi-drum household tumble dryer shall be supplied with a label complying with the requirements set out in Annexes II and III or IIIa, as applicable. Those requirements shall apply to each of the drums independently, except when the drums are built in the same casing and can, in the eco programme, only operate simultaneously. In the latter case, these provisions shall apply to the multi-drum household tumble dryer as a whole, as follows:’;(b)the second paragraph is replaced by the following:‘The product information sheet shall include and present jointly the information required under Annex V or Annex Va, as applicable, for all the drums to which the provisions of this Annex apply. The technical documentation shall include and present jointly the information required under Annex VI or Annex VIa, as applicable, for all the drums to which the provisions of this Annex apply.’. | (a) | in the first paragraph, the introductory wording is replaced by the following:‘Following the measurement and calculation methods set out in Annex IV, each drum of a multi-drum household tumble dryer shall be supplied with a label complying with the requirements set out in Annexes II and III or IIIa, as applicable. Those requirements shall apply to each of the drums independently, except when the drums are built in the same casing and can, in the eco programme, only operate simultaneously. In the latter case, these provisions shall apply to the multi-drum household tumble dryer as a whole, as follows:’; | (b) | the second paragraph is replaced by the following:‘The product information sheet shall include and present jointly the information required under Annex V or Annex Va, as applicable, for all the drums to which the provisions of this Annex apply. The technical documentation shall include and present jointly the information required under Annex VI or Annex VIa, as applicable, for all the drums to which the provisions of this Annex apply.’.
(a) | in the first paragraph, the introductory wording is replaced by the following:‘Following the measurement and calculation methods set out in Annex IV, each drum of a multi-drum household tumble dryer shall be supplied with a label complying with the requirements set out in Annexes II and III or IIIa, as applicable. Those requirements shall apply to each of the drums independently, except when the drums are built in the same casing and can, in the eco programme, only operate simultaneously. In the latter case, these provisions shall apply to the multi-drum household tumble dryer as a whole, as follows:’;
(b) | the second paragraph is replaced by the following:‘The product information sheet shall include and present jointly the information required under Annex V or Annex Va, as applicable, for all the drums to which the provisions of this Annex apply. The technical documentation shall include and present jointly the information required under Annex VI or Annex VIa, as applicable, for all the drums to which the provisions of this Annex apply.’.
(*1) Where three additional units are tested in accordance with point (6), the determined value means the arithmetic mean of the values determined for those three additional units.’

Commission Delegated Regulation (EU) 2025/1311 of 3 July 2025 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the conditions for assessing the materiality of extensions of, and changes to, the use of alternative internal models, and changes to the subset of the modellable risk factors

Official Journalof the European Union ENL series
2025/1311 14.10.2025
(1) Whether institutions obtain permission from their competent authorities to use the alternative internal model approach laid down in Title IV, Chapter 1b, of Regulation (EU) No 575/2013 depends on whether those institutions comply with the requirements set out in Part Three, Title IV, Chapter 1b of that Regulation, including requirements as regards methods, processes, controls, data collection, organisation of the risk control unit and internal validation function, and IT systems. Institutions are allowed to modify the methods, processes, controls, data collection, organisation of the risk control unit and internal validation function, and IT systems, as approved by their competent authorities, provided that such modifications have been notified to their competent authority or have been approved by their competent authority, depending on the nature of the modifications, in accordance with Article 325az(7) of Regulation (EU) No 575/2013. That also applies to modifications triggered by the application of regulatory requirements, where those modifications encompass the use of methods or approaches that are not part of the existing competent authority’s permission.
(2) The choice of the subset of the modellable risk factors referred to in Article 325bc(2) of Regulation (EU) No 575/2013 is a part of the institution’s approved and documented set of internal policies and procedures. Where the institution modifies its policies and procedures related to the choice of modellable risk factors, that modification should be approved by or notified to the competent authority, as it constitutes a change to the choice of the subset of the modellable risk factors. By contrast, changes to the composition of the list of risk factors included in the subset of modellable risk factors referred to in Article 325bc(2) of that Regulation, which take place within the approved policies and procedures, including in the case of a reduction in data availability, should not be considered as changes to the institution’s choice of the subset of modellable risk factors.
(3) The permission from the competent authority relates to the methods, processes, controls, data collection and IT systems of the alternative internal model approach. Therefore institutions should not be required to notify their competent authority of ongoing alignments of the alternative internal models they use to the data sources used, of the correction of errors, or of minor adjustments that are necessary for the day-to-day maintenance of the models, that occur within the already approved methods, processes, controls, data collection and IT systems and are recorded accordingly.
(4) Extensions and changes to the use of alternative internal models, or changes to the subset of the modellable risk factors, should be classified as ‘material’, and thus as requiring prior permission by competent authorities, or ‘non-material’ and thus requiring notification to competent authorities, on the basis of both qualitative and quantitative criteria. Some extensions and changes, including organisational changes, internal process changes, or risk management process changes, may not have a direct quantitative impact on the alternative internal models, but may influence the accuracy, soundness and use of the that alternative internal model. In those cases, given the difficulty of determining a quantitative impact, institutions and competent authorities should use only the qualitative criteria for the assessment of the materiality of those changes.
(5) To ensure a prudent approach and enable competent authorities to review extensions of, and changes to, the use of alternative internal models, or changes to the subset of the modellable risk factors, before they are implemented, institutions should notify their competent authority of such non-material extensions and changes at least four weeks before implementation. However, that notice period should not apply to cases where institutions fail to meet the condition set out in Article 325bc(2), point (a), of Regulation (EU) No 575/2013. In such cases, institutions should have the possibility to take immediate action to restore compliance with the regulatory requirements, but should also duly and promptly notify competent authorities before implementing this change.
(6) Competent authorities can only review extensions of, and changes to, the use of alternative internal models, and changes to the subset of the modellable risk factors, where they receive from the institutions concerned all information necessary for such a review. It is therefore necessary to specify the content of the information that institutions are to provide for that purpose.
(7) The quantitative metrics and related thresholds used to identify material changes and extensions should be designed in a way that they take into account the impact on some relevant risk numbers and on the combined market risk capital requirements. To facilitate the computation of those quantitative metrics and ensure the most informative results, only the most recent risk numbers should be considered.
(8) To take into account the effect of possible large changes to trading book positions, which typically happen on a daily basis, institutions should calculate the required risk numbers on the basis of an observation period of 15 consecutive business days, rather than on the basis of a single point in time. However, to include a certain degree of proportionality in the assessment of whether changes to the use of alternative internal models and changes to the subset of the modellable risk factors are material, that observation period of 15 consecutive business days should be subject to exemptions where the assessed quantitative impact is very minor on the first testing date and where there is a presumption that the quantitative thresholds will not be breached during that 15 consecutive business days period.
(9) Competent authorities should not require institutions to calculate the required risk numbers when they grant institutions the initial permission to calculate their own funds requirements by using alternative internal models. However, to justify and substantiate the materiality assessment of those changes and extensions, institutions should calculate the required risk numbers when they extend or change their alternative internal models and change the subset of the modellable risk factors.
(10) To ensure that competent authorities take, at any time, appropriate supervisory measures with regard to extensions and changes to the alternative internal models and changes to the institution’s choice of the subset of the modellable risk factors, they should consider a group of related extensions or changes to an alternative internal model notified separately by an institution as a single extension or change. In such a case, competent authorities should assess whether extensions and changes to the use of the alternative internal models are material at the level of that single extension or change.
(11) This Regulation is based on the draft regulatory technical standards submitted to the Commission by the European Banking Authority.
(12) The European Banking Authority has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Banking Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council(2),
(a) material extensions and changes to the use of alternative internal models, identified in accordance with Article 2(1) and (2), which require permission from the competent authorities;
(b) non-material extensions and changes to the use of alternative internal models, which require notification to the competent authorities.
(a) extensions and changes, identified in accordance with Article 3(1) and (2), to be notified with additional information;
(b) extensions and changes to be notified with basic information.
(a) they meet any of the qualitative criteria set out in Part I of the Annex;
(b) they result in a change equal to or higher than 1 %, in absolute terms, calculated for the first business day of the testing of the impact of the change, of any of the risk numbersRnias set out in paragraph 4 which are considered relevant pursuant to paragraph 5, and result in any of the following:(i)an increase equal to or higher than 15 %, in absolute terms, of the following sum:whereRn1,Rn2andRn3are the risk numbers referred to in paragraph 4 of this Article, respectively, and mcis the multiplication factor referred to in Article 325ba(1), point (b)(i), of Regulation (EU) No 575/2013;(ii)a decrease of 10 % or more, in absolute terms, of the sumSIMAreferred to in point (b)(i) of this paragraph;(iii)an increase equal to or higher than 20 %, in absolute terms, of any of the risk numbersRnireferred to in paragraph 4 which are considered relevant pursuant to paragraph 5;(iv)a decrease equal to or higher than 15 %, in absolute terms, of any of the risk numbersRnireferred to in point (b)(iii) of this paragraph. (i) an increase equal to or higher than 15 %, in absolute terms, of the following sum:whereRn1,Rn2andRn3are the risk numbers referred to in paragraph 4 of this Article, respectively, and mcis the multiplication factor referred to in Article 325ba(1), point (b)(i), of Regulation (EU) No 575/2013; (ii) a decrease of 10 % or more, in absolute terms, of the sumSIMAreferred to in point (b)(i) of this paragraph; (iii) an increase equal to or higher than 20 %, in absolute terms, of any of the risk numbersRnireferred to in paragraph 4 which are considered relevant pursuant to paragraph 5; (iv) a decrease equal to or higher than 15 %, in absolute terms, of any of the risk numbersRnireferred to in point (b)(iii) of this paragraph.
(i) an increase equal to or higher than 15 %, in absolute terms, of the following sum:whereRn1,Rn2andRn3are the risk numbers referred to in paragraph 4 of this Article, respectively, and mcis the multiplication factor referred to in Article 325ba(1), point (b)(i), of Regulation (EU) No 575/2013;
(ii) a decrease of 10 % or more, in absolute terms, of the sumSIMAreferred to in point (b)(i) of this paragraph;
(iii) an increase equal to or higher than 20 %, in absolute terms, of any of the risk numbersRnireferred to in paragraph 4 which are considered relevant pursuant to paragraph 5;
(iv) a decrease equal to or higher than 15 %, in absolute terms, of any of the risk numbersRnireferred to in point (b)(iii) of this paragraph.
(i) an increase equal to or higher than 15 %, in absolute terms, of the following sum:whereRn1,Rn2andRn3are the risk numbers referred to in paragraph 4 of this Article, respectively, and mcis the multiplication factor referred to in Article 325ba(1), point (b)(i), of Regulation (EU) No 575/2013;
(ii) a decrease of 10 % or more, in absolute terms, of the sumSIMAreferred to in point (b)(i) of this paragraph;
(iii) an increase equal to or higher than 20 %, in absolute terms, of any of the risk numbersRnireferred to in paragraph 4 which are considered relevant pursuant to paragraph 5;
(iv) a decrease equal to or higher than 15 %, in absolute terms, of any of the risk numbersRnireferred to in point (b)(iii) of this paragraph.
(a) they meet any of the qualitative criteria set out in Part I of the Annex;
(b) they result in a change equal to or higher than 1 %, in absolute terms, calculated for the first business day of the testing of the impact of the extension, of any of the risk numbersRniset out in paragraph 4 which are considered relevant pursuant to paragraph 5, and result in any of the following:(i)a change equal to or higher than 10 %, in absolute terms, of the sumSIMAreferred to in paragraph 1, point (b)(i);(ii)a change equal to or higher than 15 %, in absolute terms, of any of the risk numbersRniset out in paragraph 4 which are considered relevant pursuant to paragraph 5. (i) a change equal to or higher than 10 %, in absolute terms, of the sumSIMAreferred to in paragraph 1, point (b)(i); (ii) a change equal to or higher than 15 %, in absolute terms, of any of the risk numbersRniset out in paragraph 4 which are considered relevant pursuant to paragraph 5.
(i) a change equal to or higher than 10 %, in absolute terms, of the sumSIMAreferred to in paragraph 1, point (b)(i);
(ii) a change equal to or higher than 15 %, in absolute terms, of any of the risk numbersRniset out in paragraph 4 which are considered relevant pursuant to paragraph 5.
(i) a change equal to or higher than 10 %, in absolute terms, of the sumSIMAreferred to in paragraph 1, point (b)(i);
(ii) a change equal to or higher than 15 %, in absolute terms, of any of the risk numbersRniset out in paragraph 4 which are considered relevant pursuant to paragraph 5.
(a) Rn1, the institution’s previous day’s expected shortfall risk measure (ESt-1) referred to in Article 325ba(1), point (a)(i), of Regulation (EU) No 575/2013, for the portfolio of all positions referred to in paragraph 10 of this Article;
(b) Rn2, the institution’s previous day’s stress scenario risk measure (SSt-1) referred to in Article 325ba(1), point (a)(ii), of Regulation (EU) No 575/2013, for the portfolio of all positions referred to in paragraph 10 of this Article;
(c) Rn3, the most recent own funds requirement for default risk referred to in Article 325ba(2), point (a), of Regulation (EU) No 575/2013, for the portfolio of all positions referred to in paragraph 10 of this Article.
(a) on at least one day over the period referred to in paragraph 9:
(b) on the first business day of the testing of the impact of the extension or change:whereSIMAis the sum referred to in paragraph 1, point (b)(i).
(a) in numerator, the difference between the sumSIMAreferred to in paragraph 1, point (b)(i), with and without the extension or change to the use of their alternative internal models;
(b) in the denominator, the sumSIMAreferred to in paragraph 1, point (b)(i), without the extension or change to the use of their alternative internal models.
(a) in the numerator, the difference between the relevant risk numberRnireferred to in paragraph 4, with and without the extension or change to the use of their alternative internal models;
(b) in the denominator, the relevant risk numberRnireferred to in paragraph 4, without the extension or change to the use of their alternative internal models.
(a) they meet any of the qualitative criteria set out in the Part II of the Annex;
(b) they result in a change equal to or higher than 1 %, in absolute terms, calculated for the first business day of the testing of the impact of the change of any of the risk numbersRniset out in Article 2(4) which are considered as relevant pursuant to Article 2(5), and result in any of the following:(i)an increase equal to or higher than 10 % and lower than 15 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i);(ii)a decrease equal to or higher than 5 % and lower than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i);(iii)an increase equal to or higher than 15 % and lower than 20 %, in absolute terms, of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5);(iv)a decrease equal to or higher than 10 % and lower than 15 %, in absolute terms, of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5). (i) an increase equal to or higher than 10 % and lower than 15 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i); (ii) a decrease equal to or higher than 5 % and lower than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i); (iii) an increase equal to or higher than 15 % and lower than 20 %, in absolute terms, of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5); (iv) a decrease equal to or higher than 10 % and lower than 15 %, in absolute terms, of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5).
(i) an increase equal to or higher than 10 % and lower than 15 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i);
(ii) a decrease equal to or higher than 5 % and lower than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i);
(iii) an increase equal to or higher than 15 % and lower than 20 %, in absolute terms, of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5);
(iv) a decrease equal to or higher than 10 % and lower than 15 %, in absolute terms, of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5).
(i) an increase equal to or higher than 10 % and lower than 15 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i);
(ii) a decrease equal to or higher than 5 % and lower than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i);
(iii) an increase equal to or higher than 15 % and lower than 20 %, in absolute terms, of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5);
(iv) a decrease equal to or higher than 10 % and lower than 15 %, in absolute terms, of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5).
(a) they meet any of the qualitative criteria set out in Part II of the Annex;
(b) they result in a change equal to or higher than 1 %, in absolute terms, calculated for the first business day of the testing of the impact of the extension of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5), and result in any of the following:(i)a change equal to or higher than 5 % and lower than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(2), point (b)(i);(ii)a change equal to or higher than 10 % and lower than 15 %, in absolute terms, of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5). (i) a change equal to or higher than 5 % and lower than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(2), point (b)(i); (ii) a change equal to or higher than 10 % and lower than 15 %, in absolute terms, of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5).
(i) a change equal to or higher than 5 % and lower than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(2), point (b)(i);
(ii) a change equal to or higher than 10 % and lower than 15 %, in absolute terms, of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5).
(i) a change equal to or higher than 5 % and lower than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(2), point (b)(i);
(ii) a change equal to or higher than 10 % and lower than 15 %, in absolute terms, of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5).
(a) material changes to the institution’s choice of the subset of the modellable risk factors, identified in accordance with Article 5(1) of this Regulation, which require permission from the competent authorities;
(b) non-material changes to the institution’s choice of the subset of the modellable risk factors, which require notification to the competent authorities.
(a) changes to the institution’s choice of the subset of the modellable risk factors, identified in accordance with Article 6(1), to be notified with additional information;
(b) changes to the institution’s choice of the subset of the modellable risk factors to be notified with basic information.
(a) a change equal to or higher than 1 %, in absolute terms, calculated for the first business day of the testing of the impact of the change to the institution’s choice of the subset of modellable risk factors, of the risk numberRn1referred to in Article 2(4), point (a);
(b) any of the following:(i)an increase equal to or higher than 15 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i);(ii)a decrease equal to or higher than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i);(iii)an increase equal to or higher than 20 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a);(iv)a decrease equal to or higher than 15 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a);(v)a decrease of the ratio set out in paragraph 4, which leads to the following condition being met:whereRchangeis the ratio set out in paragraph 4 with the implementation of the change to the choice of the subset of modellable risk factors. (i) an increase equal to or higher than 15 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i); (ii) a decrease equal to or higher than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i); (iii) an increase equal to or higher than 20 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a); (iv) a decrease equal to or higher than 15 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a); (v) a decrease of the ratio set out in paragraph 4, which leads to the following condition being met:whereRchangeis the ratio set out in paragraph 4 with the implementation of the change to the choice of the subset of modellable risk factors.
(i) an increase equal to or higher than 15 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i);
(ii) a decrease equal to or higher than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i);
(iii) an increase equal to or higher than 20 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a);
(iv) a decrease equal to or higher than 15 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a);
(v) a decrease of the ratio set out in paragraph 4, which leads to the following condition being met:whereRchangeis the ratio set out in paragraph 4 with the implementation of the change to the choice of the subset of modellable risk factors.
(i) an increase equal to or higher than 15 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i);
(ii) a decrease equal to or higher than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i);
(iii) an increase equal to or higher than 20 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a);
(iv) a decrease equal to or higher than 15 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a);
(v) a decrease of the ratio set out in paragraph 4, which leads to the following condition being met:whereRchangeis the ratio set out in paragraph 4 with the implementation of the change to the choice of the subset of modellable risk factors.
(a) a change equal to or higher than 1 %, in absolute terms, computed for the first business day of the testing of the impact of the change to the institution’s choice of the subset of modellable risk factors, of the risk numberRn1set out in Article 2(4), point (a);
(b) any of the following:(i)an increase equal to or higher than 10 % and lower than 15 %, in absolute terms, of the sumSIMAreferred to in Article 2(2), point (b)(i);(ii)a decrease equal to or higher than 5 % and lower than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(2), point (b)(i);(iii)an increase equal to or higher than 15 % and lower than 20 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a);(iv)a decrease equal to or higher than 10 % and lower than 15 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a); (i) an increase equal to or higher than 10 % and lower than 15 %, in absolute terms, of the sumSIMAreferred to in Article 2(2), point (b)(i); (ii) a decrease equal to or higher than 5 % and lower than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(2), point (b)(i); (iii) an increase equal to or higher than 15 % and lower than 20 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a); (iv) a decrease equal to or higher than 10 % and lower than 15 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a);
(i) an increase equal to or higher than 10 % and lower than 15 %, in absolute terms, of the sumSIMAreferred to in Article 2(2), point (b)(i);
(ii) a decrease equal to or higher than 5 % and lower than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(2), point (b)(i);
(iii) an increase equal to or higher than 15 % and lower than 20 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a);
(iv) a decrease equal to or higher than 10 % and lower than 15 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a);
(i) an increase equal to or higher than 10 % and lower than 15 %, in absolute terms, of the sumSIMAreferred to in Article 2(2), point (b)(i);
(ii) a decrease equal to or higher than 5 % and lower than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(2), point (b)(i);
(iii) an increase equal to or higher than 15 % and lower than 20 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a);
(iv) a decrease equal to or higher than 10 % and lower than 15 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a);
(c) Rchangedoes not meet the criterion set out in Article 5(1), point (b)(v).
(a) notify their competent authority of such a delay;
(b) submit to their competent authority a plan for a timely implementation of the approved extension or change, to be approved by the competent authority.
(a) a description of the extension or change to the use of their alternative internal models, or of the change to their choice of the subset of modellable risk factors, and a description of the rationale and objective of that extension or change;
(b) the implementation date of such extension or change;
(c) the scope of trading desks affected by the extension or change to the use of the alternative internal model or the change to the institution’s choice of the subset of modellable risk factors including information on the trading volume of those desks;
(d) technical and process documents;
(e) reports of the institutions’ independent review or validation;
(f) a confirmation that the competent body of the institution has, through the institution’s approval processes, approved the extension or change to the use of the alternative internal model or the change to the institution’s choice of the subset of modellable risk factors, and the date of that approval;
(g) where applicable, any relevant one of the following, together with a justification of representativeness of the period of 15 consecutive business days selected for the quantitative impact:(i)the quantitative impact of the extension or change to the use of the alternative internal model on the sum referred to in Article 2(1), point (b)(i);(ii)the quantitative impact of the extension or change to the use of the alternative internal model on the relevant risk numbersRnireferred to in Article 2(4);(iii)the quantitative impact of the change to the institution’s choice of the subset of modellable risk factors on the sum referred to in Article 2(1), point (b)(i);(iv)the quantitative impact of the change to the institution’s choice of the subset of modellable risk factors on the risk numberRn1referred to in Article 2(4), point (a),(v)the ratioRchangereferred to in Article 5(4); (i) the quantitative impact of the extension or change to the use of the alternative internal model on the sum referred to in Article 2(1), point (b)(i); (ii) the quantitative impact of the extension or change to the use of the alternative internal model on the relevant risk numbersRnireferred to in Article 2(4); (iii) the quantitative impact of the change to the institution’s choice of the subset of modellable risk factors on the sum referred to in Article 2(1), point (b)(i); (iv) the quantitative impact of the change to the institution’s choice of the subset of modellable risk factors on the risk numberRn1referred to in Article 2(4), point (a), (v) the ratioRchangereferred to in Article 5(4);
(i) the quantitative impact of the extension or change to the use of the alternative internal model on the sum referred to in Article 2(1), point (b)(i);
(ii) the quantitative impact of the extension or change to the use of the alternative internal model on the relevant risk numbersRnireferred to in Article 2(4);
(iii) the quantitative impact of the change to the institution’s choice of the subset of modellable risk factors on the sum referred to in Article 2(1), point (b)(i);
(iv) the quantitative impact of the change to the institution’s choice of the subset of modellable risk factors on the risk numberRn1referred to in Article 2(4), point (a),
(v) the ratioRchangereferred to in Article 5(4);
(i) the quantitative impact of the extension or change to the use of the alternative internal model on the sum referred to in Article 2(1), point (b)(i);
(ii) the quantitative impact of the extension or change to the use of the alternative internal model on the relevant risk numbersRnireferred to in Article 2(4);
(iii) the quantitative impact of the change to the institution’s choice of the subset of modellable risk factors on the sum referred to in Article 2(1), point (b)(i);
(iv) the quantitative impact of the change to the institution’s choice of the subset of modellable risk factors on the risk numberRn1referred to in Article 2(4), point (a),
(v) the ratioRchangereferred to in Article 5(4);
(h) information about the potential impact on trading desks that do not fulfil all the requirements of Article 325az(2) of Regulation (EU) No 575/2013 when the institution asks its competent authority for a permission as referred to in Article 325az(7), first subparagraph, of Regulation (EU) No 575/2013, or notifies its competent authority in accordance with Article 325az(7), second subparagraph, of that Regulation, including an estimate of the quantitative impact on the relevant risk numbersRnireferred to in Article 2(4) of this Regulation;
(i) records of the current and previous version number of the institution’s alternative internal models concerned.
(a) a verification of the materiality assessment and of the representativeness of the period of 15 consecutive business days used;
(b) a critical review of the characteristics of the extension or change to the use of the alternative internal model, or change to the institution’s choice of the subset of modellable risk factors, performed in accordance with Article 325bi(2) and Article 325bj of Regulation (EU) No 575/2013;
(c) a plan for a timely implementation of necessary corrective measures suggested as part of the independent review or validation process.
1. Significant changes to the structure or organisation of an institution’s trading desks, for which permission has been granted to calculate the own funds requirements for market risk by using alternative internal models, including significant changes to the booking models, to the risk management structure or to the business strategy, including any of the following cases:(a)significant changes where the institution aims to apply internal risk transfers for the first time;(b)significant changes where trading desks capture foreign exchange (FX) or commodity risk in the non-trading book for the first time;(c)significant changes where trading desks start to include positions in asset classes different from those forming part of the permission to use the alternative internal models. (a) significant changes where the institution aims to apply internal risk transfers for the first time; (b) significant changes where trading desks capture foreign exchange (FX) or commodity risk in the non-trading book for the first time; (c) significant changes where trading desks start to include positions in asset classes different from those forming part of the permission to use the alternative internal models.
(a) significant changes where the institution aims to apply internal risk transfers for the first time;
(b) significant changes where trading desks capture foreign exchange (FX) or commodity risk in the non-trading book for the first time;
(c) significant changes where trading desks start to include positions in asset classes different from those forming part of the permission to use the alternative internal models.
(a) significant changes where the institution aims to apply internal risk transfers for the first time;
(b) significant changes where trading desks capture foreign exchange (FX) or commodity risk in the non-trading book for the first time;
(c) significant changes where trading desks start to include positions in asset classes different from those forming part of the permission to use the alternative internal models.
2. Inclusion in the scope of the alternative internal model approach of a trading desk, which, at the moment of the request for a permission as referred to in Article 325az(7), first subparagraph, of Regulation (EU) No 575/2013, is not part of the permission to calculate the own funds requirements for market risk by using alternative internal models, and which fulfils any of the following conditions:(a)for that trading desk, front office systems or IT systems that are different from those forming part of the permission to use the alternative internal models are used;(b)that trading desk is located in a third country jurisdiction where, at the moment of the request, no trading desk in the scope of the alternative internal models is located;(c)that trading desk entails positions in asset classes that are different from those forming part of the permission to use the alternative internal models. (a) for that trading desk, front office systems or IT systems that are different from those forming part of the permission to use the alternative internal models are used; (b) that trading desk is located in a third country jurisdiction where, at the moment of the request, no trading desk in the scope of the alternative internal models is located; (c) that trading desk entails positions in asset classes that are different from those forming part of the permission to use the alternative internal models.
(a) for that trading desk, front office systems or IT systems that are different from those forming part of the permission to use the alternative internal models are used;
(b) that trading desk is located in a third country jurisdiction where, at the moment of the request, no trading desk in the scope of the alternative internal models is located;
(c) that trading desk entails positions in asset classes that are different from those forming part of the permission to use the alternative internal models.
(a) for that trading desk, front office systems or IT systems that are different from those forming part of the permission to use the alternative internal models are used;
(b) that trading desk is located in a third country jurisdiction where, at the moment of the request, no trading desk in the scope of the alternative internal models is located;
(c) that trading desk entails positions in asset classes that are different from those forming part of the permission to use the alternative internal models.
3. Changes to the fundamental approach to calculate the partial expected shortfall measures referred to in Article 325bb(1) of Regulation (EU) No 575/2013, including between historical simulation, parametric or Monte Carlo approach.
4. Changes to the fundamental approach to calculate the own funds requirement for default risk referred to in Article 325ba(2) of Regulation (EU) No 575/2023, including significant changes to the choice of the systematic risk factors or to the correlation structure of the model.
1. The inclusion in the scope of a trading desk under the alternative internal models of product classes requiring other risk modelling techniques than those forming part of the permission to use those alternative internal models, such as path-dependent products, or multi-underlying positions, including cases where a change in booking models leads to products for which the institution was transferring the market risk to another entity of the group outside the scope of the highest level of consolidation within the Union at the time when permission for internal models was granted start being risk-managed in the institution.
2. Changes to the structure or organisation of an institution’s trading desks consisting of the merging or the splitting of desks for which permission has been granted to calculate the own funds requirements for market risk by using the alternative internal models, provided that those changes do not meet the conditions set out in Article 2 of this Regulation.
3. Changes to the methodology used to assess the modellability of risk factors in accordance with Article 325be of Regulation (EU) No 575/2013.
4. Changes to the methodology for calculating actual or hypothetical profit and loss, where such changes have the effect of reducing the number of overshootings of a trading desk for which permission has been granted to use alternative internal models, restoring its compliance with the conditions on back-testing referred to in Article 325bf(3) of Regulation (EU) No 575/2013.
5. Changes to the methodology for calculating hypothetical or theoretical profit and loss, where such changes have the effect of increasing the Spearman correlation coefficient or reducing the Kolmogorov-Smirnov test metric of a trading desk for which permission has been granted to use alternative internal models, changing its classification as laid down in Article 9 of Commission Delegated Regulation (EU) 2022/2059(1), for the purpose of meeting the P&L attribution requirements set out in Article 325bg of Regulation (EU) No 575/2013.
6. Fundamental changes to the internal validation methodology referred to in Article 325bj of Regulation (EU) No 575/2013 which lead to significant changes in the way the institution assesses the overall performance and integrity of the alternative internal models, including:(a)where the scope of the internal validation review, its frequency or the quantity or quality of the tests and controls performed are reduced;(b)where there are significant changes to the decision-making process in place to ensure that the findings and recommendations resulting from the validation process are properly taken into account by the senior management of the institution. (a) where the scope of the internal validation review, its frequency or the quantity or quality of the tests and controls performed are reduced; (b) where there are significant changes to the decision-making process in place to ensure that the findings and recommendations resulting from the validation process are properly taken into account by the senior management of the institution.
(a) where the scope of the internal validation review, its frequency or the quantity or quality of the tests and controls performed are reduced;
(b) where there are significant changes to the decision-making process in place to ensure that the findings and recommendations resulting from the validation process are properly taken into account by the senior management of the institution.
(a) where the scope of the internal validation review, its frequency or the quantity or quality of the tests and controls performed are reduced;
(b) where there are significant changes to the decision-making process in place to ensure that the findings and recommendations resulting from the validation process are properly taken into account by the senior management of the institution.
7. Structural, organisational or operational changes to the core processes in risk management or risk controlling functions referred to in Article 325bi(1) of Regulation (EU) No 575/2013, including:(a)significant changes to the limit setting framework;(b)changes to the reporting framework leading to a loss of information or to a change of addressees in the senior management;(c)changes to the stress testing methodology leading to significant differences in the stress testing results;(d)changes to the policies and approval processes for new products or internal model changes. (a) significant changes to the limit setting framework; (b) changes to the reporting framework leading to a loss of information or to a change of addressees in the senior management; (c) changes to the stress testing methodology leading to significant differences in the stress testing results; (d) changes to the policies and approval processes for new products or internal model changes.
(a) significant changes to the limit setting framework;
(b) changes to the reporting framework leading to a loss of information or to a change of addressees in the senior management;
(c) changes to the stress testing methodology leading to significant differences in the stress testing results;
(d) changes to the policies and approval processes for new products or internal model changes.
(a) significant changes to the limit setting framework;
(b) changes to the reporting framework leading to a loss of information or to a change of addressees in the senior management;
(c) changes to the stress testing methodology leading to significant differences in the stress testing results;
(d) changes to the policies and approval processes for new products or internal model changes.
8. Fundamental extensions and changes in the IT infrastructure, including data storage, relevant for the calculation of the own funds requirements for market risk using the alternative internal models, including:(a)an extension of the IT system to vendor pricing models;(b)the outsourcing of central data collection functions to data vendors;(c)the introduction of cloud computing or data storage. (a) an extension of the IT system to vendor pricing models; (b) the outsourcing of central data collection functions to data vendors; (c) the introduction of cloud computing or data storage.
(a) an extension of the IT system to vendor pricing models;
(b) the outsourcing of central data collection functions to data vendors;
(c) the introduction of cloud computing or data storage.
(a) an extension of the IT system to vendor pricing models;
(b) the outsourcing of central data collection functions to data vendors;
(c) the introduction of cloud computing or data storage.
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012(1), and in particular Article 325az(8), first subparagraph, point (a), and third subparagraph thereof,
(1) Whether institutions obtain permission from their competent authorities to use the alternative internal model approach laid down in Title IV, Chapter 1b, of Regulation (EU) No 575/2013 depends on whether those institutions comply with the requirements set out in Part Three, Title IV, Chapter 1b of that Regulation, including requirements as regards methods, processes, controls, data collection, organisation of the risk control unit and internal validation function, and IT systems. Institutions are allowed to modify the methods, processes, controls, data collection, organisation of the risk control unit and internal validation function, and IT systems, as approved by their competent authorities, provided that such modifications have been notified to their competent authority or have been approved by their competent authority, depending on the nature of the modifications, in accordance with Article 325az(7) of Regulation (EU) No 575/2013. That also applies to modifications triggered by the application of regulatory requirements, where those modifications encompass the use of methods or approaches that are not part of the existing competent authority’s permission.
(2) The choice of the subset of the modellable risk factors referred to in Article 325bc(2) of Regulation (EU) No 575/2013 is a part of the institution’s approved and documented set of internal policies and procedures. Where the institution modifies its policies and procedures related to the choice of modellable risk factors, that modification should be approved by or notified to the competent authority, as it constitutes a change to the choice of the subset of the modellable risk factors. By contrast, changes to the composition of the list of risk factors included in the subset of modellable risk factors referred to in Article 325bc(2) of that Regulation, which take place within the approved policies and procedures, including in the case of a reduction in data availability, should not be considered as changes to the institution’s choice of the subset of modellable risk factors.
(3) The permission from the competent authority relates to the methods, processes, controls, data collection and IT systems of the alternative internal model approach. Therefore institutions should not be required to notify their competent authority of ongoing alignments of the alternative internal models they use to the data sources used, of the correction of errors, or of minor adjustments that are necessary for the day-to-day maintenance of the models, that occur within the already approved methods, processes, controls, data collection and IT systems and are recorded accordingly.
(4) Extensions and changes to the use of alternative internal models, or changes to the subset of the modellable risk factors, should be classified as ‘material’, and thus as requiring prior permission by competent authorities, or ‘non-material’ and thus requiring notification to competent authorities, on the basis of both qualitative and quantitative criteria. Some extensions and changes, including organisational changes, internal process changes, or risk management process changes, may not have a direct quantitative impact on the alternative internal models, but may influence the accuracy, soundness and use of the that alternative internal model. In those cases, given the difficulty of determining a quantitative impact, institutions and competent authorities should use only the qualitative criteria for the assessment of the materiality of those changes.
(5) To ensure a prudent approach and enable competent authorities to review extensions of, and changes to, the use of alternative internal models, or changes to the subset of the modellable risk factors, before they are implemented, institutions should notify their competent authority of such non-material extensions and changes at least four weeks before implementation. However, that notice period should not apply to cases where institutions fail to meet the condition set out in Article 325bc(2), point (a), of Regulation (EU) No 575/2013. In such cases, institutions should have the possibility to take immediate action to restore compliance with the regulatory requirements, but should also duly and promptly notify competent authorities before implementing this change.
(6) Competent authorities can only review extensions of, and changes to, the use of alternative internal models, and changes to the subset of the modellable risk factors, where they receive from the institutions concerned all information necessary for such a review. It is therefore necessary to specify the content of the information that institutions are to provide for that purpose.
(7) The quantitative metrics and related thresholds used to identify material changes and extensions should be designed in a way that they take into account the impact on some relevant risk numbers and on the combined market risk capital requirements. To facilitate the computation of those quantitative metrics and ensure the most informative results, only the most recent risk numbers should be considered.
(8) To take into account the effect of possible large changes to trading book positions, which typically happen on a daily basis, institutions should calculate the required risk numbers on the basis of an observation period of 15 consecutive business days, rather than on the basis of a single point in time. However, to include a certain degree of proportionality in the assessment of whether changes to the use of alternative internal models and changes to the subset of the modellable risk factors are material, that observation period of 15 consecutive business days should be subject to exemptions where the assessed quantitative impact is very minor on the first testing date and where there is a presumption that the quantitative thresholds will not be breached during that 15 consecutive business days period.
(9) Competent authorities should not require institutions to calculate the required risk numbers when they grant institutions the initial permission to calculate their own funds requirements by using alternative internal models. However, to justify and substantiate the materiality assessment of those changes and extensions, institutions should calculate the required risk numbers when they extend or change their alternative internal models and change the subset of the modellable risk factors.
(10) To ensure that competent authorities take, at any time, appropriate supervisory measures with regard to extensions and changes to the alternative internal models and changes to the institution’s choice of the subset of the modellable risk factors, they should consider a group of related extensions or changes to an alternative internal model notified separately by an institution as a single extension or change. In such a case, competent authorities should assess whether extensions and changes to the use of the alternative internal models are material at the level of that single extension or change.
(11) This Regulation is based on the draft regulatory technical standards submitted to the Commission by the European Banking Authority.
(12) The European Banking Authority has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Banking Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council(2),
HAS ADOPTED THIS REGULATION:

Categories of extensions and changes to the use of alternative internal models
Article 1
1. Institutions shall assign extensions and changes to the use of their alternative internal models to one of the following categories:
(a)
material extensions and changes to the use of alternative internal models, identified in accordance with Article 2(1) and (2), which require permission from the competent authorities;
(b)
non-material extensions and changes to the use of alternative internal models, which require notification to the competent authorities.
2. Institutions shall assign non-material extensions and changes to the use of their alternative internal models as referred to in paragraph 1, point (b), to one of the following sub-categories:
(a)
extensions and changes, identified in accordance with Article 3(1) and (2), to be notified with additional information;
(b)
extensions and changes to be notified with basic information.

Material changes to, and material extensions of, the use of alternative internal models
Article 2
1. Institutions shall categorise changes to the use of their alternative internal models as material, as referred to in Article 1(1), point (a), where those changes fulfil any of the following conditions:
(a)
they meet any of the qualitative criteria set out in Part I of the Annex;
(b)
they result in a change equal to or higher than 1 %, in absolute terms, calculated for the first business day of the testing of the impact of the change, of any of the risk numbersRnias set out in paragraph 4 which are considered relevant pursuant to paragraph 5, and result in any of the following:
(i)
an increase equal to or higher than 15 %, in absolute terms, of the following sum:
whereRn1,Rn2andRn3are the risk numbers referred to in paragraph 4 of this Article, respectively, and mcis the multiplication factor referred to in Article 325ba(1), point (b)(i), of Regulation (EU) No 575/2013;
(ii)
a decrease of 10 % or more, in absolute terms, of the sumSIMAreferred to in point (b)(i) of this paragraph;
(iii)
an increase equal to or higher than 20 %, in absolute terms, of any of the risk numbersRnireferred to in paragraph 4 which are considered relevant pursuant to paragraph 5;
(iv)
a decrease equal to or higher than 15 %, in absolute terms, of any of the risk numbersRnireferred to in point (b)(iii) of this paragraph.
2. Institutions shall categorise extensions of the use of their alternative internal models as material, as referred to in Article 1(1), point (a), where those extensions fulfil any of the following conditions:
(a)
they meet any of the qualitative criteria set out in Part I of the Annex;
(b)
they result in a change equal to or higher than 1 %, in absolute terms, calculated for the first business day of the testing of the impact of the extension, of any of the risk numbersRniset out in paragraph 4 which are considered relevant pursuant to paragraph 5, and result in any of the following:
(i)
a change equal to or higher than 10 %, in absolute terms, of the sumSIMAreferred to in paragraph 1, point (b)(i);
(ii)
a change equal to or higher than 15 %, in absolute terms, of any of the risk numbersRniset out in paragraph 4 which are considered relevant pursuant to paragraph 5.
3. By way of derogation from paragraphs 1 and 2, institutions shall not categorise as material extensions and changes to the use of their alternative internal models that were requested by their competent authority.
4. To assess whether the conditions in paragraph 1, point (b), and paragraph 2, point (b), are fulfilled, institutions shall consider the following risk numbersRni:
(a)
Rn1, the institution’s previous day’s expected shortfall risk measure (ESt-1) referred to in Article 325ba(1), point (a)(i), of Regulation (EU) No 575/2013, for the portfolio of all positions referred to in paragraph 10 of this Article;
(b)
Rn2, the institution’s previous day’s stress scenario risk measure (SSt-1) referred to in Article 325ba(1), point (a)(ii), of Regulation (EU) No 575/2013, for the portfolio of all positions referred to in paragraph 10 of this Article;
(c)
Rn3, the most recent own funds requirement for default risk referred to in Article 325ba(2), point (a), of Regulation (EU) No 575/2013, for the portfolio of all positions referred to in paragraph 10 of this Article.
5. Institutions shall consider the risk numberRniset out in paragraph 4 as relevant where that risk number fulfils all the following conditions:
(a)
on at least one day over the period referred to in paragraph 9:
(b)
on the first business day of the testing of the impact of the extension or change:
whereSIMAis the sum referred to in paragraph 1, point (b)(i).
Institutions shall check the conditions referred to in the first subparagraph both with and without the extension or change to the use of their alternative internal models.
6. To assess whether the conditions in paragraph 1, point (b)(i) or (b)(iii), are fulfilled, institutions shall determine the impact of the change to the use of their alternative internal models by taking the highest increase, in absolute terms over the period referred to in paragraph 9, of the ratios set out in paragraphs 7 or 8, respectively.
To assess whether the conditions in paragraph 1, point (b)(ii) or (b)(iv), are fulfilled, institutions shall determine the impact of the change to the use of their alternative internal models by taking the highest decrease, in absolute terms over the period referred to in paragraph 9, of the ratios set out in paragraphs 7 or 8, respectively.
To assess whether the conditions in paragraph 2, point (b)(i) or (b)(ii), are fulfilled, institutions shall determine the impact of the extension to the use of their alternative internal models by taking the highest change, in absolute terms over the period referred to in paragraph 9, of the ratios set out in paragraphs 7 or 8, respectively.
7. Institutions shall calculate the ratio to be used for assessing whether the conditions set out in paragraph 1, points (b)(i) and (ii), or paragraph 2, point (b)(i), are fulfilled as follows:
(a)
in numerator, the difference between the sumSIMAreferred to in paragraph 1, point (b)(i), with and without the extension or change to the use of their alternative internal models;
(b)
in the denominator, the sumSIMAreferred to in paragraph 1, point (b)(i), without the extension or change to the use of their alternative internal models.
8. Institutions shall calculate the ratio to be used for assessing whether the conditions set out in paragraph 1, points (b)(iii) and (iv), and paragraph 2, point (b)(ii), are fulfilled as follows:
(a)
in the numerator, the difference between the relevant risk numberRnireferred to in paragraph 4, with and without the extension or change to the use of their alternative internal models;
(b)
in the denominator, the relevant risk numberRnireferred to in paragraph 4, without the extension or change to the use of their alternative internal models.
9. Institutions shall calculate the ratios referred to in paragraphs 7 and 8 for a period of 15 consecutive business days starting from the first business day of the testing of the impact of the extension or change to the use of their alternative internal models.
The choice of the 15 consecutive business days period shall be representative of the trading and hedging activity under normal market conditions for the portfolio of positions affected by the extension or change to the use of their alternative internal models. That period shall be part of the 9 months preceding the notification or request for permission to their competent authority as referred to in Article 325az(7) of Regulation (EU) No 575/2013.
10. Institutions shall calculate the risk numbersRniset out in paragraph 4 for the portfolio of all positions assigned to trading desks which fulfil all the requirements set out in of Article 325az(2) of Regulation (EU) No 575/2013 at the moment of notification or request of permission to their competent authority as referred to in Article 325az(7) of Regulation (EU) No 575/2013.

Non-material changes to, and non-material extensions of, the use of the alternative internal models requiring notification with additional information
Article 3
1. Institutions shall categorise non-material changes to the use of their alternative internal models as requiring notification with additional information, as referred to in Article 1(2), point (a), where those changes fulfil any of the following conditions:
(a)
they meet any of the qualitative criteria set out in the Part II of the Annex;
(b)
they result in a change equal to or higher than 1 %, in absolute terms, calculated for the first business day of the testing of the impact of the change of any of the risk numbersRniset out in Article 2(4) which are considered as relevant pursuant to Article 2(5), and result in any of the following:
(i)
an increase equal to or higher than 10 % and lower than 15 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i);
(ii)
a decrease equal to or higher than 5 % and lower than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i);
(iii)
an increase equal to or higher than 15 % and lower than 20 %, in absolute terms, of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5);
(iv)
a decrease equal to or higher than 10 % and lower than 15 %, in absolute terms, of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5).
2. Institutions shall categorise non-material extensions to the use of their alternative internal models as requiring notification with additional information, as referred to in Article 1(2), point (a), where those extensions fulfil any of the following conditions:
(a)
they meet any of the qualitative criteria set out in Part II of the Annex;
(b)
they result in a change equal to or higher than 1 %, in absolute terms, calculated for the first business day of the testing of the impact of the extension of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5), and result in any of the following:
(i)
a change equal to or higher than 5 % and lower than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(2), point (b)(i);
(ii)
a change equal to or higher than 10 % and lower than 15 %, in absolute terms, of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5).
3. Institutions shall notify their competent authorities in accordance with Article 325az(7), second subparagraph, of Regulation (EU) No 575/2013, 4 weeks before they implement a non-material extension or change to the use of their alternative internal models.
4. To assess whether the conditions referred to in paragraph 1, points (b)(i) or (b)(iii) are fulfilled, institutions shall determine the impact of the change to the use of their alternative internal models by taking the highest increase, in absolute terms over the period referred to in Article 2(9), of the ratios referred to in Article 2(7) or (8), respectively.
To assess whether the conditions referred to in paragraph 1, points (b)(ii) or (b)(iv) are fulfilled, institutions shall determine the impact of the change to the use of their alternative internal models by taking the highest decrease, in absolute terms over the period referred to in Article 2(9), of the ratios referred to in Article 2(7) or (8), respectively.
To assess whether the conditions referred to in paragraph 2, points (b)(i) or (b)(ii) are fulfilled, institutions shall determine the impact of the extension to the use of their alternative internal models by taking the highest change, in absolute terms over the period referred to in Article 2(9) of the ratios referred to in Article 2(7) or (8), respectively.

Categories of changes to the institution’s choice of the subset of the modellable risk factors
Article 4
1. Institutions shall assign changes to the choice of the subset of the modellable risk factors referred to in Article 325bc(2) of Regulation (EU) No 575/2013 to one of the following categories:
(a)
material changes to the institution’s choice of the subset of the modellable risk factors, identified in accordance with Article 5(1) of this Regulation, which require permission from the competent authorities;
(b)
non-material changes to the institution’s choice of the subset of the modellable risk factors, which require notification to the competent authorities.
2. Institutions shall assign changes to the institution’s choice of the subset of the modellable risk factors referred to in paragraph 1, point (b), to one of the following sub-categories:
(a)
changes to the institution’s choice of the subset of the modellable risk factors, identified in accordance with Article 6(1), to be notified with additional information;
(b)
changes to the institution’s choice of the subset of the modellable risk factors to be notified with basic information.

Material changes to the institution’s choice of the subset of modellable risk factors
Article 5
1. Institutions shall categorise changes to the institution’s choice of the subset of modellable risk factors referred to in Article 325bc of Regulation (EU) No 575/2013 as material, in accordance with Article 4(1), point (a), of this Regulation, where that change results in both of the following:
(a)
a change equal to or higher than 1 %, in absolute terms, calculated for the first business day of the testing of the impact of the change to the institution’s choice of the subset of modellable risk factors, of the risk numberRn1referred to in Article 2(4), point (a);
(b)
any of the following:
(i)
an increase equal to or higher than 15 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i);
(ii)
a decrease equal to or higher than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i);
(iii)
an increase equal to or higher than 20 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a);
(iv)
a decrease equal to or higher than 15 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a);
(v)
a decrease of the ratio set out in paragraph 4, which leads to the following condition being met:
whereRchangeis the ratio set out in paragraph 4 with the implementation of the change to the choice of the subset of modellable risk factors.
2. By way of derogation from paragraph 1, institutions shall not consider as material changes to their choice of subset of modellable risk factors that were requested by their competent authority.
3. By way of derogation from paragraph 1, institutions shall consider changes to their choice of the subset of modellable risk factors that follow from a failure to meet the requirement set out in Article 325bc(2), point (a), of Regulation (EU) No 575/2013 as non-material changes to be notified with basic information.
4. For the purposes of paragraph 1, point (b)(v), institutions shall calculate the ratioRchangein accordance with the following formula:
where institutions shall calculate PESt+kRCand PESt+kFCin accordance with Article 325bc(3) and (4) of Regulation (EU) No 575/2013, and wheretshall be the first business day of the testing of the impact of the change to the institution’s choice of the subset of modellable risk factors, and where the sum shall be taken over the 15 consecutive business days period referred to in Article 2(9) of this Regulation.
5. To assess whether the conditions referred to in in paragraph 1, points (b)(i) or (b)(iii) are fulfilled, institutions shall determine the impact of the change to their choice of subset of modellable risk factors by taking the highest increase, in absolute terms over the period referred to in Article 2(9), of the ratios referred to in Article 2(7) or (8), respectively.
To assess whether the conditions referred to in paragraph 1, points (b)(ii) or (b)(iv) are fulfilled, institutions shall determine the impact of the change to their choice of subset of modellable risk factors by taking the highest decrease, in absolute terms over the period referred to in Article 2(9), of the ratios referred to in Article 2(7) or (8), respectively.

Non-material changes to the institution’s choice of the subset of modellable risk factors
Article 6
1. Institutions shall categorise non-material changes to their choice of the subset of modellable risk factors as requiring notification with additional information, in accordance with Article 4(2), point (a), where they result in all of the following:
(a)
a change equal to or higher than 1 %, in absolute terms, computed for the first business day of the testing of the impact of the change to the institution’s choice of the subset of modellable risk factors, of the risk numberRn1set out in Article 2(4), point (a);
(b)
any of the following:
(i)
an increase equal to or higher than 10 % and lower than 15 %, in absolute terms, of the sumSIMAreferred to in Article 2(2), point (b)(i);
(ii)
a decrease equal to or higher than 5 % and lower than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(2), point (b)(i);
(iii)
an increase equal to or higher than 15 % and lower than 20 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a);
(iv)
a decrease equal to or higher than 10 % and lower than 15 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a);
(c)
Rchangedoes not meet the criterion set out in Article 5(1), point (b)(v).
2. Institutions shall notify their competent authorities in accordance with Article 325az(7), second subparagraph, of Regulation (EU) No 575/2013 4 weeks before they implement a non-material change to their choice of the subset of modellable risk factors.
Institutions shall, however, notify any changes to their choice of subset of the modellable risk factors that follow from a failure to meet the requirement set out in Article 325bc(2), point (a), of that Regulation before they implement such a change.
3. To assess whether the conditions referred to in paragraph 1, points (b)(i) or (b)(iii), are fulfilled, institutions shall determine the impact of the change to the their choice of the subset of modellable risk factors by taking the highest increase, in absolute terms over the period referred to in Article 2(9), of the ratios referred to in Article 2(7) or (8), respectively.
To assess whether the conditions referred to in paragraph 1, points (b)(ii) or (b)(iv) are fulfilled, institutions shall determine the impact of the change to their choice of subset of modellable risk factors by taking the highest decrease, in absolute terms over the period referred to in Article 2(9), of the ratios referred to in Article 2(7) or (8), respectively.

Principles for the classification of changes to, and extensions of, the use of alternative internal models, and of changes to the subset of the modellable risk factors
Article 7
1. When calculating the quantitative impacts in accordance with Article 2(1) and (2), Article 3(1) and (2), Article 5(1) and Article 6(1), institutions shall use the most recent model setup and calibration and the data inputs corresponding to the period referred to in Article 2(9).
No calculation requirements shall apply to extensions and changes having no direct quantitative impact.
2. Competent authorities shall consider several modifications to the alternative internal model, separately submitted by an institution, as a single model extension or change where such modifications are similar in nature or related in scope. Competent authorities shall consider groups of modifications to the alternative internal model, submitted as a single model extension or change, as separate model extensions or changes where such modifications to the model are not similar in nature or related in scope.
3. In case of doubt on the categorisation referred to in Articles 1 or 4, institutions shall provide the competent authority with an explanatory note justifying their choices of category or sub-category and presenting possible alternatives. The competent authority may change the category or sub-category provided in the request for a permission as referred to in Article 325az(7), first subparagraph, of Regulation (EU) No 575/2013, or the notification as referred to in Article 325az(7), second subparagraph, of that Regulation.

Implementation of changes to, and extensions of, the use of alternative internal models, and of changes to the subset of the modellable risk factors
Article 8
1. Institutions that have been granted a permission for a material extension of, or change to, the use of alternative internal models, or a material change to the subset of the modellable risk factors, as referred to in Article 325az(7), first subparagraph, of Regulation (EU) No 575/2013, shall calculate their own funds requirements based on the approved extension or change from the date specified in the permission.
2. In case of a delay of the implementation of an extension or change to the use of alternative internal models or a change to the subset of the modellable risk factors for which a competent authority has granted a permission as referred to in Article 325az(7), first subparagraph, of Regulation (EU) No 575/2013, institutions shall, without undue delay:
(a)
notify their competent authority of such a delay;
(b)
submit to their competent authority a plan for a timely implementation of the approved extension or change, to be approved by the competent authority.
3. Institutions that have notified their competent authority of an extension or change and have subsequently decided not to implement such extension or change, shall notify their competent authority thereof without undue delay.

Documentation of extensions and changes to the use of the alternative internal models and changes to the institution’s choice of the subset of modellable risk factors
Article 9
1. Institutions shall, when they ask their competent authority for a permission as referred to in Article 325az(7), first subparagraph, of Regulation (EU) No 575/2013, provide their competent authority, with all of the following documentation:
(a)
a description of the extension or change to the use of their alternative internal models, or of the change to their choice of the subset of modellable risk factors, and a description of the rationale and objective of that extension or change;
(b)
the implementation date of such extension or change;
(c)
the scope of trading desks affected by the extension or change to the use of the alternative internal model or the change to the institution’s choice of the subset of modellable risk factors including information on the trading volume of those desks;
(d)
technical and process documents;
(e)
reports of the institutions’ independent review or validation;
(f)
a confirmation that the competent body of the institution has, through the institution’s approval processes, approved the extension or change to the use of the alternative internal model or the change to the institution’s choice of the subset of modellable risk factors, and the date of that approval;
(g)
where applicable, any relevant one of the following, together with a justification of representativeness of the period of 15 consecutive business days selected for the quantitative impact:
(i)
the quantitative impact of the extension or change to the use of the alternative internal model on the sum referred to in Article 2(1), point (b)(i);
(ii)
the quantitative impact of the extension or change to the use of the alternative internal model on the relevant risk numbersRnireferred to in Article 2(4);
(iii)
the quantitative impact of the change to the institution’s choice of the subset of modellable risk factors on the sum referred to in Article 2(1), point (b)(i);
(iv)
the quantitative impact of the change to the institution’s choice of the subset of modellable risk factors on the risk numberRn1referred to in Article 2(4), point (a),
(v)
the ratioRchangereferred to in Article 5(4);
(h)
information about the potential impact on trading desks that do not fulfil all the requirements of Article 325az(2) of Regulation (EU) No 575/2013 when the institution asks its competent authority for a permission as referred to in Article 325az(7), first subparagraph, of Regulation (EU) No 575/2013, or notifies its competent authority in accordance with Article 325az(7), second subparagraph, of that Regulation, including an estimate of the quantitative impact on the relevant risk numbersRnireferred to in Article 2(4) of this Regulation;
(i)
records of the current and previous version number of the institution’s alternative internal models concerned.
2. For non-material extensions or changes to be notified with additional information, as referred to in Article 1(2), point (a), and Article 4(2), point (a), institutions shall submit, together with the notification, all the documentation referred to in paragraph 1, points (a) to (i), of this Article.
3. For non-material extensions or changes to be notified with basic information, as referred to in Article 1(2), point (b), and Article 4(2), point (b), institutions shall submit, together with the notification, the documentation referred to in paragraph 1, points (a), (b) and (c) and points (f) to (i), of this Article.
4. The reports of the institutions’ independent review or validation referred to in paragraph 1, point (e), of this Article shall contain all the following:
(a)
a verification of the materiality assessment and of the representativeness of the period of 15 consecutive business days used;
(b)
a critical review of the characteristics of the extension or change to the use of the alternative internal model, or change to the institution’s choice of the subset of modellable risk factors, performed in accordance with Article 325bi(2) and Article 325bj of Regulation (EU) No 575/2013;
(c)
a plan for a timely implementation of necessary corrective measures suggested as part of the independent review or validation process.

Entry into force
Article 10
This Regulation shall enter into force on the twentieth day following that of its publication in theOfficial Journal of the European Union.

THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012(1), and in particular Article 325az(8), first subparagraph, point (a), and third subparagraph thereof,
(1) Whether institutions obtain permission from their competent authorities to use the alternative internal model approach laid down in Title IV, Chapter 1b, of Regulation (EU) No 575/2013 depends on whether those institutions comply with the requirements set out in Part Three, Title IV, Chapter 1b of that Regulation, including requirements as regards methods, processes, controls, data collection, organisation of the risk control unit and internal validation function, and IT systems. Institutions are allowed to modify the methods, processes, controls, data collection, organisation of the risk control unit and internal validation function, and IT systems, as approved by their competent authorities, provided that such modifications have been notified to their competent authority or have been approved by their competent authority, depending on the nature of the modifications, in accordance with Article 325az(7) of Regulation (EU) No 575/2013. That also applies to modifications triggered by the application of regulatory requirements, where those modifications encompass the use of methods or approaches that are not part of the existing competent authority’s permission.
(2) The choice of the subset of the modellable risk factors referred to in Article 325bc(2) of Regulation (EU) No 575/2013 is a part of the institution’s approved and documented set of internal policies and procedures. Where the institution modifies its policies and procedures related to the choice of modellable risk factors, that modification should be approved by or notified to the competent authority, as it constitutes a change to the choice of the subset of the modellable risk factors. By contrast, changes to the composition of the list of risk factors included in the subset of modellable risk factors referred to in Article 325bc(2) of that Regulation, which take place within the approved policies and procedures, including in the case of a reduction in data availability, should not be considered as changes to the institution’s choice of the subset of modellable risk factors.
(3) The permission from the competent authority relates to the methods, processes, controls, data collection and IT systems of the alternative internal model approach. Therefore institutions should not be required to notify their competent authority of ongoing alignments of the alternative internal models they use to the data sources used, of the correction of errors, or of minor adjustments that are necessary for the day-to-day maintenance of the models, that occur within the already approved methods, processes, controls, data collection and IT systems and are recorded accordingly.
(4) Extensions and changes to the use of alternative internal models, or changes to the subset of the modellable risk factors, should be classified as ‘material’, and thus as requiring prior permission by competent authorities, or ‘non-material’ and thus requiring notification to competent authorities, on the basis of both qualitative and quantitative criteria. Some extensions and changes, including organisational changes, internal process changes, or risk management process changes, may not have a direct quantitative impact on the alternative internal models, but may influence the accuracy, soundness and use of the that alternative internal model. In those cases, given the difficulty of determining a quantitative impact, institutions and competent authorities should use only the qualitative criteria for the assessment of the materiality of those changes.
(5) To ensure a prudent approach and enable competent authorities to review extensions of, and changes to, the use of alternative internal models, or changes to the subset of the modellable risk factors, before they are implemented, institutions should notify their competent authority of such non-material extensions and changes at least four weeks before implementation. However, that notice period should not apply to cases where institutions fail to meet the condition set out in Article 325bc(2), point (a), of Regulation (EU) No 575/2013. In such cases, institutions should have the possibility to take immediate action to restore compliance with the regulatory requirements, but should also duly and promptly notify competent authorities before implementing this change.
(6) Competent authorities can only review extensions of, and changes to, the use of alternative internal models, and changes to the subset of the modellable risk factors, where they receive from the institutions concerned all information necessary for such a review. It is therefore necessary to specify the content of the information that institutions are to provide for that purpose.
(7) The quantitative metrics and related thresholds used to identify material changes and extensions should be designed in a way that they take into account the impact on some relevant risk numbers and on the combined market risk capital requirements. To facilitate the computation of those quantitative metrics and ensure the most informative results, only the most recent risk numbers should be considered.
(8) To take into account the effect of possible large changes to trading book positions, which typically happen on a daily basis, institutions should calculate the required risk numbers on the basis of an observation period of 15 consecutive business days, rather than on the basis of a single point in time. However, to include a certain degree of proportionality in the assessment of whether changes to the use of alternative internal models and changes to the subset of the modellable risk factors are material, that observation period of 15 consecutive business days should be subject to exemptions where the assessed quantitative impact is very minor on the first testing date and where there is a presumption that the quantitative thresholds will not be breached during that 15 consecutive business days period.
(9) Competent authorities should not require institutions to calculate the required risk numbers when they grant institutions the initial permission to calculate their own funds requirements by using alternative internal models. However, to justify and substantiate the materiality assessment of those changes and extensions, institutions should calculate the required risk numbers when they extend or change their alternative internal models and change the subset of the modellable risk factors.
(10) To ensure that competent authorities take, at any time, appropriate supervisory measures with regard to extensions and changes to the alternative internal models and changes to the institution’s choice of the subset of the modellable risk factors, they should consider a group of related extensions or changes to an alternative internal model notified separately by an institution as a single extension or change. In such a case, competent authorities should assess whether extensions and changes to the use of the alternative internal models are material at the level of that single extension or change.
(11) This Regulation is based on the draft regulatory technical standards submitted to the Commission by the European Banking Authority.
(12) The European Banking Authority has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Banking Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council(2),
HAS ADOPTED THIS REGULATION:

Categories of extensions and changes to the use of alternative internal models

1. Institutions shall assign extensions and changes to the use of their alternative internal models to one of the following categories:
(a)
material extensions and changes to the use of alternative internal models, identified in accordance with Article 2(1) and (2), which require permission from the competent authorities;
(b)
non-material extensions and changes to the use of alternative internal models, which require notification to the competent authorities.
2. Institutions shall assign non-material extensions and changes to the use of their alternative internal models as referred to in paragraph 1, point (b), to one of the following sub-categories:
(a)
extensions and changes, identified in accordance with Article 3(1) and (2), to be notified with additional information;
(b)
extensions and changes to be notified with basic information.

Material changes to, and material extensions of, the use of alternative internal models

1. Institutions shall categorise changes to the use of their alternative internal models as material, as referred to in Article 1(1), point (a), where those changes fulfil any of the following conditions:
(a)
they meet any of the qualitative criteria set out in Part I of the Annex;
(b)
they result in a change equal to or higher than 1 %, in absolute terms, calculated for the first business day of the testing of the impact of the change, of any of the risk numbersRnias set out in paragraph 4 which are considered relevant pursuant to paragraph 5, and result in any of the following:
(i)
an increase equal to or higher than 15 %, in absolute terms, of the following sum:
whereRn1,Rn2andRn3are the risk numbers referred to in paragraph 4 of this Article, respectively, and mcis the multiplication factor referred to in Article 325ba(1), point (b)(i), of Regulation (EU) No 575/2013;
(ii)
a decrease of 10 % or more, in absolute terms, of the sumSIMAreferred to in point (b)(i) of this paragraph;
(iii)
an increase equal to or higher than 20 %, in absolute terms, of any of the risk numbersRnireferred to in paragraph 4 which are considered relevant pursuant to paragraph 5;
(iv)
a decrease equal to or higher than 15 %, in absolute terms, of any of the risk numbersRnireferred to in point (b)(iii) of this paragraph.
2. Institutions shall categorise extensions of the use of their alternative internal models as material, as referred to in Article 1(1), point (a), where those extensions fulfil any of the following conditions:
(a)
they meet any of the qualitative criteria set out in Part I of the Annex;
(b)
they result in a change equal to or higher than 1 %, in absolute terms, calculated for the first business day of the testing of the impact of the extension, of any of the risk numbersRniset out in paragraph 4 which are considered relevant pursuant to paragraph 5, and result in any of the following:
(i)
a change equal to or higher than 10 %, in absolute terms, of the sumSIMAreferred to in paragraph 1, point (b)(i);
(ii)
a change equal to or higher than 15 %, in absolute terms, of any of the risk numbersRniset out in paragraph 4 which are considered relevant pursuant to paragraph 5.
3. By way of derogation from paragraphs 1 and 2, institutions shall not categorise as material extensions and changes to the use of their alternative internal models that were requested by their competent authority.
4. To assess whether the conditions in paragraph 1, point (b), and paragraph 2, point (b), are fulfilled, institutions shall consider the following risk numbersRni:
(a)
Rn1, the institution’s previous day’s expected shortfall risk measure (ESt-1) referred to in Article 325ba(1), point (a)(i), of Regulation (EU) No 575/2013, for the portfolio of all positions referred to in paragraph 10 of this Article;
(b)
Rn2, the institution’s previous day’s stress scenario risk measure (SSt-1) referred to in Article 325ba(1), point (a)(ii), of Regulation (EU) No 575/2013, for the portfolio of all positions referred to in paragraph 10 of this Article;
(c)
Rn3, the most recent own funds requirement for default risk referred to in Article 325ba(2), point (a), of Regulation (EU) No 575/2013, for the portfolio of all positions referred to in paragraph 10 of this Article.
5. Institutions shall consider the risk numberRniset out in paragraph 4 as relevant where that risk number fulfils all the following conditions:
(a)
on at least one day over the period referred to in paragraph 9:
(b)
on the first business day of the testing of the impact of the extension or change:
whereSIMAis the sum referred to in paragraph 1, point (b)(i).
Institutions shall check the conditions referred to in the first subparagraph both with and without the extension or change to the use of their alternative internal models.
6. To assess whether the conditions in paragraph 1, point (b)(i) or (b)(iii), are fulfilled, institutions shall determine the impact of the change to the use of their alternative internal models by taking the highest increase, in absolute terms over the period referred to in paragraph 9, of the ratios set out in paragraphs 7 or 8, respectively.
To assess whether the conditions in paragraph 1, point (b)(ii) or (b)(iv), are fulfilled, institutions shall determine the impact of the change to the use of their alternative internal models by taking the highest decrease, in absolute terms over the period referred to in paragraph 9, of the ratios set out in paragraphs 7 or 8, respectively.
To assess whether the conditions in paragraph 2, point (b)(i) or (b)(ii), are fulfilled, institutions shall determine the impact of the extension to the use of their alternative internal models by taking the highest change, in absolute terms over the period referred to in paragraph 9, of the ratios set out in paragraphs 7 or 8, respectively.
7. Institutions shall calculate the ratio to be used for assessing whether the conditions set out in paragraph 1, points (b)(i) and (ii), or paragraph 2, point (b)(i), are fulfilled as follows:
(a)
in numerator, the difference between the sumSIMAreferred to in paragraph 1, point (b)(i), with and without the extension or change to the use of their alternative internal models;
(b)
in the denominator, the sumSIMAreferred to in paragraph 1, point (b)(i), without the extension or change to the use of their alternative internal models.
8. Institutions shall calculate the ratio to be used for assessing whether the conditions set out in paragraph 1, points (b)(iii) and (iv), and paragraph 2, point (b)(ii), are fulfilled as follows:
(a)
in the numerator, the difference between the relevant risk numberRnireferred to in paragraph 4, with and without the extension or change to the use of their alternative internal models;
(b)
in the denominator, the relevant risk numberRnireferred to in paragraph 4, without the extension or change to the use of their alternative internal models.
9. Institutions shall calculate the ratios referred to in paragraphs 7 and 8 for a period of 15 consecutive business days starting from the first business day of the testing of the impact of the extension or change to the use of their alternative internal models.
The choice of the 15 consecutive business days period shall be representative of the trading and hedging activity under normal market conditions for the portfolio of positions affected by the extension or change to the use of their alternative internal models. That period shall be part of the 9 months preceding the notification or request for permission to their competent authority as referred to in Article 325az(7) of Regulation (EU) No 575/2013.
10. Institutions shall calculate the risk numbersRniset out in paragraph 4 for the portfolio of all positions assigned to trading desks which fulfil all the requirements set out in of Article 325az(2) of Regulation (EU) No 575/2013 at the moment of notification or request of permission to their competent authority as referred to in Article 325az(7) of Regulation (EU) No 575/2013.

Non-material changes to, and non-material extensions of, the use of the alternative internal models requiring notification with additional information

1. Institutions shall categorise non-material changes to the use of their alternative internal models as requiring notification with additional information, as referred to in Article 1(2), point (a), where those changes fulfil any of the following conditions:
(a)
they meet any of the qualitative criteria set out in the Part II of the Annex;
(b)
they result in a change equal to or higher than 1 %, in absolute terms, calculated for the first business day of the testing of the impact of the change of any of the risk numbersRniset out in Article 2(4) which are considered as relevant pursuant to Article 2(5), and result in any of the following:
(i)
an increase equal to or higher than 10 % and lower than 15 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i);
(ii)
a decrease equal to or higher than 5 % and lower than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i);
(iii)
an increase equal to or higher than 15 % and lower than 20 %, in absolute terms, of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5);
(iv)
a decrease equal to or higher than 10 % and lower than 15 %, in absolute terms, of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5).
2. Institutions shall categorise non-material extensions to the use of their alternative internal models as requiring notification with additional information, as referred to in Article 1(2), point (a), where those extensions fulfil any of the following conditions:
(a)
they meet any of the qualitative criteria set out in Part II of the Annex;
(b)
they result in a change equal to or higher than 1 %, in absolute terms, calculated for the first business day of the testing of the impact of the extension of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5), and result in any of the following:
(i)
a change equal to or higher than 5 % and lower than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(2), point (b)(i);
(ii)
a change equal to or higher than 10 % and lower than 15 %, in absolute terms, of any of the risk numbersRnireferred to in Article 2(4) which are considered relevant pursuant to Article 2(5).
3. Institutions shall notify their competent authorities in accordance with Article 325az(7), second subparagraph, of Regulation (EU) No 575/2013, 4 weeks before they implement a non-material extension or change to the use of their alternative internal models.
4. To assess whether the conditions referred to in paragraph 1, points (b)(i) or (b)(iii) are fulfilled, institutions shall determine the impact of the change to the use of their alternative internal models by taking the highest increase, in absolute terms over the period referred to in Article 2(9), of the ratios referred to in Article 2(7) or (8), respectively.
To assess whether the conditions referred to in paragraph 1, points (b)(ii) or (b)(iv) are fulfilled, institutions shall determine the impact of the change to the use of their alternative internal models by taking the highest decrease, in absolute terms over the period referred to in Article 2(9), of the ratios referred to in Article 2(7) or (8), respectively.
To assess whether the conditions referred to in paragraph 2, points (b)(i) or (b)(ii) are fulfilled, institutions shall determine the impact of the extension to the use of their alternative internal models by taking the highest change, in absolute terms over the period referred to in Article 2(9) of the ratios referred to in Article 2(7) or (8), respectively.

Categories of changes to the institution’s choice of the subset of the modellable risk factors

1. Institutions shall assign changes to the choice of the subset of the modellable risk factors referred to in Article 325bc(2) of Regulation (EU) No 575/2013 to one of the following categories:
(a)
material changes to the institution’s choice of the subset of the modellable risk factors, identified in accordance with Article 5(1) of this Regulation, which require permission from the competent authorities;
(b)
non-material changes to the institution’s choice of the subset of the modellable risk factors, which require notification to the competent authorities.
2. Institutions shall assign changes to the institution’s choice of the subset of the modellable risk factors referred to in paragraph 1, point (b), to one of the following sub-categories:
(a)
changes to the institution’s choice of the subset of the modellable risk factors, identified in accordance with Article 6(1), to be notified with additional information;
(b)
changes to the institution’s choice of the subset of the modellable risk factors to be notified with basic information.

Material changes to the institution’s choice of the subset of modellable risk factors

1. Institutions shall categorise changes to the institution’s choice of the subset of modellable risk factors referred to in Article 325bc of Regulation (EU) No 575/2013 as material, in accordance with Article 4(1), point (a), of this Regulation, where that change results in both of the following:
(a)
a change equal to or higher than 1 %, in absolute terms, calculated for the first business day of the testing of the impact of the change to the institution’s choice of the subset of modellable risk factors, of the risk numberRn1referred to in Article 2(4), point (a);
(b)
any of the following:
(i)
an increase equal to or higher than 15 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i);
(ii)
a decrease equal to or higher than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(1), point (b)(i);
(iii)
an increase equal to or higher than 20 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a);
(iv)
a decrease equal to or higher than 15 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a);
(v)
a decrease of the ratio set out in paragraph 4, which leads to the following condition being met:
whereRchangeis the ratio set out in paragraph 4 with the implementation of the change to the choice of the subset of modellable risk factors.
2. By way of derogation from paragraph 1, institutions shall not consider as material changes to their choice of subset of modellable risk factors that were requested by their competent authority.
3. By way of derogation from paragraph 1, institutions shall consider changes to their choice of the subset of modellable risk factors that follow from a failure to meet the requirement set out in Article 325bc(2), point (a), of Regulation (EU) No 575/2013 as non-material changes to be notified with basic information.
4. For the purposes of paragraph 1, point (b)(v), institutions shall calculate the ratioRchangein accordance with the following formula:
where institutions shall calculate PESt+kRCand PESt+kFCin accordance with Article 325bc(3) and (4) of Regulation (EU) No 575/2013, and wheretshall be the first business day of the testing of the impact of the change to the institution’s choice of the subset of modellable risk factors, and where the sum shall be taken over the 15 consecutive business days period referred to in Article 2(9) of this Regulation.
5. To assess whether the conditions referred to in in paragraph 1, points (b)(i) or (b)(iii) are fulfilled, institutions shall determine the impact of the change to their choice of subset of modellable risk factors by taking the highest increase, in absolute terms over the period referred to in Article 2(9), of the ratios referred to in Article 2(7) or (8), respectively.
To assess whether the conditions referred to in paragraph 1, points (b)(ii) or (b)(iv) are fulfilled, institutions shall determine the impact of the change to their choice of subset of modellable risk factors by taking the highest decrease, in absolute terms over the period referred to in Article 2(9), of the ratios referred to in Article 2(7) or (8), respectively.

Non-material changes to the institution’s choice of the subset of modellable risk factors

1. Institutions shall categorise non-material changes to their choice of the subset of modellable risk factors as requiring notification with additional information, in accordance with Article 4(2), point (a), where they result in all of the following:
(a)
a change equal to or higher than 1 %, in absolute terms, computed for the first business day of the testing of the impact of the change to the institution’s choice of the subset of modellable risk factors, of the risk numberRn1set out in Article 2(4), point (a);
(b)
any of the following:
(i)
an increase equal to or higher than 10 % and lower than 15 %, in absolute terms, of the sumSIMAreferred to in Article 2(2), point (b)(i);
(ii)
a decrease equal to or higher than 5 % and lower than 10 %, in absolute terms, of the sumSIMAreferred to in Article 2(2), point (b)(i);
(iii)
an increase equal to or higher than 15 % and lower than 20 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a);
(iv)
a decrease equal to or higher than 10 % and lower than 15 %, in absolute terms, of the risk numberRn1referred to in Article 2(4), point (a);
(c)
Rchangedoes not meet the criterion set out in Article 5(1), point (b)(v).
2. Institutions shall notify their competent authorities in accordance with Article 325az(7), second subparagraph, of Regulation (EU) No 575/2013 4 weeks before they implement a non-material change to their choice of the subset of modellable risk factors.
Institutions shall, however, notify any changes to their choice of subset of the modellable risk factors that follow from a failure to meet the requirement set out in Article 325bc(2), point (a), of that Regulation before they implement such a change.
3. To assess whether the conditions referred to in paragraph 1, points (b)(i) or (b)(iii), are fulfilled, institutions shall determine the impact of the change to the their choice of the subset of modellable risk factors by taking the highest increase, in absolute terms over the period referred to in Article 2(9), of the ratios referred to in Article 2(7) or (8), respectively.
To assess whether the conditions referred to in paragraph 1, points (b)(ii) or (b)(iv) are fulfilled, institutions shall determine the impact of the change to their choice of subset of modellable risk factors by taking the highest decrease, in absolute terms over the period referred to in Article 2(9), of the ratios referred to in Article 2(7) or (8), respectively.

Principles for the classification of changes to, and extensions of, the use of alternative internal models, and of changes to the subset of the modellable risk factors

1. When calculating the quantitative impacts in accordance with Article 2(1) and (2), Article 3(1) and (2), Article 5(1) and Article 6(1), institutions shall use the most recent model setup and calibration and the data inputs corresponding to the period referred to in Article 2(9).
No calculation requirements shall apply to extensions and changes having no direct quantitative impact.
2. Competent authorities shall consider several modifications to the alternative internal model, separately submitted by an institution, as a single model extension or change where such modifications are similar in nature or related in scope. Competent authorities shall consider groups of modifications to the alternative internal model, submitted as a single model extension or change, as separate model extensions or changes where such modifications to the model are not similar in nature or related in scope.
3. In case of doubt on the categorisation referred to in Articles 1 or 4, institutions shall provide the competent authority with an explanatory note justifying their choices of category or sub-category and presenting possible alternatives. The competent authority may change the category or sub-category provided in the request for a permission as referred to in Article 325az(7), first subparagraph, of Regulation (EU) No 575/2013, or the notification as referred to in Article 325az(7), second subparagraph, of that Regulation.

Implementation of changes to, and extensions of, the use of alternative internal models, and of changes to the subset of the modellable risk factors

1. Institutions that have been granted a permission for a material extension of, or change to, the use of alternative internal models, or a material change to the subset of the modellable risk factors, as referred to in Article 325az(7), first subparagraph, of Regulation (EU) No 575/2013, shall calculate their own funds requirements based on the approved extension or change from the date specified in the permission.
2. In case of a delay of the implementation of an extension or change to the use of alternative internal models or a change to the subset of the modellable risk factors for which a competent authority has granted a permission as referred to in Article 325az(7), first subparagraph, of Regulation (EU) No 575/2013, institutions shall, without undue delay:
(a)
notify their competent authority of such a delay;
(b)
submit to their competent authority a plan for a timely implementation of the approved extension or change, to be approved by the competent authority.
3. Institutions that have notified their competent authority of an extension or change and have subsequently decided not to implement such extension or change, shall notify their competent authority thereof without undue delay.

Documentation of extensions and changes to the use of the alternative internal models and changes to the institution’s choice of the subset of modellable risk factors

1. Institutions shall, when they ask their competent authority for a permission as referred to in Article 325az(7), first subparagraph, of Regulation (EU) No 575/2013, provide their competent authority, with all of the following documentation:
(a)
a description of the extension or change to the use of their alternative internal models, or of the change to their choice of the subset of modellable risk factors, and a description of the rationale and objective of that extension or change;
(b)
the implementation date of such extension or change;
(c)
the scope of trading desks affected by the extension or change to the use of the alternative internal model or the change to the institution’s choice of the subset of modellable risk factors including information on the trading volume of those desks;
(d)
technical and process documents;
(e)
reports of the institutions’ independent review or validation;
(f)
a confirmation that the competent body of the institution has, through the institution’s approval processes, approved the extension or change to the use of the alternative internal model or the change to the institution’s choice of the subset of modellable risk factors, and the date of that approval;
(g)
where applicable, any relevant one of the following, together with a justification of representativeness of the period of 15 consecutive business days selected for the quantitative impact:
(i)
the quantitative impact of the extension or change to the use of the alternative internal model on the sum referred to in Article 2(1), point (b)(i);
(ii)
the quantitative impact of the extension or change to the use of the alternative internal model on the relevant risk numbersRnireferred to in Article 2(4);
(iii)
the quantitative impact of the change to the institution’s choice of the subset of modellable risk factors on the sum referred to in Article 2(1), point (b)(i);
(iv)
the quantitative impact of the change to the institution’s choice of the subset of modellable risk factors on the risk numberRn1referred to in Article 2(4), point (a),
(v)
the ratioRchangereferred to in Article 5(4);
(h)
information about the potential impact on trading desks that do not fulfil all the requirements of Article 325az(2) of Regulation (EU) No 575/2013 when the institution asks its competent authority for a permission as referred to in Article 325az(7), first subparagraph, of Regulation (EU) No 575/2013, or notifies its competent authority in accordance with Article 325az(7), second subparagraph, of that Regulation, including an estimate of the quantitative impact on the relevant risk numbersRnireferred to in Article 2(4) of this Regulation;
(i)
records of the current and previous version number of the institution’s alternative internal models concerned.
2. For non-material extensions or changes to be notified with additional information, as referred to in Article 1(2), point (a), and Article 4(2), point (a), institutions shall submit, together with the notification, all the documentation referred to in paragraph 1, points (a) to (i), of this Article.
3. For non-material extensions or changes to be notified with basic information, as referred to in Article 1(2), point (b), and Article 4(2), point (b), institutions shall submit, together with the notification, the documentation referred to in paragraph 1, points (a), (b) and (c) and points (f) to (i), of this Article.
4. The reports of the institutions’ independent review or validation referred to in paragraph 1, point (e), of this Article shall contain all the following:
(a)
a verification of the materiality assessment and of the representativeness of the period of 15 consecutive business days used;
(b)
a critical review of the characteristics of the extension or change to the use of the alternative internal model, or change to the institution’s choice of the subset of modellable risk factors, performed in accordance with Article 325bi(2) and Article 325bj of Regulation (EU) No 575/2013;
(c)
a plan for a timely implementation of necessary corrective measures suggested as part of the independent review or validation process.

Entry into force

This Regulation shall enter into force on the twentieth day following that of its publication in theOfficial Journal of the European Union.

PART I

ANNEX
Extensions and changes requiring competent authorities’ permission (‘material’)

| 1. | Significant changes to the structure or organisation of an institution’s trading desks, for which permission has been granted to calculate the own funds requirements for market risk by using alternative internal models, including significant changes to the booking models, to the risk management structure or to the business strategy, including any of the following cases:(a)significant changes where the institution aims to apply internal risk transfers for the first time;(b)significant changes where trading desks capture foreign exchange (FX) or commodity risk in the non-trading book for the first time;(c)significant changes where trading desks start to include positions in asset classes different from those forming part of the permission to use the alternative internal models. | (a) | significant changes where the institution aims to apply internal risk transfers for the first time; | (b) | significant changes where trading desks capture foreign exchange (FX) or commodity risk in the non-trading book for the first time; | (c) | significant changes where trading desks start to include positions in asset classes different from those forming part of the permission to use the alternative internal models.
(a) | significant changes where the institution aims to apply internal risk transfers for the first time;
(b) | significant changes where trading desks capture foreign exchange (FX) or commodity risk in the non-trading book for the first time;
(c) | significant changes where trading desks start to include positions in asset classes different from those forming part of the permission to use the alternative internal models.
| 2. | Inclusion in the scope of the alternative internal model approach of a trading desk, which, at the moment of the request for a permission as referred to in Article 325az(7), first subparagraph, of Regulation (EU) No 575/2013, is not part of the permission to calculate the own funds requirements for market risk by using alternative internal models, and which fulfils any of the following conditions:(a)for that trading desk, front office systems or IT systems that are different from those forming part of the permission to use the alternative internal models are used;(b)that trading desk is located in a third country jurisdiction where, at the moment of the request, no trading desk in the scope of the alternative internal models is located;(c)that trading desk entails positions in asset classes that are different from those forming part of the permission to use the alternative internal models. | (a) | for that trading desk, front office systems or IT systems that are different from those forming part of the permission to use the alternative internal models are used; | (b) | that trading desk is located in a third country jurisdiction where, at the moment of the request, no trading desk in the scope of the alternative internal models is located; | (c) | that trading desk entails positions in asset classes that are different from those forming part of the permission to use the alternative internal models.
(a) | for that trading desk, front office systems or IT systems that are different from those forming part of the permission to use the alternative internal models are used;
(b) | that trading desk is located in a third country jurisdiction where, at the moment of the request, no trading desk in the scope of the alternative internal models is located;
(c) | that trading desk entails positions in asset classes that are different from those forming part of the permission to use the alternative internal models.
| 3. | Changes to the fundamental approach to calculate the partial expected shortfall measures referred to in Article 325bb(1) of Regulation (EU) No 575/2013, including between historical simulation, parametric or Monte Carlo approach.
| 4. | Changes to the fundamental approach to calculate the own funds requirement for default risk referred to in Article 325ba(2) of Regulation (EU) No 575/2023, including significant changes to the choice of the systematic risk factors or to the correlation structure of the model.PART II
Extensions and changes requiring notification with additional information

| 1. | The inclusion in the scope of a trading desk under the alternative internal models of product classes requiring other risk modelling techniques than those forming part of the permission to use those alternative internal models, such as path-dependent products, or multi-underlying positions, including cases where a change in booking models leads to products for which the institution was transferring the market risk to another entity of the group outside the scope of the highest level of consolidation within the Union at the time when permission for internal models was granted start being risk-managed in the institution.
| 2. | Changes to the structure or organisation of an institution’s trading desks consisting of the merging or the splitting of desks for which permission has been granted to calculate the own funds requirements for market risk by using the alternative internal models, provided that those changes do not meet the conditions set out in Article 2 of this Regulation.
| 3. | Changes to the methodology used to assess the modellability of risk factors in accordance with Article 325be of Regulation (EU) No 575/2013.
| 4. | Changes to the methodology for calculating actual or hypothetical profit and loss, where such changes have the effect of reducing the number of overshootings of a trading desk for which permission has been granted to use alternative internal models, restoring its compliance with the conditions on back-testing referred to in Article 325bf(3) of Regulation (EU) No 575/2013.
| 5. | Changes to the methodology for calculating hypothetical or theoretical profit and loss, where such changes have the effect of increasing the Spearman correlation coefficient or reducing the Kolmogorov-Smirnov test metric of a trading desk for which permission has been granted to use alternative internal models, changing its classification as laid down in Article 9 of Commission Delegated Regulation (EU) 2022/2059(1), for the purpose of meeting the P&L attribution requirements set out in Article 325bg of Regulation (EU) No 575/2013.
| 6. | Fundamental changes to the internal validation methodology referred to in Article 325bj of Regulation (EU) No 575/2013 which lead to significant changes in the way the institution assesses the overall performance and integrity of the alternative internal models, including:(a)where the scope of the internal validation review, its frequency or the quantity or quality of the tests and controls performed are reduced;(b)where there are significant changes to the decision-making process in place to ensure that the findings and recommendations resulting from the validation process are properly taken into account by the senior management of the institution. | (a) | where the scope of the internal validation review, its frequency or the quantity or quality of the tests and controls performed are reduced; | (b) | where there are significant changes to the decision-making process in place to ensure that the findings and recommendations resulting from the validation process are properly taken into account by the senior management of the institution.
(a) | where the scope of the internal validation review, its frequency or the quantity or quality of the tests and controls performed are reduced;
(b) | where there are significant changes to the decision-making process in place to ensure that the findings and recommendations resulting from the validation process are properly taken into account by the senior management of the institution.
| 7. | Structural, organisational or operational changes to the core processes in risk management or risk controlling functions referred to in Article 325bi(1) of Regulation (EU) No 575/2013, including:(a)significant changes to the limit setting framework;(b)changes to the reporting framework leading to a loss of information or to a change of addressees in the senior management;(c)changes to the stress testing methodology leading to significant differences in the stress testing results;(d)changes to the policies and approval processes for new products or internal model changes. | (a) | significant changes to the limit setting framework; | (b) | changes to the reporting framework leading to a loss of information or to a change of addressees in the senior management; | (c) | changes to the stress testing methodology leading to significant differences in the stress testing results; | (d) | changes to the policies and approval processes for new products or internal model changes.
(a) | significant changes to the limit setting framework;
(b) | changes to the reporting framework leading to a loss of information or to a change of addressees in the senior management;
(c) | changes to the stress testing methodology leading to significant differences in the stress testing results;
(d) | changes to the policies and approval processes for new products or internal model changes.
| 8. | Fundamental extensions and changes in the IT infrastructure, including data storage, relevant for the calculation of the own funds requirements for market risk using the alternative internal models, including:(a)an extension of the IT system to vendor pricing models;(b)the outsourcing of central data collection functions to data vendors;(c)the introduction of cloud computing or data storage. | (a) | an extension of the IT system to vendor pricing models; | (b) | the outsourcing of central data collection functions to data vendors; | (c) | the introduction of cloud computing or data storage.
(a) | an extension of the IT system to vendor pricing models;
(b) | the outsourcing of central data collection functions to data vendors;
(c) | the introduction of cloud computing or data storage.
(1) Commission Delegated Regulation (EU) 2022/2059 of 14 June 2022 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the technical details of back-testing and profit and loss attribution requirements under Articles 325bf and 325bg of Regulation (EU) No 575/2013 (OJ L 276, 26.10.2022, p. 47, ELI: http://data.europa.eu/eli/reg_del/2022/2059/oj).

Commission Delegated Regulation (EU) 2025/1265 of 1 July 2025 supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the method for identifying the main risk driver of a position and for determining whether a transaction represents a long or a short position as referred to in Articles 94(3), 273a(3) and 325a(2)

Official Journalof the European Union ENL series
2025/1265 14.10.2025
(1) The size of the business constitutes a proxy for the degree of sophistication that institutions should have in their capital calculations. To determine whether institutions are allowed to use simplified methods for the calculation of own funds requirements for market and counterparty credit risks, they are required to calculate the size of the on- and off-balance-sheet business in accordance with Article 94(1), Article 273a(1) and (2), and Article 325a(1) of Regulation (EU) No 575/2013. The identification of the main risk driver of a position and, on that basis, the determination of whether a transaction represents a long or a short position, are fundamental for the correct calculation of the size of the business. Given the importance of those calculations for small and non-complex institutions, the method for identifying the main risk driver of a position and for determining whether a transaction represents a long or a short position should be proportionate to the degree of complexity of the institution.
(2) The method for determining whether a transaction represents a long or a short position should be consistent with the method for determining whether a transaction is a long or short position for transactions referred to in Article 277(3) of Regulation (EU) No 575/2013 and set out in Commission Delegated Regulation (EU) 2021/931(2).
(3) To produce accurate results, the method for identifying the main risk driver of a non-derivative position should be based on the calculation of the risk-weighted delta sensitivities to risk factors, as set out in Part Three, Title IV, Chapter 1a, Sections 2, 3 and 6 of Regulation (EU) No 575/2013. In addition, to ensure the consistency of the approach, the method for identifying the main risk driver of a position should be consistent with the method for identifying the primary risk driver and the most material risk driver in derivative transactions set out in Delegated Regulation (EU) 2021/931.
(4) The method for determining whether a transaction represents a long or a short position should be based on the calculation of the risk-weighted delta sensitivity to the main risk driver. Where institutions are not able to calculate the risk-weighted delta sensitivity, they should determinate that sensitivity by assessing the trading or hedging purpose of the transaction.
(5) It is necessary to lay down a simplified approach for small and non-complex institutions that may not be able to calculate the risk-weighted delta sensitivities, or may not be able to use the methods for identifying the primary risk driver and the most material risk driver in derivative transactions set out in Delegated Regulation (EU) 2021/931. That simplified approach should be suitable for the instruments that small and non-complex institutions normally trade. Larger institutions should also have the possibility to use that simplified approach where they trade simple instruments that are included in the scope of that simplified approach.
(6) The simplified approach should lead to results that are consistent with the risk-weighted delta sensitivities approach. Nevertheless, simplifying assumptions should be introduced to reduce the computational and operational burden for institutions, in particular with regard to instruments denominated in a currency that is different from the institution’s reporting currency. For that reason, institutions should be allowed to disregard in the determination of the main risk driver the spot exchange rate between the currency in which the instrument is denominated and the institution’s reporting currency for stocks, bonds and derivative transactions the underlying of which would normally be allocated to the interest rate, credit, equity or commodity risk categories.
(7) Cash positions in the reporting currency should not be taken into account when determining the size of the business, since they do not change their market value under the influence of changes to risk drivers.
(8) This Regulation is based on the draft regulatory technical standards submitted to the Commission by the European Banking Authority.
(9) The European Banking Authority has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Banking Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council(3),
(a) institutions shall calculate the delta risk sensitivities in accordance with Articles 325r and 325t of Regulation (EU) No 575/2013 for each risk driver identified in accordance with paragraph 1 of this Article;
(b) institutions shall calculate the weighted sensitivities in accordance with the formula laid down in Article 325f(6) of that Regulation, using the sensitivities calculated in accordance with point (a) of this paragraph;
(c) institutions shall identify the main risk driver as the risk driver which corresponds to the highest absolute value of the weighted sensitivities calculated in accordance with point (b) of this paragraph.
(a) calculate the delta risk sensitivity of the main risk driver in accordance with Article 325r of Regulation (EU) No 575/2013 and identify the transaction as:(i)a long position in that risk driver where the corresponding delta risk sensitivity is positive; or(ii)a short position in that risk driver where the corresponding delta risk sensitivity is negative; (i) a long position in that risk driver where the corresponding delta risk sensitivity is positive; or (ii) a short position in that risk driver where the corresponding delta risk sensitivity is negative;
(i) a long position in that risk driver where the corresponding delta risk sensitivity is positive; or
(ii) a short position in that risk driver where the corresponding delta risk sensitivity is negative;
(i) a long position in that risk driver where the corresponding delta risk sensitivity is positive; or
(ii) a short position in that risk driver where the corresponding delta risk sensitivity is negative;
(b) assess the dependence of the value of the position on the main risk driver by considering the trading or hedging purpose of the transaction with respect to that risk driver and identify the transaction as either a long or a short position in its main risk driver on the basis of that assessment.
(a) institutions shall identify the main risk driver depending on the credit quality step and sector of the bond referred to in Article 325ah of Regulation (EU) No 575/2013 and the residual maturity of the bond, on the basis of either of the following:(i)Table 1 in the Annex to this Regulation, where the cash flows of the bond are not functionally dependent on inflation rates;(ii)Table 2 in the Annex to this Regulation, where the cash flows of the bond are functionally dependent on inflation rates; (i) Table 1 in the Annex to this Regulation, where the cash flows of the bond are not functionally dependent on inflation rates; (ii) Table 2 in the Annex to this Regulation, where the cash flows of the bond are functionally dependent on inflation rates;
(i) Table 1 in the Annex to this Regulation, where the cash flows of the bond are not functionally dependent on inflation rates;
(ii) Table 2 in the Annex to this Regulation, where the cash flows of the bond are functionally dependent on inflation rates;
(i) Table 1 in the Annex to this Regulation, where the cash flows of the bond are not functionally dependent on inflation rates;
(ii) Table 2 in the Annex to this Regulation, where the cash flows of the bond are functionally dependent on inflation rates;
(b) where the main risk driver identified in accordance with point (a) of this paragraph is the risk-free rate, that main risk driver shall be in the currency in which the bond is denominated and with one of the maturities set out in Article 325l(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the bond;
(c) where the main risk driver identified in accordance with point (a) of this paragraph is the issuer credit spread rate, that main risk driver shall be the credit spread of the issuer of the bond and with one of the maturities set out in Article 325m(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the bond;
(d) institutions shall determine whether the position represents a long or a short position in its main risk driver on the basis of the following:(i)where the main risk driver identified under points (a), (b) and (c) of this paragraph is the risk-free rate or the issuer credit spread rate, the position shall be long in its main risk driver where the bond is sold, and short where the bond is bought;(ii)where the main risk driver identified under points (a), (b) and (c) of this paragraph is the inflation rate, the position shall be long in its main risk driver where the bond is bought, and short where the bond is sold. (i) where the main risk driver identified under points (a), (b) and (c) of this paragraph is the risk-free rate or the issuer credit spread rate, the position shall be long in its main risk driver where the bond is sold, and short where the bond is bought; (ii) where the main risk driver identified under points (a), (b) and (c) of this paragraph is the inflation rate, the position shall be long in its main risk driver where the bond is bought, and short where the bond is sold.
(i) where the main risk driver identified under points (a), (b) and (c) of this paragraph is the risk-free rate or the issuer credit spread rate, the position shall be long in its main risk driver where the bond is sold, and short where the bond is bought;
(ii) where the main risk driver identified under points (a), (b) and (c) of this paragraph is the inflation rate, the position shall be long in its main risk driver where the bond is bought, and short where the bond is sold.
(i) where the main risk driver identified under points (a), (b) and (c) of this paragraph is the risk-free rate or the issuer credit spread rate, the position shall be long in its main risk driver where the bond is sold, and short where the bond is bought;
(ii) where the main risk driver identified under points (a), (b) and (c) of this paragraph is the inflation rate, the position shall be long in its main risk driver where the bond is bought, and short where the bond is sold.
(a) all the risk drivers of the transaction, in accordance with Article 1 of Delegated Regulation (EU) 2021/931;
(b) whether the transaction has one or more than one material risk driver, in accordance with Articles 2 and 3 of that Delegated Regulation;
(c) the material risk drivers of the transaction and the most material of those risk drivers, in accordance with Article 4 of that Delegated Regulation.
(a) where institutions have identified material risk drivers in accordance with Article 4(2) or Article 4(4) of Delegated Regulation (EU) 2021/931, the main risk driver shall be the most material risk driver corresponding to the highest risk category add-on from those referred to in Articles 280a to 280f of Regulation (EU) No 575/2013;
(b) where institutions have identified material risk drivers in accordance with Article 4(3) of Delegated Regulation (EU) 2021/931, the main risk driver shall be the most material risk driver corresponding to the highest absolute value of the weighted sensitivities referred to in Article 4(3), point (b), of that Delegated Regulation.
(a) the currency referenced in the FRA;
(b) one of the maturities set out in Article 325l(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the FRA.
(a) the commodity type specified in the futures or forward contract;
(b) one of the maturities set out in Article 325p(2) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the futures or forwards.
(a) the currency referenced in the cap or floor;
(b) one of the maturities set out in Article 325l(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the cap or floor.
(a) the commodity type specified in the option contract;
(b) one of the maturities set out in Article 325p(2) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the option.
(a) the issuer referenced in the swap contract;
(b) one of the maturities set out in Article 325m(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the swap.
(a) the credit index referenced in the swap contract;
(b) one of the maturities set out in Article 325m(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the swap.
(a) the currency referenced in the swap contract;
(b) one of the maturities set out in Article 325l(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the swap.
(a) the commodity type specified in the swap contract;
(b) one of the maturities set out in Article 325p(2) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the swap.
Credit quality Sector Maturity
less or equal to 0,375 years greater than 0,375 years and less or equal to 0,75 years greater than 0,75 years and less or equal to 1,5 year greater than 1,5 year and less or equal to 2,5 years greater than 2,5 years and less or equal to 4 years greater than 4 years and less or equal to 7,5 years greater than 7,5 years and less or equal to 12,5 years greater than 12,5 years and less or equal to 17,5 years greater than 17,5 years and less or equal to 25 years greater than 25 years
All Central government, including central banks, of Member States Risk-free rate Risk-free rate Risk-free rate Risk-free rate Risk-free rate Risk-free rate Risk-free rate Risk-free rate Risk-free rate Risk-free rate
Credit quality step 1 to 3 Central government, including central banks, of a third country, multilateral development banks and international organisations referred to in Article 117(2) or Article 118 of Regulation (EU) No 575/2013 Risk-free rate Risk-free rate Risk-free rate Risk-free rate Risk-free rate Risk-free rate Risk-free rate Risk-free rate Risk-free rate Risk-free rate
Regional or local authority and public sector entities Risk-free rate Risk-free rate Risk-free rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Financial sector entities including credit institutions incorporated or established by a central government, a regional government or a local authority and promotional lenders Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Basic materials, energy, industrials, agriculture, manufacturing, mining and quarrying Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Consumer goods and services, transportation and storage, administrative and support service activities Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Technology, telecommunications Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Health care, utilities, professional and technical activities Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Covered bonds issued by credit institutions established in Member States Risk-free rate Risk-free rate Risk-free rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Credit quality step 1 Covered bonds issued by credit institutions in third countries Credit quality step 1 Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Credit quality steps 2 to 3 Covered bonds issued by credit institutions in third countries Credit quality step 2 to 3 Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Credit quality step 4 to 6 and unrated Central government, including central banks, of a third country, multilateral development banks and international organisations referred to in Article 117(2) or Article 118 of Regulation (EU) No 575/2013 Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Regional or local authority and public sector entities Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Financial sector entities including credit institutions incorporated or established by a central government, a regional government or a local authority and promotional lenders Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Basic materials, energy, industrials, agriculture, manufacturing, mining and quarrying Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Consumer goods and services, transportation and storage, administrative and support service activities Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Technology, telecommunications Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Health care, utilities, professional and technical activities Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Other sector Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Listed credit indices with a majority of its individual constituents being investment grade Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Listed credit indices with a majority of its individual constituents being non-investment grade or unrated Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Credit quality Sector Maturity
less or equal to 0,375 years greater than 0,375 years and less or equal to 0,75 years greater than 0,75 years and less or equal to 1,5 year greater than 1,5 year and less or equal to 2,5 years greater than 2,5 years and less or equal to 4 years greater than 4 years and less or equal to 7,5 years greater than 7,5 years and less or equal to 12,5 years greater than 12,5 years and less or equal to 17,5 years greater than 17,5 years and less or equal to 25 years greater than 25 years
All Central government, including central banks, of Member States Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate
Credit quality step 1 to 3 Central government, including central banks, of a third country, multilateral development banks and international organisations referred to in Article 117(2) or Article 118 of Regulation (EU) No 575/2013 Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate
Regional or local authority and public sector entities Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate
Financial sector entities including credit institutions incorporated or established by a central government, a regional government or a local authority and promotional lenders Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Basic materials, energy, industrials, agriculture, manufacturing, mining and quarrying Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Consumer goods and services, transportation and storage, administrative and support service activities Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Technology, telecommunications Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Health care, utilities, professional and technical activities Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate
Covered bonds issued by credit institutions established in Member States Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate
Credit quality step 1 Covered bonds issued by credit institutions in third countries Credit quality step 1 Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate
Credit quality steps 2 to 3 Covered bonds issued by credit institutions in third countries Credit quality step 2 to 3 Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Credit quality step 4 to 6 and unrated Central government, including central banks, of a third country, multilateral development banks and international organisations referred to in Article 117(2) or Article 118 of Regulation (EU) No 575/2013 Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Regional or local authority and public sector entities Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Financial sector entities including credit institutions incorporated or established by a central government, a regional government or a local authority and promotional lenders Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Basic materials, energy, industrials, agriculture, manufacturing, mining and quarrying Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Consumer goods and services, transportation and storage, administrative and support service activities Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Technology, telecommunications Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Health care, utilities, professional and technical activities Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Other sector Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
Listed credit indices with a majority of its individual constituents being investment grade Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate Inflation rate
Listed credit indices with a majority of its individual constituents being non-investment grade or unrated Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate Issuer credit spread rate
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 575/2013 of 26 June 2013 of the European Parliament and of the Council on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012(1), and in particular Article 94(10), third subparagraph thereof,
(1) The size of the business constitutes a proxy for the degree of sophistication that institutions should have in their capital calculations. To determine whether institutions are allowed to use simplified methods for the calculation of own funds requirements for market and counterparty credit risks, they are required to calculate the size of the on- and off-balance-sheet business in accordance with Article 94(1), Article 273a(1) and (2), and Article 325a(1) of Regulation (EU) No 575/2013. The identification of the main risk driver of a position and, on that basis, the determination of whether a transaction represents a long or a short position, are fundamental for the correct calculation of the size of the business. Given the importance of those calculations for small and non-complex institutions, the method for identifying the main risk driver of a position and for determining whether a transaction represents a long or a short position should be proportionate to the degree of complexity of the institution.
(2) The method for determining whether a transaction represents a long or a short position should be consistent with the method for determining whether a transaction is a long or short position for transactions referred to in Article 277(3) of Regulation (EU) No 575/2013 and set out in Commission Delegated Regulation (EU) 2021/931(2).
(3) To produce accurate results, the method for identifying the main risk driver of a non-derivative position should be based on the calculation of the risk-weighted delta sensitivities to risk factors, as set out in Part Three, Title IV, Chapter 1a, Sections 2, 3 and 6 of Regulation (EU) No 575/2013. In addition, to ensure the consistency of the approach, the method for identifying the main risk driver of a position should be consistent with the method for identifying the primary risk driver and the most material risk driver in derivative transactions set out in Delegated Regulation (EU) 2021/931.
(4) The method for determining whether a transaction represents a long or a short position should be based on the calculation of the risk-weighted delta sensitivity to the main risk driver. Where institutions are not able to calculate the risk-weighted delta sensitivity, they should determinate that sensitivity by assessing the trading or hedging purpose of the transaction.
(5) It is necessary to lay down a simplified approach for small and non-complex institutions that may not be able to calculate the risk-weighted delta sensitivities, or may not be able to use the methods for identifying the primary risk driver and the most material risk driver in derivative transactions set out in Delegated Regulation (EU) 2021/931. That simplified approach should be suitable for the instruments that small and non-complex institutions normally trade. Larger institutions should also have the possibility to use that simplified approach where they trade simple instruments that are included in the scope of that simplified approach.
(6) The simplified approach should lead to results that are consistent with the risk-weighted delta sensitivities approach. Nevertheless, simplifying assumptions should be introduced to reduce the computational and operational burden for institutions, in particular with regard to instruments denominated in a currency that is different from the institution’s reporting currency. For that reason, institutions should be allowed to disregard in the determination of the main risk driver the spot exchange rate between the currency in which the instrument is denominated and the institution’s reporting currency for stocks, bonds and derivative transactions the underlying of which would normally be allocated to the interest rate, credit, equity or commodity risk categories.
(7) Cash positions in the reporting currency should not be taken into account when determining the size of the business, since they do not change their market value under the influence of changes to risk drivers.
(8) This Regulation is based on the draft regulatory technical standards submitted to the Commission by the European Banking Authority.
(9) The European Banking Authority has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Banking Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council(3),
HAS ADOPTED THIS REGULATION:

Method for identifying the main risk drivers of a non-derivative position
Article 1
1. When identifying the main risk driver of a non-derivative position that is assigned to the trading book, institutions shall first identify all risk factors of that position which are the principal determinants of its change in value. They shall do so by assessing at least the risk factors referred to in Articles 325l to 325q of Regulation (EU) No 575/2013. The risk factors identified by the institutions shall be the risk drivers of the position.
2. Institutions that have identified, in accordance with paragraph 1, only one risk driver of a non-derivative position assigned to the trading book shall take that risk driver as the main risk driver of that position.
3. Institutions that have identified, in accordance with paragraph 1, more than one risk driver of a non-derivative position assigned to the trading book shall identify the main risk driver of that position by applying the following steps in the following order:
(a)
institutions shall calculate the delta risk sensitivities in accordance with Articles 325r and 325t of Regulation (EU) No 575/2013 for each risk driver identified in accordance with paragraph 1 of this Article;
(b)
institutions shall calculate the weighted sensitivities in accordance with the formula laid down in Article 325f(6) of that Regulation, using the sensitivities calculated in accordance with point (a) of this paragraph;
(c)
institutions shall identify the main risk driver as the risk driver which corresponds to the highest absolute value of the weighted sensitivities calculated in accordance with point (b) of this paragraph.

Method for determining whether a non-derivative transaction represents a long or a short position in its main risk driver
Article 2
When determining whether a non-derivative position represents a long or a short position in its main risk driver as referred to in Article 94(3) and Article 325a(2) of Regulation (EU) No 575/2013, institutions shall apply either of the following methods:
(a)
calculate the delta risk sensitivity of the main risk driver in accordance with Article 325r of Regulation (EU) No 575/2013 and identify the transaction as:
(i)
a long position in that risk driver where the corresponding delta risk sensitivity is positive; or
(ii)
a short position in that risk driver where the corresponding delta risk sensitivity is negative;
(b)
assess the dependence of the value of the position on the main risk driver by considering the trading or hedging purpose of the transaction with respect to that risk driver and identify the transaction as either a long or a short position in its main risk driver on the basis of that assessment.

Simplified method for identifying the main risk driver of a non-derivative position and for determining whether the non-derivative transaction represents a long or a short position in its main risk driver
Article 3
1. By way of derogation from Articles 1 and 2, institutions may identify the main risk driver of the non-derivative positions referred to in paragraphs 2 to 8 of this Article and determine whether such positions represent long or a short positions in the main risk driver by applying the approaches set out in those paragraphs.
2. For bonds which consist in fixed-rate debt instruments without optionality features, institutions shall use the following approach:
(a)
institutions shall identify the main risk driver depending on the credit quality step and sector of the bond referred to in Article 325ah of Regulation (EU) No 575/2013 and the residual maturity of the bond, on the basis of either of the following:
(i)
Table 1 in the Annex to this Regulation, where the cash flows of the bond are not functionally dependent on inflation rates;
(ii)
Table 2 in the Annex to this Regulation, where the cash flows of the bond are functionally dependent on inflation rates;
(b)
where the main risk driver identified in accordance with point (a) of this paragraph is the risk-free rate, that main risk driver shall be in the currency in which the bond is denominated and with one of the maturities set out in Article 325l(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the bond;
(c)
where the main risk driver identified in accordance with point (a) of this paragraph is the issuer credit spread rate, that main risk driver shall be the credit spread of the issuer of the bond and with one of the maturities set out in Article 325m(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the bond;
(d)
institutions shall determine whether the position represents a long or a short position in its main risk driver on the basis of the following:
(i)
where the main risk driver identified under points (a), (b) and (c) of this paragraph is the risk-free rate or the issuer credit spread rate, the position shall be long in its main risk driver where the bond is sold, and short where the bond is bought;
(ii)
where the main risk driver identified under points (a), (b) and (c) of this paragraph is the inflation rate, the position shall be long in its main risk driver where the bond is bought, and short where the bond is sold.
3. For bonds which consist in floating-rate debt instruments without optionality features, institutions shall use the approach set out in paragraph 2. Where the main risk driver identified in accordance with paragraph 2, point (a), is the risk-free rate and the residual maturity of the bond is higher than one year, the main risk driver shall be the issuer credit spread rate instead, determined in accordance with paragraph 2, point (c).
4. For a stock position, the main risk driver shall be the equity spot price.
The position shall be long in its main risk driver where the stock is bought, and short where the stock is sold.
5. For a cash position in a currency different from the institution’s reporting currency, the main risk driver shall be the spot exchange rate between the currency of that cash position and the institution’s reporting currency.
The position shall be long in its main risk driver where the cash position is an asset item, and short where it is a liability item.
6. For positions in a physical commodity, the main risk driver shall be the commodity spot price which corresponds to the commodity type of the position.
The position shall be long in its main risk driver where the physical commodity is an asset item, and short where it is a liability item.
7. For a position in a collective investment undertaking (CIU), the main risk driver shall be the risk factor corresponding to that CIU in the bucket ‘other sector’ in Table 8 of Article 325ap(1) of Regulation (EU) No 575/2013.
The position shall be long in its main risk driver where the shares or units of the CIU are bought, and short where the shares or units of the CIU are sold.
8. For a position in a repurchase transaction where the institution or its counterparty transfer securities as referred to in paragraphs 2, 3 and 4, the main risk driver shall be the corresponding general interest rate or equity repo rate.
The position shall be long in its main risk driver where the repurchase transaction is governed by a repurchase agreement, and short where it is governed by a reverse repurchase agreement.

Method for identifying the main risk drivers of a derivative position
Article 4
1. When identifying the main risk driver of a derivative position, institutions shall first identify:
(a)
all the risk drivers of the transaction, in accordance with Article 1 of Delegated Regulation (EU) 2021/931;
(b)
whether the transaction has one or more than one material risk driver, in accordance with Articles 2 and 3 of that Delegated Regulation;
(c)
the material risk drivers of the transaction and the most material of those risk drivers, in accordance with Article 4 of that Delegated Regulation.
2. Institutions that have identified, in accordance with paragraph 1, a derivative transaction with only one material risk driver shall take that risk driver as the main risk driver.
3. Institutions that have identified, in accordance with paragraph 1, a derivative transaction with more than one material risk driver that belong to only one risk category as referred to in Article 277(1) of Regulation (EU) No 575/2013 shall take the most material risk driver in that risk category as the main risk driver.
4. Institutions that have identified, in accordance with paragraph 1, a derivative transaction with more than one material risk driver that belong to two or more risk categories as referred to in Article 277(1) of Regulation (EU) No 575/2013 shall identify the main risk driver by using one of the following methods:
(a)
where institutions have identified material risk drivers in accordance with Article 4(2) or Article 4(4) of Delegated Regulation (EU) 2021/931, the main risk driver shall be the most material risk driver corresponding to the highest risk category add-on from those referred to in Articles 280a to 280f of Regulation (EU) No 575/2013;
(b)
where institutions have identified material risk drivers in accordance with Article 4(3) of Delegated Regulation (EU) 2021/931, the main risk driver shall be the most material risk driver corresponding to the highest absolute value of the weighted sensitivities referred to in Article 4(3), point (b), of that Delegated Regulation.
5. An institution that applies one of the methods set out in Article 4 of Delegated Regulation (EU) 2021/931 for the calculation of the exposure value of a given derivative transaction shall use the same method to identify the main risk driver of that transaction.

Method for determining whether a derivative transaction represents a long or a short position in its main risk driver
Article 5
When determining whether a derivative position represents a long or a short position in its main risk driver as referred to in Article 94(3), Article 273a(3) and Article 325a(2) of Regulation (EU) No 575/2013, institutions shall apply either of the methods set out in Article 6 of Delegated Regulation (EU) 2021/931 to the main risk driver of the transaction.

Simplified method for identifying the main risk driver of a derivative position and for determining whether the derivative transaction represents a long or a short position in its main risk driver
Article 6
1. By way of derogation from Articles 4 and 5, institutions may identify the main risk driver of a derivative position as referred to in paragraphs 2 to 17 of this Article and determine whether such position represents a long or a short position in its main risk driver by applying the approaches set out in those paragraphs.
2. For futures or forwards on stocks or on stock indices, institutions shall identify the main risk driver as the equity spot price or the index spot price, respectively.
The position shall be long in its main risk driver where the futures or forwards are bought, and short where they are sold.
3. For forward-rate agreements (FRAs) where one counterparty receives floating-rate interest and pays fixed-rate interest, institutions shall identify the main risk driver as the risk-free rate which corresponds to the following:
(a)
the currency referenced in the FRA;
(b)
one of the maturities set out in Article 325l(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the FRA.
The position shall be long in its main risk driver where the institution pays fixed-rate interest, and short where the institution receives fixed-rate interest.
4. For futures or forwards on bonds which consist in fixed-rate or floating-rate debt instruments without optionality features, institutions shall determine whether the bond is bought or sold under the futures or forward contract and, on that basis, identify the main risk driver and determine whether the position represents a long or a short position in its main risk driver by applying the methods set out in Article 3(2) or (3), respectively, to the underlying fixed-rate or floating-rate debt instrument.
5. For futures or forwards on exchanges between a foreign currency and the institution’s reporting currency, institutions shall identify the main risk driver as the spot exchange rate between the foreign currency and the institution’s reporting currency.
The position shall be long in its main risk driver where the foreign currency is bought, and short where the foreign currency is sold.
6. For futures or forwards on commodities, institutions shall identify the main risk driver as the commodity spot price which corresponds to the following:
(a)
the commodity type specified in the futures or forward contract;
(b)
one of the maturities set out in Article 325p(2) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the futures or forwards.
The position shall be long in its main risk driver where the commodities are bought, and short where they are sold.
7. For plain-vanilla call or put options with a single underlying stock or stock index, institutions shall identify the main risk driver as the equity spot price or the index spot price, respectively.
The position shall be long in its main risk driver where the call option is bought, and short where the call option is sold. The position shall be long where the put option is sold, and short where the put option is bought.
8. For plain-vanilla call or put options with a single underlying bond which consists in fixed-rate debt instrument, institutions shall identify the main risk driver by applying the method set out in Article 3(2) to the underlying bond.
Where the main risk driver determined in accordance with Article 3(2), points (a), (b) and (c), is the risk-free rate or the issuer credit spread rate, the position shall be short in its main risk driver where the call option is bought, and long where the call option is sold, and the position shall be short where the put option is sold, and long where the put option is bought.
Where the main risk driver determined in accordance with Article 3(2), points (a), (b) and (c), is the inflation rate, the position shall be long in its main risk driver where the call option is bought, and short where the call option is sold, and the position shall be long where the put option is sold and short where the put option is bought.
9. For plain-vanilla swap options, institutions shall identify the main risk driver by applying the method set out in paragraph 15 to the underlying interest rate swap.
Where the swap option gives the right to enter into an interest rate swap in which the option holder receives floating-rate interest and pays fixed-rate interest, the position shall be long in its main risk driver where the institution has bought the swap option, and short where the institution has sold the swap option.
Where the swap option gives the right to enter into an interest rate swap in which the option holder pays floating-rate interest and receives fixed-rate interest, the position shall be long in its main risk driver where the institution has sold the swap option, and short where the institution has bought the swap option.
10. For caps and floors, institutions shall identify the main risk driver as the risk-free rate which corresponds to the following:
(a)
the currency referenced in the cap or floor;
(b)
one of the maturities set out in Article 325l(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the cap or floor.
The position shall be long in its main risk driver where the cap is bought, and short where the cap is sold. The position shall be long in its main risk driver where the floor is sold, and short where the floor is bought.
11. For plain-vanilla call or put options with a single underlying commodity, institutions shall identify the main risk driver as the commodity spot price which corresponds to the following:
(a)
the commodity type specified in the option contract;
(b)
one of the maturities set out in Article 325p(2) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the option.
The position shall be long in its main risk driver where the call option is bought, and short where the call option is sold. The position shall be long in its main risk driver where the put option is sold, and short where the put option is bought.
12. For plain-vanilla currency options, institutions shall identify the main risk driver as the spot exchange rate between the foreign currency and the institution’s reporting currency.
The position shall be long in its main risk driver where the foreign currency is bought, and short where the foreign currency is sold.
13. For single-name credit default swaps, institutions shall identify the main risk driver as the issuer credit spread rate which corresponds to the following:
(a)
the issuer referenced in the swap contract;
(b)
one of the maturities set out in Article 325m(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the swap.
The position shall be long in its main risk driver where the protection is bought, and short where the protection is sold.
14. For index credit default swaps, institutions shall identify the main risk driver as the credit spread rate which corresponds to the following:
(a)
the credit index referenced in the swap contract;
(b)
one of the maturities set out in Article 325m(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the swap.
The position shall be long in its main risk driver where the protection is bought, and short where the protection is sold.
15. For interest rate swaps where one counterparty receives floating-rate interest and pays fixed-rate interest, institutions shall identify the main risk driver as the risk-free rate which corresponds to the following:
(a)
the currency referenced in the swap contract;
(b)
one of the maturities set out in Article 325l(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the swap.
The position shall be long in its main risk driver where the institution pays fixed-rate interest, and short where the institution receives fixed-rate interest.
16. For equity swaps where one counterparty receives the return on a stock or stock index and pays fixed-rate or floating-rate interest, institutions shall identify the main risk driver as the equity spot price or the index spot price, respectively.
The position shall be long in its main risk driver where the institution receives the return on the stock or stock index, and short where the institution pays the return on a stock or stock index.
17. For commodity swaps where one counterparty receives cash flows based on the price of an underlying commodity and pays fixed-rate or floating-rate interest, institutions shall identify the main risk driver as the commodity spot price which corresponds to the following:
(a)
the commodity type specified in the swap contract;
(b)
one of the maturities set out in Article 325p(2) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the swap.
The position shall be long in its main risk driver where the institution receives the cash flows based on the price of an underlying commodity, and short where the institution pays the cash flows based on the price of an underlying commodity.

Entry into force
Article 7
This Regulation shall enter into force on the twentieth day following that of its publication in theOfficial Journal of the European Union.

THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 575/2013 of 26 June 2013 of the European Parliament and of the Council on prudential requirements for credit institutions and amending Regulation (EU) No 648/2012(1), and in particular Article 94(10), third subparagraph thereof,
(1) The size of the business constitutes a proxy for the degree of sophistication that institutions should have in their capital calculations. To determine whether institutions are allowed to use simplified methods for the calculation of own funds requirements for market and counterparty credit risks, they are required to calculate the size of the on- and off-balance-sheet business in accordance with Article 94(1), Article 273a(1) and (2), and Article 325a(1) of Regulation (EU) No 575/2013. The identification of the main risk driver of a position and, on that basis, the determination of whether a transaction represents a long or a short position, are fundamental for the correct calculation of the size of the business. Given the importance of those calculations for small and non-complex institutions, the method for identifying the main risk driver of a position and for determining whether a transaction represents a long or a short position should be proportionate to the degree of complexity of the institution.
(2) The method for determining whether a transaction represents a long or a short position should be consistent with the method for determining whether a transaction is a long or short position for transactions referred to in Article 277(3) of Regulation (EU) No 575/2013 and set out in Commission Delegated Regulation (EU) 2021/931(2).
(3) To produce accurate results, the method for identifying the main risk driver of a non-derivative position should be based on the calculation of the risk-weighted delta sensitivities to risk factors, as set out in Part Three, Title IV, Chapter 1a, Sections 2, 3 and 6 of Regulation (EU) No 575/2013. In addition, to ensure the consistency of the approach, the method for identifying the main risk driver of a position should be consistent with the method for identifying the primary risk driver and the most material risk driver in derivative transactions set out in Delegated Regulation (EU) 2021/931.
(4) The method for determining whether a transaction represents a long or a short position should be based on the calculation of the risk-weighted delta sensitivity to the main risk driver. Where institutions are not able to calculate the risk-weighted delta sensitivity, they should determinate that sensitivity by assessing the trading or hedging purpose of the transaction.
(5) It is necessary to lay down a simplified approach for small and non-complex institutions that may not be able to calculate the risk-weighted delta sensitivities, or may not be able to use the methods for identifying the primary risk driver and the most material risk driver in derivative transactions set out in Delegated Regulation (EU) 2021/931. That simplified approach should be suitable for the instruments that small and non-complex institutions normally trade. Larger institutions should also have the possibility to use that simplified approach where they trade simple instruments that are included in the scope of that simplified approach.
(6) The simplified approach should lead to results that are consistent with the risk-weighted delta sensitivities approach. Nevertheless, simplifying assumptions should be introduced to reduce the computational and operational burden for institutions, in particular with regard to instruments denominated in a currency that is different from the institution’s reporting currency. For that reason, institutions should be allowed to disregard in the determination of the main risk driver the spot exchange rate between the currency in which the instrument is denominated and the institution’s reporting currency for stocks, bonds and derivative transactions the underlying of which would normally be allocated to the interest rate, credit, equity or commodity risk categories.
(7) Cash positions in the reporting currency should not be taken into account when determining the size of the business, since they do not change their market value under the influence of changes to risk drivers.
(8) This Regulation is based on the draft regulatory technical standards submitted to the Commission by the European Banking Authority.
(9) The European Banking Authority has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Banking Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1093/2010 of the European Parliament and of the Council(3),
HAS ADOPTED THIS REGULATION:

Method for identifying the main risk drivers of a non-derivative position

1. When identifying the main risk driver of a non-derivative position that is assigned to the trading book, institutions shall first identify all risk factors of that position which are the principal determinants of its change in value. They shall do so by assessing at least the risk factors referred to in Articles 325l to 325q of Regulation (EU) No 575/2013. The risk factors identified by the institutions shall be the risk drivers of the position.
2. Institutions that have identified, in accordance with paragraph 1, only one risk driver of a non-derivative position assigned to the trading book shall take that risk driver as the main risk driver of that position.
3. Institutions that have identified, in accordance with paragraph 1, more than one risk driver of a non-derivative position assigned to the trading book shall identify the main risk driver of that position by applying the following steps in the following order:
(a)
institutions shall calculate the delta risk sensitivities in accordance with Articles 325r and 325t of Regulation (EU) No 575/2013 for each risk driver identified in accordance with paragraph 1 of this Article;
(b)
institutions shall calculate the weighted sensitivities in accordance with the formula laid down in Article 325f(6) of that Regulation, using the sensitivities calculated in accordance with point (a) of this paragraph;
(c)
institutions shall identify the main risk driver as the risk driver which corresponds to the highest absolute value of the weighted sensitivities calculated in accordance with point (b) of this paragraph.

Method for determining whether a non-derivative transaction represents a long or a short position in its main risk driver

When determining whether a non-derivative position represents a long or a short position in its main risk driver as referred to in Article 94(3) and Article 325a(2) of Regulation (EU) No 575/2013, institutions shall apply either of the following methods:
(a)
calculate the delta risk sensitivity of the main risk driver in accordance with Article 325r of Regulation (EU) No 575/2013 and identify the transaction as:
(i)
a long position in that risk driver where the corresponding delta risk sensitivity is positive; or
(ii)
a short position in that risk driver where the corresponding delta risk sensitivity is negative;
(b)
assess the dependence of the value of the position on the main risk driver by considering the trading or hedging purpose of the transaction with respect to that risk driver and identify the transaction as either a long or a short position in its main risk driver on the basis of that assessment.

Simplified method for identifying the main risk driver of a non-derivative position and for determining whether the non-derivative transaction represents a long or a short position in its main risk driver

1. By way of derogation from Articles 1 and 2, institutions may identify the main risk driver of the non-derivative positions referred to in paragraphs 2 to 8 of this Article and determine whether such positions represent long or a short positions in the main risk driver by applying the approaches set out in those paragraphs.
2. For bonds which consist in fixed-rate debt instruments without optionality features, institutions shall use the following approach:
(a)
institutions shall identify the main risk driver depending on the credit quality step and sector of the bond referred to in Article 325ah of Regulation (EU) No 575/2013 and the residual maturity of the bond, on the basis of either of the following:
(i)
Table 1 in the Annex to this Regulation, where the cash flows of the bond are not functionally dependent on inflation rates;
(ii)
Table 2 in the Annex to this Regulation, where the cash flows of the bond are functionally dependent on inflation rates;
(b)
where the main risk driver identified in accordance with point (a) of this paragraph is the risk-free rate, that main risk driver shall be in the currency in which the bond is denominated and with one of the maturities set out in Article 325l(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the bond;
(c)
where the main risk driver identified in accordance with point (a) of this paragraph is the issuer credit spread rate, that main risk driver shall be the credit spread of the issuer of the bond and with one of the maturities set out in Article 325m(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the bond;
(d)
institutions shall determine whether the position represents a long or a short position in its main risk driver on the basis of the following:
(i)
where the main risk driver identified under points (a), (b) and (c) of this paragraph is the risk-free rate or the issuer credit spread rate, the position shall be long in its main risk driver where the bond is sold, and short where the bond is bought;
(ii)
where the main risk driver identified under points (a), (b) and (c) of this paragraph is the inflation rate, the position shall be long in its main risk driver where the bond is bought, and short where the bond is sold.
3. For bonds which consist in floating-rate debt instruments without optionality features, institutions shall use the approach set out in paragraph 2. Where the main risk driver identified in accordance with paragraph 2, point (a), is the risk-free rate and the residual maturity of the bond is higher than one year, the main risk driver shall be the issuer credit spread rate instead, determined in accordance with paragraph 2, point (c).
4. For a stock position, the main risk driver shall be the equity spot price.
The position shall be long in its main risk driver where the stock is bought, and short where the stock is sold.
5. For a cash position in a currency different from the institution’s reporting currency, the main risk driver shall be the spot exchange rate between the currency of that cash position and the institution’s reporting currency.
The position shall be long in its main risk driver where the cash position is an asset item, and short where it is a liability item.
6. For positions in a physical commodity, the main risk driver shall be the commodity spot price which corresponds to the commodity type of the position.
The position shall be long in its main risk driver where the physical commodity is an asset item, and short where it is a liability item.
7. For a position in a collective investment undertaking (CIU), the main risk driver shall be the risk factor corresponding to that CIU in the bucket ‘other sector’ in Table 8 of Article 325ap(1) of Regulation (EU) No 575/2013.
The position shall be long in its main risk driver where the shares or units of the CIU are bought, and short where the shares or units of the CIU are sold.
8. For a position in a repurchase transaction where the institution or its counterparty transfer securities as referred to in paragraphs 2, 3 and 4, the main risk driver shall be the corresponding general interest rate or equity repo rate.
The position shall be long in its main risk driver where the repurchase transaction is governed by a repurchase agreement, and short where it is governed by a reverse repurchase agreement.

Method for identifying the main risk drivers of a derivative position

1. When identifying the main risk driver of a derivative position, institutions shall first identify:
(a)
all the risk drivers of the transaction, in accordance with Article 1 of Delegated Regulation (EU) 2021/931;
(b)
whether the transaction has one or more than one material risk driver, in accordance with Articles 2 and 3 of that Delegated Regulation;
(c)
the material risk drivers of the transaction and the most material of those risk drivers, in accordance with Article 4 of that Delegated Regulation.
2. Institutions that have identified, in accordance with paragraph 1, a derivative transaction with only one material risk driver shall take that risk driver as the main risk driver.
3. Institutions that have identified, in accordance with paragraph 1, a derivative transaction with more than one material risk driver that belong to only one risk category as referred to in Article 277(1) of Regulation (EU) No 575/2013 shall take the most material risk driver in that risk category as the main risk driver.
4. Institutions that have identified, in accordance with paragraph 1, a derivative transaction with more than one material risk driver that belong to two or more risk categories as referred to in Article 277(1) of Regulation (EU) No 575/2013 shall identify the main risk driver by using one of the following methods:
(a)
where institutions have identified material risk drivers in accordance with Article 4(2) or Article 4(4) of Delegated Regulation (EU) 2021/931, the main risk driver shall be the most material risk driver corresponding to the highest risk category add-on from those referred to in Articles 280a to 280f of Regulation (EU) No 575/2013;
(b)
where institutions have identified material risk drivers in accordance with Article 4(3) of Delegated Regulation (EU) 2021/931, the main risk driver shall be the most material risk driver corresponding to the highest absolute value of the weighted sensitivities referred to in Article 4(3), point (b), of that Delegated Regulation.
5. An institution that applies one of the methods set out in Article 4 of Delegated Regulation (EU) 2021/931 for the calculation of the exposure value of a given derivative transaction shall use the same method to identify the main risk driver of that transaction.

Method for determining whether a derivative transaction represents a long or a short position in its main risk driver

When determining whether a derivative position represents a long or a short position in its main risk driver as referred to in Article 94(3), Article 273a(3) and Article 325a(2) of Regulation (EU) No 575/2013, institutions shall apply either of the methods set out in Article 6 of Delegated Regulation (EU) 2021/931 to the main risk driver of the transaction.

Simplified method for identifying the main risk driver of a derivative position and for determining whether the derivative transaction represents a long or a short position in its main risk driver

1. By way of derogation from Articles 4 and 5, institutions may identify the main risk driver of a derivative position as referred to in paragraphs 2 to 17 of this Article and determine whether such position represents a long or a short position in its main risk driver by applying the approaches set out in those paragraphs.
2. For futures or forwards on stocks or on stock indices, institutions shall identify the main risk driver as the equity spot price or the index spot price, respectively.
The position shall be long in its main risk driver where the futures or forwards are bought, and short where they are sold.
3. For forward-rate agreements (FRAs) where one counterparty receives floating-rate interest and pays fixed-rate interest, institutions shall identify the main risk driver as the risk-free rate which corresponds to the following:
(a)
the currency referenced in the FRA;
(b)
one of the maturities set out in Article 325l(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the FRA.
The position shall be long in its main risk driver where the institution pays fixed-rate interest, and short where the institution receives fixed-rate interest.
4. For futures or forwards on bonds which consist in fixed-rate or floating-rate debt instruments without optionality features, institutions shall determine whether the bond is bought or sold under the futures or forward contract and, on that basis, identify the main risk driver and determine whether the position represents a long or a short position in its main risk driver by applying the methods set out in Article 3(2) or (3), respectively, to the underlying fixed-rate or floating-rate debt instrument.
5. For futures or forwards on exchanges between a foreign currency and the institution’s reporting currency, institutions shall identify the main risk driver as the spot exchange rate between the foreign currency and the institution’s reporting currency.
The position shall be long in its main risk driver where the foreign currency is bought, and short where the foreign currency is sold.
6. For futures or forwards on commodities, institutions shall identify the main risk driver as the commodity spot price which corresponds to the following:
(a)
the commodity type specified in the futures or forward contract;
(b)
one of the maturities set out in Article 325p(2) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the futures or forwards.
The position shall be long in its main risk driver where the commodities are bought, and short where they are sold.
7. For plain-vanilla call or put options with a single underlying stock or stock index, institutions shall identify the main risk driver as the equity spot price or the index spot price, respectively.
The position shall be long in its main risk driver where the call option is bought, and short where the call option is sold. The position shall be long where the put option is sold, and short where the put option is bought.
8. For plain-vanilla call or put options with a single underlying bond which consists in fixed-rate debt instrument, institutions shall identify the main risk driver by applying the method set out in Article 3(2) to the underlying bond.
Where the main risk driver determined in accordance with Article 3(2), points (a), (b) and (c), is the risk-free rate or the issuer credit spread rate, the position shall be short in its main risk driver where the call option is bought, and long where the call option is sold, and the position shall be short where the put option is sold, and long where the put option is bought.
Where the main risk driver determined in accordance with Article 3(2), points (a), (b) and (c), is the inflation rate, the position shall be long in its main risk driver where the call option is bought, and short where the call option is sold, and the position shall be long where the put option is sold and short where the put option is bought.
9. For plain-vanilla swap options, institutions shall identify the main risk driver by applying the method set out in paragraph 15 to the underlying interest rate swap.
Where the swap option gives the right to enter into an interest rate swap in which the option holder receives floating-rate interest and pays fixed-rate interest, the position shall be long in its main risk driver where the institution has bought the swap option, and short where the institution has sold the swap option.
Where the swap option gives the right to enter into an interest rate swap in which the option holder pays floating-rate interest and receives fixed-rate interest, the position shall be long in its main risk driver where the institution has sold the swap option, and short where the institution has bought the swap option.
10. For caps and floors, institutions shall identify the main risk driver as the risk-free rate which corresponds to the following:
(a)
the currency referenced in the cap or floor;
(b)
one of the maturities set out in Article 325l(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the cap or floor.
The position shall be long in its main risk driver where the cap is bought, and short where the cap is sold. The position shall be long in its main risk driver where the floor is sold, and short where the floor is bought.
11. For plain-vanilla call or put options with a single underlying commodity, institutions shall identify the main risk driver as the commodity spot price which corresponds to the following:
(a)
the commodity type specified in the option contract;
(b)
one of the maturities set out in Article 325p(2) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the option.
The position shall be long in its main risk driver where the call option is bought, and short where the call option is sold. The position shall be long in its main risk driver where the put option is sold, and short where the put option is bought.
12. For plain-vanilla currency options, institutions shall identify the main risk driver as the spot exchange rate between the foreign currency and the institution’s reporting currency.
The position shall be long in its main risk driver where the foreign currency is bought, and short where the foreign currency is sold.
13. For single-name credit default swaps, institutions shall identify the main risk driver as the issuer credit spread rate which corresponds to the following:
(a)
the issuer referenced in the swap contract;
(b)
one of the maturities set out in Article 325m(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the swap.
The position shall be long in its main risk driver where the protection is bought, and short where the protection is sold.
14. For index credit default swaps, institutions shall identify the main risk driver as the credit spread rate which corresponds to the following:
(a)
the credit index referenced in the swap contract;
(b)
one of the maturities set out in Article 325m(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the swap.
The position shall be long in its main risk driver where the protection is bought, and short where the protection is sold.
15. For interest rate swaps where one counterparty receives floating-rate interest and pays fixed-rate interest, institutions shall identify the main risk driver as the risk-free rate which corresponds to the following:
(a)
the currency referenced in the swap contract;
(b)
one of the maturities set out in Article 325l(1) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the swap.
The position shall be long in its main risk driver where the institution pays fixed-rate interest, and short where the institution receives fixed-rate interest.
16. For equity swaps where one counterparty receives the return on a stock or stock index and pays fixed-rate or floating-rate interest, institutions shall identify the main risk driver as the equity spot price or the index spot price, respectively.
The position shall be long in its main risk driver where the institution receives the return on the stock or stock index, and short where the institution pays the return on a stock or stock index.
17. For commodity swaps where one counterparty receives cash flows based on the price of an underlying commodity and pays fixed-rate or floating-rate interest, institutions shall identify the main risk driver as the commodity spot price which corresponds to the following:
(a)
the commodity type specified in the swap contract;
(b)
one of the maturities set out in Article 325p(2) of Regulation (EU) No 575/2013, selected to match as close as possible the maturity of the swap.
The position shall be long in its main risk driver where the institution receives the cash flows based on the price of an underlying commodity, and short where the institution pays the cash flows based on the price of an underlying commodity.

Entry into force

This Regulation shall enter into force on the twentieth day following that of its publication in theOfficial Journal of the European Union.
ANNEX
Table 1

Credit quality | Sector | Maturity
less or equal to 0,375 years | greater than 0,375 years and less or equal to 0,75 years | greater than 0,75 years and less or equal to 1,5 year | greater than 1,5 year and less or equal to 2,5 years | greater than 2,5 years and less or equal to 4 years | greater than 4 years and less or equal to 7,5 years | greater than 7,5 years and less or equal to 12,5 years | greater than 12,5 years and less or equal to 17,5 years | greater than 17,5 years and less or equal to 25 years | greater than 25 years
All | Central government, including central banks, of Member States | Risk-free rate | Risk-free rate | Risk-free rate | Risk-free rate | Risk-free rate | Risk-free rate | Risk-free rate | Risk-free rate | Risk-free rate | Risk-free rate
Credit quality step 1 to 3 | Central government, including central banks, of a third country, multilateral development banks and international organisations referred to in Article 117(2) or Article 118 of Regulation (EU) No 575/2013 | Risk-free rate | Risk-free rate | Risk-free rate | Risk-free rate | Risk-free rate | Risk-free rate | Risk-free rate | Risk-free rate | Risk-free rate | Risk-free rate
Regional or local authority and public sector entities | Risk-free rate | Risk-free rate | Risk-free rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Financial sector entities including credit institutions incorporated or established by a central government, a regional government or a local authority and promotional lenders | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Basic materials, energy, industrials, agriculture, manufacturing, mining and quarrying | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Consumer goods and services, transportation and storage, administrative and support service activities | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Technology, telecommunications | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Health care, utilities, professional and technical activities | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
| Covered bonds issued by credit institutions established in Member States | Risk-free rate | Risk-free rate | Risk-free rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Credit quality step 1 | Covered bonds issued by credit institutions in third countries Credit quality step 1 | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Credit quality steps 2 to 3 | Covered bonds issued by credit institutions in third countries Credit quality step 2 to 3 | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Credit quality step 4 to 6 and unrated | Central government, including central banks, of a third country, multilateral development banks and international organisations referred to in Article 117(2) or Article 118 of Regulation (EU) No 575/2013 | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Regional or local authority and public sector entities | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Financial sector entities including credit institutions incorporated or established by a central government, a regional government or a local authority and promotional lenders | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Basic materials, energy, industrials, agriculture, manufacturing, mining and quarrying | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Consumer goods and services, transportation and storage, administrative and support service activities | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Technology, telecommunications | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Health care, utilities, professional and technical activities | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
| Other sector | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
| Listed credit indices with a majority of its individual constituents being investment grade | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
| Listed credit indices with a majority of its individual constituents being non-investment grade or unrated | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate

Table 2

Credit quality | Sector | Maturity
less or equal to 0,375 years | greater than 0,375 years and less or equal to 0,75 years | greater than 0,75 years and less or equal to 1,5 year | greater than 1,5 year and less or equal to 2,5 years | greater than 2,5 years and less or equal to 4 years | greater than 4 years and less or equal to 7,5 years | greater than 7,5 years and less or equal to 12,5 years | greater than 12,5 years and less or equal to 17,5 years | greater than 17,5 years and less or equal to 25 years | greater than 25 years
All | Central government, including central banks, of Member States | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate
Credit quality step 1 to 3 | Central government, including central banks, of a third country, multilateral development banks and international organisations referred to in Article 117(2) or Article 118 of Regulation (EU) No 575/2013 | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate
Regional or local authority and public sector entities | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate
Financial sector entities including credit institutions incorporated or established by a central government, a regional government or a local authority and promotional lenders | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Basic materials, energy, industrials, agriculture, manufacturing, mining and quarrying | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Consumer goods and services, transportation and storage, administrative and support service activities | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Technology, telecommunications | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Health care, utilities, professional and technical activities | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate
| Covered bonds issued by credit institutions established in Member States | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate
Credit quality step 1 | Covered bonds issued by credit institutions in third countries Credit quality step 1 | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate
Credit quality steps 2 to 3 | Covered bonds issued by credit institutions in third countries Credit quality step 2 to 3 | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Credit quality step 4 to 6 and unrated | Central government, including central banks, of a third country, multilateral development banks and international organisations referred to in Article 117(2) or Article 118 of Regulation (EU) No 575/2013 | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Regional or local authority and public sector entities | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Financial sector entities including credit institutions incorporated or established by a central government, a regional government or a local authority and promotional lenders | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Basic materials, energy, industrials, agriculture, manufacturing, mining and quarrying | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Consumer goods and services, transportation and storage, administrative and support service activities | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Technology, telecommunications | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
Health care, utilities, professional and technical activities | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
| Other sector | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate
| Listed credit indices with a majority of its individual constituents being investment grade | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate | Inflation rate
| Listed credit indices with a majority of its individual constituents being non-investment grade or unrated | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate | Issuer credit spread rate

Commission Delegated Regulation (EU) 2025/1264 of 27 June 2025 supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the minimum contents of the liquidity management policy and procedures for certain issuers of asset-referenced tokens and e-money tokens

Official Journalof the European Union ENL series
2025/1264 3.10.2025
(1) Pursuant to Article 35(4) and Article 58 of Regulation (EU) 2023/1114, the requirements laid down in Article 45(3) of that Regulation apply not only to issuers of significant asset referenced tokens, but also to electronic money institutions issuing significant e-money tokens and, where required by their competent authorities, to issuers of asset referenced tokens that are not significant and to electronic money institutions issuing e-money tokens that are not significant.
(2) In accordance with Regulation (EU) 2023/1114, the Commission is to specify the minimum contents of the liquidity management policy and procedures for managing the liquidity risk of issuers of asset-referenced tokens or e-money tokens ensuring that the value of the reserve of assets can meet requests for redemption by holders of such tokens under normal and stress scenarios ensuring the normal continuity of the business. In order to meet requests for redemption, issuers of asset-referenced tokens or e-money tokens should pay particular attention to the volatility of the assets referenced relative to the reserve of assets and should perform a subsequent analysis of the necessary overcollateralisation. To mitigate any counterparty risk, issuers of asset-referenced tokens or e-money tokens should avoid risks of concentration of the custodians of the reserve of assets.
(3) Issuers of asset-referenced tokens or e-money tokens should establish a liquidity contingency plan with early warning signals and liquidity risk mitigation tools. In particular, issuers of asset-referenced tokens or e-money tokens should monitor as an early warning signal the volatility of assets referenced relative to the reserve of assets and the evolution of any gap between the market value of the tokens and the market value of the assets referenced, in order to anticipate potential material redemption requests, particularly in view of any potential underestimation of the market value of tokens in the market. Given that an overestimation of the market value of a token might create an incentive to sell it, issuers of asset-referenced tokens or e-money tokens should pay attention to transaction volumes and prices in order to be ready to react to any adverse evolution in the market of the tokens.
(4) As a reserve of assets for one asset-referenced token or e-money token is segregated from a reserve of assets of other such tokens, the liquidity management policy and procedures related to each of them should also be set out seperately.
(5) In order to ensure the reserve assets have a resilient liquidity profile that enables issuers of asset-referenced tokens or e-money tokens to continue operating normally also under scenarios of liquidity stress, a detailed description of the risks covered, the parameters identified and their calibration for the purposes of testing scenarios of liquidity stress, should be included in the liquidity management policy. The review of that information, which should be updated for each liquidity stress testing exercise, is expected to allow supervisors to decide on appropriate measures to strengthen the issuers’ liquidity requirements if necessary.
(6) This Regulation is based on the draft regulatory technical standards, developed in close cooperation with the European Securities and Markets Authority, submitted to the Commission by the European Banking Authority.
(7) The European Banking Authority has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Banking Stakeholder Group established in accordance with Article 37(1) of Regulation (EU) No 1093/2010 of the European Parliament and of the Council(2),
(a) issuers of significant asset-referenced tokens;
(b) electronic money institutions issuing significant e-money tokens;
(c) issuers of asset-referenced tokens that are not significant, where required by a competent authority under Article 35(4) of Regulation (EU) 2023/1114;
(d) electronic money institutions issuing e-money tokens that are not significant, where required by a competent authority under Article 58(2) of Regulation (EU) 2023/1114.
(a) identification of deposits with credit institutions, of the highly liquid financial instruments and of any other reserve assets;
(b) the setting of the criteria to determine the market value of the reserve assets;
(c) the assessment of concentration risk, creditworthiness and liquidity soundness, as well as the limits and time horizons of such risks, and the currencies’ consistency;
(d) the techniques for ensuring the stability of the reserve of assets’ value with respect to the referenced assets.
(a) the identification of the expected intra-day liquidity needs and resources;
(b) the setting up of processes and procedures coherent with the profile of the issuer of the asset-referenced token or e-money token and the contingent and expected market situation.
(a) for maximum deviations between the market value of the reserve of assets and the market value of the assets referenced by the tokens;
(b) for maximum deviations between the market value of the tokens and the market value of the assets referenced by the tokens.
(a) a description of the lines of responsibilities for designing, approving, monitoring, executing and maintaining up to date the liquidity contingency plan;
(b) a description of the strategies for addressing liquidity shortfalls in emergency situations;
(c) a description of tools, comprising the internal limits set out in the procedures for identifying, measuring and managing liquidity risk referred to in Article 2, to monitor market conditions that allow issuers of asset-referenced tokens or e-money tokens to determine, in a timely manner, whether either escalation or execution of measures, or both, is warranted.
(a) risks covered in the liquidity stress testing;
(b) parameters considered, their calibration under stress, and the stress scenarios and time horizons used in the liquidity stress testing;
(c) historical data and assumptions, including any expert judgments, considered by the issuer in the calibration of the parameters referred to in point (b);
(d) the outcome of the liquidity stress testing and any remedies taken.
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937(1), and in particular Article 45(7), fourth subparagraph, thereof,
(1) Pursuant to Article 35(4) and Article 58 of Regulation (EU) 2023/1114, the requirements laid down in Article 45(3) of that Regulation apply not only to issuers of significant asset referenced tokens, but also to electronic money institutions issuing significant e-money tokens and, where required by their competent authorities, to issuers of asset referenced tokens that are not significant and to electronic money institutions issuing e-money tokens that are not significant.
(2) In accordance with Regulation (EU) 2023/1114, the Commission is to specify the minimum contents of the liquidity management policy and procedures for managing the liquidity risk of issuers of asset-referenced tokens or e-money tokens ensuring that the value of the reserve of assets can meet requests for redemption by holders of such tokens under normal and stress scenarios ensuring the normal continuity of the business. In order to meet requests for redemption, issuers of asset-referenced tokens or e-money tokens should pay particular attention to the volatility of the assets referenced relative to the reserve of assets and should perform a subsequent analysis of the necessary overcollateralisation. To mitigate any counterparty risk, issuers of asset-referenced tokens or e-money tokens should avoid risks of concentration of the custodians of the reserve of assets.
(3) Issuers of asset-referenced tokens or e-money tokens should establish a liquidity contingency plan with early warning signals and liquidity risk mitigation tools. In particular, issuers of asset-referenced tokens or e-money tokens should monitor as an early warning signal the volatility of assets referenced relative to the reserve of assets and the evolution of any gap between the market value of the tokens and the market value of the assets referenced, in order to anticipate potential material redemption requests, particularly in view of any potential underestimation of the market value of tokens in the market. Given that an overestimation of the market value of a token might create an incentive to sell it, issuers of asset-referenced tokens or e-money tokens should pay attention to transaction volumes and prices in order to be ready to react to any adverse evolution in the market of the tokens.
(4) As a reserve of assets for one asset-referenced token or e-money token is segregated from a reserve of assets of other such tokens, the liquidity management policy and procedures related to each of them should also be set out seperately.
(5) In order to ensure the reserve assets have a resilient liquidity profile that enables issuers of asset-referenced tokens or e-money tokens to continue operating normally also under scenarios of liquidity stress, a detailed description of the risks covered, the parameters identified and their calibration for the purposes of testing scenarios of liquidity stress, should be included in the liquidity management policy. The review of that information, which should be updated for each liquidity stress testing exercise, is expected to allow supervisors to decide on appropriate measures to strengthen the issuers’ liquidity requirements if necessary.
(6) This Regulation is based on the draft regulatory technical standards, developed in close cooperation with the European Securities and Markets Authority, submitted to the Commission by the European Banking Authority.
(7) The European Banking Authority has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Banking Stakeholder Group established in accordance with Article 37(1) of Regulation (EU) No 1093/2010 of the European Parliament and of the Council(2),
HAS ADOPTED THIS REGULATION:

Scope
Article 1
This Regulation applies to the following issuers of asset referenced tokens and e-money tokens:
(a)
issuers of significant asset-referenced tokens;
(b)
electronic money institutions issuing significant e-money tokens;
(c)
issuers of asset-referenced tokens that are not significant, where required by a competent authority under Article 35(4) of Regulation (EU) 2023/1114;
(d)
electronic money institutions issuing e-money tokens that are not significant, where required by a competent authority under Article 58(2) of Regulation (EU) 2023/1114.

Policies and procedures for identifying, measuring and managing liquidity risk
Article 2
1. The liquidity management policies and procedures shall include robust strategies, and processes for the identification, measurement, management, monitoring and internal reporting of liquidity risk over a set of time horizons appropriately reflecting that risk.
2. The liquidity management policies and procedures shall ensure that adequate levels of reserve assets are maintained to meet requests for redemption by holders of asset-referenced tokens or e-money tokens at any moment, including under stress scenarios.
3. The liquidity management policies and procedures shall be proportionate to the complexity, risk profile and scope of operation of the issuers of asset-referenced tokens or e-money tokens.
The management bodies of the issuers of asset-referenced tokens or e-money tokens shall approve the liquidity management policies and procedures and shall set risk tolerance levels to each asset-referenced token or e-money token.
The liquidity management policies and procedures shall reflect the current and expected liquidity risks of issuers of asset-referenced tokens or e-money tokens.
The issuers of asset-referenced tokens or e-money tokens shall monitor those risks on an ongoing basis. That monitoring shall include the following:
(a)
identification of deposits with credit institutions, of the highly liquid financial instruments and of any other reserve assets;
(b)
the setting of the criteria to determine the market value of the reserve assets;
(c)
the assessment of concentration risk, creditworthiness and liquidity soundness, as well as the limits and time horizons of such risks, and the currencies’ consistency;
(d)
the techniques for ensuring the stability of the reserve of assets’ value with respect to the referenced assets.
4. Issuers of asset-referenced tokens or e-money tokens shall establish arrangements for sound management of the intra-day liquidity risk. Those arrangements shall include the following:
(a)
the identification of the expected intra-day liquidity needs and resources;
(b)
the setting up of processes and procedures coherent with the profile of the issuer of the asset-referenced token or e-money token and the contingent and expected market situation.
5. Issuers of asset-referenced tokens or e-money tokens shall monitor their reserve assets to ensure that they are available to cover the value of the assets referenced by such tokens at all times, including during emergency situations, and shall assess the appropriateness of overcollateralisation, in particular where the assets referenced by the tokens are highly volatile or do not form part of the reserve of assets.
6. Issuers of asset-referenced tokens or e-money tokens shall monitor, on a regular basis, the appointment of custodians of reserve assets as referred to in Article 37 of Regulation (EU) 2023/1114, the custody policies and the related contractual arrangements.
7. Issuers of asset-referenced tokens or e-money tokens shall have in place specific measures and shall establish internal limits to avoid concentration of the reserve of assets by a custodian.
8. Issuers of asset-referenced tokens that reference at least one asset that is not an official currency shall establish processes and procedures to address risks arising from cases in which the reserve of assets are not composed by the assets referenced, including arrangements for managing risks arising from the use of derivative instruments or instruments tracking the referenced assets.

Contingency policy and liquidity risk mitigation tools
Article 3
1. As part of the liquidity management policies and procedures, issuers of asset-referenced tokens or e-money tokens shall develop and appropriately calibrate early warning signals. Those signals shall include the following warnings:
(a)
for maximum deviations between the market value of the reserve of assets and the market value of the assets referenced by the tokens;
(b)
for maximum deviations between the market value of the tokens and the market value of the assets referenced by the tokens.
2. Issuers of asset-referenced tokens or e-money tokens shall have in place and regularly review different liquidity risk mitigation tools, including adequate access to diversified funding sources, to react to any early warning signal, under normal and stress scenarios.
3. Issuers of asset-referenced tokens or e-money tokens shall adjust their strategies, early warning signals, internal policies and limits on liquidity risk, and develop effective liquidity contingency plans to take into account the outcome of regular stress testing.
4. When applying paragraphs 1, 2 and 3, issuers of asset-referenced tokens or e-money tokens shall maintain the following policy documentation:
(a)
a description of the lines of responsibilities for designing, approving, monitoring, executing and maintaining up to date the liquidity contingency plan;
(b)
a description of the strategies for addressing liquidity shortfalls in emergency situations;
(c)
a description of tools, comprising the internal limits set out in the procedures for identifying, measuring and managing liquidity risk referred to in Article 2, to monitor market conditions that allow issuers of asset-referenced tokens or e-money tokens to determine, in a timely manner, whether either escalation or execution of measures, or both, is warranted.

Segregation of the liquidity management policy and procedures
Article 4
1. Issuers of asset-referenced tokens or e-money tokens shall apply the requirements set out in Articles 2 and 3 separately for each asset-referenced token or e-money token. The procedures for identifying, measuring, managing and reporting liquidity risk, the contingency policies and liquidity risk mitigation tools, the risk limits, the liquidity management tools and strategies referred to in those Articles shall be established, in content and form, taking into account the different assets referenced by the different asset-referenced token or e-money token and their correlation with the relevant segregated reserve of assets.
2. The liquidity management policy and procedures specified in this Regulation shall be separate, in content and form, from the liquidity policy and procedures related to activities of the issuer other than those related to issuing of asset-referenced tokens or e-money tokens.

Process and procedures to test scenarios of liquidity stress
Article 5
1. Issuers of asset-referenced tokens or e-money tokens shall include in their liquidity management policy the process and procedures to test scenarios of liquidity stress and the following information concerning each stress test:
(a)
risks covered in the liquidity stress testing;
(b)
parameters considered, their calibration under stress, and the stress scenarios and time horizons used in the liquidity stress testing;
(c)
historical data and assumptions, including any expert judgments, considered by the issuer in the calibration of the parameters referred to in point (b);
(d)
the outcome of the liquidity stress testing and any remedies taken.
2. The liquidity stress testing shall include a reverse stress test element to assess the limit of resilience of the liquidity profile of each reserve of assets.

Entry into force
Article 6
This Regulation shall enter into force on the twentieth day following that of its publication in theOfficial Journal of the European Union.

THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets, and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937(1), and in particular Article 45(7), fourth subparagraph, thereof,
(1) Pursuant to Article 35(4) and Article 58 of Regulation (EU) 2023/1114, the requirements laid down in Article 45(3) of that Regulation apply not only to issuers of significant asset referenced tokens, but also to electronic money institutions issuing significant e-money tokens and, where required by their competent authorities, to issuers of asset referenced tokens that are not significant and to electronic money institutions issuing e-money tokens that are not significant.
(2) In accordance with Regulation (EU) 2023/1114, the Commission is to specify the minimum contents of the liquidity management policy and procedures for managing the liquidity risk of issuers of asset-referenced tokens or e-money tokens ensuring that the value of the reserve of assets can meet requests for redemption by holders of such tokens under normal and stress scenarios ensuring the normal continuity of the business. In order to meet requests for redemption, issuers of asset-referenced tokens or e-money tokens should pay particular attention to the volatility of the assets referenced relative to the reserve of assets and should perform a subsequent analysis of the necessary overcollateralisation. To mitigate any counterparty risk, issuers of asset-referenced tokens or e-money tokens should avoid risks of concentration of the custodians of the reserve of assets.
(3) Issuers of asset-referenced tokens or e-money tokens should establish a liquidity contingency plan with early warning signals and liquidity risk mitigation tools. In particular, issuers of asset-referenced tokens or e-money tokens should monitor as an early warning signal the volatility of assets referenced relative to the reserve of assets and the evolution of any gap between the market value of the tokens and the market value of the assets referenced, in order to anticipate potential material redemption requests, particularly in view of any potential underestimation of the market value of tokens in the market. Given that an overestimation of the market value of a token might create an incentive to sell it, issuers of asset-referenced tokens or e-money tokens should pay attention to transaction volumes and prices in order to be ready to react to any adverse evolution in the market of the tokens.
(4) As a reserve of assets for one asset-referenced token or e-money token is segregated from a reserve of assets of other such tokens, the liquidity management policy and procedures related to each of them should also be set out seperately.
(5) In order to ensure the reserve assets have a resilient liquidity profile that enables issuers of asset-referenced tokens or e-money tokens to continue operating normally also under scenarios of liquidity stress, a detailed description of the risks covered, the parameters identified and their calibration for the purposes of testing scenarios of liquidity stress, should be included in the liquidity management policy. The review of that information, which should be updated for each liquidity stress testing exercise, is expected to allow supervisors to decide on appropriate measures to strengthen the issuers’ liquidity requirements if necessary.
(6) This Regulation is based on the draft regulatory technical standards, developed in close cooperation with the European Securities and Markets Authority, submitted to the Commission by the European Banking Authority.
(7) The European Banking Authority has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Banking Stakeholder Group established in accordance with Article 37(1) of Regulation (EU) No 1093/2010 of the European Parliament and of the Council(2),
HAS ADOPTED THIS REGULATION:

Scope

This Regulation applies to the following issuers of asset referenced tokens and e-money tokens:
(a)
issuers of significant asset-referenced tokens;
(b)
electronic money institutions issuing significant e-money tokens;
(c)
issuers of asset-referenced tokens that are not significant, where required by a competent authority under Article 35(4) of Regulation (EU) 2023/1114;
(d)
electronic money institutions issuing e-money tokens that are not significant, where required by a competent authority under Article 58(2) of Regulation (EU) 2023/1114.

Policies and procedures for identifying, measuring and managing liquidity risk

1. The liquidity management policies and procedures shall include robust strategies, and processes for the identification, measurement, management, monitoring and internal reporting of liquidity risk over a set of time horizons appropriately reflecting that risk.
2. The liquidity management policies and procedures shall ensure that adequate levels of reserve assets are maintained to meet requests for redemption by holders of asset-referenced tokens or e-money tokens at any moment, including under stress scenarios.
3. The liquidity management policies and procedures shall be proportionate to the complexity, risk profile and scope of operation of the issuers of asset-referenced tokens or e-money tokens.
The management bodies of the issuers of asset-referenced tokens or e-money tokens shall approve the liquidity management policies and procedures and shall set risk tolerance levels to each asset-referenced token or e-money token.
The liquidity management policies and procedures shall reflect the current and expected liquidity risks of issuers of asset-referenced tokens or e-money tokens.
The issuers of asset-referenced tokens or e-money tokens shall monitor those risks on an ongoing basis. That monitoring shall include the following:
(a)
identification of deposits with credit institutions, of the highly liquid financial instruments and of any other reserve assets;
(b)
the setting of the criteria to determine the market value of the reserve assets;
(c)
the assessment of concentration risk, creditworthiness and liquidity soundness, as well as the limits and time horizons of such risks, and the currencies’ consistency;
(d)
the techniques for ensuring the stability of the reserve of assets’ value with respect to the referenced assets.
4. Issuers of asset-referenced tokens or e-money tokens shall establish arrangements for sound management of the intra-day liquidity risk. Those arrangements shall include the following:
(a)
the identification of the expected intra-day liquidity needs and resources;
(b)
the setting up of processes and procedures coherent with the profile of the issuer of the asset-referenced token or e-money token and the contingent and expected market situation.
5. Issuers of asset-referenced tokens or e-money tokens shall monitor their reserve assets to ensure that they are available to cover the value of the assets referenced by such tokens at all times, including during emergency situations, and shall assess the appropriateness of overcollateralisation, in particular where the assets referenced by the tokens are highly volatile or do not form part of the reserve of assets.
6. Issuers of asset-referenced tokens or e-money tokens shall monitor, on a regular basis, the appointment of custodians of reserve assets as referred to in Article 37 of Regulation (EU) 2023/1114, the custody policies and the related contractual arrangements.
7. Issuers of asset-referenced tokens or e-money tokens shall have in place specific measures and shall establish internal limits to avoid concentration of the reserve of assets by a custodian.
8. Issuers of asset-referenced tokens that reference at least one asset that is not an official currency shall establish processes and procedures to address risks arising from cases in which the reserve of assets are not composed by the assets referenced, including arrangements for managing risks arising from the use of derivative instruments or instruments tracking the referenced assets.

Contingency policy and liquidity risk mitigation tools

1. As part of the liquidity management policies and procedures, issuers of asset-referenced tokens or e-money tokens shall develop and appropriately calibrate early warning signals. Those signals shall include the following warnings:
(a)
for maximum deviations between the market value of the reserve of assets and the market value of the assets referenced by the tokens;
(b)
for maximum deviations between the market value of the tokens and the market value of the assets referenced by the tokens.
2. Issuers of asset-referenced tokens or e-money tokens shall have in place and regularly review different liquidity risk mitigation tools, including adequate access to diversified funding sources, to react to any early warning signal, under normal and stress scenarios.
3. Issuers of asset-referenced tokens or e-money tokens shall adjust their strategies, early warning signals, internal policies and limits on liquidity risk, and develop effective liquidity contingency plans to take into account the outcome of regular stress testing.
4. When applying paragraphs 1, 2 and 3, issuers of asset-referenced tokens or e-money tokens shall maintain the following policy documentation:
(a)
a description of the lines of responsibilities for designing, approving, monitoring, executing and maintaining up to date the liquidity contingency plan;
(b)
a description of the strategies for addressing liquidity shortfalls in emergency situations;
(c)
a description of tools, comprising the internal limits set out in the procedures for identifying, measuring and managing liquidity risk referred to in Article 2, to monitor market conditions that allow issuers of asset-referenced tokens or e-money tokens to determine, in a timely manner, whether either escalation or execution of measures, or both, is warranted.

Segregation of the liquidity management policy and procedures

1. Issuers of asset-referenced tokens or e-money tokens shall apply the requirements set out in Articles 2 and 3 separately for each asset-referenced token or e-money token. The procedures for identifying, measuring, managing and reporting liquidity risk, the contingency policies and liquidity risk mitigation tools, the risk limits, the liquidity management tools and strategies referred to in those Articles shall be established, in content and form, taking into account the different assets referenced by the different asset-referenced token or e-money token and their correlation with the relevant segregated reserve of assets.
2. The liquidity management policy and procedures specified in this Regulation shall be separate, in content and form, from the liquidity policy and procedures related to activities of the issuer other than those related to issuing of asset-referenced tokens or e-money tokens.

Process and procedures to test scenarios of liquidity stress

1. Issuers of asset-referenced tokens or e-money tokens shall include in their liquidity management policy the process and procedures to test scenarios of liquidity stress and the following information concerning each stress test:
(a)
risks covered in the liquidity stress testing;
(b)
parameters considered, their calibration under stress, and the stress scenarios and time horizons used in the liquidity stress testing;
(c)
historical data and assumptions, including any expert judgments, considered by the issuer in the calibration of the parameters referred to in point (b);
(d)
the outcome of the liquidity stress testing and any remedies taken.
2. The liquidity stress testing shall include a reverse stress test element to assess the limit of resilience of the liquidity profile of each reserve of assets.

Entry into force

This Regulation shall enter into force on the twentieth day following that of its publication in theOfficial Journal of the European Union.

Commission Delegated Regulation (EU) 2025/1246 of 18 June 2025 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

Official Journalof the European Union ENL series
2025/1246 3.11.2025
(1) Regulation (EU) 2016/1033 of the European Parliament and of the Council(2)amended Regulation (EU) No 600/2014 by introducing into Article 2 of that Regulation a definition of ‘package transactions’. Since delegated regulations should not contain definitions that are already laid down in legislative acts, it follows that the same definition of ‘package transactions’, as currently laid down in Article 1, point (1) of Commission Delegated Regulation (EU) 2017/583(3), should be removed from that Regulation.
(2) Regulation (EU) 2024/791 of the European Parliament and of the Council(4)amended Regulation (EU) No 600/2014 by limiting the requirement to publish firm or indicative quotes in respect of non-equity instruments to central limit order books and periodic auction trading systems. In consequence, Regulation (EU) 2024/791 also deleted Article 9(5), point (d), of Regulation (EU) No 600/2014, which empowered the Commission, inter alia, to lay down a definition of ‘request-for-quote’ and ‘voice trading systems’ for the purposes of waiving pre-trade disclosure. It follows that those definitions should be removed from Article 1 of Delegated Regulation (EU) 2017/583. It is also necessary to delete quote-driven, request-for-quote and voice trading systems from Annex I to Delegated Regulation (EU) 2017/583.
(3) Regulation (EU) 2024/791 amended Regulation (EU) No 600/2014 by inserting into Article 9(5) of that Regulation a new point (f). Pursuant to that provision, the Commission is empowered to specify the characteristics of ‘central limit order books’ (‘CLOBs’) and ‘periodic auction trading systems’. It is therefore necessary to introduce definitions to that effect into Delegated Regulation (EU) 2017/583. A trading system operated by means of an order book that only includes market maker quotes, and a trading algorithm that matches incoming buy and sell orders with resting market maker quotes without human intervention on the basis of the best available price on a continuous basis should be considered as a continuous order book trading system. A trading system operated by means of an order book, where the quotes of the liquidity providers are confirmed before the potential execution of an incoming order, and a trading algorithm that matches incoming buy and sell orders with the confirmed quotes of the liquidity providers without human intervention on the basis of the best available price on a continuous basis, should also be considered as a continuous order book trading system. Where a CLOB trading system combines elements of a continuous order book trading system and of a periodic auction trading system, the continuous order book component and the periodic auction component of the CLOB trading system should be subject to the information requirements set out in Annex I to Delegated Regulation (EU) 2017/583 for continuous order book trading systems and periodic auction trading systems respectively.
(4) Article 54(3) of Regulation (EU) No 600/2014 stipulates that the provisions of the delegated acts adopted pursuant to that Regulation as applicable before 28 March 2024 are to continue to apply until the date of application of the delegated acts adopted pursuant to that Regulation as applicable from 28 March. In the Commission notice on the interpretation and implementation of the transitional provision laid down in Regulation (EU) 2024/791(5), the Commission clarified that Article 54(3) of Regulation (EU) No 600/2014 aims to ensure continuity for market participants while the new Commission delegated regulations are being prepared. To ensure such continuity in practice, a new Article 1a should be introduced into Delegated Regulation (EU) 2017/583 to specify which Articles of that Delegated Regulation should continue to apply only in respect of derivatives. Those Articles should continue to apply together with the provisions in Regulation (EU) No 600/2014 that they supplement, as applicable before 28 March 2024. Therefore, it should also be clarified that references to Article 11 of Regulation (EU) No 600/2014 contained in those Articles should be construed as references to Article 11 of Regulation (EU) No 600/2014, as applicable before 28 March 2024.
(5) Pursuant to Article 9(5), point (c), of Regulation (EU) No 600/2014, the Commission is empowered to specify the size of orders that are large in scale compared with normal market size. Article 9(1), point (a), of that Regulation enables competent authorities to waive for such orders the obligation for market operators and investment firms operating a trading venue to make public the information referred to in Article 8(1) of that Regulation. The Commission specified the size of orders that are large in scale in Article 3 of Delegated Regulation (EU) 2017/583. Regulation (EU) 2024/791, however, amended Article 8 of Regulation (EU) No 600/2014 to provide for specific pre-trade transparency requirements for trading venues in respect of bonds, structured finance products and emission allowances, and introduced a new Article 8a into that Regulation to provide for specific pre-trade transparency requirements for trading venues in respect of derivatives. It follows from that amendment that the determination of whether an order is large in scale, as referred to in Article 9(1), point (a), of Regulation (EU) No 600/2014, will be different for, on the one hand, bonds, structured finance products and emission allowances, and, on the other hand, derivatives. A new Article 3a should therefore be introduced into Delegated Regulation (EU) 2017/583 to provide for specific rules on the determination of ‘orders which are large in scale’ for bonds, structured finance products and emission allowances. To achieve a more stable pre-trade transparency regime, those rules should rely on a static determination of ‘orders which are large in scale’.
(6) To accommodate for limiting the pre-trade transparency in respect of non-equity instruments to CLOBs and periodic auction trading systems, Regulation (EU) 2024/791 deleted from Regulation (EU) No 600/2014 Article 9(1), point (b). That point enabled competent authorities to waive the obligation for market operators and investment firms operating a trading venue to make public the information referred to in Article 8(1) of that Regulation for actionable indications of interest in request-for-quote and voice trading systems that are above a size specific to the financial instrument. Pursuant to Article 9(5), point (d), of Regulation (EU) No 600/2014, the Commission was empowered to specify the size specific to those financial instruments for which pre-trade disclosure may be waived, which the Commission did in Article 5 of Delegated Regulation (EU) 2017/583. Since Regulation (EU) 2024/791 deleted from Regulation (EU) No 600/2014 both Article 9(1), point (b), and the empowerment laid down in Article 9(5), point (d), it follows that Article 5 of Delegated Regulation (EU) 2017/583 should also be deleted. It is also necessary to delete all references to Article 5 of Delegated Regulation (EU) 2017/583 from other provisions of that Regulation.
(7) Pursuant to Article 9(5), point (e), of Regulation (EU) No 600/2014, the Commission is empowered to specify the financial instruments or the classes of financial instruments for which there is not a liquid market where pre-trade disclosure may be waived under Article 9(1) of that Regulation. Article 9(1), point (c), of that Regulation enables competent authorities to waive for such instruments or classes of financial instruments the obligation for market operators and investment firms operating a trading venue to make public the information referred to in Article 8(1) of that Regulation. The Commission specified the classes of financial instruments for which there is not a liquid market in Article 6 of Delegated Regulation (EU) 2017/583. Regulation (EU) 2024/791, however, amended Article 8 of Regulation (EU) No 600/2014 to provide for specific pre-trade transparency requirements for trading venues in respect of bonds, structured finance products and emission allowances, and introduced a new Article 8a into that Regulation to provide for specific pre-trade transparency requirements for trading venues in respect of derivatives. It follows from those amendments that the determination of whether there is a liquid market, as referred to in Article 9(1), point (c), of Regulation (EU) No 600/2014, will be different for, on the one hand, bonds, structured finance products and emission allowances, and, on the other hand, derivatives. A new Article 6a should therefore be introduced into Delegated Regulation (EU) 2017/583 to provide for specific rules on the determination of whether there is a ‘liquid market’ for bonds, structured finance products and emission allowances. To achieve a more stable transparency regime, those rules should rely on a static determination of liquidity.
(8) Regulation (EU) 2024/791 introduced into Article 2(1), point (16a), of Regulation (EU) No 600/2014 the definition of a ‘designated publishing entity’, and inserted into that Regulation a new Article 21a, which allows an investment firm that is a designated publishing entity to be responsible for making a transaction public through an approved publication arrangement (‘APA’). That same new Article 21a also specifies which party to a transaction should be responsible for making a transaction public where one, neither or both of the parties involved are designated publishing entities. It follows that the requirements laid down in Delegated Regulation (EU) 2017/583 that aim to identify the investment firm responsible for making a transaction public through an APA should be deleted.
(9) Article 11 of Regulation (EU) No 600/2014 enabled competent authorities to authorise market operators and investment firms operating a trading venue to provide for deferred publication of the details of transactions based on the size of the transaction or the type of transaction. Pursuant to Article 11(4), point (c), of that Regulation, the Commission was empowered to specify the conditions for such deferred publication, which the Commission did in Article 8 of Delegated Regulation (EU) 2017/583. Regulation (EU) 2024/791, however, amended Article 11 of Regulation (EU) No 600/2014 by providing for specific requirements on deferred publication in respect of bonds, structured finance products, and emission allowances, and introduced a new Article 11a in that Regulation containing specific requirements on deferred publication in respect of derivatives. A new Article 8a should therefore be introduced into Delegated Regulation (EU) 2017/583 to determine the exact details of the regime on deferred publication in respect of bonds, structured finance products, and emission allowances, including the determination of which issuance sizes correspond to a liquid or illiquid market in a given financial instrument, what constitutes a transaction of medium, large and very large size, and the duration of deferrals.
(10) To ensure that the deferral regime for bonds is simple and well calibrated, it is necessary to distinguish between three bond categories: (i) sovereign and other public bonds; (ii) corporate, convertible and other bonds; and (iii) covered bonds. To allow for a better distinction between liquid and illiquid bonds and therefore for a more efficient calibration, bonds should be further grouped for each bond category.
(11) According to the definition of liquid market set out in Article 2, point (17)(a)(i), of Regulation (EU) No 600/2014, a liquid market should be assessed according to the issuance size of a bond. To cater for potential changes to the issuance size of a bond over time, including due to bond taps or buybacks, it is necessary to assess a liquid market on the basis of the bond issuance outstanding amount (that is, the total value of bonds that have been issued and are held by investors at a given point in time), rather than the bond initial issuance size (that is, the total value of bonds that is offered to investors in the primary market at the time of issuance).
(12) To introduce a simpler transparency regime that does not rely on frequent liquidity assessments, the provisions applicable to structured finance products and emission allowances set out in Delegated Regulation (EU) 2017/583 should be amended. Based on a data analysis performed by the European Securities and Markets Authority (‘ESMA’), and building on ESMA’s past experience in calibrating transparency requirements, structured finance products and emission allowances different from Union emission allowances should be considered as not having a liquid market, while Union emission allowances should be considered as having a liquid market. With respect to structured finance products, the existing pre-trade and post-trade transparency thresholds and the existing price deferral duration for illiquid structured finance products, as set out in Delegated Regulation (EU) 2017/583, should be maintained. However, considering the illiquidity of structured finance products, and considering that Regulation (EU) No 600/2014 no longer allows competent authorities to provide for a supplementary deferral period for those instruments, a standard volume deferral duration of up to two weeks after the date of the transaction should be introduced. With respect to emission allowances, pre-trade and post-trade transparency thresholds should be set in tonnes of CO2(tCO2) rather than lots, as tCO2is the common unit of measurement for those instruments. Based on a data analysis performed by ESMA, while taking into account the liquid nature of Union emission allowances, the maximum deferral period for Union emission allowances should be no longer than 19:00 local time on the second working day after the date of the transaction.
(13) Based on a data analysis performed by ESMA, all exchange traded commodities (‘ETCs’) and exchange traded notes (‘ETNs’) should be considered as not having a liquid market. In line with the approach taken for structured finance products, a standard volume deferral duration of up to two weeks after the date of the transaction should also be introduced for ETCs and ETNs.
(14) Regulation (EU) 2024/791 introduced amendments to the possibility for competent authorities to supplement the deferral regime under Regulation (EU) No 600/2014. Firstly, such possibility was limited to sovereign debt instruments. Secondly, the power of a competent authority to extend the period of deferred publication was limited to transactions executed in respect of the sovereign debt instruments issued by the Member State of that competent authority. With regard to sovereign debt instruments not issued by a Member State, the power to extend the period of deferred publication was given to ESMA. Thirdly, the maximum duration of supplementary deferrals was limited to six months. Competent authorities may set a lower deferral duration within that limit. Delegated Regulation (EU) 2017/583 should therefore be amended to reflect those changes.
(15) With regard to the publication of the details of several transactions in an aggregated form, as referred to in Article 11(3), point (b), of Regulation (EU) No 600/2014, the aggregation methodology should remain unchanged. Therefore, transactions benefitting from an extended deferral should be aggregated by the respective trading venues and APAs over the course of one calendar week and should be published on the following Tuesday before 09:00 local time.
(16) To provide market participants with sufficient time to prepare for the new requirements, while ensuring the timely establishment of the bond consolidated tape, the date of application of the amendments to Delegated Regulation (EU) 2017/583 set out in this Regulation should be deferred.
(17) Delegated Regulation (EU) 2017/583 should therefore be amended accordingly.
(18) To ensure a harmonised application of pre-trade transparency requirements in respect of equity instruments, and considering the details of pre-trade data that trading venues are required to provide to the equity consolidated tape provider under Article 22a of Regulation (EU) No 600/2014, Commission Delegated Regulation (EU) 2017/587(6)should be amended to specify the details of pre-trade data to be made public by market operators and investment firms operating a trading venue for each class of financial instrument, as required by Article 3(1) of Regulation (EU) No 600/2014.
(19) Iceberg orders are orders which have a displayed volume (peak) available for execution relating to a portion of a quantity and a hidden volume relating to the remainder of the quantity, kept in the order management facility which is capable of execution only after execution of the disclosed order. To cater for the possibility of execution of the hidden part of iceberg orders in narrowly defined circumstances, Article 8 of Delegated Regulation (EU) 2017/587 on the order management facility waiver should be amended.
(20) Regulation (EU) 2024/791 introduced into Article 2(1) of Regulation (EU) No 600/2014 a definition of ‘designated publishing entity’, and inserted into that Regulation a new Article 21a, which allows an investment firm that is a designated publishing entity to be responsible for making a transaction public through an APA. That same new Article 21a also specifies which party to a transaction should be responsible for making a transaction public where one, neither or both of the parties involved are designated publishing entities. It follows that the requirements laid down in Delegated Regulation (EU) 2017/587 that aim to identify the investment firm responsible for making a transaction public through an APA should be deleted.
(21) To ensure a proper calibration of the thresholds for the application of pre-trade equity transparency requirements to systematic internalisers, the methodology to determine the standard market size (‘SMS’) set out in Article 11 of Delegated Regulation (EU) 2017/587 should be refined by increasing the granularity of the average trade size buckets. The threshold to determine the minimum quote size for systematic internalisers should correspond to the SMS. Taking into account the international best practices, the competitiveness of Union firms, the significance of the market impact, and the efficiency of price formation, the threshold to determine the size up to which pre-trade equity transparency obligations apply to systematic internalisers should correspond to twice the SMS.
(22) To ensure an accurate representation of market activity and price formation in equity post-trade transparency, it is necessary to amend Article 13 of Delegated Regulation (EU) 2017/587 to determine and clarify the scope of transactions that do not contribute to price discovery, including ‘give-up’ and ‘give-in’ transactions. Those transactions are technical trades carried out primarily for operational purposes or to facilitate risk management between investment firms, and thus do not represent independent price-setting events. For that reason, they should be excluded from post-trade transparency requirements.
(23) Annex I to Delegated Regulation (EU) 2017/587 sets out the types of trading systems and, for each system, a description of its main features and the information to be made public in accordance with Article 3 of Regulation (EU) No 600/2014. That Annex should be modified to specify that trading systems operated by means of an order book that only include market maker quotes and a trading algorithm operated without human intervention that matches incoming buy and sell orders with resting market maker quotes on the basis of the best available price on a continuous basis should be considered as continuous order book trading systems. Trading systems operated by means of an order book, where the quotes of the liquidity providers are confirmed before the potential execution of an incoming order, and a trading algorithm that matches incoming buy and sell orders with the confirmed quotes of the liquidity providers without human intervention on the basis of the best available price on a continuous basis should also be considered as continuous order book trading systems.
(24) To provide market participants and competent authorities with sufficient time to prepare for the new requirements, while ensuring the timely establishment of the equity consolidated tape, the date of application of provisions in this Regulation related to the pre-and post-trade transparency details to be made public with respect to equity instruments, to the determination of the most relevant market in terms of liquidity for equity instruments, to orders in respect of equity instruments that are large in scale, and to the methodology of the transparency calculations for equity instruments should be deferred.
(25) Delegated Regulation (EU) 2017/587 should therefore be amended accordingly.
(26) This Regulation is based on the draft regulatory technical standards submitted to the Commission by ESMA. ESMA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Securities and Markets Stakeholder Group established by Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council(7). ESMA has also considered the advice of the expert stakeholder group on equity and non-equity market data quality and transmission protocols in accordance with Article 22b(3), point (b), of Regulation (EU) No 600/2014.
(27) To ensure an effective transparency regime and the successful establishment of the consolidated tapes for bonds and equity, and considering that all provisions in this Regulation concern pre- and post-trade transparency, it is necessary to include the amendments to Delegated Regulations (EU) 2017/583 and (EU) 2017/587 to be adopted under Article 4(6), Article 7(2), Article 9(5), Article 11(4), Article 14(7), Article 20(3), Article 21(5), Article 22(3) and Article 23(3), respectively, of Regulation (EU) No 600/2014 into a single Regulation,
(1) Article 1 is replaced by the following:‘Article 1Definitions(Article 9(5), point (f), of Regulation (EU) No 600/2014)For the purposes of this Regulation, the following definitions shall apply:(1)“central limit order book trading system” means any of the following:(a)a continuous order book trading system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis;(b)a trading system combining elements of a continuous order book trading system, as referred to in point (a), and of a periodic auction trading system, as defined in point (2);(2)“periodic auction trading system” means a trading system that matches orders on the basis of a periodic auction and a trading algorithm operated without human intervention.’; (1) “central limit order book trading system” means any of the following:(a)a continuous order book trading system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis;(b)a trading system combining elements of a continuous order book trading system, as referred to in point (a), and of a periodic auction trading system, as defined in point (2); (a) a continuous order book trading system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis; (b) a trading system combining elements of a continuous order book trading system, as referred to in point (a), and of a periodic auction trading system, as defined in point (2); (2) “periodic auction trading system” means a trading system that matches orders on the basis of a periodic auction and a trading algorithm operated without human intervention.’
(1) “central limit order book trading system” means any of the following:(a)a continuous order book trading system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis;(b)a trading system combining elements of a continuous order book trading system, as referred to in point (a), and of a periodic auction trading system, as defined in point (2); (a) a continuous order book trading system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis; (b) a trading system combining elements of a continuous order book trading system, as referred to in point (a), and of a periodic auction trading system, as defined in point (2);
(a) a continuous order book trading system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis;
(b) a trading system combining elements of a continuous order book trading system, as referred to in point (a), and of a periodic auction trading system, as defined in point (2);
(2) “periodic auction trading system” means a trading system that matches orders on the basis of a periodic auction and a trading algorithm operated without human intervention.’
(1) “central limit order book trading system” means any of the following:(a)a continuous order book trading system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis;(b)a trading system combining elements of a continuous order book trading system, as referred to in point (a), and of a periodic auction trading system, as defined in point (2); (a) a continuous order book trading system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis; (b) a trading system combining elements of a continuous order book trading system, as referred to in point (a), and of a periodic auction trading system, as defined in point (2);
(a) a continuous order book trading system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis;
(b) a trading system combining elements of a continuous order book trading system, as referred to in point (a), and of a periodic auction trading system, as defined in point (2);
(a) a continuous order book trading system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis;
(b) a trading system combining elements of a continuous order book trading system, as referred to in point (a), and of a periodic auction trading system, as defined in point (2);
(2) “periodic auction trading system” means a trading system that matches orders on the basis of a periodic auction and a trading algorithm operated without human intervention.’
(2) the following Article 1a is inserted:‘Article 1aScope of application of Articles 3, 6, 8, 9, 10, 11 and 131.   Articles 3, 6, 9, 10, 11 and 13 shall apply only in respect of derivatives. Article 8 shall apply only in respect of derivatives and package transactions.2.   References to Article 11 of Regulation (EU) No 600/2014 in Articles 8 and 11 of this Regulation shall be construed as references to Article 11 of Regulation (EU) No 600/2014 as applicable before 28 March 2024.’;
(3) the following Article 3a is inserted:‘Article 3aOrders which are large in scale for bonds, structured finance products and emission allowances(Article 9(1), point (a), of Regulation (EU) No 600/2014)An order in bonds, structured finance products or emission allowances shall be large in scale compared with normal market size where, at the point of entry of the order or following any amendment to the order, that order is equal to or larger than the following thresholds:(a)for all bond types, except Exchange Traded Commodities (‘ETCs’) and Exchange Traded Notes (‘ETNs’), the thresholds set out in Table 2.3 of Annex III;(b)for ETCs and ETNs, the thresholds set out in Table 2.5 of Annex III;(c)for structured finance products, the thresholds set out in Table 3.2 of Annex III;(d)for emission allowances, the thresholds set out in Table 12.2 of Annex III.’; (a) for all bond types, except Exchange Traded Commodities (‘ETCs’) and Exchange Traded Notes (‘ETNs’), the thresholds set out in Table 2.3 of Annex III; (b) for ETCs and ETNs, the thresholds set out in Table 2.5 of Annex III; (c) for structured finance products, the thresholds set out in Table 3.2 of Annex III; (d) for emission allowances, the thresholds set out in Table 12.2 of Annex III.’
(a) for all bond types, except Exchange Traded Commodities (‘ETCs’) and Exchange Traded Notes (‘ETNs’), the thresholds set out in Table 2.3 of Annex III;
(b) for ETCs and ETNs, the thresholds set out in Table 2.5 of Annex III;
(c) for structured finance products, the thresholds set out in Table 3.2 of Annex III;
(d) for emission allowances, the thresholds set out in Table 12.2 of Annex III.’
(a) for all bond types, except Exchange Traded Commodities (‘ETCs’) and Exchange Traded Notes (‘ETNs’), the thresholds set out in Table 2.3 of Annex III;
(b) for ETCs and ETNs, the thresholds set out in Table 2.5 of Annex III;
(c) for structured finance products, the thresholds set out in Table 3.2 of Annex III;
(d) for emission allowances, the thresholds set out in Table 12.2 of Annex III.’
(4) Article 5 is deleted;
(5) the following Article 6a is inserted:‘Article 6aThe classes of bonds, structured finance products and emission allowances for which there is not a liquid market(Article 9(1), point (c), of Regulation (EU) No 600/2014)To determine whether a bond, structured finance product or emission allowance is to be considered not to have a liquid market, competent authorities shall apply the following static determination of liquidity:(a)for all bond types, except ETCs and ETNs, the determination set out in Table 2.2 of Annex III;(b)for ETCs and ETNs, the determination set out in Table 2.4 of Annex III;(c)for structured finance products, the determination set out in Table 3.1 of Annex III;(d)for emission allowances, the determination set out in Table 12.1 of Annex III.’; (a) for all bond types, except ETCs and ETNs, the determination set out in Table 2.2 of Annex III; (b) for ETCs and ETNs, the determination set out in Table 2.4 of Annex III; (c) for structured finance products, the determination set out in Table 3.1 of Annex III; (d) for emission allowances, the determination set out in Table 12.1 of Annex III.’
(a) for all bond types, except ETCs and ETNs, the determination set out in Table 2.2 of Annex III;
(b) for ETCs and ETNs, the determination set out in Table 2.4 of Annex III;
(c) for structured finance products, the determination set out in Table 3.1 of Annex III;
(d) for emission allowances, the determination set out in Table 12.1 of Annex III.’
(a) for all bond types, except ETCs and ETNs, the determination set out in Table 2.2 of Annex III;
(b) for ETCs and ETNs, the determination set out in Table 2.4 of Annex III;
(c) for structured finance products, the determination set out in Table 3.1 of Annex III;
(d) for emission allowances, the determination set out in Table 12.1 of Annex III.’
(6) Article 7 is amended as follows:(a)in paragraph 1, the following subparagraph is added:‘The field names set out in Table 2 of Annex II shall be made public using the same naming conventions as set out in the field identifier of that table.’;(b)paragraph 4 is replaced by the following:‘4.   Post-trade information shall be made available as close to real time as is technically possible and in any case within five minutes after the execution of the relevant transaction.’;(c)paragraphs 5 and 6 are deleted;(d)paragraph 8 is replaced by the following:‘8.   Information relating to a package transaction shall include the package transaction flag or the exchange for physicals transaction flag as specified in Table 3 of Annex II. Where the package transaction is eligible for deferred publication pursuant to Article 8, information on all components shall be made available after the deferral period for the transaction has lapsed.’; (a) in paragraph 1, the following subparagraph is added:‘The field names set out in Table 2 of Annex II shall be made public using the same naming conventions as set out in the field identifier of that table.’; (b) paragraph 4 is replaced by the following:‘4.   Post-trade information shall be made available as close to real time as is technically possible and in any case within five minutes after the execution of the relevant transaction.’; (c) paragraphs 5 and 6 are deleted; (d) paragraph 8 is replaced by the following:‘8.   Information relating to a package transaction shall include the package transaction flag or the exchange for physicals transaction flag as specified in Table 3 of Annex II. Where the package transaction is eligible for deferred publication pursuant to Article 8, information on all components shall be made available after the deferral period for the transaction has lapsed.’;
(a) in paragraph 1, the following subparagraph is added:‘The field names set out in Table 2 of Annex II shall be made public using the same naming conventions as set out in the field identifier of that table.’;
(b) paragraph 4 is replaced by the following:‘4.   Post-trade information shall be made available as close to real time as is technically possible and in any case within five minutes after the execution of the relevant transaction.’;
(c) paragraphs 5 and 6 are deleted;
(d) paragraph 8 is replaced by the following:‘8.   Information relating to a package transaction shall include the package transaction flag or the exchange for physicals transaction flag as specified in Table 3 of Annex II. Where the package transaction is eligible for deferred publication pursuant to Article 8, information on all components shall be made available after the deferral period for the transaction has lapsed.’;
(a) in paragraph 1, the following subparagraph is added:‘The field names set out in Table 2 of Annex II shall be made public using the same naming conventions as set out in the field identifier of that table.’;
(b) paragraph 4 is replaced by the following:‘4.   Post-trade information shall be made available as close to real time as is technically possible and in any case within five minutes after the execution of the relevant transaction.’;
(c) paragraphs 5 and 6 are deleted;
(d) paragraph 8 is replaced by the following:‘8.   Information relating to a package transaction shall include the package transaction flag or the exchange for physicals transaction flag as specified in Table 3 of Annex II. Where the package transaction is eligible for deferred publication pursuant to Article 8, information on all components shall be made available after the deferral period for the transaction has lapsed.’;
(7) the following Article 8a is inserted:‘Article 8aDeferred publication of transactions for bonds, structured finance products and emission allowances(Article 11 of Regulation (EU) No 600/2014)1.   Market operators and investment firms operating a trading venue and investment firms trading outside a trading venue may defer the publication of the details of transactions in respect of bonds, except ETCs and ETNs, in accordance with the following:(a)a price deferral and a volume deferral not exceeding 15 minutes, for transactions in category 1 as referred to in Table 2.6 of Annex III;(b)a price deferral and a volume deferral not exceeding the end of the trading day, for transactions in category 2 as referred to in Table 2.6 of Annex III;(c)a price deferral not exceeding the end of the first trading day after the transaction date and a volume deferral not exceeding one week after the transaction date, for transactions in category 3 as referred to in Table 2.6 of Annex III;(d)a price deferral not exceeding the end of the second trading day after the transaction date and a volume deferral not exceeding two weeks after the transaction date, for transactions in category 4 as referred to in Table 2.6 of Annex III;(e)a price deferral and a volume deferral not exceeding four weeks after the transaction date, for transactions in category 5 as referred to in Table 2.6 of Annex III.2.   Market operators and investment firms operating a trading venue and investment firms trading outside a trading venue may defer the publication of the details of transactions in respect of ETCs, ETNs and structured finance products in accordance with the following:(a)a price deferral not exceeding the end of the second trading day after the transaction date, for transactions of any size; and(b)a volume deferral not exceeding two weeks after the transaction date, for transactions of any size.3.   Market operators and investment firms operating a trading venue and investment firms trading outside a trading venue shall make public each transaction in respect of emission allowances no later than 19:00 local time on the second working day after the date of the transaction, provided that the transaction is above the post-trade size for emission allowances as referred to in Table 12.2 of Annex III.’; (a) a price deferral and a volume deferral not exceeding 15 minutes, for transactions in category 1 as referred to in Table 2.6 of Annex III; (b) a price deferral and a volume deferral not exceeding the end of the trading day, for transactions in category 2 as referred to in Table 2.6 of Annex III; (c) a price deferral not exceeding the end of the first trading day after the transaction date and a volume deferral not exceeding one week after the transaction date, for transactions in category 3 as referred to in Table 2.6 of Annex III; (d) a price deferral not exceeding the end of the second trading day after the transaction date and a volume deferral not exceeding two weeks after the transaction date, for transactions in category 4 as referred to in Table 2.6 of Annex III; (e) a price deferral and a volume deferral not exceeding four weeks after the transaction date, for transactions in category 5 as referred to in Table 2.6 of Annex III. (a) a price deferral not exceeding the end of the second trading day after the transaction date, for transactions of any size; and (b) a volume deferral not exceeding two weeks after the transaction date, for transactions of any size.
(a) a price deferral and a volume deferral not exceeding 15 minutes, for transactions in category 1 as referred to in Table 2.6 of Annex III;
(b) a price deferral and a volume deferral not exceeding the end of the trading day, for transactions in category 2 as referred to in Table 2.6 of Annex III;
(c) a price deferral not exceeding the end of the first trading day after the transaction date and a volume deferral not exceeding one week after the transaction date, for transactions in category 3 as referred to in Table 2.6 of Annex III;
(d) a price deferral not exceeding the end of the second trading day after the transaction date and a volume deferral not exceeding two weeks after the transaction date, for transactions in category 4 as referred to in Table 2.6 of Annex III;
(e) a price deferral and a volume deferral not exceeding four weeks after the transaction date, for transactions in category 5 as referred to in Table 2.6 of Annex III.
(a) a price deferral not exceeding the end of the second trading day after the transaction date, for transactions of any size; and
(b) a volume deferral not exceeding two weeks after the transaction date, for transactions of any size.
(a) a price deferral and a volume deferral not exceeding 15 minutes, for transactions in category 1 as referred to in Table 2.6 of Annex III;
(b) a price deferral and a volume deferral not exceeding the end of the trading day, for transactions in category 2 as referred to in Table 2.6 of Annex III;
(c) a price deferral not exceeding the end of the first trading day after the transaction date and a volume deferral not exceeding one week after the transaction date, for transactions in category 3 as referred to in Table 2.6 of Annex III;
(d) a price deferral not exceeding the end of the second trading day after the transaction date and a volume deferral not exceeding two weeks after the transaction date, for transactions in category 4 as referred to in Table 2.6 of Annex III;
(e) a price deferral and a volume deferral not exceeding four weeks after the transaction date, for transactions in category 5 as referred to in Table 2.6 of Annex III.
(a) a price deferral not exceeding the end of the second trading day after the transaction date, for transactions of any size; and
(b) a volume deferral not exceeding two weeks after the transaction date, for transactions of any size.
(8) Article 11 is amended as follows:(a)in paragraph 1, point (d) is deleted;(b)in paragraph 2, points (b) and (c) are deleted;(c)paragraph 4 is replaced by the following:‘4.   The aggregated daily or weekly data referred to in paragraphs 1 and 2 shall contain the following information about derivatives in respect of each day or week of the calendar period concerned:(a)the weighted average price;(b)the total volume traded as referred to in Table 4 of Annex II;(c)the total number of transactions.’;(d)paragraph 6 is replaced by the following:‘6.   Where the weekday for the publications set out in paragraph 1, point (c), and paragraphs 2 and 3, is not a working day, the publications shall be made on the following working day before 09:00 local time.’; (a) in paragraph 1, point (d) is deleted; (b) in paragraph 2, points (b) and (c) are deleted; (c) paragraph 4 is replaced by the following:‘4.   The aggregated daily or weekly data referred to in paragraphs 1 and 2 shall contain the following information about derivatives in respect of each day or week of the calendar period concerned:(a)the weighted average price;(b)the total volume traded as referred to in Table 4 of Annex II;(c)the total number of transactions.’; (a) the weighted average price; (b) the total volume traded as referred to in Table 4 of Annex II; (c) the total number of transactions.’ (d) paragraph 6 is replaced by the following:‘6.   Where the weekday for the publications set out in paragraph 1, point (c), and paragraphs 2 and 3, is not a working day, the publications shall be made on the following working day before 09:00 local time.’;
(a) in paragraph 1, point (d) is deleted;
(b) in paragraph 2, points (b) and (c) are deleted;
(c) paragraph 4 is replaced by the following:‘4.   The aggregated daily or weekly data referred to in paragraphs 1 and 2 shall contain the following information about derivatives in respect of each day or week of the calendar period concerned:(a)the weighted average price;(b)the total volume traded as referred to in Table 4 of Annex II;(c)the total number of transactions.’; (a) the weighted average price; (b) the total volume traded as referred to in Table 4 of Annex II; (c) the total number of transactions.’
(a) the weighted average price;
(b) the total volume traded as referred to in Table 4 of Annex II;
(c) the total number of transactions.’
(d) paragraph 6 is replaced by the following:‘6.   Where the weekday for the publications set out in paragraph 1, point (c), and paragraphs 2 and 3, is not a working day, the publications shall be made on the following working day before 09:00 local time.’;
(a) in paragraph 1, point (d) is deleted;
(b) in paragraph 2, points (b) and (c) are deleted;
(c) paragraph 4 is replaced by the following:‘4.   The aggregated daily or weekly data referred to in paragraphs 1 and 2 shall contain the following information about derivatives in respect of each day or week of the calendar period concerned:(a)the weighted average price;(b)the total volume traded as referred to in Table 4 of Annex II;(c)the total number of transactions.’; (a) the weighted average price; (b) the total volume traded as referred to in Table 4 of Annex II; (c) the total number of transactions.’
(a) the weighted average price;
(b) the total volume traded as referred to in Table 4 of Annex II;
(c) the total number of transactions.’
(a) the weighted average price;
(b) the total volume traded as referred to in Table 4 of Annex II;
(c) the total number of transactions.’
(d) paragraph 6 is replaced by the following:‘6.   Where the weekday for the publications set out in paragraph 1, point (c), and paragraphs 2 and 3, is not a working day, the publications shall be made on the following working day before 09:00 local time.’;
(9) the following Article 11a is inserted:‘Article 11aTransparency requirements for sovereign debt instruments in conjunction with deferred publication at the discretion of competent authorities(Article 11(3) of Regulation (EU) No 600/2014)1.   The publication of the details of several transactions in an aggregated form as referred to in Article 11(3), point (b), of Regulation (EU) No 600/2014 shall cover transactions that have been executed over the course of one calendar week and shall be made on the following Tuesday before 09:00 local time.2.   The aggregated weekly data referred to in paragraph 1 shall contain the following information in respect of each week of the calendar period concerned:(a)the weighted average price;(b)the total volume traded as referred to in Table 4 of Annex II;(c)the total number of transactions.3.Transactions shall be aggregated per ISIN-code.4.Where the weekday for the publications set out in paragraph 1 is not a working day, the publications shall be made on the following working day before 09:00 local time.’; (a) the weighted average price; (b) the total volume traded as referred to in Table 4 of Annex II; (c) the total number of transactions. 3. Transactions shall be aggregated per ISIN-code. 4. Where the weekday for the publications set out in paragraph 1 is not a working day, the publications shall be made on the following working day before 09:00 local time.’
(a) the weighted average price;
(b) the total volume traded as referred to in Table 4 of Annex II;
(c) the total number of transactions.
3. Transactions shall be aggregated per ISIN-code.
4. Where the weekday for the publications set out in paragraph 1 is not a working day, the publications shall be made on the following working day before 09:00 local time.’
(a) the weighted average price;
(b) the total volume traded as referred to in Table 4 of Annex II;
(c) the total number of transactions.
3. Transactions shall be aggregated per ISIN-code.
4. Where the weekday for the publications set out in paragraph 1 is not a working day, the publications shall be made on the following working day before 09:00 local time.’
(10) Article 13 is amended as follows:(a)paragraph 1 is amended as follows:(i)in point (a), point (iv) is replaced by the following:‘(iv)the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’;(ii)in point (b), points (i), (ii) and (ix) are deleted;(iii)point (d) is deleted;(b)paragraph 2 is amended as follows:(i)the introductory wording is replaced by the following:‘For determining the orders that are large in scale compared with normal market size as referred to in Article 3, the following methodologies shall be applied:’;(ii)point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted;(iii)point (b) is amended as follows:(1)the introductory wording is replaced by the following:‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’;(2)point (i) is deleted;(3)point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;(4)point (iv) is deleted;(c)paragraph 3 is amended as follows:(i)point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted;(ii)point (b) is deleted;(iii)point (d) is replaced by the following:‘(d)the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’;(d)in paragraph 5, point (b) is replaced by the following:‘(b)the sizes large in scale compared to normal market size and the size specific to the instrument as set out in paragraph 3.’;(e)paragraph 7 is replaced by the following:‘7.   For the purposes of paragraph 1, point (b), paragraph 2, point (b), and paragraph 3, points (c) and (d), competent authorities shall take into account transactions executed in the Union between 1 January and 31 December of the preceding year.’;(f)paragraph 8 is replaced by the following:‘8.   The trade size for the purpose of paragraph 2, point (b), and paragraph 3, points (c) and (d), shall be determined on the basis of the measure of volume as specified in Table 4 of Annex II. Where the trade size specified for the purposes of paragraphs 2 and 3 is expressed in monetary value and the financial instrument is not denominated in euros, the trade size shall be converted to the currency in which that financial instrument is denominated by applying the European Central Bank euro foreign exchange reference rate as of 31 December of the preceding year.’;(g)paragraph 10 is deleted;(h)paragraph 11 is replaced by the following:‘11.   For the determinations referred to in paragraphs 2 and 3, whenever the number of transactions considered for calculations is smaller than 1 000, paragraph 2, point (b), and paragraph 3, points (c) and (d), shall not apply. In those cases, the threshold values specified in paragraph 2, point (a), and paragraph 3, point (a), shall instead apply.’;(i)in paragraph 12, the introductory wording is replaced by the following:‘Except when they refer to emission allowance derivatives, the calculations referred to in paragraph 2, point (b), and paragraph 3, point (c), shall be rounded up to the next:’;(j)paragraphs 14 and 15 are replaced by the following:‘14.   For equity derivatives that are admitted to trading or first traded on a trading venue, that do not belong to a sub-class for which the size specific to the financial instrument referred to in Article 8(1)(c) and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1)(a) have been published, and which belong to one of the sub-asset classes specified in paragraph 1(a)(ii), the size specific to the financial instrument and the size of orders and transactions large in scale compared with normal market size shall be those applicable to the smallest average daily notional amount (ADNA) band of the sub-asset class to which the equity derivative belongs.15.   Financial instruments admitted to trading or first traded on a trading venue which do not belong to any sub-class for which the size specific to the financial instrument referred to in Article 8(1), point (c), and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1), point (a), have been published shall be considered not to have a liquid market until application of the results of the calculations performed in accordance with paragraph 17. The applicable size specific to the financial instrument referred to in Article 8(1), point (c), and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1), point (a), shall be those of the sub-classes determined not to have a liquid market belonging to the same sub-asset class.’;(k)paragraphs 18, 19 and 20 are deleted; (a) paragraph 1 is amended as follows:(i)in point (a), point (iv) is replaced by the following:‘(iv)the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’;(ii)in point (b), points (i), (ii) and (ix) are deleted;(iii)point (d) is deleted; (i) in point (a), point (iv) is replaced by the following:‘(iv)the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’; ‘(iv) the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’; (ii) in point (b), points (i), (ii) and (ix) are deleted; (iii) point (d) is deleted; (b) paragraph 2 is amended as follows:(i)the introductory wording is replaced by the following:‘For determining the orders that are large in scale compared with normal market size as referred to in Article 3, the following methodologies shall be applied:’;(ii)point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted;(iii)point (b) is amended as follows:(1)the introductory wording is replaced by the following:‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’;(2)point (i) is deleted;(3)point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;(4)point (iv) is deleted; (i) the introductory wording is replaced by the following:‘For determining the orders that are large in scale compared with normal market size as referred to in Article 3, the following methodologies shall be applied:’; (ii) point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted; (1) point (i) is deleted; (2) point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; ‘(vi) each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; (3) points (vii) and (viii) are deleted; (iii) point (b) is amended as follows:(1)the introductory wording is replaced by the following:‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’;(2)point (i) is deleted;(3)point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;(4)point (iv) is deleted; (1) the introductory wording is replaced by the following:‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’; (2) point (i) is deleted; (3) point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’; ‘(iii) each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’; (4) point (iv) is deleted; (c) paragraph 3 is amended as follows:(i)point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted;(ii)point (b) is deleted;(iii)point (d) is replaced by the following:‘(d)the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’; (i) point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted; (1) point (i) is deleted; (2) point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; ‘(vi) each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; (3) points (vii) and (viii) are deleted; (ii) point (b) is deleted; (iii) point (d) is replaced by the following:‘(d)the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’; ‘(d) the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’; (d) in paragraph 5, point (b) is replaced by the following:‘(b)the sizes large in scale compared to normal market size and the size specific to the instrument as set out in paragraph 3.’; ‘(b) the sizes large in scale compared to normal market size and the size specific to the instrument as set out in paragraph 3.’; (e) paragraph 7 is replaced by the following:‘7.   For the purposes of paragraph 1, point (b), paragraph 2, point (b), and paragraph 3, points (c) and (d), competent authorities shall take into account transactions executed in the Union between 1 January and 31 December of the preceding year.’; (f) paragraph 8 is replaced by the following:‘8.   The trade size for the purpose of paragraph 2, point (b), and paragraph 3, points (c) and (d), shall be determined on the basis of the measure of volume as specified in Table 4 of Annex II. Where the trade size specified for the purposes of paragraphs 2 and 3 is expressed in monetary value and the financial instrument is not denominated in euros, the trade size shall be converted to the currency in which that financial instrument is denominated by applying the European Central Bank euro foreign exchange reference rate as of 31 December of the preceding year.’; (g) paragraph 10 is deleted; (h) paragraph 11 is replaced by the following:‘11.   For the determinations referred to in paragraphs 2 and 3, whenever the number of transactions considered for calculations is smaller than 1 000, paragraph 2, point (b), and paragraph 3, points (c) and (d), shall not apply. In those cases, the threshold values specified in paragraph 2, point (a), and paragraph 3, point (a), shall instead apply.’; (i) in paragraph 12, the introductory wording is replaced by the following:‘Except when they refer to emission allowance derivatives, the calculations referred to in paragraph 2, point (b), and paragraph 3, point (c), shall be rounded up to the next:’; (j) paragraphs 14 and 15 are replaced by the following:‘14.   For equity derivatives that are admitted to trading or first traded on a trading venue, that do not belong to a sub-class for which the size specific to the financial instrument referred to in Article 8(1)(c) and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1)(a) have been published, and which belong to one of the sub-asset classes specified in paragraph 1(a)(ii), the size specific to the financial instrument and the size of orders and transactions large in scale compared with normal market size shall be those applicable to the smallest average daily notional amount (ADNA) band of the sub-asset class to which the equity derivative belongs.15.   Financial instruments admitted to trading or first traded on a trading venue which do not belong to any sub-class for which the size specific to the financial instrument referred to in Article 8(1), point (c), and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1), point (a), have been published shall be considered not to have a liquid market until application of the results of the calculations performed in accordance with paragraph 17. The applicable size specific to the financial instrument referred to in Article 8(1), point (c), and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1), point (a), shall be those of the sub-classes determined not to have a liquid market belonging to the same sub-asset class.’; (k) paragraphs 18, 19 and 20 are deleted;
(a) paragraph 1 is amended as follows:(i)in point (a), point (iv) is replaced by the following:‘(iv)the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’;(ii)in point (b), points (i), (ii) and (ix) are deleted;(iii)point (d) is deleted; (i) in point (a), point (iv) is replaced by the following:‘(iv)the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’; ‘(iv) the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’; (ii) in point (b), points (i), (ii) and (ix) are deleted; (iii) point (d) is deleted;
(i) in point (a), point (iv) is replaced by the following:‘(iv)the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’; ‘(iv) the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’;
‘(iv) the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’;
(ii) in point (b), points (i), (ii) and (ix) are deleted;
(iii) point (d) is deleted;
(b) paragraph 2 is amended as follows:(i)the introductory wording is replaced by the following:‘For determining the orders that are large in scale compared with normal market size as referred to in Article 3, the following methodologies shall be applied:’;(ii)point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted;(iii)point (b) is amended as follows:(1)the introductory wording is replaced by the following:‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’;(2)point (i) is deleted;(3)point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;(4)point (iv) is deleted; (i) the introductory wording is replaced by the following:‘For determining the orders that are large in scale compared with normal market size as referred to in Article 3, the following methodologies shall be applied:’; (ii) point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted; (1) point (i) is deleted; (2) point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; ‘(vi) each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; (3) points (vii) and (viii) are deleted; (iii) point (b) is amended as follows:(1)the introductory wording is replaced by the following:‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’;(2)point (i) is deleted;(3)point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;(4)point (iv) is deleted; (1) the introductory wording is replaced by the following:‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’; (2) point (i) is deleted; (3) point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’; ‘(iii) each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’; (4) point (iv) is deleted;
(i) the introductory wording is replaced by the following:‘For determining the orders that are large in scale compared with normal market size as referred to in Article 3, the following methodologies shall be applied:’;
(ii) point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted; (1) point (i) is deleted; (2) point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; ‘(vi) each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; (3) points (vii) and (viii) are deleted;
(1) point (i) is deleted;
(2) point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; ‘(vi) each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
‘(vi) each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
(3) points (vii) and (viii) are deleted;
(iii) point (b) is amended as follows:(1)the introductory wording is replaced by the following:‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’;(2)point (i) is deleted;(3)point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;(4)point (iv) is deleted; (1) the introductory wording is replaced by the following:‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’; (2) point (i) is deleted; (3) point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’; ‘(iii) each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’; (4) point (iv) is deleted;
(1) the introductory wording is replaced by the following:‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’;
(2) point (i) is deleted;
(3) point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’; ‘(iii) each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;
‘(iii) each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;
(4) point (iv) is deleted;
(c) paragraph 3 is amended as follows:(i)point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted;(ii)point (b) is deleted;(iii)point (d) is replaced by the following:‘(d)the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’; (i) point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted; (1) point (i) is deleted; (2) point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; ‘(vi) each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; (3) points (vii) and (viii) are deleted; (ii) point (b) is deleted; (iii) point (d) is replaced by the following:‘(d)the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’; ‘(d) the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’;
(i) point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted; (1) point (i) is deleted; (2) point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; ‘(vi) each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; (3) points (vii) and (viii) are deleted;
(1) point (i) is deleted;
(2) point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; ‘(vi) each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
‘(vi) each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
(3) points (vii) and (viii) are deleted;
(ii) point (b) is deleted;
(iii) point (d) is replaced by the following:‘(d)the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’; ‘(d) the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’;
‘(d) the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’;
(d) in paragraph 5, point (b) is replaced by the following:‘(b)the sizes large in scale compared to normal market size and the size specific to the instrument as set out in paragraph 3.’; ‘(b) the sizes large in scale compared to normal market size and the size specific to the instrument as set out in paragraph 3.’;
‘(b) the sizes large in scale compared to normal market size and the size specific to the instrument as set out in paragraph 3.’;
(e) paragraph 7 is replaced by the following:‘7.   For the purposes of paragraph 1, point (b), paragraph 2, point (b), and paragraph 3, points (c) and (d), competent authorities shall take into account transactions executed in the Union between 1 January and 31 December of the preceding year.’;
(f) paragraph 8 is replaced by the following:‘8.   The trade size for the purpose of paragraph 2, point (b), and paragraph 3, points (c) and (d), shall be determined on the basis of the measure of volume as specified in Table 4 of Annex II. Where the trade size specified for the purposes of paragraphs 2 and 3 is expressed in monetary value and the financial instrument is not denominated in euros, the trade size shall be converted to the currency in which that financial instrument is denominated by applying the European Central Bank euro foreign exchange reference rate as of 31 December of the preceding year.’;
(g) paragraph 10 is deleted;
(h) paragraph 11 is replaced by the following:‘11.   For the determinations referred to in paragraphs 2 and 3, whenever the number of transactions considered for calculations is smaller than 1 000, paragraph 2, point (b), and paragraph 3, points (c) and (d), shall not apply. In those cases, the threshold values specified in paragraph 2, point (a), and paragraph 3, point (a), shall instead apply.’;
(i) in paragraph 12, the introductory wording is replaced by the following:‘Except when they refer to emission allowance derivatives, the calculations referred to in paragraph 2, point (b), and paragraph 3, point (c), shall be rounded up to the next:’;
(j) paragraphs 14 and 15 are replaced by the following:‘14.   For equity derivatives that are admitted to trading or first traded on a trading venue, that do not belong to a sub-class for which the size specific to the financial instrument referred to in Article 8(1)(c) and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1)(a) have been published, and which belong to one of the sub-asset classes specified in paragraph 1(a)(ii), the size specific to the financial instrument and the size of orders and transactions large in scale compared with normal market size shall be those applicable to the smallest average daily notional amount (ADNA) band of the sub-asset class to which the equity derivative belongs.15.   Financial instruments admitted to trading or first traded on a trading venue which do not belong to any sub-class for which the size specific to the financial instrument referred to in Article 8(1), point (c), and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1), point (a), have been published shall be considered not to have a liquid market until application of the results of the calculations performed in accordance with paragraph 17. The applicable size specific to the financial instrument referred to in Article 8(1), point (c), and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1), point (a), shall be those of the sub-classes determined not to have a liquid market belonging to the same sub-asset class.’;
(k) paragraphs 18, 19 and 20 are deleted;
(a) paragraph 1 is amended as follows:(i)in point (a), point (iv) is replaced by the following:‘(iv)the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’;(ii)in point (b), points (i), (ii) and (ix) are deleted;(iii)point (d) is deleted; (i) in point (a), point (iv) is replaced by the following:‘(iv)the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’; ‘(iv) the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’; (ii) in point (b), points (i), (ii) and (ix) are deleted; (iii) point (d) is deleted;
(i) in point (a), point (iv) is replaced by the following:‘(iv)the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’; ‘(iv) the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’;
‘(iv) the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’;
(ii) in point (b), points (i), (ii) and (ix) are deleted;
(iii) point (d) is deleted;
(i) in point (a), point (iv) is replaced by the following:‘(iv)the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’; ‘(iv) the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’;
‘(iv) the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’;
‘(iv) the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’;
(ii) in point (b), points (i), (ii) and (ix) are deleted;
(iii) point (d) is deleted;
(b) paragraph 2 is amended as follows:(i)the introductory wording is replaced by the following:‘For determining the orders that are large in scale compared with normal market size as referred to in Article 3, the following methodologies shall be applied:’;(ii)point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted;(iii)point (b) is amended as follows:(1)the introductory wording is replaced by the following:‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’;(2)point (i) is deleted;(3)point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;(4)point (iv) is deleted; (i) the introductory wording is replaced by the following:‘For determining the orders that are large in scale compared with normal market size as referred to in Article 3, the following methodologies shall be applied:’; (ii) point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted; (1) point (i) is deleted; (2) point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; ‘(vi) each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; (3) points (vii) and (viii) are deleted; (iii) point (b) is amended as follows:(1)the introductory wording is replaced by the following:‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’;(2)point (i) is deleted;(3)point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;(4)point (iv) is deleted; (1) the introductory wording is replaced by the following:‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’; (2) point (i) is deleted; (3) point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’; ‘(iii) each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’; (4) point (iv) is deleted;
(i) the introductory wording is replaced by the following:‘For determining the orders that are large in scale compared with normal market size as referred to in Article 3, the following methodologies shall be applied:’;
(ii) point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted; (1) point (i) is deleted; (2) point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; ‘(vi) each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; (3) points (vii) and (viii) are deleted;
(1) point (i) is deleted;
(2) point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; ‘(vi) each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
‘(vi) each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
(3) points (vii) and (viii) are deleted;
(iii) point (b) is amended as follows:(1)the introductory wording is replaced by the following:‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’;(2)point (i) is deleted;(3)point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;(4)point (iv) is deleted; (1) the introductory wording is replaced by the following:‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’; (2) point (i) is deleted; (3) point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’; ‘(iii) each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’; (4) point (iv) is deleted;
(1) the introductory wording is replaced by the following:‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’;
(2) point (i) is deleted;
(3) point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’; ‘(iii) each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;
‘(iii) each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;
(4) point (iv) is deleted;
(i) the introductory wording is replaced by the following:‘For determining the orders that are large in scale compared with normal market size as referred to in Article 3, the following methodologies shall be applied:’;
(ii) point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted; (1) point (i) is deleted; (2) point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; ‘(vi) each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; (3) points (vii) and (viii) are deleted;
(1) point (i) is deleted;
(2) point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; ‘(vi) each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
‘(vi) each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
(3) points (vii) and (viii) are deleted;
(1) point (i) is deleted;
(2) point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; ‘(vi) each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
‘(vi) each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
‘(vi) each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
(3) points (vii) and (viii) are deleted;
(iii) point (b) is amended as follows:(1)the introductory wording is replaced by the following:‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’;(2)point (i) is deleted;(3)point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;(4)point (iv) is deleted; (1) the introductory wording is replaced by the following:‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’; (2) point (i) is deleted; (3) point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’; ‘(iii) each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’; (4) point (iv) is deleted;
(1) the introductory wording is replaced by the following:‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’;
(2) point (i) is deleted;
(3) point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’; ‘(iii) each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;
‘(iii) each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;
(4) point (iv) is deleted;
(1) the introductory wording is replaced by the following:‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’;
(2) point (i) is deleted;
(3) point (iii) is replaced by the following:‘(iii)each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’; ‘(iii) each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;
‘(iii) each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;
‘(iii) each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;
(4) point (iv) is deleted;
(c) paragraph 3 is amended as follows:(i)point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted;(ii)point (b) is deleted;(iii)point (d) is replaced by the following:‘(d)the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’; (i) point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted; (1) point (i) is deleted; (2) point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; ‘(vi) each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; (3) points (vii) and (viii) are deleted; (ii) point (b) is deleted; (iii) point (d) is replaced by the following:‘(d)the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’; ‘(d) the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’;
(i) point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted; (1) point (i) is deleted; (2) point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; ‘(vi) each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; (3) points (vii) and (viii) are deleted;
(1) point (i) is deleted;
(2) point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; ‘(vi) each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
‘(vi) each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
(3) points (vii) and (viii) are deleted;
(ii) point (b) is deleted;
(iii) point (d) is replaced by the following:‘(d)the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’; ‘(d) the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’;
‘(d) the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’;
(i) point (a) is amended as follows:(1)point (i) is deleted;(2)point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;(3)points (vii) and (viii) are deleted; (1) point (i) is deleted; (2) point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; ‘(vi) each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; (3) points (vii) and (viii) are deleted;
(1) point (i) is deleted;
(2) point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; ‘(vi) each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
‘(vi) each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
(3) points (vii) and (viii) are deleted;
(1) point (i) is deleted;
(2) point (vi) is replaced by the following:‘(vi)each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’; ‘(vi) each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
‘(vi) each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
‘(vi) each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
(3) points (vii) and (viii) are deleted;
(ii) point (b) is deleted;
(iii) point (d) is replaced by the following:‘(d)the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’; ‘(d) the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’;
‘(d) the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’;
‘(d) the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’;
(d) in paragraph 5, point (b) is replaced by the following:‘(b)the sizes large in scale compared to normal market size and the size specific to the instrument as set out in paragraph 3.’; ‘(b) the sizes large in scale compared to normal market size and the size specific to the instrument as set out in paragraph 3.’;
‘(b) the sizes large in scale compared to normal market size and the size specific to the instrument as set out in paragraph 3.’;
‘(b) the sizes large in scale compared to normal market size and the size specific to the instrument as set out in paragraph 3.’;
(e) paragraph 7 is replaced by the following:‘7.   For the purposes of paragraph 1, point (b), paragraph 2, point (b), and paragraph 3, points (c) and (d), competent authorities shall take into account transactions executed in the Union between 1 January and 31 December of the preceding year.’;
(f) paragraph 8 is replaced by the following:‘8.   The trade size for the purpose of paragraph 2, point (b), and paragraph 3, points (c) and (d), shall be determined on the basis of the measure of volume as specified in Table 4 of Annex II. Where the trade size specified for the purposes of paragraphs 2 and 3 is expressed in monetary value and the financial instrument is not denominated in euros, the trade size shall be converted to the currency in which that financial instrument is denominated by applying the European Central Bank euro foreign exchange reference rate as of 31 December of the preceding year.’;
(g) paragraph 10 is deleted;
(h) paragraph 11 is replaced by the following:‘11.   For the determinations referred to in paragraphs 2 and 3, whenever the number of transactions considered for calculations is smaller than 1 000, paragraph 2, point (b), and paragraph 3, points (c) and (d), shall not apply. In those cases, the threshold values specified in paragraph 2, point (a), and paragraph 3, point (a), shall instead apply.’;
(i) in paragraph 12, the introductory wording is replaced by the following:‘Except when they refer to emission allowance derivatives, the calculations referred to in paragraph 2, point (b), and paragraph 3, point (c), shall be rounded up to the next:’;
(j) paragraphs 14 and 15 are replaced by the following:‘14.   For equity derivatives that are admitted to trading or first traded on a trading venue, that do not belong to a sub-class for which the size specific to the financial instrument referred to in Article 8(1)(c) and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1)(a) have been published, and which belong to one of the sub-asset classes specified in paragraph 1(a)(ii), the size specific to the financial instrument and the size of orders and transactions large in scale compared with normal market size shall be those applicable to the smallest average daily notional amount (ADNA) band of the sub-asset class to which the equity derivative belongs.15.   Financial instruments admitted to trading or first traded on a trading venue which do not belong to any sub-class for which the size specific to the financial instrument referred to in Article 8(1), point (c), and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1), point (a), have been published shall be considered not to have a liquid market until application of the results of the calculations performed in accordance with paragraph 17. The applicable size specific to the financial instrument referred to in Article 8(1), point (c), and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1), point (a), shall be those of the sub-classes determined not to have a liquid market belonging to the same sub-asset class.’;
(k) paragraphs 18, 19 and 20 are deleted;
(11) Article 16 is replaced by the following:‘Article 16Temporary suspension of transparency obligations(Article 9(4) of Regulation (EU) No 600/2014)1.   For financial instruments for which there is a liquid market, as determined on the basis of the methodology set out in Article 6a for bonds, structured finance products and emission allowances, and in Article 13 for derivatives, competent authorities may temporarily suspend the obligations set out in Articles 8, 8a and 10 of Regulation (EU) No 600/2014 where for a class of bonds, structured finance products, emission allowances or derivatives, the total volume as referred to in Table 4 of Annex II calculated for the previous 30 calendar days represents less than 40 % of the average monthly volume calculated for the 12 full calendar months preceding those 30 calendar days.2.   For financial instruments for which there is not a liquid market, as determined on the basis of the methodology set out in Article 6a for bonds, structured finance products and emission allowances, and in Article 13 for derivatives, competent authorities may temporarily suspend the obligations referred to in Articles 8, 8a and 10 of Regulation (EU) No 600/2014 where for a class of bonds, structured finance products, emission allowances or derivatives, the total volume as referred to in Table 4 of Annex II calculated for the previous 30 calendar days represents less than 20 % of the average monthly volume calculated for the 12 full calendar months preceding those 30 calendar days.3.   Competent authorities shall take into account the transactions executed on all venues in the Union for the class of bonds, structured finance products, emission allowances or derivatives concerned when performing the calculations referred to in paragraphs 1 and 2. Competent authorities shall perform those calculations at the level of the class of financial instruments to which the liquidity test set out in Article 6a for bonds, structured finance products and emission allowances, and Article 13 for derivatives is applied.4.   Competent authorities, shall, before they suspend transparency obligations, verify that the significant decline in liquidity across all venues is not the result of seasonal effects of the relevant class of financial instruments on liquidity.’;
(12) Articles 17 and 18 are deleted;
(13) Annex I is replaced by Annex I to this Regulation;
(14) Annex II is amended in accordance with Annex II to this Regulation;
(15) Annex III is amended in accordance with Annex III to this Regulation.
(1) Article 2 is amended as follows:(a)point (a) is replaced by the following:‘(a)the transaction is executed by reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’;(b)point (j) is replaced by the following:‘(j)the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Commission Delegated Regulation (EU) 2017/590(*1), or is a type of transaction listed in Article 13 of this Regulation.(*1)Commission Delegated Regulation (EU) 2017/590 of 28 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities (OJ L 87, 31.3.2017, p. 449, ELI:http://data.europa.eu/eli/reg_del/2017/590/oj).’;" (a) point (a) is replaced by the following:‘(a)the transaction is executed by reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’; ‘(a) the transaction is executed by reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’; (b) point (j) is replaced by the following:‘(j)the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Commission Delegated Regulation (EU) 2017/590(*1), or is a type of transaction listed in Article 13 of this Regulation.(*1)Commission Delegated Regulation (EU) 2017/590 of 28 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities (OJ L 87, 31.3.2017, p. 449, ELI:http://data.europa.eu/eli/reg_del/2017/590/oj).’;" ‘(j) the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Commission Delegated Regulation (EU) 2017/590(*1), or is a type of transaction listed in Article 13 of this Regulation.
(a) point (a) is replaced by the following:‘(a)the transaction is executed by reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’; ‘(a) the transaction is executed by reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’;
‘(a) the transaction is executed by reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’;
(b) point (j) is replaced by the following:‘(j)the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Commission Delegated Regulation (EU) 2017/590(*1), or is a type of transaction listed in Article 13 of this Regulation.(*1)Commission Delegated Regulation (EU) 2017/590 of 28 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities (OJ L 87, 31.3.2017, p. 449, ELI:http://data.europa.eu/eli/reg_del/2017/590/oj).’;" ‘(j) the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Commission Delegated Regulation (EU) 2017/590(*1), or is a type of transaction listed in Article 13 of this Regulation.
‘(j) the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Commission Delegated Regulation (EU) 2017/590(*1), or is a type of transaction listed in Article 13 of this Regulation.
(a) point (a) is replaced by the following:‘(a)the transaction is executed by reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’; ‘(a) the transaction is executed by reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’;
‘(a) the transaction is executed by reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’;
‘(a) the transaction is executed by reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’;
(b) point (j) is replaced by the following:‘(j)the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Commission Delegated Regulation (EU) 2017/590(*1), or is a type of transaction listed in Article 13 of this Regulation.(*1)Commission Delegated Regulation (EU) 2017/590 of 28 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the reporting of transactions to competent authorities (OJ L 87, 31.3.2017, p. 449, ELI:http://data.europa.eu/eli/reg_del/2017/590/oj).’;" ‘(j) the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Commission Delegated Regulation (EU) 2017/590(*1), or is a type of transaction listed in Article 13 of this Regulation.
‘(j) the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Commission Delegated Regulation (EU) 2017/590(*1), or is a type of transaction listed in Article 13 of this Regulation.
‘(j) the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Commission Delegated Regulation (EU) 2017/590(*1), or is a type of transaction listed in Article 13 of this Regulation.
(2) in Article 3(1), the following subparagraph is added:‘The details of pre-trade data to be made public shall be those specified in Table 1b of Annex I.’;
(3) Article 4 is amended as follows:(a)paragraph 4 is replaced by the following:‘4.   Until the most relevant market in terms of liquidity for a specific financial instrument is determined in accordance with the procedure specified in paragraphs 1 to 3, the most relevant market in terms of liquidity shall be either of the following:(a)the regulated market where that financial instrument is first admitted to trading or first traded;(b)where the financial instrument is not made available for trading on a regulated market in the Union, the multilateral trading facility where that financial instrument is first admitted to trading or first traded.’;(b)paragraph 5 is replaced by the following:‘5.   Paragraphs 2 and 3 shall not apply to shares, depositary receipts, ETFs, certificates and other similar financial instruments which were first admitted to trading or first traded on a trading venue between 1 and 31 December of the preceding calendar year.’;(c)the following paragraph 6 is added:‘6.   The determination of the most relevant market in terms of liquidity set out in paragraph 4 shall apply from the day on which the financial instrument was first admitted to trading or first traded.’; (a) paragraph 4 is replaced by the following:‘4.   Until the most relevant market in terms of liquidity for a specific financial instrument is determined in accordance with the procedure specified in paragraphs 1 to 3, the most relevant market in terms of liquidity shall be either of the following:(a)the regulated market where that financial instrument is first admitted to trading or first traded;(b)where the financial instrument is not made available for trading on a regulated market in the Union, the multilateral trading facility where that financial instrument is first admitted to trading or first traded.’; (a) the regulated market where that financial instrument is first admitted to trading or first traded; (b) where the financial instrument is not made available for trading on a regulated market in the Union, the multilateral trading facility where that financial instrument is first admitted to trading or first traded.’ (b) paragraph 5 is replaced by the following:‘5.   Paragraphs 2 and 3 shall not apply to shares, depositary receipts, ETFs, certificates and other similar financial instruments which were first admitted to trading or first traded on a trading venue between 1 and 31 December of the preceding calendar year.’; (c) the following paragraph 6 is added:‘6.   The determination of the most relevant market in terms of liquidity set out in paragraph 4 shall apply from the day on which the financial instrument was first admitted to trading or first traded.’;
(a) paragraph 4 is replaced by the following:‘4.   Until the most relevant market in terms of liquidity for a specific financial instrument is determined in accordance with the procedure specified in paragraphs 1 to 3, the most relevant market in terms of liquidity shall be either of the following:(a)the regulated market where that financial instrument is first admitted to trading or first traded;(b)where the financial instrument is not made available for trading on a regulated market in the Union, the multilateral trading facility where that financial instrument is first admitted to trading or first traded.’; (a) the regulated market where that financial instrument is first admitted to trading or first traded; (b) where the financial instrument is not made available for trading on a regulated market in the Union, the multilateral trading facility where that financial instrument is first admitted to trading or first traded.’
(a) the regulated market where that financial instrument is first admitted to trading or first traded;
(b) where the financial instrument is not made available for trading on a regulated market in the Union, the multilateral trading facility where that financial instrument is first admitted to trading or first traded.’
(b) paragraph 5 is replaced by the following:‘5.   Paragraphs 2 and 3 shall not apply to shares, depositary receipts, ETFs, certificates and other similar financial instruments which were first admitted to trading or first traded on a trading venue between 1 and 31 December of the preceding calendar year.’;
(c) the following paragraph 6 is added:‘6.   The determination of the most relevant market in terms of liquidity set out in paragraph 4 shall apply from the day on which the financial instrument was first admitted to trading or first traded.’;
(a) paragraph 4 is replaced by the following:‘4.   Until the most relevant market in terms of liquidity for a specific financial instrument is determined in accordance with the procedure specified in paragraphs 1 to 3, the most relevant market in terms of liquidity shall be either of the following:(a)the regulated market where that financial instrument is first admitted to trading or first traded;(b)where the financial instrument is not made available for trading on a regulated market in the Union, the multilateral trading facility where that financial instrument is first admitted to trading or first traded.’; (a) the regulated market where that financial instrument is first admitted to trading or first traded; (b) where the financial instrument is not made available for trading on a regulated market in the Union, the multilateral trading facility where that financial instrument is first admitted to trading or first traded.’
(a) the regulated market where that financial instrument is first admitted to trading or first traded;
(b) where the financial instrument is not made available for trading on a regulated market in the Union, the multilateral trading facility where that financial instrument is first admitted to trading or first traded.’
(a) the regulated market where that financial instrument is first admitted to trading or first traded;
(b) where the financial instrument is not made available for trading on a regulated market in the Union, the multilateral trading facility where that financial instrument is first admitted to trading or first traded.’
(b) paragraph 5 is replaced by the following:‘5.   Paragraphs 2 and 3 shall not apply to shares, depositary receipts, ETFs, certificates and other similar financial instruments which were first admitted to trading or first traded on a trading venue between 1 and 31 December of the preceding calendar year.’;
(c) the following paragraph 6 is added:‘6.   The determination of the most relevant market in terms of liquidity set out in paragraph 4 shall apply from the day on which the financial instrument was first admitted to trading or first traded.’;
(4) in Article 6, the first subparagraph is amended as follows:(a)point (a) is replaced by the following:‘(a)the transaction is executed in reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’;(b)point (j) is replaced by the following:‘(j)any other transaction equivalent to one of those referred to in points (a) to (c) in that it is contingent on technical characteristics which are unrelated to the current market valuation of the financial instrument traded;’;(c)point (k) is replaced by the following:‘(k)the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Delegated Regulation (EU) 2017/590, or the transaction is a type of transaction listed in Article 13 of this Regulation.’; (a) point (a) is replaced by the following:‘(a)the transaction is executed in reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’; ‘(a) the transaction is executed in reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’; (b) point (j) is replaced by the following:‘(j)any other transaction equivalent to one of those referred to in points (a) to (c) in that it is contingent on technical characteristics which are unrelated to the current market valuation of the financial instrument traded;’; ‘(j) any other transaction equivalent to one of those referred to in points (a) to (c) in that it is contingent on technical characteristics which are unrelated to the current market valuation of the financial instrument traded;’; (c) point (k) is replaced by the following:‘(k)the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Delegated Regulation (EU) 2017/590, or the transaction is a type of transaction listed in Article 13 of this Regulation.’; ‘(k) the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Delegated Regulation (EU) 2017/590, or the transaction is a type of transaction listed in Article 13 of this Regulation.’;
(a) point (a) is replaced by the following:‘(a)the transaction is executed in reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’; ‘(a) the transaction is executed in reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’;
‘(a) the transaction is executed in reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’;
(b) point (j) is replaced by the following:‘(j)any other transaction equivalent to one of those referred to in points (a) to (c) in that it is contingent on technical characteristics which are unrelated to the current market valuation of the financial instrument traded;’; ‘(j) any other transaction equivalent to one of those referred to in points (a) to (c) in that it is contingent on technical characteristics which are unrelated to the current market valuation of the financial instrument traded;’;
‘(j) any other transaction equivalent to one of those referred to in points (a) to (c) in that it is contingent on technical characteristics which are unrelated to the current market valuation of the financial instrument traded;’;
(c) point (k) is replaced by the following:‘(k)the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Delegated Regulation (EU) 2017/590, or the transaction is a type of transaction listed in Article 13 of this Regulation.’; ‘(k) the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Delegated Regulation (EU) 2017/590, or the transaction is a type of transaction listed in Article 13 of this Regulation.’;
‘(k) the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Delegated Regulation (EU) 2017/590, or the transaction is a type of transaction listed in Article 13 of this Regulation.’;
(a) point (a) is replaced by the following:‘(a)the transaction is executed in reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’; ‘(a) the transaction is executed in reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’;
‘(a) the transaction is executed in reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’;
‘(a) the transaction is executed in reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’;
(b) point (j) is replaced by the following:‘(j)any other transaction equivalent to one of those referred to in points (a) to (c) in that it is contingent on technical characteristics which are unrelated to the current market valuation of the financial instrument traded;’; ‘(j) any other transaction equivalent to one of those referred to in points (a) to (c) in that it is contingent on technical characteristics which are unrelated to the current market valuation of the financial instrument traded;’;
‘(j) any other transaction equivalent to one of those referred to in points (a) to (c) in that it is contingent on technical characteristics which are unrelated to the current market valuation of the financial instrument traded;’;
‘(j) any other transaction equivalent to one of those referred to in points (a) to (c) in that it is contingent on technical characteristics which are unrelated to the current market valuation of the financial instrument traded;’;
(c) point (k) is replaced by the following:‘(k)the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Delegated Regulation (EU) 2017/590, or the transaction is a type of transaction listed in Article 13 of this Regulation.’; ‘(k) the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Delegated Regulation (EU) 2017/590, or the transaction is a type of transaction listed in Article 13 of this Regulation.’;
‘(k) the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Delegated Regulation (EU) 2017/590, or the transaction is a type of transaction listed in Article 13 of this Regulation.’;
‘(k) the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Delegated Regulation (EU) 2017/590, or the transaction is a type of transaction listed in Article 13 of this Regulation.’;
(5) Article 7 is amended as follows:(a)in paragraph 4, the second subparagraph is replaced by the following:‘Paragraphs 3 and 4 shall not apply to shares, depositary receipts, certificates and other similar financial instruments that were first admitted to trading or first traded on a trading venue between 1 and 31 December of the preceding calendar year.’;(b)paragraph 6 is replaced by the following:‘6.   Before a share, depositary receipt, certificate, or other similar financial instrument is traded for the first time on a trading venue in the Union, the competent authority shall estimate the average daily turnover for that financial instrument taking into account:(a)any previous trading history of that financial instrument;(b)other previous or similar financial instruments of the same issuer;(c)other financial instruments that are considered to have similar characteristics.The competent authority shall publish that estimated average daily turnover.’; (a) in paragraph 4, the second subparagraph is replaced by the following:‘Paragraphs 3 and 4 shall not apply to shares, depositary receipts, certificates and other similar financial instruments that were first admitted to trading or first traded on a trading venue between 1 and 31 December of the preceding calendar year.’; (b) paragraph 6 is replaced by the following:‘6.   Before a share, depositary receipt, certificate, or other similar financial instrument is traded for the first time on a trading venue in the Union, the competent authority shall estimate the average daily turnover for that financial instrument taking into account:(a)any previous trading history of that financial instrument;(b)other previous or similar financial instruments of the same issuer;(c)other financial instruments that are considered to have similar characteristics.The competent authority shall publish that estimated average daily turnover.’; (a) any previous trading history of that financial instrument; (b) other previous or similar financial instruments of the same issuer; (c) other financial instruments that are considered to have similar characteristics.
(a) in paragraph 4, the second subparagraph is replaced by the following:‘Paragraphs 3 and 4 shall not apply to shares, depositary receipts, certificates and other similar financial instruments that were first admitted to trading or first traded on a trading venue between 1 and 31 December of the preceding calendar year.’;
(b) paragraph 6 is replaced by the following:‘6.   Before a share, depositary receipt, certificate, or other similar financial instrument is traded for the first time on a trading venue in the Union, the competent authority shall estimate the average daily turnover for that financial instrument taking into account:(a)any previous trading history of that financial instrument;(b)other previous or similar financial instruments of the same issuer;(c)other financial instruments that are considered to have similar characteristics.The competent authority shall publish that estimated average daily turnover.’; (a) any previous trading history of that financial instrument; (b) other previous or similar financial instruments of the same issuer; (c) other financial instruments that are considered to have similar characteristics.
(a) any previous trading history of that financial instrument;
(b) other previous or similar financial instruments of the same issuer;
(c) other financial instruments that are considered to have similar characteristics.
(a) in paragraph 4, the second subparagraph is replaced by the following:‘Paragraphs 3 and 4 shall not apply to shares, depositary receipts, certificates and other similar financial instruments that were first admitted to trading or first traded on a trading venue between 1 and 31 December of the preceding calendar year.’;
(b) paragraph 6 is replaced by the following:‘6.   Before a share, depositary receipt, certificate, or other similar financial instrument is traded for the first time on a trading venue in the Union, the competent authority shall estimate the average daily turnover for that financial instrument taking into account:(a)any previous trading history of that financial instrument;(b)other previous or similar financial instruments of the same issuer;(c)other financial instruments that are considered to have similar characteristics.The competent authority shall publish that estimated average daily turnover.’; (a) any previous trading history of that financial instrument; (b) other previous or similar financial instruments of the same issuer; (c) other financial instruments that are considered to have similar characteristics.
(a) any previous trading history of that financial instrument;
(b) other previous or similar financial instruments of the same issuer;
(c) other financial instruments that are considered to have similar characteristics.
(a) any previous trading history of that financial instrument;
(b) other previous or similar financial instruments of the same issuer;
(c) other financial instruments that are considered to have similar characteristics.
(6) Article 8 is amended as follows:(a)in paragraph 1, point (b) is replaced by the following:‘(b)for orders other than reserve orders, cannot interact with other trading interests prior to disclosure to the order book operated by the trading venue;’;(b)paragraph 3 is replaced by the following:‘3.   A reserve order as referred to in paragraph 2, point (a), shall be considered a limit order consisting of a disclosed order relating to a part of the amount and a non-disclosed order relating to the remaining part of the amount where the order on the non-disclosed amount can be executed only after the order on the disclosed amount is executed.’; (a) in paragraph 1, point (b) is replaced by the following:‘(b)for orders other than reserve orders, cannot interact with other trading interests prior to disclosure to the order book operated by the trading venue;’; ‘(b) for orders other than reserve orders, cannot interact with other trading interests prior to disclosure to the order book operated by the trading venue;’; (b) paragraph 3 is replaced by the following:‘3.   A reserve order as referred to in paragraph 2, point (a), shall be considered a limit order consisting of a disclosed order relating to a part of the amount and a non-disclosed order relating to the remaining part of the amount where the order on the non-disclosed amount can be executed only after the order on the disclosed amount is executed.’;
(a) in paragraph 1, point (b) is replaced by the following:‘(b)for orders other than reserve orders, cannot interact with other trading interests prior to disclosure to the order book operated by the trading venue;’; ‘(b) for orders other than reserve orders, cannot interact with other trading interests prior to disclosure to the order book operated by the trading venue;’;
‘(b) for orders other than reserve orders, cannot interact with other trading interests prior to disclosure to the order book operated by the trading venue;’;
(b) paragraph 3 is replaced by the following:‘3.   A reserve order as referred to in paragraph 2, point (a), shall be considered a limit order consisting of a disclosed order relating to a part of the amount and a non-disclosed order relating to the remaining part of the amount where the order on the non-disclosed amount can be executed only after the order on the disclosed amount is executed.’;
(a) in paragraph 1, point (b) is replaced by the following:‘(b)for orders other than reserve orders, cannot interact with other trading interests prior to disclosure to the order book operated by the trading venue;’; ‘(b) for orders other than reserve orders, cannot interact with other trading interests prior to disclosure to the order book operated by the trading venue;’;
‘(b) for orders other than reserve orders, cannot interact with other trading interests prior to disclosure to the order book operated by the trading venue;’;
‘(b) for orders other than reserve orders, cannot interact with other trading interests prior to disclosure to the order book operated by the trading venue;’;
(b) paragraph 3 is replaced by the following:‘3.   A reserve order as referred to in paragraph 2, point (a), shall be considered a limit order consisting of a disclosed order relating to a part of the amount and a non-disclosed order relating to the remaining part of the amount where the order on the non-disclosed amount can be executed only after the order on the disclosed amount is executed.’;
(7) in Article 10, the following subparagraph is inserted after the first subparagraph:‘Where there are no quotes of equivalent sizes for the same financial instrument on the most relevant market in terms of liquidity as determined in accordance with Article 4 for that financial instrument, the prices published by a systematic internaliser shall be deemed to reflect prevailing market conditions where they are close in price to quotes of equivalent sizes for the same financial instrument on trading venues other than the most relevant market in terms of liquidity as determined in accordance with Article 4.’;
(8) in Article 11, paragraph 1 is replaced by the following:‘1.   The standard market size for shares, depositary receipts, ETFs, certificates, and other similar financial instruments for which there is a liquid market shall be determined on the basis of the average value of transactions for each financial instrument calculated in accordance with paragraphs 2 and 3 and in accordance with Table 3 and Table 3a of Annex II.’;
(9) the following Articles 11a and 11b are inserted:‘Article 11aQuote size below which the pre-trade transparency requirements under Articles 14, 15, 16 and 17 of Regulation (EU) No 600/2014 apply(Article 14(2) of Regulation (EU) No 600/2014)The obligation to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates, and other similar financial instruments shall apply to systematic internalisers when they deal in sizes up to twice the standard market size as determined in accordance with Article 11.Article 11bMinimum quote size(Article 14(3) of Regulation (EU) No 600/2014)The minimum quote size for a particular share, depositary receipt, ETF, certificate, or other similar financial instrument traded on trading venue shall be equal to the standard market size as determined in accordance with Article 11.’;
(10) Article 12 is amended as follows:(a)paragraph 1 is replaced by the following:‘1.   Market operators and investment firms operating a trading venue, and investment firms trading outside a trading venue, shall make public the details of each transaction by applying reference Tables 2, 3 and 4 of Annex I.The field names in Table 3 of Annex I shall be made public using the same naming conventions as specified in the field identifier of that Table.’;(b)paragraph 2 is replaced by the following:‘2.   Where a previously published trade report is cancelled, market operators and investment firms operating a trading venue, and investment firms trading outside of a trading venue, shall make public a new trade report which contains all the details of the original trade report and the cancellation flag specified in Table 4 of Annex I.’;(c)paragraphs 5 and 6 are deleted; (a) paragraph 1 is replaced by the following:‘1.   Market operators and investment firms operating a trading venue, and investment firms trading outside a trading venue, shall make public the details of each transaction by applying reference Tables 2, 3 and 4 of Annex I.The field names in Table 3 of Annex I shall be made public using the same naming conventions as specified in the field identifier of that Table.’; (b) paragraph 2 is replaced by the following:‘2.   Where a previously published trade report is cancelled, market operators and investment firms operating a trading venue, and investment firms trading outside of a trading venue, shall make public a new trade report which contains all the details of the original trade report and the cancellation flag specified in Table 4 of Annex I.’; (c) paragraphs 5 and 6 are deleted;
(a) paragraph 1 is replaced by the following:‘1.   Market operators and investment firms operating a trading venue, and investment firms trading outside a trading venue, shall make public the details of each transaction by applying reference Tables 2, 3 and 4 of Annex I.The field names in Table 3 of Annex I shall be made public using the same naming conventions as specified in the field identifier of that Table.’;
(b) paragraph 2 is replaced by the following:‘2.   Where a previously published trade report is cancelled, market operators and investment firms operating a trading venue, and investment firms trading outside of a trading venue, shall make public a new trade report which contains all the details of the original trade report and the cancellation flag specified in Table 4 of Annex I.’;
(c) paragraphs 5 and 6 are deleted;
(a) paragraph 1 is replaced by the following:‘1.   Market operators and investment firms operating a trading venue, and investment firms trading outside a trading venue, shall make public the details of each transaction by applying reference Tables 2, 3 and 4 of Annex I.The field names in Table 3 of Annex I shall be made public using the same naming conventions as specified in the field identifier of that Table.’;
(b) paragraph 2 is replaced by the following:‘2.   Where a previously published trade report is cancelled, market operators and investment firms operating a trading venue, and investment firms trading outside of a trading venue, shall make public a new trade report which contains all the details of the original trade report and the cancellation flag specified in Table 4 of Annex I.’;
(c) paragraphs 5 and 6 are deleted;
(11) in Article 13, the following point (b) is added:‘(b)give-up transactions or give-in transactions, which are any of the following transactions:(i)a transaction where an investment firm passes a client trade to, or receives a client trade from, another investment firm for post-trade processing;(ii)a transaction where an investment firm executing a trade passes it to, or receives it from, another investment firm for the purpose of hedging the position that it has committed to enter into with a client.’; ‘(b) give-up transactions or give-in transactions, which are any of the following transactions:(i)a transaction where an investment firm passes a client trade to, or receives a client trade from, another investment firm for post-trade processing;(ii)a transaction where an investment firm executing a trade passes it to, or receives it from, another investment firm for the purpose of hedging the position that it has committed to enter into with a client.’; (i) a transaction where an investment firm passes a client trade to, or receives a client trade from, another investment firm for post-trade processing; (ii) a transaction where an investment firm executing a trade passes it to, or receives it from, another investment firm for the purpose of hedging the position that it has committed to enter into with a client.’;
‘(b) give-up transactions or give-in transactions, which are any of the following transactions:(i)a transaction where an investment firm passes a client trade to, or receives a client trade from, another investment firm for post-trade processing;(ii)a transaction where an investment firm executing a trade passes it to, or receives it from, another investment firm for the purpose of hedging the position that it has committed to enter into with a client.’; (i) a transaction where an investment firm passes a client trade to, or receives a client trade from, another investment firm for post-trade processing; (ii) a transaction where an investment firm executing a trade passes it to, or receives it from, another investment firm for the purpose of hedging the position that it has committed to enter into with a client.’;
(i) a transaction where an investment firm passes a client trade to, or receives a client trade from, another investment firm for post-trade processing;
(ii) a transaction where an investment firm executing a trade passes it to, or receives it from, another investment firm for the purpose of hedging the position that it has committed to enter into with a client.’;
‘(b) give-up transactions or give-in transactions, which are any of the following transactions:(i)a transaction where an investment firm passes a client trade to, or receives a client trade from, another investment firm for post-trade processing;(ii)a transaction where an investment firm executing a trade passes it to, or receives it from, another investment firm for the purpose of hedging the position that it has committed to enter into with a client.’; (i) a transaction where an investment firm passes a client trade to, or receives a client trade from, another investment firm for post-trade processing; (ii) a transaction where an investment firm executing a trade passes it to, or receives it from, another investment firm for the purpose of hedging the position that it has committed to enter into with a client.’;
(i) a transaction where an investment firm passes a client trade to, or receives a client trade from, another investment firm for post-trade processing;
(ii) a transaction where an investment firm executing a trade passes it to, or receives it from, another investment firm for the purpose of hedging the position that it has committed to enter into with a client.’;
(i) a transaction where an investment firm passes a client trade to, or receives a client trade from, another investment firm for post-trade processing;
(ii) a transaction where an investment firm executing a trade passes it to, or receives it from, another investment firm for the purpose of hedging the position that it has committed to enter into with a client.’;
(12) in Article 15, paragraph 4 is replaced by the following:‘4.   Where a transaction between two investment firms is executed outside the rules of a trading venue, the competent authority for the purpose of determining the applicable deferral regime shall be the competent authority of the investment firm responsible for making the trade public through an APA in accordance with Article 21a(3) of Regulation (EU) No 600/2014.’;
(13) Article 17 is amended as follows:(a)paragraph 1 is amended as follows:(i)the introductory wording is replaced by the following:‘By 1 March of each year after the date of application of this Regulation, competent authorities and ESMA shall, in relation to each financial instrument for which they are the competent authority, collect the data, calculate and ensure the publication of the following:’;(ii)point (c) is replaced by the following:‘(c)the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’;(b)paragraph 2 is replaced by the following:‘2.   Competent authorities, market operators, and investment firms, including investment firms operating a trading venue, shall use the information published in accordance with paragraph 1 for the purposes of Article 4(1), points (a) and (c), and Article 14(2), (3) and (4) of Regulation (EU) No 600/2014, for the period between the first Monday of April of the year in which the information is published and the day before the first Monday of April of the subsequent year.’;(c)paragraph 7 is replaced by the following:‘7.   Where the trade size determined for the purposes of Article 7(1) and (2), Article 8(2), point (a), Article 11(1), Articles 11a and 11b, and Article 15(1) is expressed in monetary value and the financial instrument is not denominated in euro, the trade size shall be converted to the currency in which the financial instrument is denominated by applying the European Central Bank euro foreign exchange reference rate as of 31 December of the preceding year.’; (a) paragraph 1 is amended as follows:(i)the introductory wording is replaced by the following:‘By 1 March of each year after the date of application of this Regulation, competent authorities and ESMA shall, in relation to each financial instrument for which they are the competent authority, collect the data, calculate and ensure the publication of the following:’;(ii)point (c) is replaced by the following:‘(c)the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’; (i) the introductory wording is replaced by the following:‘By 1 March of each year after the date of application of this Regulation, competent authorities and ESMA shall, in relation to each financial instrument for which they are the competent authority, collect the data, calculate and ensure the publication of the following:’; (ii) point (c) is replaced by the following:‘(c)the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’; ‘(c) the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’; (b) paragraph 2 is replaced by the following:‘2.   Competent authorities, market operators, and investment firms, including investment firms operating a trading venue, shall use the information published in accordance with paragraph 1 for the purposes of Article 4(1), points (a) and (c), and Article 14(2), (3) and (4) of Regulation (EU) No 600/2014, for the period between the first Monday of April of the year in which the information is published and the day before the first Monday of April of the subsequent year.’; (c) paragraph 7 is replaced by the following:‘7.   Where the trade size determined for the purposes of Article 7(1) and (2), Article 8(2), point (a), Article 11(1), Articles 11a and 11b, and Article 15(1) is expressed in monetary value and the financial instrument is not denominated in euro, the trade size shall be converted to the currency in which the financial instrument is denominated by applying the European Central Bank euro foreign exchange reference rate as of 31 December of the preceding year.’;
(a) paragraph 1 is amended as follows:(i)the introductory wording is replaced by the following:‘By 1 March of each year after the date of application of this Regulation, competent authorities and ESMA shall, in relation to each financial instrument for which they are the competent authority, collect the data, calculate and ensure the publication of the following:’;(ii)point (c) is replaced by the following:‘(c)the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’; (i) the introductory wording is replaced by the following:‘By 1 March of each year after the date of application of this Regulation, competent authorities and ESMA shall, in relation to each financial instrument for which they are the competent authority, collect the data, calculate and ensure the publication of the following:’; (ii) point (c) is replaced by the following:‘(c)the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’; ‘(c) the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’;
(i) the introductory wording is replaced by the following:‘By 1 March of each year after the date of application of this Regulation, competent authorities and ESMA shall, in relation to each financial instrument for which they are the competent authority, collect the data, calculate and ensure the publication of the following:’;
(ii) point (c) is replaced by the following:‘(c)the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’; ‘(c) the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’;
‘(c) the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’;
(b) paragraph 2 is replaced by the following:‘2.   Competent authorities, market operators, and investment firms, including investment firms operating a trading venue, shall use the information published in accordance with paragraph 1 for the purposes of Article 4(1), points (a) and (c), and Article 14(2), (3) and (4) of Regulation (EU) No 600/2014, for the period between the first Monday of April of the year in which the information is published and the day before the first Monday of April of the subsequent year.’;
(c) paragraph 7 is replaced by the following:‘7.   Where the trade size determined for the purposes of Article 7(1) and (2), Article 8(2), point (a), Article 11(1), Articles 11a and 11b, and Article 15(1) is expressed in monetary value and the financial instrument is not denominated in euro, the trade size shall be converted to the currency in which the financial instrument is denominated by applying the European Central Bank euro foreign exchange reference rate as of 31 December of the preceding year.’;
(a) paragraph 1 is amended as follows:(i)the introductory wording is replaced by the following:‘By 1 March of each year after the date of application of this Regulation, competent authorities and ESMA shall, in relation to each financial instrument for which they are the competent authority, collect the data, calculate and ensure the publication of the following:’;(ii)point (c) is replaced by the following:‘(c)the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’; (i) the introductory wording is replaced by the following:‘By 1 March of each year after the date of application of this Regulation, competent authorities and ESMA shall, in relation to each financial instrument for which they are the competent authority, collect the data, calculate and ensure the publication of the following:’; (ii) point (c) is replaced by the following:‘(c)the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’; ‘(c) the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’;
(i) the introductory wording is replaced by the following:‘By 1 March of each year after the date of application of this Regulation, competent authorities and ESMA shall, in relation to each financial instrument for which they are the competent authority, collect the data, calculate and ensure the publication of the following:’;
(ii) point (c) is replaced by the following:‘(c)the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’; ‘(c) the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’;
‘(c) the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’;
(i) the introductory wording is replaced by the following:‘By 1 March of each year after the date of application of this Regulation, competent authorities and ESMA shall, in relation to each financial instrument for which they are the competent authority, collect the data, calculate and ensure the publication of the following:’;
(ii) point (c) is replaced by the following:‘(c)the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’; ‘(c) the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’;
‘(c) the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’;
‘(c) the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’;
(b) paragraph 2 is replaced by the following:‘2.   Competent authorities, market operators, and investment firms, including investment firms operating a trading venue, shall use the information published in accordance with paragraph 1 for the purposes of Article 4(1), points (a) and (c), and Article 14(2), (3) and (4) of Regulation (EU) No 600/2014, for the period between the first Monday of April of the year in which the information is published and the day before the first Monday of April of the subsequent year.’;
(c) paragraph 7 is replaced by the following:‘7.   Where the trade size determined for the purposes of Article 7(1) and (2), Article 8(2), point (a), Article 11(1), Articles 11a and 11b, and Article 15(1) is expressed in monetary value and the financial instrument is not denominated in euro, the trade size shall be converted to the currency in which the financial instrument is denominated by applying the European Central Bank euro foreign exchange reference rate as of 31 December of the preceding year.’;
(14) Article 19 is replaced by the following:‘Article 19Sunset clauseArticle 17(6) and Annex IV shall no longer apply from 1 January 2026 and Article 17(5) and Annex III shall no longer apply from 1 January 2027.’;
(15) Annex I is amended in accordance with Annex IV to this Regulation;
(16) Annex II is amended in accordance with Annex V to this Regulation;
Type of system Information to be made public
Continuous order book trading system For each financial instrument, the aggregate number of orders and the volume they represent at each price level, for at least the five best bid and offer price levels.
Periodic auction trading system For each financial instrument, the price at which the auction trading system would best satisfy its trading algorithm and the volume that would potentially be executable at that price by participants in that system.
(1) Table 2 is replaced by the following:‘Table 2List of details for the purpose of post-trade transparencyThe field names (column headers) as published shall be identical to the field identifier provided in Table 2.#Field identifierFinancial instrumentsDescription and details to be publishedType of execution or publication venueFormat to be populated as specified in Table 11Trading date and timeFor all financial instrumentsDate and time when the transaction was executed.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Commission Delegated Regulation (EU) 2025/1155(1).For transactions not executed on a trading venue, the date and time shall be when the parties agree the content of the following fields: quantity, price, currencies, as specified in fields 31, 34 and 44 of Table 2 of Annex I to Delegated Regulation (EU) 2017/590, instrument identification code, instrument classification and underlying instrument code, where applicable. For transactions not executed on a trading venue the time reported shall be granular to at least the nearest second.Where the transaction results from an order transmitted by the executing firm on behalf of a client to a third party where the conditions for transmission set out in Article 4 of Delegated Regulation (EU) 2017/590 were not satisfied, this shall be the date and time of the transaction rather than the time of the order transmission.Regulated Market (RM)Multilateral Trading Facility (MTF),Organised Trading Facility (OTF)Approved Publication Arrangement (APA){DATE_TIME_FORMAT}2Instrument identification codeFor all financial instrumentsCode used to identify the financial instrumentRM, MTF, OTF, APA{ISIN}3PriceFor all financial instrumentsTraded price of the transaction excluding, where applicable, commission and accrued interest.The traded price shall be reported in accordance with standard market convention. The value provided in this field shall be consistent with the value provided in the field “Price Notation”.Where price is currently not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated.RM, MTF, OTF, APA{DECIMAL-18/13} in case the price is expressed as monetary value{DECIMAL-11/10} in case the price is expressed as percentage or yield{DECIMAL-18/17} in case the price is expressed as basis points4Missing PriceFor all financial instrumentsWhere price is currently not available but pending, the value shall be “PNDG”.Where price is not applicable the value shall be “NOAP”.RM, MTF, OTF, APA“PNDG” in case the price is not available“NOAP” in case the price is not applicable5Price currencyFor all financial instrumentsMajor currency in which the price is expressed (applicable if the price is expressed as monetary value).RM, MTF, OTF, APA{CURRENCY CODE_3}6Price notationFor all financial instrumentsIndication as to whether the price is expressed in monetary value, in percentage, in basis points or in yieldThe price notation shall be reported in accordance with standard market convention.For credit default swaps, this field shall be populated with “BAPO”.For bonds (other than ETNs and ETCs) this field shall be populated with percentage (PERC) of the notional amount. Where a price in percentage is not the standard market convention, it shall be populated with YIEL, BAPO or MONE, in accordance with the standard market convention.The value provided in this field shall be consistent with the value provided in the field “Price”.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is currently not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated.RM, MTF, OTF, APA“MONE” – Monetary value“PERC” – Percentage“YIEL” – Yield“BAPO” – Basis points7QuantityFor all financial instruments except in the cases described under Article 11(1), points (a) and (b) of this Regulation.For financial instruments traded in units, the number of units of the financial instrument. Empty otherwise.RM, MTF, OTF, APA{DECIMAL-18/17}8Quantity in measurement unitFor contracts designated in units in commodity derivatives, C10 derivatives, emission allowance derivatives and emission allowances except in the cases described under Article 11(1), points (a) and (b), of this Regulation.The equivalent amount of commodity or emission allowance traded expressed in measurement unit.RM, MTF, OTF, APA{DECIMAL-18/17}9Notation of the quantity in measurement unitFor contracts designated in units in commodity derivatives, C10 derivatives, emission allowance derivatives and emission allowances except in the cases described under Article 11(1), points (a) and (b), of this RegulationIndication of the notation in which the quantity in measurement unit is expressed.RM, MTF, OTF, APA“TOCD” – tonnes of carbon dioxide equivalent, for any contract related to emission allowances“TONE” – metric tonnes“MWHO” – megawatt hours“MBTU” – one million British thermal units“THMS” – Therms“DAYS”– days or{ALPHANUM-4}otherwise10Notional amountFor all financial instruments except in the cases described under Article 11(1), points (a) and (b), of this Regulation.This field shall be populated:(i)for bonds (excluding ETCs and ETNs), with the face value, which is the amount repaid at redemption to the investor;(ii)for ETCs and ETNs and securitised derivatives, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field;(iii)for structured finance products (SFPs), with the nominal value per unit multiplied by the number of instruments at the time of the transaction;(iv)for credit default swaps, with the notional amount for which the protection is acquired or disposed of;(v)for options, swaptions, swaps other than those in (iv), futures and forwards, with the notional amount of the contract;(vi)for emission allowances, with the resulting amount of the quantity at the relevant price set in the contract at the time of the transaction. Equivalently, with the price field multiplied by the quantity in measurement unit field;(vii)for spread bets, with the monetary value wagered per point movement in the underlying financial instrument at the time of the transaction;(viii)for contracts for difference, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field.RM, MTF, OTF, APA{DECIMAL-18/5}11Notional currencyFor all financial instruments except in the cases described under Article 11(1), points (a) and (b), of this Regulation.Major currency in which the notional amount is denominated.In the case of an FX derivative contract or a multi-currency swap or a swaption where the underlying swap is multi-currency or a currency CFD or spread-betting contract, this will be the notional currency of leg 1.RM, MTF, OTF, APA{CURRENCY CODE_3}12[deleted]13Venue of executionFor all financial instrumentsIdentification of the venue where the transaction was executed.Use the ISO 10383 segment MIC for transactions executed on an EU trading venue. Where the segment MIC does not exist, use the operating MIC.Use “SINT” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is executed on a Systematic Internaliser.Use MIC code “XOFF” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is neither executed on an EU trading venue nor executed by a systematic internaliser. If the transaction is executed on an organised trading platform outside of the EU then in addition to “XOFF” also the population of the field “Third-country trading venue of execution” is required.RM, MTF, OTF, APA{MIC} – EU trading venues or“SINT” – systematic internaliser“XOFF” – otherwise14Third-country trading venue of executionFor all financial instrumentsIdentification of the third-country trading venue where the transaction was executed.Use the ISO 10383 segment MIC. Where the segment MIC does not exist, use the operating MIC.Where the transaction is not executed on a third- country trading venue, the field shall not be populated.APA{MIC}15Publication Date and TimeFor all financial instrumentsDate and time when the transaction was published by a trading venue or APA.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the time reported shall be granular to at least the nearest second.RM, MTF, OTF, APA{DATE_TIME_FORMAT}16Venue of publicationFor all financial instrumentsCode used to identify the trading venue and APA publishing the transaction.RM, MTF, OTF, APA{MIC}17Transaction Identification CodeFor all financial instrumentsAlphanumerical code assigned by trading venues (pursuant to Article 12 of Commission Delegated Regulation (EU) 2017/580(2)and APAs and used in any subsequent reference to the specific trade.RM, MTF, OTF, APA{ALPHANUMERICAL-52}18Transaction to be clearedFor derivativesCode to identify whether the transaction will be cleared.RM, MTF, OTF, APA“TRUE” – transaction to be cleared“FALSE” – transaction not to be cleared19FlagsFor all financial instrumentsOne or multiple fields should be populated with the applicable flags as described in Table 3 of Annex II.Where none of the specified circumstances apply, the transaction should be published without a flag.Where a combination of flags is possible and reported in one field, the flags should be reported separated by commas.RM, MTF, OTF, APAAs specified in Table 3 of Annex II20Trading SystemFor all financial instrumentsType of trading system on which the transaction was executed.When the field “Venue of execution” is populated with “SINT” or “XOFF”, this field shall not be populated.RM, MTF, OTF“CLOB” – central limit order book trading system.“QDTS” – quote driven trading systems, meaning a system where transactions are concluded on the basis of firm quotes that are continuously made available to participants, which requires the market makers to maintain quotes in a size that balances the needs of members and participants to deal in a commercial size and the risk to which the market maker exposes itself.“PATS” – periodic auction trading systems.“RFQT” – request for quote trading systems, meaning a trading system where a quote or quotes are provided in response to a request for a quote submitted by one or more other members or participants. The quote is executable exclusively by the requesting member or market participant. The requesting member or participant may conclude a transaction by accepting the quote or quotes provided to it on request.“VOIC” – voice trading system, meaning a trading system where transactions between members are arranged through voice negotiation.“HYBR” – hybrid trading system meaning a system falling into two or more of the types of trading systems referred to above.“OTHR” – any other trading system, meaning any other type of trading system not covered above.21Number of transactionsFor sovereign debt instrumentsThis field should be populated with the number of transactions executed when deferred publication of details of several tpransactions in an aggregated form is required under Article 11(3)(b) of Regulation (EU) No 600/2014.RM, MTF, OTF, APA{DECIMAL-18/17} # Field identifier Financial instruments Description and details to be published Type of execution or publication venue Format to be populated as specified in Table 1 1 Trading date and time For all financial instruments Date and time when the transaction was executed.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Commission Delegated Regulation (EU) 2025/1155(1).For transactions not executed on a trading venue, the date and time shall be when the parties agree the content of the following fields: quantity, price, currencies, as specified in fields 31, 34 and 44 of Table 2 of Annex I to Delegated Regulation (EU) 2017/590, instrument identification code, instrument classification and underlying instrument code, where applicable. For transactions not executed on a trading venue the time reported shall be granular to at least the nearest second.Where the transaction results from an order transmitted by the executing firm on behalf of a client to a third party where the conditions for transmission set out in Article 4 of Delegated Regulation (EU) 2017/590 were not satisfied, this shall be the date and time of the transaction rather than the time of the order transmission. Regulated Market (RM)Multilateral Trading Facility (MTF),Organised Trading Facility (OTF)Approved Publication Arrangement (APA) {DATE_TIME_FORMAT} 2 Instrument identification code For all financial instruments Code used to identify the financial instrument RM, MTF, OTF, APA {ISIN} 3 Price For all financial instruments Traded price of the transaction excluding, where applicable, commission and accrued interest.The traded price shall be reported in accordance with standard market convention. The value provided in this field shall be consistent with the value provided in the field “Price Notation”.Where price is currently not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated. RM, MTF, OTF, APA {DECIMAL-18/13} in case the price is expressed as monetary value{DECIMAL-11/10} in case the price is expressed as percentage or yield{DECIMAL-18/17} in case the price is expressed as basis points 4 Missing Price For all financial instruments Where price is currently not available but pending, the value shall be “PNDG”.Where price is not applicable the value shall be “NOAP”. RM, MTF, OTF, APA “PNDG” in case the price is not available“NOAP” in case the price is not applicable 5 Price currency For all financial instruments Major currency in which the price is expressed (applicable if the price is expressed as monetary value). RM, MTF, OTF, APA {CURRENCY CODE_3} 6 Price notation For all financial instruments Indication as to whether the price is expressed in monetary value, in percentage, in basis points or in yieldThe price notation shall be reported in accordance with standard market convention.For credit default swaps, this field shall be populated with “BAPO”.For bonds (other than ETNs and ETCs) this field shall be populated with percentage (PERC) of the notional amount. Where a price in percentage is not the standard market convention, it shall be populated with YIEL, BAPO or MONE, in accordance with the standard market convention.The value provided in this field shall be consistent with the value provided in the field “Price”.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is currently not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated. RM, MTF, OTF, APA “MONE” – Monetary value“PERC” – Percentage“YIEL” – Yield“BAPO” – Basis points 7 Quantity For all financial instruments except in the cases described under Article 11(1), points (a) and (b) of this Regulation. For financial instruments traded in units, the number of units of the financial instrument. Empty otherwise. RM, MTF, OTF, APA {DECIMAL-18/17} 8 Quantity in measurement unit For contracts designated in units in commodity derivatives, C10 derivatives, emission allowance derivatives and emission allowances except in the cases described under Article 11(1), points (a) and (b), of this Regulation. The equivalent amount of commodity or emission allowance traded expressed in measurement unit. RM, MTF, OTF, APA {DECIMAL-18/17} 9 Notation of the quantity in measurement unit For contracts designated in units in commodity derivatives, C10 derivatives, emission allowance derivatives and emission allowances except in the cases described under Article 11(1), points (a) and (b), of this Regulation Indication of the notation in which the quantity in measurement unit is expressed. RM, MTF, OTF, APA “TOCD” – tonnes of carbon dioxide equivalent, for any contract related to emission allowances“TONE” – metric tonnes“MWHO” – megawatt hours“MBTU” – one million British thermal units“THMS” – Therms“DAYS”– days or{ALPHANUM-4}otherwise 10 Notional amount For all financial instruments except in the cases described under Article 11(1), points (a) and (b), of this Regulation. This field shall be populated:(i)for bonds (excluding ETCs and ETNs), with the face value, which is the amount repaid at redemption to the investor;(ii)for ETCs and ETNs and securitised derivatives, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field;(iii)for structured finance products (SFPs), with the nominal value per unit multiplied by the number of instruments at the time of the transaction;(iv)for credit default swaps, with the notional amount for which the protection is acquired or disposed of;(v)for options, swaptions, swaps other than those in (iv), futures and forwards, with the notional amount of the contract;(vi)for emission allowances, with the resulting amount of the quantity at the relevant price set in the contract at the time of the transaction. Equivalently, with the price field multiplied by the quantity in measurement unit field;(vii)for spread bets, with the monetary value wagered per point movement in the underlying financial instrument at the time of the transaction;(viii)for contracts for difference, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field. (i) for bonds (excluding ETCs and ETNs), with the face value, which is the amount repaid at redemption to the investor; (ii) for ETCs and ETNs and securitised derivatives, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field; (iii) for structured finance products (SFPs), with the nominal value per unit multiplied by the number of instruments at the time of the transaction; (iv) for credit default swaps, with the notional amount for which the protection is acquired or disposed of; (v) for options, swaptions, swaps other than those in (iv), futures and forwards, with the notional amount of the contract; (vi) for emission allowances, with the resulting amount of the quantity at the relevant price set in the contract at the time of the transaction. Equivalently, with the price field multiplied by the quantity in measurement unit field; (vii) for spread bets, with the monetary value wagered per point movement in the underlying financial instrument at the time of the transaction; (viii) for contracts for difference, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field. RM, MTF, OTF, APA {DECIMAL-18/5} 11 Notional currency For all financial instruments except in the cases described under Article 11(1), points (a) and (b), of this Regulation. Major currency in which the notional amount is denominated.In the case of an FX derivative contract or a multi-currency swap or a swaption where the underlying swap is multi-currency or a currency CFD or spread-betting contract, this will be the notional currency of leg 1. RM, MTF, OTF, APA {CURRENCY CODE_3} 12 [deleted] 13 Venue of execution For all financial instruments Identification of the venue where the transaction was executed.Use the ISO 10383 segment MIC for transactions executed on an EU trading venue. Where the segment MIC does not exist, use the operating MIC.Use “SINT” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is executed on a Systematic Internaliser.Use MIC code “XOFF” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is neither executed on an EU trading venue nor executed by a systematic internaliser. If the transaction is executed on an organised trading platform outside of the EU then in addition to “XOFF” also the population of the field “Third-country trading venue of execution” is required. RM, MTF, OTF, APA {MIC} – EU trading venues or“SINT” – systematic internaliser“XOFF” – otherwise 14 Third-country trading venue of execution For all financial instruments Identification of the third-country trading venue where the transaction was executed.Use the ISO 10383 segment MIC. Where the segment MIC does not exist, use the operating MIC.Where the transaction is not executed on a third- country trading venue, the field shall not be populated. APA {MIC} 15 Publication Date and Time For all financial instruments Date and time when the transaction was published by a trading venue or APA.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the time reported shall be granular to at least the nearest second. RM, MTF, OTF, APA {DATE_TIME_FORMAT} 16 Venue of publication For all financial instruments Code used to identify the trading venue and APA publishing the transaction. RM, MTF, OTF, APA {MIC} 17 Transaction Identification Code For all financial instruments Alphanumerical code assigned by trading venues (pursuant to Article 12 of Commission Delegated Regulation (EU) 2017/580(2)and APAs and used in any subsequent reference to the specific trade. RM, MTF, OTF, APA {ALPHANUMERICAL-52} 18 Transaction to be cleared For derivatives Code to identify whether the transaction will be cleared. RM, MTF, OTF, APA “TRUE” – transaction to be cleared“FALSE” – transaction not to be cleared 19 Flags For all financial instruments One or multiple fields should be populated with the applicable flags as described in Table 3 of Annex II.Where none of the specified circumstances apply, the transaction should be published without a flag.Where a combination of flags is possible and reported in one field, the flags should be reported separated by commas. RM, MTF, OTF, APA As specified in Table 3 of Annex II 20 Trading System For all financial instruments Type of trading system on which the transaction was executed.When the field “Venue of execution” is populated with “SINT” or “XOFF”, this field shall not be populated. RM, MTF, OTF “CLOB” – central limit order book trading system.“QDTS” – quote driven trading systems, meaning a system where transactions are concluded on the basis of firm quotes that are continuously made available to participants, which requires the market makers to maintain quotes in a size that balances the needs of members and participants to deal in a commercial size and the risk to which the market maker exposes itself.“PATS” – periodic auction trading systems.“RFQT” – request for quote trading systems, meaning a trading system where a quote or quotes are provided in response to a request for a quote submitted by one or more other members or participants. The quote is executable exclusively by the requesting member or market participant. The requesting member or participant may conclude a transaction by accepting the quote or quotes provided to it on request.“VOIC” – voice trading system, meaning a trading system where transactions between members are arranged through voice negotiation.“HYBR” – hybrid trading system meaning a system falling into two or more of the types of trading systems referred to above.“OTHR” – any other trading system, meaning any other type of trading system not covered above. 21 Number of transactions For sovereign debt instruments This field should be populated with the number of transactions executed when deferred publication of details of several tpransactions in an aggregated form is required under Article 11(3)(b) of Regulation (EU) No 600/2014. RM, MTF, OTF, APA {DECIMAL-18/17}
# Field identifier Financial instruments Description and details to be published Type of execution or publication venue Format to be populated as specified in Table 1
1 Trading date and time For all financial instruments Date and time when the transaction was executed.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Commission Delegated Regulation (EU) 2025/1155(1).For transactions not executed on a trading venue, the date and time shall be when the parties agree the content of the following fields: quantity, price, currencies, as specified in fields 31, 34 and 44 of Table 2 of Annex I to Delegated Regulation (EU) 2017/590, instrument identification code, instrument classification and underlying instrument code, where applicable. For transactions not executed on a trading venue the time reported shall be granular to at least the nearest second.Where the transaction results from an order transmitted by the executing firm on behalf of a client to a third party where the conditions for transmission set out in Article 4 of Delegated Regulation (EU) 2017/590 were not satisfied, this shall be the date and time of the transaction rather than the time of the order transmission. Regulated Market (RM)Multilateral Trading Facility (MTF),Organised Trading Facility (OTF)Approved Publication Arrangement (APA) {DATE_TIME_FORMAT}
2 Instrument identification code For all financial instruments Code used to identify the financial instrument RM, MTF, OTF, APA {ISIN}
3 Price For all financial instruments Traded price of the transaction excluding, where applicable, commission and accrued interest.The traded price shall be reported in accordance with standard market convention. The value provided in this field shall be consistent with the value provided in the field “Price Notation”.Where price is currently not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated. RM, MTF, OTF, APA {DECIMAL-18/13} in case the price is expressed as monetary value{DECIMAL-11/10} in case the price is expressed as percentage or yield{DECIMAL-18/17} in case the price is expressed as basis points
4 Missing Price For all financial instruments Where price is currently not available but pending, the value shall be “PNDG”.Where price is not applicable the value shall be “NOAP”. RM, MTF, OTF, APA “PNDG” in case the price is not available“NOAP” in case the price is not applicable
5 Price currency For all financial instruments Major currency in which the price is expressed (applicable if the price is expressed as monetary value). RM, MTF, OTF, APA {CURRENCY CODE_3}
6 Price notation For all financial instruments Indication as to whether the price is expressed in monetary value, in percentage, in basis points or in yieldThe price notation shall be reported in accordance with standard market convention.For credit default swaps, this field shall be populated with “BAPO”.For bonds (other than ETNs and ETCs) this field shall be populated with percentage (PERC) of the notional amount. Where a price in percentage is not the standard market convention, it shall be populated with YIEL, BAPO or MONE, in accordance with the standard market convention.The value provided in this field shall be consistent with the value provided in the field “Price”.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is currently not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated. RM, MTF, OTF, APA “MONE” – Monetary value“PERC” – Percentage“YIEL” – Yield“BAPO” – Basis points
7 Quantity For all financial instruments except in the cases described under Article 11(1), points (a) and (b) of this Regulation. For financial instruments traded in units, the number of units of the financial instrument. Empty otherwise. RM, MTF, OTF, APA {DECIMAL-18/17}
8 Quantity in measurement unit For contracts designated in units in commodity derivatives, C10 derivatives, emission allowance derivatives and emission allowances except in the cases described under Article 11(1), points (a) and (b), of this Regulation. The equivalent amount of commodity or emission allowance traded expressed in measurement unit. RM, MTF, OTF, APA {DECIMAL-18/17}
9 Notation of the quantity in measurement unit For contracts designated in units in commodity derivatives, C10 derivatives, emission allowance derivatives and emission allowances except in the cases described under Article 11(1), points (a) and (b), of this Regulation Indication of the notation in which the quantity in measurement unit is expressed. RM, MTF, OTF, APA “TOCD” – tonnes of carbon dioxide equivalent, for any contract related to emission allowances“TONE” – metric tonnes“MWHO” – megawatt hours“MBTU” – one million British thermal units“THMS” – Therms“DAYS”– days or{ALPHANUM-4}otherwise
10 Notional amount For all financial instruments except in the cases described under Article 11(1), points (a) and (b), of this Regulation. This field shall be populated:(i)for bonds (excluding ETCs and ETNs), with the face value, which is the amount repaid at redemption to the investor;(ii)for ETCs and ETNs and securitised derivatives, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field;(iii)for structured finance products (SFPs), with the nominal value per unit multiplied by the number of instruments at the time of the transaction;(iv)for credit default swaps, with the notional amount for which the protection is acquired or disposed of;(v)for options, swaptions, swaps other than those in (iv), futures and forwards, with the notional amount of the contract;(vi)for emission allowances, with the resulting amount of the quantity at the relevant price set in the contract at the time of the transaction. Equivalently, with the price field multiplied by the quantity in measurement unit field;(vii)for spread bets, with the monetary value wagered per point movement in the underlying financial instrument at the time of the transaction;(viii)for contracts for difference, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field. (i) for bonds (excluding ETCs and ETNs), with the face value, which is the amount repaid at redemption to the investor; (ii) for ETCs and ETNs and securitised derivatives, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field; (iii) for structured finance products (SFPs), with the nominal value per unit multiplied by the number of instruments at the time of the transaction; (iv) for credit default swaps, with the notional amount for which the protection is acquired or disposed of; (v) for options, swaptions, swaps other than those in (iv), futures and forwards, with the notional amount of the contract; (vi) for emission allowances, with the resulting amount of the quantity at the relevant price set in the contract at the time of the transaction. Equivalently, with the price field multiplied by the quantity in measurement unit field; (vii) for spread bets, with the monetary value wagered per point movement in the underlying financial instrument at the time of the transaction; (viii) for contracts for difference, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field. RM, MTF, OTF, APA {DECIMAL-18/5}
(i) for bonds (excluding ETCs and ETNs), with the face value, which is the amount repaid at redemption to the investor;
(ii) for ETCs and ETNs and securitised derivatives, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field;
(iii) for structured finance products (SFPs), with the nominal value per unit multiplied by the number of instruments at the time of the transaction;
(iv) for credit default swaps, with the notional amount for which the protection is acquired or disposed of;
(v) for options, swaptions, swaps other than those in (iv), futures and forwards, with the notional amount of the contract;
(vi) for emission allowances, with the resulting amount of the quantity at the relevant price set in the contract at the time of the transaction. Equivalently, with the price field multiplied by the quantity in measurement unit field;
(vii) for spread bets, with the monetary value wagered per point movement in the underlying financial instrument at the time of the transaction;
(viii) for contracts for difference, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field.
11 Notional currency For all financial instruments except in the cases described under Article 11(1), points (a) and (b), of this Regulation. Major currency in which the notional amount is denominated.In the case of an FX derivative contract or a multi-currency swap or a swaption where the underlying swap is multi-currency or a currency CFD or spread-betting contract, this will be the notional currency of leg 1. RM, MTF, OTF, APA {CURRENCY CODE_3}
12 [deleted]
13 Venue of execution For all financial instruments Identification of the venue where the transaction was executed.Use the ISO 10383 segment MIC for transactions executed on an EU trading venue. Where the segment MIC does not exist, use the operating MIC.Use “SINT” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is executed on a Systematic Internaliser.Use MIC code “XOFF” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is neither executed on an EU trading venue nor executed by a systematic internaliser. If the transaction is executed on an organised trading platform outside of the EU then in addition to “XOFF” also the population of the field “Third-country trading venue of execution” is required. RM, MTF, OTF, APA {MIC} – EU trading venues or“SINT” – systematic internaliser“XOFF” – otherwise
14 Third-country trading venue of execution For all financial instruments Identification of the third-country trading venue where the transaction was executed.Use the ISO 10383 segment MIC. Where the segment MIC does not exist, use the operating MIC.Where the transaction is not executed on a third- country trading venue, the field shall not be populated. APA {MIC}
15 Publication Date and Time For all financial instruments Date and time when the transaction was published by a trading venue or APA.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the time reported shall be granular to at least the nearest second. RM, MTF, OTF, APA {DATE_TIME_FORMAT}
16 Venue of publication For all financial instruments Code used to identify the trading venue and APA publishing the transaction. RM, MTF, OTF, APA {MIC}
17 Transaction Identification Code For all financial instruments Alphanumerical code assigned by trading venues (pursuant to Article 12 of Commission Delegated Regulation (EU) 2017/580(2)and APAs and used in any subsequent reference to the specific trade. RM, MTF, OTF, APA {ALPHANUMERICAL-52}
18 Transaction to be cleared For derivatives Code to identify whether the transaction will be cleared. RM, MTF, OTF, APA “TRUE” – transaction to be cleared“FALSE” – transaction not to be cleared
19 Flags For all financial instruments One or multiple fields should be populated with the applicable flags as described in Table 3 of Annex II.Where none of the specified circumstances apply, the transaction should be published without a flag.Where a combination of flags is possible and reported in one field, the flags should be reported separated by commas. RM, MTF, OTF, APA As specified in Table 3 of Annex II
20 Trading System For all financial instruments Type of trading system on which the transaction was executed.When the field “Venue of execution” is populated with “SINT” or “XOFF”, this field shall not be populated. RM, MTF, OTF “CLOB” – central limit order book trading system.“QDTS” – quote driven trading systems, meaning a system where transactions are concluded on the basis of firm quotes that are continuously made available to participants, which requires the market makers to maintain quotes in a size that balances the needs of members and participants to deal in a commercial size and the risk to which the market maker exposes itself.“PATS” – periodic auction trading systems.“RFQT” – request for quote trading systems, meaning a trading system where a quote or quotes are provided in response to a request for a quote submitted by one or more other members or participants. The quote is executable exclusively by the requesting member or market participant. The requesting member or participant may conclude a transaction by accepting the quote or quotes provided to it on request.“VOIC” – voice trading system, meaning a trading system where transactions between members are arranged through voice negotiation.“HYBR” – hybrid trading system meaning a system falling into two or more of the types of trading systems referred to above.“OTHR” – any other trading system, meaning any other type of trading system not covered above.
21 Number of transactions For sovereign debt instruments This field should be populated with the number of transactions executed when deferred publication of details of several tpransactions in an aggregated form is required under Article 11(3)(b) of Regulation (EU) No 600/2014. RM, MTF, OTF, APA {DECIMAL-18/17}
# Field identifier Financial instruments Description and details to be published Type of execution or publication venue Format to be populated as specified in Table 1
1 Trading date and time For all financial instruments Date and time when the transaction was executed.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Commission Delegated Regulation (EU) 2025/1155(1).For transactions not executed on a trading venue, the date and time shall be when the parties agree the content of the following fields: quantity, price, currencies, as specified in fields 31, 34 and 44 of Table 2 of Annex I to Delegated Regulation (EU) 2017/590, instrument identification code, instrument classification and underlying instrument code, where applicable. For transactions not executed on a trading venue the time reported shall be granular to at least the nearest second.Where the transaction results from an order transmitted by the executing firm on behalf of a client to a third party where the conditions for transmission set out in Article 4 of Delegated Regulation (EU) 2017/590 were not satisfied, this shall be the date and time of the transaction rather than the time of the order transmission. Regulated Market (RM)Multilateral Trading Facility (MTF),Organised Trading Facility (OTF)Approved Publication Arrangement (APA) {DATE_TIME_FORMAT}
2 Instrument identification code For all financial instruments Code used to identify the financial instrument RM, MTF, OTF, APA {ISIN}
3 Price For all financial instruments Traded price of the transaction excluding, where applicable, commission and accrued interest.The traded price shall be reported in accordance with standard market convention. The value provided in this field shall be consistent with the value provided in the field “Price Notation”.Where price is currently not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated. RM, MTF, OTF, APA {DECIMAL-18/13} in case the price is expressed as monetary value{DECIMAL-11/10} in case the price is expressed as percentage or yield{DECIMAL-18/17} in case the price is expressed as basis points
4 Missing Price For all financial instruments Where price is currently not available but pending, the value shall be “PNDG”.Where price is not applicable the value shall be “NOAP”. RM, MTF, OTF, APA “PNDG” in case the price is not available“NOAP” in case the price is not applicable
5 Price currency For all financial instruments Major currency in which the price is expressed (applicable if the price is expressed as monetary value). RM, MTF, OTF, APA {CURRENCY CODE_3}
6 Price notation For all financial instruments Indication as to whether the price is expressed in monetary value, in percentage, in basis points or in yieldThe price notation shall be reported in accordance with standard market convention.For credit default swaps, this field shall be populated with “BAPO”.For bonds (other than ETNs and ETCs) this field shall be populated with percentage (PERC) of the notional amount. Where a price in percentage is not the standard market convention, it shall be populated with YIEL, BAPO or MONE, in accordance with the standard market convention.The value provided in this field shall be consistent with the value provided in the field “Price”.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is currently not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated. RM, MTF, OTF, APA “MONE” – Monetary value“PERC” – Percentage“YIEL” – Yield“BAPO” – Basis points
7 Quantity For all financial instruments except in the cases described under Article 11(1), points (a) and (b) of this Regulation. For financial instruments traded in units, the number of units of the financial instrument. Empty otherwise. RM, MTF, OTF, APA {DECIMAL-18/17}
8 Quantity in measurement unit For contracts designated in units in commodity derivatives, C10 derivatives, emission allowance derivatives and emission allowances except in the cases described under Article 11(1), points (a) and (b), of this Regulation. The equivalent amount of commodity or emission allowance traded expressed in measurement unit. RM, MTF, OTF, APA {DECIMAL-18/17}
9 Notation of the quantity in measurement unit For contracts designated in units in commodity derivatives, C10 derivatives, emission allowance derivatives and emission allowances except in the cases described under Article 11(1), points (a) and (b), of this Regulation Indication of the notation in which the quantity in measurement unit is expressed. RM, MTF, OTF, APA “TOCD” – tonnes of carbon dioxide equivalent, for any contract related to emission allowances“TONE” – metric tonnes“MWHO” – megawatt hours“MBTU” – one million British thermal units“THMS” – Therms“DAYS”– days or{ALPHANUM-4}otherwise
10 Notional amount For all financial instruments except in the cases described under Article 11(1), points (a) and (b), of this Regulation. This field shall be populated:(i)for bonds (excluding ETCs and ETNs), with the face value, which is the amount repaid at redemption to the investor;(ii)for ETCs and ETNs and securitised derivatives, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field;(iii)for structured finance products (SFPs), with the nominal value per unit multiplied by the number of instruments at the time of the transaction;(iv)for credit default swaps, with the notional amount for which the protection is acquired or disposed of;(v)for options, swaptions, swaps other than those in (iv), futures and forwards, with the notional amount of the contract;(vi)for emission allowances, with the resulting amount of the quantity at the relevant price set in the contract at the time of the transaction. Equivalently, with the price field multiplied by the quantity in measurement unit field;(vii)for spread bets, with the monetary value wagered per point movement in the underlying financial instrument at the time of the transaction;(viii)for contracts for difference, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field. (i) for bonds (excluding ETCs and ETNs), with the face value, which is the amount repaid at redemption to the investor; (ii) for ETCs and ETNs and securitised derivatives, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field; (iii) for structured finance products (SFPs), with the nominal value per unit multiplied by the number of instruments at the time of the transaction; (iv) for credit default swaps, with the notional amount for which the protection is acquired or disposed of; (v) for options, swaptions, swaps other than those in (iv), futures and forwards, with the notional amount of the contract; (vi) for emission allowances, with the resulting amount of the quantity at the relevant price set in the contract at the time of the transaction. Equivalently, with the price field multiplied by the quantity in measurement unit field; (vii) for spread bets, with the monetary value wagered per point movement in the underlying financial instrument at the time of the transaction; (viii) for contracts for difference, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field. RM, MTF, OTF, APA {DECIMAL-18/5}
(i) for bonds (excluding ETCs and ETNs), with the face value, which is the amount repaid at redemption to the investor;
(ii) for ETCs and ETNs and securitised derivatives, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field;
(iii) for structured finance products (SFPs), with the nominal value per unit multiplied by the number of instruments at the time of the transaction;
(iv) for credit default swaps, with the notional amount for which the protection is acquired or disposed of;
(v) for options, swaptions, swaps other than those in (iv), futures and forwards, with the notional amount of the contract;
(vi) for emission allowances, with the resulting amount of the quantity at the relevant price set in the contract at the time of the transaction. Equivalently, with the price field multiplied by the quantity in measurement unit field;
(vii) for spread bets, with the monetary value wagered per point movement in the underlying financial instrument at the time of the transaction;
(viii) for contracts for difference, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field.
11 Notional currency For all financial instruments except in the cases described under Article 11(1), points (a) and (b), of this Regulation. Major currency in which the notional amount is denominated.In the case of an FX derivative contract or a multi-currency swap or a swaption where the underlying swap is multi-currency or a currency CFD or spread-betting contract, this will be the notional currency of leg 1. RM, MTF, OTF, APA {CURRENCY CODE_3}
12 [deleted]
13 Venue of execution For all financial instruments Identification of the venue where the transaction was executed.Use the ISO 10383 segment MIC for transactions executed on an EU trading venue. Where the segment MIC does not exist, use the operating MIC.Use “SINT” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is executed on a Systematic Internaliser.Use MIC code “XOFF” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is neither executed on an EU trading venue nor executed by a systematic internaliser. If the transaction is executed on an organised trading platform outside of the EU then in addition to “XOFF” also the population of the field “Third-country trading venue of execution” is required. RM, MTF, OTF, APA {MIC} – EU trading venues or“SINT” – systematic internaliser“XOFF” – otherwise
14 Third-country trading venue of execution For all financial instruments Identification of the third-country trading venue where the transaction was executed.Use the ISO 10383 segment MIC. Where the segment MIC does not exist, use the operating MIC.Where the transaction is not executed on a third- country trading venue, the field shall not be populated. APA {MIC}
15 Publication Date and Time For all financial instruments Date and time when the transaction was published by a trading venue or APA.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the time reported shall be granular to at least the nearest second. RM, MTF, OTF, APA {DATE_TIME_FORMAT}
16 Venue of publication For all financial instruments Code used to identify the trading venue and APA publishing the transaction. RM, MTF, OTF, APA {MIC}
17 Transaction Identification Code For all financial instruments Alphanumerical code assigned by trading venues (pursuant to Article 12 of Commission Delegated Regulation (EU) 2017/580(2)and APAs and used in any subsequent reference to the specific trade. RM, MTF, OTF, APA {ALPHANUMERICAL-52}
18 Transaction to be cleared For derivatives Code to identify whether the transaction will be cleared. RM, MTF, OTF, APA “TRUE” – transaction to be cleared“FALSE” – transaction not to be cleared
19 Flags For all financial instruments One or multiple fields should be populated with the applicable flags as described in Table 3 of Annex II.Where none of the specified circumstances apply, the transaction should be published without a flag.Where a combination of flags is possible and reported in one field, the flags should be reported separated by commas. RM, MTF, OTF, APA As specified in Table 3 of Annex II
20 Trading System For all financial instruments Type of trading system on which the transaction was executed.When the field “Venue of execution” is populated with “SINT” or “XOFF”, this field shall not be populated. RM, MTF, OTF “CLOB” – central limit order book trading system.“QDTS” – quote driven trading systems, meaning a system where transactions are concluded on the basis of firm quotes that are continuously made available to participants, which requires the market makers to maintain quotes in a size that balances the needs of members and participants to deal in a commercial size and the risk to which the market maker exposes itself.“PATS” – periodic auction trading systems.“RFQT” – request for quote trading systems, meaning a trading system where a quote or quotes are provided in response to a request for a quote submitted by one or more other members or participants. The quote is executable exclusively by the requesting member or market participant. The requesting member or participant may conclude a transaction by accepting the quote or quotes provided to it on request.“VOIC” – voice trading system, meaning a trading system where transactions between members are arranged through voice negotiation.“HYBR” – hybrid trading system meaning a system falling into two or more of the types of trading systems referred to above.“OTHR” – any other trading system, meaning any other type of trading system not covered above.
21 Number of transactions For sovereign debt instruments This field should be populated with the number of transactions executed when deferred publication of details of several tpransactions in an aggregated form is required under Article 11(3)(b) of Regulation (EU) No 600/2014. RM, MTF, OTF, APA {DECIMAL-18/17}
(i) for bonds (excluding ETCs and ETNs), with the face value, which is the amount repaid at redemption to the investor;
(ii) for ETCs and ETNs and securitised derivatives, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field;
(iii) for structured finance products (SFPs), with the nominal value per unit multiplied by the number of instruments at the time of the transaction;
(iv) for credit default swaps, with the notional amount for which the protection is acquired or disposed of;
(v) for options, swaptions, swaps other than those in (iv), futures and forwards, with the notional amount of the contract;
(vi) for emission allowances, with the resulting amount of the quantity at the relevant price set in the contract at the time of the transaction. Equivalently, with the price field multiplied by the quantity in measurement unit field;
(vii) for spread bets, with the monetary value wagered per point movement in the underlying financial instrument at the time of the transaction;
(viii) for contracts for difference, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field.
(2) Table 3 is replaced by the following:‘Table 3List of flags for the purpose of post-trade transparencyPOST-TRADE DEFERRAL FLAGS FOR DERIVATIVESFlagNameType of execution or publication venueDescription“LRGS”Post-trade LIS transaction flagRM, MTF, OTF, APATransactions executed under the post-trade large in scale deferral“ILQD”Illiquid instrument transaction flagRM, MTF, OTF, APATransactions executed under the deferral for instruments for which there is not a liquid market“SIZE”Post-trade SSTI transaction flagRM, MTF, OTF, APATransactions executed under the post-trade size specific to the instrument deferralPOST-TRADE DEFERRAL FLAGS FOR BONDS (EXCEPT ETCs AND ETNs)FlagNameType of execution or publication venueDescription“MLF1”Medium Liquid FlagRM, MTF, OTF, APATransactions in bonds benefiting from a deferral applicable to transactions of a medium size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(a) of this Regulation.“MIF2”Medium Illiquid FlagRM, MTF, OTF, APATransactions in bonds benefiting from a deferral applicable to transactions of a medium size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(b) of this Regulation.“LLF3”Large Liquid FlagRM, MTF, OTF, APATransactions in bonds benefiting from a deferral applicable to transactions of a large size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(c) of this Regulation.“LIF4”Large Illiquid FlagRM, MTF, OTF, APATransactions in bonds benefiting from a deferral applicable to transactions of a large size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(d) of this Regulation.“VLF5”Very Large Liquid FlagRM, MTF, OTF, APATransactions in bonds benefiting from a deferral applicable to transactions of a very large size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(e) of this Regulation.“VIF5”Very Large Illiquid FlagRM, MTF, OTF, APATransactions in bonds benefiting from a deferral applicable to transactions of a very large size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(e) of this Regulation.POST-TRADE DEFERRAL FLAGS FOR ETCs, ETNs, SFPs AND EMISSION ALLOWANCESFlagNameType of execution or publication venueDescription“DEFF”Deferral for ETCs, ETNs, SFPs and emission allowancesRM, MTF, OTF, APATransactions in ETCs, ETNs, SFPs and emission allowances, which benefit from a deferral as specified under Article 8a(2) and (3) of this Regulation.SUPPLEMENTARY DEFERRAL FLAGS FOR DERIVATIVESArticle 11(1), point (a)(i)“LMTF”Limited details flagRM, MTF, OTF, APAFirst report with publication of limited details in accordance with Article 11(1), point (a)(i).“FULF”Full details flagRM, MTF, OTF, APATransaction for which limited details have been previously published in accordance with Article 11(1), point (a)(i).Article 11(1), point (a)(ii)“DATF”Daily aggregated transaction flagRM, MTF, OTF, APAPublication of daily aggregated transaction in accordance with Article 11(1), point (a)(ii).“FULA”Full details flagRM, MTF, OTF, APAIndividual transactions for which aggregated details have been previously published in accordance with Article 11(1), point (a)(ii).Article 11(1), point (b)“VOLO”Volume omission flagRM, MTF, OTF, APATransaction for which limited details are published in accordance with Article 11(1), point (b).“FULV”Full details flagRM, MTF, OTF, APATransaction for which limited details have been previously published in accordance with Article 11(1), point (b).Article 11(1), point (c)“FWAF”Four weeks aggregation flagRM, MTF, OTF, APAPublication of aggregated transactions in accordance with Article 11(1), point (c).“FULJ”Full details flagRM, MTF, OTF, APAIndividual transactions which have previously benefited from aggregated publication in accordance with Article 11(1), point (c).SUPPLEMENTARY DEFERRAL FLAGS FOR SOVEREIGN BONDSArticle 11(3)(a)“OMIS”Volume omission flagRM, MTF, OTF, APATransaction for which limited details are published in accordance with Article 11(3), point (a) of Regulation (EU) No 600/2014.“FULO”Full details flagRM, MTF, OTF, APATransaction for which limited details have been previously published in accordance with Article 11(3), point (a) of Regulation (EU) No 600/2014.Article 11(3)(b)“AGFW”Four weeks aggregation flagRM, MTF, OTF, APAPublication of aggregated transactions in accordance with Article 11(3), point (b) of Regulation (EU) No 600/2014.“FULG”Full details flagRM, MTF, OTF, APAIndividual transactions which have previously benefited from aggregated publication in accordance with Article 11(3), point (b) of Regulation (EU) No 600/2014.OTHER FLAGSFlagNameType of execution or publication venueDescription“BENC”Benchmark transaction flagRM, MTF, OTF, APATransactions executed in reference to a price that is calculated over multiple time instances according to a given benchmark, such as volume-weighted average price or time-weighted average price.“NPFT”Non-price forming transaction flagRM, MTF, OTF, APANon-price forming transactions as set out in Article 2(5) of Delegated Regulation (EU) 2017/590.“TPAC”Package transaction flagRM, MTF, OTF, APAPackage transactions, which are not exchange for physicals, as defined in Article 2(1)(50), point (b) of Regulation (EU) No 600/2014.“XFPH”Exchange for physicals transaction flagRM, MTF, OTF, APAExchange for physicals as defined in Article 2(1), point (48), of Regulation (EU) No 600/2014.“CANC”Cancellation flagRM, MTF, OTF, APAWhen a previously published transaction is cancelled.“AMND”Amendment flagRM, MTF, OTF, APAWhen a previously published transaction is amended.“PORT”Portfolio trade flagRM, MTF, OTF, APATransaction in five or more different financial instruments where those transactions are traded at the same time by the same client and against a single lot price and that is not a “package transaction” as defined in Article 2(1), point (50), of Regulation (EU) No 600/2014.“MTCH”Matched principal trading flagOTFMatched principal transactions as set out in Article 4(1)(38) of Directive 2014/65/EU.“NEGO”Negotiated transaction flagRM, MTF, OTFTransactions which are negotiated privately but reported under the rules of a trading venue.’ POST-TRADE DEFERRAL FLAGS FOR DERIVATIVES Flag Name Type of execution or publication venue Description “LRGS” Post-trade LIS transaction flag RM, MTF, OTF, APA Transactions executed under the post-trade large in scale deferral “ILQD” Illiquid instrument transaction flag RM, MTF, OTF, APA Transactions executed under the deferral for instruments for which there is not a liquid market “SIZE” Post-trade SSTI transaction flag RM, MTF, OTF, APA Transactions executed under the post-trade size specific to the instrument deferral POST-TRADE DEFERRAL FLAGS FOR BONDS (EXCEPT ETCs AND ETNs) Flag Name Type of execution or publication venue Description “MLF1” Medium Liquid Flag RM, MTF, OTF, APA Transactions in bonds benefiting from a deferral applicable to transactions of a medium size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(a) of this Regulation. “MIF2” Medium Illiquid Flag RM, MTF, OTF, APA Transactions in bonds benefiting from a deferral applicable to transactions of a medium size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(b) of this Regulation. “LLF3” Large Liquid Flag RM, MTF, OTF, APA Transactions in bonds benefiting from a deferral applicable to transactions of a large size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(c) of this Regulation. “LIF4” Large Illiquid Flag RM, MTF, OTF, APA Transactions in bonds benefiting from a deferral applicable to transactions of a large size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(d) of this Regulation. “VLF5” Very Large Liquid Flag RM, MTF, OTF, APA Transactions in bonds benefiting from a deferral applicable to transactions of a very large size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(e) of this Regulation. “VIF5” Very Large Illiquid Flag RM, MTF, OTF, APA Transactions in bonds benefiting from a deferral applicable to transactions of a very large size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(e) of this Regulation. POST-TRADE DEFERRAL FLAGS FOR ETCs, ETNs, SFPs AND EMISSION ALLOWANCES Flag Name Type of execution or publication venue Description “DEFF” Deferral for ETCs, ETNs, SFPs and emission allowances RM, MTF, OTF, APA Transactions in ETCs, ETNs, SFPs and emission allowances, which benefit from a deferral as specified under Article 8a(2) and (3) of this Regulation. SUPPLEMENTARY DEFERRAL FLAGS FOR DERIVATIVES Article 11(1), point (a)(i) “LMTF” Limited details flag RM, MTF, OTF, APA First report with publication of limited details in accordance with Article 11(1), point (a)(i). “FULF” Full details flag RM, MTF, OTF, APA Transaction for which limited details have been previously published in accordance with Article 11(1), point (a)(i). Article 11(1), point (a)(ii) “DATF” Daily aggregated transaction flag RM, MTF, OTF, APA Publication of daily aggregated transaction in accordance with Article 11(1), point (a)(ii). “FULA” Full details flag RM, MTF, OTF, APA Individual transactions for which aggregated details have been previously published in accordance with Article 11(1), point (a)(ii). Article 11(1), point (b) “VOLO” Volume omission flag RM, MTF, OTF, APA Transaction for which limited details are published in accordance with Article 11(1), point (b). “FULV” Full details flag RM, MTF, OTF, APA Transaction for which limited details have been previously published in accordance with Article 11(1), point (b). Article 11(1), point (c) “FWAF” Four weeks aggregation flag RM, MTF, OTF, APA Publication of aggregated transactions in accordance with Article 11(1), point (c). “FULJ” Full details flag RM, MTF, OTF, APA Individual transactions which have previously benefited from aggregated publication in accordance with Article 11(1), point (c). SUPPLEMENTARY DEFERRAL FLAGS FOR SOVEREIGN BONDS Article 11(3)(a) “OMIS” Volume omission flag RM, MTF, OTF, APA Transaction for which limited details are published in accordance with Article 11(3), point (a) of Regulation (EU) No 600/2014. “FULO” Full details flag RM, MTF, OTF, APA Transaction for which limited details have been previously published in accordance with Article 11(3), point (a) of Regulation (EU) No 600/2014. Article 11(3)(b) “AGFW” Four weeks aggregation flag RM, MTF, OTF, APA Publication of aggregated transactions in accordance with Article 11(3), point (b) of Regulation (EU) No 600/2014. “FULG” Full details flag RM, MTF, OTF, APA Individual transactions which have previously benefited from aggregated publication in accordance with Article 11(3), point (b) of Regulation (EU) No 600/2014. OTHER FLAGS Flag Name Type of execution or publication venue Description “BENC” Benchmark transaction flag RM, MTF, OTF, APA Transactions executed in reference to a price that is calculated over multiple time instances according to a given benchmark, such as volume-weighted average price or time-weighted average price. “NPFT” Non-price forming transaction flag RM, MTF, OTF, APA Non-price forming transactions as set out in Article 2(5) of Delegated Regulation (EU) 2017/590. “TPAC” Package transaction flag RM, MTF, OTF, APA Package transactions, which are not exchange for physicals, as defined in Article 2(1)(50), point (b) of Regulation (EU) No 600/2014. “XFPH” Exchange for physicals transaction flag RM, MTF, OTF, APA Exchange for physicals as defined in Article 2(1), point (48), of Regulation (EU) No 600/2014. “CANC” Cancellation flag RM, MTF, OTF, APA When a previously published transaction is cancelled. “AMND” Amendment flag RM, MTF, OTF, APA When a previously published transaction is amended. “PORT” Portfolio trade flag RM, MTF, OTF, APA Transaction in five or more different financial instruments where those transactions are traded at the same time by the same client and against a single lot price and that is not a “package transaction” as defined in Article 2(1), point (50), of Regulation (EU) No 600/2014. “MTCH” Matched principal trading flag OTF Matched principal transactions as set out in Article 4(1)(38) of Directive 2014/65/EU. “NEGO” Negotiated transaction flag RM, MTF, OTF Transactions which are negotiated privately but reported under the rules of a trading venue.’
POST-TRADE DEFERRAL FLAGS FOR DERIVATIVES
Flag Name Type of execution or publication venue Description
“LRGS” Post-trade LIS transaction flag RM, MTF, OTF, APA Transactions executed under the post-trade large in scale deferral
“ILQD” Illiquid instrument transaction flag RM, MTF, OTF, APA Transactions executed under the deferral for instruments for which there is not a liquid market
“SIZE” Post-trade SSTI transaction flag RM, MTF, OTF, APA Transactions executed under the post-trade size specific to the instrument deferral
POST-TRADE DEFERRAL FLAGS FOR BONDS (EXCEPT ETCs AND ETNs)
Flag Name Type of execution or publication venue Description
“MLF1” Medium Liquid Flag RM, MTF, OTF, APA Transactions in bonds benefiting from a deferral applicable to transactions of a medium size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(a) of this Regulation.
“MIF2” Medium Illiquid Flag RM, MTF, OTF, APA Transactions in bonds benefiting from a deferral applicable to transactions of a medium size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(b) of this Regulation.
“LLF3” Large Liquid Flag RM, MTF, OTF, APA Transactions in bonds benefiting from a deferral applicable to transactions of a large size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(c) of this Regulation.
“LIF4” Large Illiquid Flag RM, MTF, OTF, APA Transactions in bonds benefiting from a deferral applicable to transactions of a large size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(d) of this Regulation.
“VLF5” Very Large Liquid Flag RM, MTF, OTF, APA Transactions in bonds benefiting from a deferral applicable to transactions of a very large size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(e) of this Regulation.
“VIF5” Very Large Illiquid Flag RM, MTF, OTF, APA Transactions in bonds benefiting from a deferral applicable to transactions of a very large size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(e) of this Regulation.
POST-TRADE DEFERRAL FLAGS FOR ETCs, ETNs, SFPs AND EMISSION ALLOWANCES
Flag Name Type of execution or publication venue Description
“DEFF” Deferral for ETCs, ETNs, SFPs and emission allowances RM, MTF, OTF, APA Transactions in ETCs, ETNs, SFPs and emission allowances, which benefit from a deferral as specified under Article 8a(2) and (3) of this Regulation.
SUPPLEMENTARY DEFERRAL FLAGS FOR DERIVATIVES
Article 11(1), point (a)(i) “LMTF” Limited details flag RM, MTF, OTF, APA First report with publication of limited details in accordance with Article 11(1), point (a)(i).
“FULF” Full details flag RM, MTF, OTF, APA Transaction for which limited details have been previously published in accordance with Article 11(1), point (a)(i).
Article 11(1), point (a)(ii) “DATF” Daily aggregated transaction flag RM, MTF, OTF, APA Publication of daily aggregated transaction in accordance with Article 11(1), point (a)(ii).
“FULA” Full details flag RM, MTF, OTF, APA Individual transactions for which aggregated details have been previously published in accordance with Article 11(1), point (a)(ii).
Article 11(1), point (b) “VOLO” Volume omission flag RM, MTF, OTF, APA Transaction for which limited details are published in accordance with Article 11(1), point (b).
“FULV” Full details flag RM, MTF, OTF, APA Transaction for which limited details have been previously published in accordance with Article 11(1), point (b).
Article 11(1), point (c) “FWAF” Four weeks aggregation flag RM, MTF, OTF, APA Publication of aggregated transactions in accordance with Article 11(1), point (c).
“FULJ” Full details flag RM, MTF, OTF, APA Individual transactions which have previously benefited from aggregated publication in accordance with Article 11(1), point (c).
SUPPLEMENTARY DEFERRAL FLAGS FOR SOVEREIGN BONDS
Article 11(3)(a) “OMIS” Volume omission flag RM, MTF, OTF, APA Transaction for which limited details are published in accordance with Article 11(3), point (a) of Regulation (EU) No 600/2014.
“FULO” Full details flag RM, MTF, OTF, APA Transaction for which limited details have been previously published in accordance with Article 11(3), point (a) of Regulation (EU) No 600/2014.
Article 11(3)(b) “AGFW” Four weeks aggregation flag RM, MTF, OTF, APA Publication of aggregated transactions in accordance with Article 11(3), point (b) of Regulation (EU) No 600/2014.
“FULG” Full details flag RM, MTF, OTF, APA Individual transactions which have previously benefited from aggregated publication in accordance with Article 11(3), point (b) of Regulation (EU) No 600/2014.
OTHER FLAGS
Flag Name Type of execution or publication venue Description
“BENC” Benchmark transaction flag RM, MTF, OTF, APA Transactions executed in reference to a price that is calculated over multiple time instances according to a given benchmark, such as volume-weighted average price or time-weighted average price.
“NPFT” Non-price forming transaction flag RM, MTF, OTF, APA Non-price forming transactions as set out in Article 2(5) of Delegated Regulation (EU) 2017/590.
“TPAC” Package transaction flag RM, MTF, OTF, APA Package transactions, which are not exchange for physicals, as defined in Article 2(1)(50), point (b) of Regulation (EU) No 600/2014.
“XFPH” Exchange for physicals transaction flag RM, MTF, OTF, APA Exchange for physicals as defined in Article 2(1), point (48), of Regulation (EU) No 600/2014.
“CANC” Cancellation flag RM, MTF, OTF, APA When a previously published transaction is cancelled.
“AMND” Amendment flag RM, MTF, OTF, APA When a previously published transaction is amended.
“PORT” Portfolio trade flag RM, MTF, OTF, APA Transaction in five or more different financial instruments where those transactions are traded at the same time by the same client and against a single lot price and that is not a “package transaction” as defined in Article 2(1), point (50), of Regulation (EU) No 600/2014.
“MTCH” Matched principal trading flag OTF Matched principal transactions as set out in Article 4(1)(38) of Directive 2014/65/EU.
“NEGO” Negotiated transaction flag RM, MTF, OTF Transactions which are negotiated privately but reported under the rules of a trading venue.’
POST-TRADE DEFERRAL FLAGS FOR DERIVATIVES
Flag Name Type of execution or publication venue Description
“LRGS” Post-trade LIS transaction flag RM, MTF, OTF, APA Transactions executed under the post-trade large in scale deferral
“ILQD” Illiquid instrument transaction flag RM, MTF, OTF, APA Transactions executed under the deferral for instruments for which there is not a liquid market
“SIZE” Post-trade SSTI transaction flag RM, MTF, OTF, APA Transactions executed under the post-trade size specific to the instrument deferral
POST-TRADE DEFERRAL FLAGS FOR BONDS (EXCEPT ETCs AND ETNs)
Flag Name Type of execution or publication venue Description
“MLF1” Medium Liquid Flag RM, MTF, OTF, APA Transactions in bonds benefiting from a deferral applicable to transactions of a medium size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(a) of this Regulation.
“MIF2” Medium Illiquid Flag RM, MTF, OTF, APA Transactions in bonds benefiting from a deferral applicable to transactions of a medium size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(b) of this Regulation.
“LLF3” Large Liquid Flag RM, MTF, OTF, APA Transactions in bonds benefiting from a deferral applicable to transactions of a large size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(c) of this Regulation.
“LIF4” Large Illiquid Flag RM, MTF, OTF, APA Transactions in bonds benefiting from a deferral applicable to transactions of a large size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(d) of this Regulation.
“VLF5” Very Large Liquid Flag RM, MTF, OTF, APA Transactions in bonds benefiting from a deferral applicable to transactions of a very large size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(e) of this Regulation.
“VIF5” Very Large Illiquid Flag RM, MTF, OTF, APA Transactions in bonds benefiting from a deferral applicable to transactions of a very large size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(e) of this Regulation.
POST-TRADE DEFERRAL FLAGS FOR ETCs, ETNs, SFPs AND EMISSION ALLOWANCES
Flag Name Type of execution or publication venue Description
“DEFF” Deferral for ETCs, ETNs, SFPs and emission allowances RM, MTF, OTF, APA Transactions in ETCs, ETNs, SFPs and emission allowances, which benefit from a deferral as specified under Article 8a(2) and (3) of this Regulation.
SUPPLEMENTARY DEFERRAL FLAGS FOR DERIVATIVES
Article 11(1), point (a)(i) “LMTF” Limited details flag RM, MTF, OTF, APA First report with publication of limited details in accordance with Article 11(1), point (a)(i).
“FULF” Full details flag RM, MTF, OTF, APA Transaction for which limited details have been previously published in accordance with Article 11(1), point (a)(i).
Article 11(1), point (a)(ii) “DATF” Daily aggregated transaction flag RM, MTF, OTF, APA Publication of daily aggregated transaction in accordance with Article 11(1), point (a)(ii).
“FULA” Full details flag RM, MTF, OTF, APA Individual transactions for which aggregated details have been previously published in accordance with Article 11(1), point (a)(ii).
Article 11(1), point (b) “VOLO” Volume omission flag RM, MTF, OTF, APA Transaction for which limited details are published in accordance with Article 11(1), point (b).
“FULV” Full details flag RM, MTF, OTF, APA Transaction for which limited details have been previously published in accordance with Article 11(1), point (b).
Article 11(1), point (c) “FWAF” Four weeks aggregation flag RM, MTF, OTF, APA Publication of aggregated transactions in accordance with Article 11(1), point (c).
“FULJ” Full details flag RM, MTF, OTF, APA Individual transactions which have previously benefited from aggregated publication in accordance with Article 11(1), point (c).
SUPPLEMENTARY DEFERRAL FLAGS FOR SOVEREIGN BONDS
Article 11(3)(a) “OMIS” Volume omission flag RM, MTF, OTF, APA Transaction for which limited details are published in accordance with Article 11(3), point (a) of Regulation (EU) No 600/2014.
“FULO” Full details flag RM, MTF, OTF, APA Transaction for which limited details have been previously published in accordance with Article 11(3), point (a) of Regulation (EU) No 600/2014.
Article 11(3)(b) “AGFW” Four weeks aggregation flag RM, MTF, OTF, APA Publication of aggregated transactions in accordance with Article 11(3), point (b) of Regulation (EU) No 600/2014.
“FULG” Full details flag RM, MTF, OTF, APA Individual transactions which have previously benefited from aggregated publication in accordance with Article 11(3), point (b) of Regulation (EU) No 600/2014.
OTHER FLAGS
Flag Name Type of execution or publication venue Description
“BENC” Benchmark transaction flag RM, MTF, OTF, APA Transactions executed in reference to a price that is calculated over multiple time instances according to a given benchmark, such as volume-weighted average price or time-weighted average price.
“NPFT” Non-price forming transaction flag RM, MTF, OTF, APA Non-price forming transactions as set out in Article 2(5) of Delegated Regulation (EU) 2017/590.
“TPAC” Package transaction flag RM, MTF, OTF, APA Package transactions, which are not exchange for physicals, as defined in Article 2(1)(50), point (b) of Regulation (EU) No 600/2014.
“XFPH” Exchange for physicals transaction flag RM, MTF, OTF, APA Exchange for physicals as defined in Article 2(1), point (48), of Regulation (EU) No 600/2014.
“CANC” Cancellation flag RM, MTF, OTF, APA When a previously published transaction is cancelled.
“AMND” Amendment flag RM, MTF, OTF, APA When a previously published transaction is amended.
“PORT” Portfolio trade flag RM, MTF, OTF, APA Transaction in five or more different financial instruments where those transactions are traded at the same time by the same client and against a single lot price and that is not a “package transaction” as defined in Article 2(1), point (50), of Regulation (EU) No 600/2014.
“MTCH” Matched principal trading flag OTF Matched principal transactions as set out in Article 4(1)(38) of Directive 2014/65/EU.
“NEGO” Negotiated transaction flag RM, MTF, OTF Transactions which are negotiated privately but reported under the rules of a trading venue.’
(1) Section 1 ‘Instructions for the purpose of this annex’, Section 2 ‘Bonds’, and Section 3 ‘Structured Finance Products (SFPs)’ are replaced by the following:‘1.Instructions for the purpose of this annex1.The reference to outstanding bond issuance size in Table 2.2 refers to the total value of bonds that have been issued and are currently held by investors.2.A reference to an “asset class” means a reference to the following classes of financial instruments: bonds, structured finance products, securitised derivatives, interest rate derivatives, equity derivatives, commodity derivatives, foreign exchange derivatives, credit derivatives, C10 derivatives, CFDs, emission allowances and emission allowance derivatives.3.A reference to a “sub-asset class” means a reference to an asset class segmented to a more granular level on the basis of the contract type and/or the type of underlying.4.A reference to a “sub-class” means a reference to a sub-asset class segmented to a more granular level on basis of further qualitative segmentation criteria as set out in Tables 2.2 to 13.3 of this Annex.5.“Average daily notional amount (ADNA)” means the total notional amount for a particular financial instrument determined according to the volume measure set out in Table 4 of Annex II and executed in the period set out in Article 13(7), divided by the number of trading days in that period or, where applicable, that part of the year during which the financial instrument was admitted to trading or traded on a trading venue and was not suspended from trading.6.“Average daily number of trades” means the total number of transactions executed for a particular financial instrument in the period set out in Article 13(7), divided by the number of trading days in that period or, where applicable, that part of the year during which the financial instrument was admitted to trading or traded on a trading venue and was not suspended from trading.7.“Future” means a contract to buy or sell a commodity or financial instrument at a designated future date at a price agreed upon at the initiation of the contract by the buyer and seller. Every futures contract has standard terms that dictate the minimum quantity and quality that can be bought or sold, the smallest amount by which the price may change, delivery procedures, maturity date and other characteristics related to the contract.8.“Option” means a contract that gives the owner the right, but not the obligation, to buy (call) or sell (put) a specific financial instrument or commodity at a predetermined price, strike or exercise price, at or up to a certain future date or exercise date.9.“Swap” means a contract in which two parties agree to exchange cash flows in one financial instrument for those of another financial instrument at a certain future date.10.“Portfolio Swap” means a contract by which end-users can trade multiple swaps.11.“Forward” or “Forward agreement” means a private agreement between two parties to buy or sell a commodity or financial instrument at a designated future date at a price agreed upon at the initiation of the contract by the buyer and seller.12.“Swaption” or “Option on a swap” means a contract that gives the owner the right, but not the obligation, to enter a swap at or up to a certain future date or exercise date.13.“Future on a swap” means a future contract that gives the owner the obligation, to enter a swap at or up to a certain future date.14.“Forward on a swap” means a forward contract that gives the owner the obligation, to enter a swap at or up to a certain future date.2.BondsTable 2.2.Bonds (all bond types except ETCs and ETNs) – classes not having a liquid marketEach individual bond shall be determined not to have a liquid market as per Article 6a if it is characterised by a specific combination of bond characteristics as specified in each row of the tables below.Sovereign and Other Public BondsGroup IDMiFIR IDBond TypeIssuer or Issuer countryRemaining maturityType of couponOutstanding issuance sizeRTS2#3RTS2#9The country of the issuer reported under Commission Delegated Regulation (EU) 2017/585(1)(“RTS23”) field “Issuer or operator of the trading venue identifier”The time remaining until the maturity date reported under RTS23 field “Maturity date”The third letter of the CFI code reported under RTS23 field “Instrument classification”RTS23 field “Total issued nominal amount” converted to EURG1BONDEUSBEUSB means a bond which is neither a convertible nor a covered bond and is issued by a sovereign issuer: (a) the Union; (b) a Member State including a government department, an agency or a special purpose vehicle of a Member State; (c) in the case of a federal Member State, a member of the federation; (d) a special purpose vehicle for several Member States; (e) an international financial institution established by two or more Member States which have the purpose of mobilising funding and providing financial assistance to the benefit of its members that are experiencing or are threatened by severe financial problems; (f) the European Investment Bank; (g) a sovereign entity of a third country.The issuer country is a Member State, the United States of America or the United Kingdom;ORThe issuer is the Union.Up to and including 10 yearsF (fixed coupon)Less than EUR 5 000 000 000G2BONDEUSB or OEPBOEPB means a bond which is neither a convertible nor a covered bond and is issued by a public entity which is not a sovereign issuer.Any instrument not in G1Less than EUR 1 000 000 000Corporate, Convertible and Other BondsGroup IDMiFIR IDBond TypeCurrencyCredit RatingOutstanding issuance sizeRTS2#3RTS2#9The currency of the instrument reported under RTS23 field “Notional Currency 1”RTS23 field “Total issued nominal amount” converted to EURG3BONDCRPB, CVTB or OTHRCRPB means a bond which is neither a convertible nor a covered bond and that is issued by a Societas Europaea established in accordance with Council Regulation (EC) No 2157/2001(2)or a type of company listed in Annex I or Annex II of Directive 2013/34/EU of the European Parliament and of the Council(3)or equivalent in third countries.CVTB means an instrument consisting of a bond or a securitised debt instrument with an embedded derivative, such as an option to buy the underlying equity.EUR, GBP, USDInvestment GradeLess than EUR 500 000 000G4BONDCRPB, CVTB or OTHRAny instrument not in G3Less than EUR 500 000 000Covered bondsGroup IDMiFIR IDBond TypeOutstanding issuance sizeRTS2#3RTS2#9RTS23 field “Total issued nominal amount” converted to EURG5BONDCVDBCVDB means bonds as referred to in Article 52(4) of Directive 2009/65/EC of the European Parliament and of the Council(4)Less than EUR 500 000 000Table 2.3.Bonds (all bond types except ETCs and ETNs) – pre-trade LIS thresholdsAsset class – Bonds (all bond types except ETCs and ETNs)Bond typePre-trade LISSovereign Bond and Other Public BondEUR 5 000 000Corporate Bond, Convertible Bond and Other BondEUR 1 000 000Covered BondEUR 5 000 000Table 2.4.Bonds (ETC and ETN bond types) – classes not having a liquid marketAsset class – Bonds (ETC and ETN bond type)For the purpose of determining the classes of financial instruments considered not to have a liquid market as per Article 6a the following methodology shall apply:Exchange Traded Commodities (ETCs) – RTS2#3 = ETCS: a debt instrument issued against a direct investment by the issuer in commodities or commodities derivative contracts. The price of an ETC is directly or indirectly linked to the performance of the underlying. An ETC passively tracks the performance of the commodity or commodity indices to which it refers.All ETCs are considered not to have a liquid marketExchange Traded Notes (ETNs) – RTS2#3 = ETNS: a debt instrument issued against a direct investment by the issuer in the underlying or underlying derivative contracts. The price of an ETN is directly or indirectly linked to the performance of the underlying. An ETN passively tracks the performance of the underlying to which it refers.All ETNs are considered not to have a liquid marketTable 2.5.Bonds (ETC and ETN bond types) – pre-trade LIS thresholdAsset class – Bonds (ETC and ETN bond type)Bond typePre-trade LISETCsEUR 1 000 000ETNsEUR 1 000 000Table 2.6.Bonds (all bond types except ETCs and ETNs) – deferral regimeAsset class – Bonds (all bond types except ETCs and ETNs)Bond typeCategoryLiquiditySize (Above or equal to)Sovereign Bond in G1 as per Table 2.21Considered to have a liquid marketEUR 15 000 0002Considered not to have a liquid marketEUR 5 000 0003Considered to have a liquid marketEUR 50 000 0004Considered not to have a liquid marketEUR 15 000 0005Considered to have a liquid marketEUR 100 000 0005Considered not to have a liquid marketEUR 50 000 000Sovereign Bond and Other Public Bond in G2 as per Table 2.21Considered to have a liquid marketEUR 10 000 0002Considered not to have a liquid marketEUR 1 000 0003Considered to have a liquid marketEUR 20 000 0004Considered not to have a liquid marketEUR 2 000 0005Considered to have a liquid marketEUR 50 000 0005Considered not to have a liquid marketEUR 5 000 000Corporate Bond, Convertible Bond and Other Bond in G3 as per Table 2.21Considered to have a liquid marketEUR 1 500 0002Considered not to have a liquid marketEUR 500 0003Considered to have a liquid marketEUR 7 500 0004Considered not to have a liquid marketEUR 2 000 0005Considered to have a liquid marketEUR 15 000 0005Considered not to have a liquid marketEUR 5 000 000Corporate Bond, Convertible Bond and Other Bond in G4 as per Table 2.21Considered to have a liquid marketEUR 1 000 0002Considered not to have a liquid marketEUR 500 0003Considered to have a liquid marketEUR 5 000 0004Considered not to have a liquid marketEUR 2 000 0005Considered to have a liquid marketEUR 10 000 0005Considered not to have a liquid marketEUR 5 000 000Covered Bonds in G5 as per Table 2.21Considered to have a liquid marketEUR 5 000 0002Considered not to have a liquid marketEUR 1 000 0003Considered to have a liquid marketEUR 20 000 0004Considered not to have a liquid marketEUR 5 000 0005Considered to have a liquid marketEUR 50 000 0005Considered not to have a liquid marketEUR 10 000 0003.Structured Finance Products (SFPs)Table 3.1.SFPs – classes not having a liquid marketAsset class – Structured Finance Products (SFPs)SFPs asset-class assessment for the purpose of the determination of the financial instruments considered not to have a liquid market as per Article 6a – RTS2#3 = SFPS.All SFPs are considered not to have a liquid marketTable 3.2.SFPs – pre-trade LIS thresholdAsset class – Structured Finance Products (SFPs)Pre-trade LISEUR 250 000 ’ 1. The reference to outstanding bond issuance size in Table 2.2 refers to the total value of bonds that have been issued and are currently held by investors. 2. A reference to an “asset class” means a reference to the following classes of financial instruments: bonds, structured finance products, securitised derivatives, interest rate derivatives, equity derivatives, commodity derivatives, foreign exchange derivatives, credit derivatives, C10 derivatives, CFDs, emission allowances and emission allowance derivatives. 3. A reference to a “sub-asset class” means a reference to an asset class segmented to a more granular level on the basis of the contract type and/or the type of underlying. 4. A reference to a “sub-class” means a reference to a sub-asset class segmented to a more granular level on basis of further qualitative segmentation criteria as set out in Tables 2.2 to 13.3 of this Annex. 5. “Average daily notional amount (ADNA)” means the total notional amount for a particular financial instrument determined according to the volume measure set out in Table 4 of Annex II and executed in the period set out in Article 13(7), divided by the number of trading days in that period or, where applicable, that part of the year during which the financial instrument was admitted to trading or traded on a trading venue and was not suspended from trading. 6. “Average daily number of trades” means the total number of transactions executed for a particular financial instrument in the period set out in Article 13(7), divided by the number of trading days in that period or, where applicable, that part of the year during which the financial instrument was admitted to trading or traded on a trading venue and was not suspended from trading. 7. “Future” means a contract to buy or sell a commodity or financial instrument at a designated future date at a price agreed upon at the initiation of the contract by the buyer and seller. Every futures contract has standard terms that dictate the minimum quantity and quality that can be bought or sold, the smallest amount by which the price may change, delivery procedures, maturity date and other characteristics related to the contract. 8. “Option” means a contract that gives the owner the right, but not the obligation, to buy (call) or sell (put) a specific financial instrument or commodity at a predetermined price, strike or exercise price, at or up to a certain future date or exercise date. 9. “Swap” means a contract in which two parties agree to exchange cash flows in one financial instrument for those of another financial instrument at a certain future date. 10. “Portfolio Swap” means a contract by which end-users can trade multiple swaps. 11. “Forward” or “Forward agreement” means a private agreement between two parties to buy or sell a commodity or financial instrument at a designated future date at a price agreed upon at the initiation of the contract by the buyer and seller. 12. “Swaption” or “Option on a swap” means a contract that gives the owner the right, but not the obligation, to enter a swap at or up to a certain future date or exercise date. 13. “Future on a swap” means a future contract that gives the owner the obligation, to enter a swap at or up to a certain future date. 14. “Forward on a swap” means a forward contract that gives the owner the obligation, to enter a swap at or up to a certain future date. Sovereign and Other Public Bonds Group ID MiFIR ID Bond Type Issuer or Issuer country Remaining maturity Type of coupon Outstanding issuance size RTS2#3 RTS2#9 The country of the issuer reported under Commission Delegated Regulation (EU) 2017/585(1)(“RTS23”) field “Issuer or operator of the trading venue identifier” The time remaining until the maturity date reported under RTS23 field “Maturity date” The third letter of the CFI code reported under RTS23 field “Instrument classification” RTS23 field “Total issued nominal amount” converted to EUR G1 BOND EUSBEUSB means a bond which is neither a convertible nor a covered bond and is issued by a sovereign issuer: (a) the Union; (b) a Member State including a government department, an agency or a special purpose vehicle of a Member State; (c) in the case of a federal Member State, a member of the federation; (d) a special purpose vehicle for several Member States; (e) an international financial institution established by two or more Member States which have the purpose of mobilising funding and providing financial assistance to the benefit of its members that are experiencing or are threatened by severe financial problems; (f) the European Investment Bank; (g) a sovereign entity of a third country. The issuer country is a Member State, the United States of America or the United Kingdom;ORThe issuer is the Union. Up to and including 10 years F (fixed coupon) Less than EUR 5 000 000 000 G2 BOND EUSB or OEPBOEPB means a bond which is neither a convertible nor a covered bond and is issued by a public entity which is not a sovereign issuer. Any instrument not in G1 Less than EUR 1 000 000 000 Corporate, Convertible and Other Bonds Group ID MiFIR ID Bond Type Currency Credit Rating Outstanding issuance size RTS2#3 RTS2#9 The currency of the instrument reported under RTS23 field “Notional Currency 1” RTS23 field “Total issued nominal amount” converted to EUR G3 BOND CRPB, CVTB or OTHRCRPB means a bond which is neither a convertible nor a covered bond and that is issued by a Societas Europaea established in accordance with Council Regulation (EC) No 2157/2001(2)or a type of company listed in Annex I or Annex II of Directive 2013/34/EU of the European Parliament and of the Council(3)or equivalent in third countries.CVTB means an instrument consisting of a bond or a securitised debt instrument with an embedded derivative, such as an option to buy the underlying equity. EUR, GBP, USD Investment Grade Less than EUR 500 000 000 G4 BOND CRPB, CVTB or OTHR Any instrument not in G3 Less than EUR 500 000 000 Covered bonds Group ID MiFIR ID Bond Type Outstanding issuance size RTS2#3 RTS2#9 RTS23 field “Total issued nominal amount” converted to EUR G5 BOND CVDBCVDB means bonds as referred to in Article 52(4) of Directive 2009/65/EC of the European Parliament and of the Council(4) Less than EUR 500 000 000 Asset class – Bonds (all bond types except ETCs and ETNs) Bond type Pre-trade LIS Sovereign Bond and Other Public Bond EUR 5 000 000 Corporate Bond, Convertible Bond and Other Bond EUR 1 000 000 Covered Bond EUR 5 000 000 Asset class – Bonds (ETC and ETN bond type) For the purpose of determining the classes of financial instruments considered not to have a liquid market as per Article 6a the following methodology shall apply: Exchange Traded Commodities (ETCs) – RTS2#3 = ETCS: a debt instrument issued against a direct investment by the issuer in commodities or commodities derivative contracts. The price of an ETC is directly or indirectly linked to the performance of the underlying. An ETC passively tracks the performance of the commodity or commodity indices to which it refers. All ETCs are considered not to have a liquid market Exchange Traded Notes (ETNs) – RTS2#3 = ETNS: a debt instrument issued against a direct investment by the issuer in the underlying or underlying derivative contracts. The price of an ETN is directly or indirectly linked to the performance of the underlying. An ETN passively tracks the performance of the underlying to which it refers. All ETNs are considered not to have a liquid market Asset class – Bonds (ETC and ETN bond type) Bond type Pre-trade LIS ETCs EUR 1 000 000 ETNs EUR 1 000 000 Asset class – Bonds (all bond types except ETCs and ETNs) Bond type Category Liquidity Size (Above or equal to) Sovereign Bond in G1 as per Table 2.2 1 Considered to have a liquid market EUR 15 000 000 2 Considered not to have a liquid market EUR 5 000 000 3 Considered to have a liquid market EUR 50 000 000 4 Considered not to have a liquid market EUR 15 000 000 5 Considered to have a liquid market EUR 100 000 000 5 Considered not to have a liquid market EUR 50 000 000 Sovereign Bond and Other Public Bond in G2 as per Table 2.2 1 Considered to have a liquid market EUR 10 000 000 2 Considered not to have a liquid market EUR 1 000 000 3 Considered to have a liquid market EUR 20 000 000 4 Considered not to have a liquid market EUR 2 000 000 5 Considered to have a liquid market EUR 50 000 000 5 Considered not to have a liquid market EUR 5 000 000 Corporate Bond, Convertible Bond and Other Bond in G3 as per Table 2.2 1 Considered to have a liquid market EUR 1 500 000 2 Considered not to have a liquid market EUR 500 000 3 Considered to have a liquid market EUR 7 500 000 4 Considered not to have a liquid market EUR 2 000 000 5 Considered to have a liquid market EUR 15 000 000 5 Considered not to have a liquid market EUR 5 000 000 Corporate Bond, Convertible Bond and Other Bond in G4 as per Table 2.2 1 Considered to have a liquid market EUR 1 000 000 2 Considered not to have a liquid market EUR 500 000 3 Considered to have a liquid market EUR 5 000 000 4 Considered not to have a liquid market EUR 2 000 000 5 Considered to have a liquid market EUR 10 000 000 5 Considered not to have a liquid market EUR 5 000 000 Covered Bonds in G5 as per Table 2.2 1 Considered to have a liquid market EUR 5 000 000 2 Considered not to have a liquid market EUR 1 000 000 3 Considered to have a liquid market EUR 20 000 000 4 Considered not to have a liquid market EUR 5 000 000 5 Considered to have a liquid market EUR 50 000 000 5 Considered not to have a liquid market EUR 10 000 000 Asset class – Structured Finance Products (SFPs) SFPs asset-class assessment for the purpose of the determination of the financial instruments considered not to have a liquid market as per Article 6a – RTS2#3 = SFPS. All SFPs are considered not to have a liquid market Asset class – Structured Finance Products (SFPs) Pre-trade LIS EUR 250 000 ’
1. The reference to outstanding bond issuance size in Table 2.2 refers to the total value of bonds that have been issued and are currently held by investors.
2. A reference to an “asset class” means a reference to the following classes of financial instruments: bonds, structured finance products, securitised derivatives, interest rate derivatives, equity derivatives, commodity derivatives, foreign exchange derivatives, credit derivatives, C10 derivatives, CFDs, emission allowances and emission allowance derivatives.
3. A reference to a “sub-asset class” means a reference to an asset class segmented to a more granular level on the basis of the contract type and/or the type of underlying.
4. A reference to a “sub-class” means a reference to a sub-asset class segmented to a more granular level on basis of further qualitative segmentation criteria as set out in Tables 2.2 to 13.3 of this Annex.
5. “Average daily notional amount (ADNA)” means the total notional amount for a particular financial instrument determined according to the volume measure set out in Table 4 of Annex II and executed in the period set out in Article 13(7), divided by the number of trading days in that period or, where applicable, that part of the year during which the financial instrument was admitted to trading or traded on a trading venue and was not suspended from trading.
6. “Average daily number of trades” means the total number of transactions executed for a particular financial instrument in the period set out in Article 13(7), divided by the number of trading days in that period or, where applicable, that part of the year during which the financial instrument was admitted to trading or traded on a trading venue and was not suspended from trading.
7. “Future” means a contract to buy or sell a commodity or financial instrument at a designated future date at a price agreed upon at the initiation of the contract by the buyer and seller. Every futures contract has standard terms that dictate the minimum quantity and quality that can be bought or sold, the smallest amount by which the price may change, delivery procedures, maturity date and other characteristics related to the contract.
8. “Option” means a contract that gives the owner the right, but not the obligation, to buy (call) or sell (put) a specific financial instrument or commodity at a predetermined price, strike or exercise price, at or up to a certain future date or exercise date.
9. “Swap” means a contract in which two parties agree to exchange cash flows in one financial instrument for those of another financial instrument at a certain future date.
10. “Portfolio Swap” means a contract by which end-users can trade multiple swaps.
11. “Forward” or “Forward agreement” means a private agreement between two parties to buy or sell a commodity or financial instrument at a designated future date at a price agreed upon at the initiation of the contract by the buyer and seller.
12. “Swaption” or “Option on a swap” means a contract that gives the owner the right, but not the obligation, to enter a swap at or up to a certain future date or exercise date.
13. “Future on a swap” means a future contract that gives the owner the obligation, to enter a swap at or up to a certain future date.
14. “Forward on a swap” means a forward contract that gives the owner the obligation, to enter a swap at or up to a certain future date.
Sovereign and Other Public Bonds
Group ID MiFIR ID Bond Type Issuer or Issuer country Remaining maturity Type of coupon Outstanding issuance size
RTS2#3 RTS2#9 The country of the issuer reported under Commission Delegated Regulation (EU) 2017/585(1)(“RTS23”) field “Issuer or operator of the trading venue identifier” The time remaining until the maturity date reported under RTS23 field “Maturity date” The third letter of the CFI code reported under RTS23 field “Instrument classification” RTS23 field “Total issued nominal amount” converted to EUR
G1 BOND EUSBEUSB means a bond which is neither a convertible nor a covered bond and is issued by a sovereign issuer: (a) the Union; (b) a Member State including a government department, an agency or a special purpose vehicle of a Member State; (c) in the case of a federal Member State, a member of the federation; (d) a special purpose vehicle for several Member States; (e) an international financial institution established by two or more Member States which have the purpose of mobilising funding and providing financial assistance to the benefit of its members that are experiencing or are threatened by severe financial problems; (f) the European Investment Bank; (g) a sovereign entity of a third country. The issuer country is a Member State, the United States of America or the United Kingdom;ORThe issuer is the Union. Up to and including 10 years F (fixed coupon) Less than EUR 5 000 000 000
G2 BOND EUSB or OEPBOEPB means a bond which is neither a convertible nor a covered bond and is issued by a public entity which is not a sovereign issuer. Any instrument not in G1 Less than EUR 1 000 000 000
Corporate, Convertible and Other Bonds
Group ID MiFIR ID Bond Type Currency Credit Rating Outstanding issuance size
RTS2#3 RTS2#9 The currency of the instrument reported under RTS23 field “Notional Currency 1” RTS23 field “Total issued nominal amount” converted to EUR
G3 BOND CRPB, CVTB or OTHRCRPB means a bond which is neither a convertible nor a covered bond and that is issued by a Societas Europaea established in accordance with Council Regulation (EC) No 2157/2001(2)or a type of company listed in Annex I or Annex II of Directive 2013/34/EU of the European Parliament and of the Council(3)or equivalent in third countries.CVTB means an instrument consisting of a bond or a securitised debt instrument with an embedded derivative, such as an option to buy the underlying equity. EUR, GBP, USD Investment Grade Less than EUR 500 000 000
G4 BOND CRPB, CVTB or OTHR Any instrument not in G3 Less than EUR 500 000 000
Covered bonds
Group ID MiFIR ID Bond Type Outstanding issuance size
RTS2#3 RTS2#9 RTS23 field “Total issued nominal amount” converted to EUR
G5 BOND CVDBCVDB means bonds as referred to in Article 52(4) of Directive 2009/65/EC of the European Parliament and of the Council(4) Less than EUR 500 000 000
Asset class – Bonds (all bond types except ETCs and ETNs)
Bond type Pre-trade LIS
Sovereign Bond and Other Public Bond EUR 5 000 000
Corporate Bond, Convertible Bond and Other Bond EUR 1 000 000
Covered Bond EUR 5 000 000
Asset class – Bonds (ETC and ETN bond type)
For the purpose of determining the classes of financial instruments considered not to have a liquid market as per Article 6a the following methodology shall apply:
Exchange Traded Commodities (ETCs) – RTS2#3 = ETCS: a debt instrument issued against a direct investment by the issuer in commodities or commodities derivative contracts. The price of an ETC is directly or indirectly linked to the performance of the underlying. An ETC passively tracks the performance of the commodity or commodity indices to which it refers. All ETCs are considered not to have a liquid market
Exchange Traded Notes (ETNs) – RTS2#3 = ETNS: a debt instrument issued against a direct investment by the issuer in the underlying or underlying derivative contracts. The price of an ETN is directly or indirectly linked to the performance of the underlying. An ETN passively tracks the performance of the underlying to which it refers. All ETNs are considered not to have a liquid market
Asset class – Bonds (ETC and ETN bond type)
Bond type Pre-trade LIS
ETCs EUR 1 000 000
ETNs EUR 1 000 000
Asset class – Bonds (all bond types except ETCs and ETNs)
Bond type Category Liquidity Size (Above or equal to)
Sovereign Bond in G1 as per Table 2.2 1 Considered to have a liquid market EUR 15 000 000
2 Considered not to have a liquid market EUR 5 000 000
3 Considered to have a liquid market EUR 50 000 000
4 Considered not to have a liquid market EUR 15 000 000
5 Considered to have a liquid market EUR 100 000 000
5 Considered not to have a liquid market EUR 50 000 000
Sovereign Bond and Other Public Bond in G2 as per Table 2.2 1 Considered to have a liquid market EUR 10 000 000
2 Considered not to have a liquid market EUR 1 000 000
3 Considered to have a liquid market EUR 20 000 000
4 Considered not to have a liquid market EUR 2 000 000
5 Considered to have a liquid market EUR 50 000 000
5 Considered not to have a liquid market EUR 5 000 000
Corporate Bond, Convertible Bond and Other Bond in G3 as per Table 2.2 1 Considered to have a liquid market EUR 1 500 000
2 Considered not to have a liquid market EUR 500 000
3 Considered to have a liquid market EUR 7 500 000
4 Considered not to have a liquid market EUR 2 000 000
5 Considered to have a liquid market EUR 15 000 000
5 Considered not to have a liquid market EUR 5 000 000
Corporate Bond, Convertible Bond and Other Bond in G4 as per Table 2.2 1 Considered to have a liquid market EUR 1 000 000
2 Considered not to have a liquid market EUR 500 000
3 Considered to have a liquid market EUR 5 000 000
4 Considered not to have a liquid market EUR 2 000 000
5 Considered to have a liquid market EUR 10 000 000
5 Considered not to have a liquid market EUR 5 000 000
Covered Bonds in G5 as per Table 2.2 1 Considered to have a liquid market EUR 5 000 000
2 Considered not to have a liquid market EUR 1 000 000
3 Considered to have a liquid market EUR 20 000 000
4 Considered not to have a liquid market EUR 5 000 000
5 Considered to have a liquid market EUR 50 000 000
5 Considered not to have a liquid market EUR 10 000 000
Asset class – Structured Finance Products (SFPs)
SFPs asset-class assessment for the purpose of the determination of the financial instruments considered not to have a liquid market as per Article 6a – RTS2#3 = SFPS.
All SFPs are considered not to have a liquid market
Asset class – Structured Finance Products (SFPs)
Pre-trade LIS
EUR 250 000 ’
1. The reference to outstanding bond issuance size in Table 2.2 refers to the total value of bonds that have been issued and are currently held by investors.
2. A reference to an “asset class” means a reference to the following classes of financial instruments: bonds, structured finance products, securitised derivatives, interest rate derivatives, equity derivatives, commodity derivatives, foreign exchange derivatives, credit derivatives, C10 derivatives, CFDs, emission allowances and emission allowance derivatives.
3. A reference to a “sub-asset class” means a reference to an asset class segmented to a more granular level on the basis of the contract type and/or the type of underlying.
4. A reference to a “sub-class” means a reference to a sub-asset class segmented to a more granular level on basis of further qualitative segmentation criteria as set out in Tables 2.2 to 13.3 of this Annex.
5. “Average daily notional amount (ADNA)” means the total notional amount for a particular financial instrument determined according to the volume measure set out in Table 4 of Annex II and executed in the period set out in Article 13(7), divided by the number of trading days in that period or, where applicable, that part of the year during which the financial instrument was admitted to trading or traded on a trading venue and was not suspended from trading.
6. “Average daily number of trades” means the total number of transactions executed for a particular financial instrument in the period set out in Article 13(7), divided by the number of trading days in that period or, where applicable, that part of the year during which the financial instrument was admitted to trading or traded on a trading venue and was not suspended from trading.
7. “Future” means a contract to buy or sell a commodity or financial instrument at a designated future date at a price agreed upon at the initiation of the contract by the buyer and seller. Every futures contract has standard terms that dictate the minimum quantity and quality that can be bought or sold, the smallest amount by which the price may change, delivery procedures, maturity date and other characteristics related to the contract.
8. “Option” means a contract that gives the owner the right, but not the obligation, to buy (call) or sell (put) a specific financial instrument or commodity at a predetermined price, strike or exercise price, at or up to a certain future date or exercise date.
9. “Swap” means a contract in which two parties agree to exchange cash flows in one financial instrument for those of another financial instrument at a certain future date.
10. “Portfolio Swap” means a contract by which end-users can trade multiple swaps.
11. “Forward” or “Forward agreement” means a private agreement between two parties to buy or sell a commodity or financial instrument at a designated future date at a price agreed upon at the initiation of the contract by the buyer and seller.
12. “Swaption” or “Option on a swap” means a contract that gives the owner the right, but not the obligation, to enter a swap at or up to a certain future date or exercise date.
13. “Future on a swap” means a future contract that gives the owner the obligation, to enter a swap at or up to a certain future date.
14. “Forward on a swap” means a forward contract that gives the owner the obligation, to enter a swap at or up to a certain future date.
Sovereign and Other Public Bonds
Group ID MiFIR ID Bond Type Issuer or Issuer country Remaining maturity Type of coupon Outstanding issuance size
RTS2#3 RTS2#9 The country of the issuer reported under Commission Delegated Regulation (EU) 2017/585(1)(“RTS23”) field “Issuer or operator of the trading venue identifier” The time remaining until the maturity date reported under RTS23 field “Maturity date” The third letter of the CFI code reported under RTS23 field “Instrument classification” RTS23 field “Total issued nominal amount” converted to EUR
G1 BOND EUSBEUSB means a bond which is neither a convertible nor a covered bond and is issued by a sovereign issuer: (a) the Union; (b) a Member State including a government department, an agency or a special purpose vehicle of a Member State; (c) in the case of a federal Member State, a member of the federation; (d) a special purpose vehicle for several Member States; (e) an international financial institution established by two or more Member States which have the purpose of mobilising funding and providing financial assistance to the benefit of its members that are experiencing or are threatened by severe financial problems; (f) the European Investment Bank; (g) a sovereign entity of a third country. The issuer country is a Member State, the United States of America or the United Kingdom;ORThe issuer is the Union. Up to and including 10 years F (fixed coupon) Less than EUR 5 000 000 000
G2 BOND EUSB or OEPBOEPB means a bond which is neither a convertible nor a covered bond and is issued by a public entity which is not a sovereign issuer. Any instrument not in G1 Less than EUR 1 000 000 000
Corporate, Convertible and Other Bonds
Group ID MiFIR ID Bond Type Currency Credit Rating Outstanding issuance size
RTS2#3 RTS2#9 The currency of the instrument reported under RTS23 field “Notional Currency 1” RTS23 field “Total issued nominal amount” converted to EUR
G3 BOND CRPB, CVTB or OTHRCRPB means a bond which is neither a convertible nor a covered bond and that is issued by a Societas Europaea established in accordance with Council Regulation (EC) No 2157/2001(2)or a type of company listed in Annex I or Annex II of Directive 2013/34/EU of the European Parliament and of the Council(3)or equivalent in third countries.CVTB means an instrument consisting of a bond or a securitised debt instrument with an embedded derivative, such as an option to buy the underlying equity. EUR, GBP, USD Investment Grade Less than EUR 500 000 000
G4 BOND CRPB, CVTB or OTHR Any instrument not in G3 Less than EUR 500 000 000
Covered bonds
Group ID MiFIR ID Bond Type Outstanding issuance size
RTS2#3 RTS2#9 RTS23 field “Total issued nominal amount” converted to EUR
G5 BOND CVDBCVDB means bonds as referred to in Article 52(4) of Directive 2009/65/EC of the European Parliament and of the Council(4) Less than EUR 500 000 000
Asset class – Bonds (all bond types except ETCs and ETNs)
Bond type Pre-trade LIS
Sovereign Bond and Other Public Bond EUR 5 000 000
Corporate Bond, Convertible Bond and Other Bond EUR 1 000 000
Covered Bond EUR 5 000 000
Asset class – Bonds (ETC and ETN bond type)
For the purpose of determining the classes of financial instruments considered not to have a liquid market as per Article 6a the following methodology shall apply:
Exchange Traded Commodities (ETCs) – RTS2#3 = ETCS: a debt instrument issued against a direct investment by the issuer in commodities or commodities derivative contracts. The price of an ETC is directly or indirectly linked to the performance of the underlying. An ETC passively tracks the performance of the commodity or commodity indices to which it refers. All ETCs are considered not to have a liquid market
Exchange Traded Notes (ETNs) – RTS2#3 = ETNS: a debt instrument issued against a direct investment by the issuer in the underlying or underlying derivative contracts. The price of an ETN is directly or indirectly linked to the performance of the underlying. An ETN passively tracks the performance of the underlying to which it refers. All ETNs are considered not to have a liquid market
Asset class – Bonds (ETC and ETN bond type)
Bond type Pre-trade LIS
ETCs EUR 1 000 000
ETNs EUR 1 000 000
Asset class – Bonds (all bond types except ETCs and ETNs)
Bond type Category Liquidity Size (Above or equal to)
Sovereign Bond in G1 as per Table 2.2 1 Considered to have a liquid market EUR 15 000 000
2 Considered not to have a liquid market EUR 5 000 000
3 Considered to have a liquid market EUR 50 000 000
4 Considered not to have a liquid market EUR 15 000 000
5 Considered to have a liquid market EUR 100 000 000
5 Considered not to have a liquid market EUR 50 000 000
Sovereign Bond and Other Public Bond in G2 as per Table 2.2 1 Considered to have a liquid market EUR 10 000 000
2 Considered not to have a liquid market EUR 1 000 000
3 Considered to have a liquid market EUR 20 000 000
4 Considered not to have a liquid market EUR 2 000 000
5 Considered to have a liquid market EUR 50 000 000
5 Considered not to have a liquid market EUR 5 000 000
Corporate Bond, Convertible Bond and Other Bond in G3 as per Table 2.2 1 Considered to have a liquid market EUR 1 500 000
2 Considered not to have a liquid market EUR 500 000
3 Considered to have a liquid market EUR 7 500 000
4 Considered not to have a liquid market EUR 2 000 000
5 Considered to have a liquid market EUR 15 000 000
5 Considered not to have a liquid market EUR 5 000 000
Corporate Bond, Convertible Bond and Other Bond in G4 as per Table 2.2 1 Considered to have a liquid market EUR 1 000 000
2 Considered not to have a liquid market EUR 500 000
3 Considered to have a liquid market EUR 5 000 000
4 Considered not to have a liquid market EUR 2 000 000
5 Considered to have a liquid market EUR 10 000 000
5 Considered not to have a liquid market EUR 5 000 000
Covered Bonds in G5 as per Table 2.2 1 Considered to have a liquid market EUR 5 000 000
2 Considered not to have a liquid market EUR 1 000 000
3 Considered to have a liquid market EUR 20 000 000
4 Considered not to have a liquid market EUR 5 000 000
5 Considered to have a liquid market EUR 50 000 000
5 Considered not to have a liquid market EUR 10 000 000
Asset class – Structured Finance Products (SFPs)
SFPs asset-class assessment for the purpose of the determination of the financial instruments considered not to have a liquid market as per Article 6a – RTS2#3 = SFPS.
All SFPs are considered not to have a liquid market
Asset class – Structured Finance Products (SFPs)
Pre-trade LIS
EUR 250 000 ’
(2) in Section 4 ‘Securitised derivatives’, Table 4.2 ‘Securitised derivatives – pre-trade and post-trade SSTI and LIS thresholds’, is replaced by the following:‘Table 4.2.Securitised derivatives – pre- and post-trade SSTI and LIS thresholdsAsset class – Securitised DerivativesPre-trade and post-trade SSTI and LIS thresholdsLIS pre-tradeSSTI post-tradeLIS post-tradeThreshold valueThreshold valueThreshold valueEUR 60 000EUR 90 000EUR 100 000 ’ Asset class – Securitised Derivatives Pre-trade and post-trade SSTI and LIS thresholds LIS pre-trade SSTI post-trade LIS post-trade Threshold value Threshold value Threshold value EUR 60 000 EUR 90 000 EUR 100 000 ’
Asset class – Securitised Derivatives
Pre-trade and post-trade SSTI and LIS thresholds
LIS pre-trade SSTI post-trade LIS post-trade
Threshold value Threshold value Threshold value
EUR 60 000 EUR 90 000 EUR 100 000 ’
Asset class – Securitised Derivatives
Pre-trade and post-trade SSTI and LIS thresholds
LIS pre-trade SSTI post-trade LIS post-trade
Threshold value Threshold value Threshold value
EUR 60 000 EUR 90 000 EUR 100 000 ’
(3) in Section 5 ‘Interest Rate Derivatives’, Table 5.2 ‘Interest rate derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market’ and Table 5.3 ‘Interest rate derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market’ are replaced by the following:‘Table 5.2.Interest rate derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid marketAsset class – Interest Rate DerivativesSub-asset classPercentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for each sub-class determined to have a liquid marketTransactions to be considered for the calculations of the thresholdsLIS pre-tradeSSTI post-tradeLIS post-tradeTrade – percentileThreshold floorTrade – percentileVolume – percentileThreshold floorTrade – percentileVolume – percentileThreshold floorBond futures/forwardscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 20 000 0009070EUR 25 000 000Bond optionscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 20 000 0009070EUR 25 000 000IR futures and FRAcalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 10 000 0008060EUR 20 000 0009070EUR 25 000 000IR optionscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 10 000 0008060EUR 20 000 0009070EUR 25 000 000Swaptionscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Fixed-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Float “multi currency swaps” or “cross-currency swaps”calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Float-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Float-to-Float “multi currency swaps” or “cross-currency swaps”calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps”calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” and futures/forwards on Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps”calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Inflation “multi currency swaps” or “cross-currency swaps” and futures/forwards on Inflation “multi currency swaps” or “cross-currency swaps”calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Fixed-to-Float “single currency swaps” and futures/forwards on Fixed-to-Float “single currency swaps”calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Float-to-Float “single currency swaps” and futures/forwards on Float-to-Float “single currency swaps”calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Fixed-to-Fixed “single currency swaps” and futures/forwards on Fixed-to-Fixed “single currency swaps”calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Overnight Index Swap (OIS) “single currency swaps” and futures/forwards on Overnight Index Swap (OIS) “single currency swaps”calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Inflation “single currency swaps” and futures/forwards on Inflation “single currency swaps”calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Table 5.3.Interest rate derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid marketAsset class – Interest Rate DerivativesSub-asset classPre-trade and post-trade SSTI and LIS thresholds for each sub-class determined not to have a liquid marketLIS pre-tradeSSTI post-tradeLIS post-tradeThreshold valueThreshold valueThreshold valueBond futures/forwardsEUR 5 000 000EUR 20 000 000EUR 25 000 000Bond optionsEUR 5 000 000EUR 20 000 000EUR 25 000 000IR futures and FRAEUR 10 000 000EUR 20 000 000EUR 25 000 000IR optionsEUR 10 000 000EUR 20 000 000EUR 25 000 000SwaptionsEUR 5 000 000EUR 9 000 000EUR 10 000 000Fixed-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Float “multi currency swaps” or “cross-currency swaps”EUR 5 000 000EUR 9 000 000EUR 10 000 000Float-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Float-to-Float “multi currency swaps” or “cross-currency swaps”EUR 5 000 000EUR 9 000 000EUR 10 000 000Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps”EUR 5 000 000EUR 9 000 000EUR 10 000 000Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” and futures/forwards on Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps”EUR 5 000 000EUR 9 000 000EUR 10 000 000Inflation “multi currency swaps” or “cross-currency swaps” and futures/forwards on Inflation “multi currency swaps” or “cross-currency swaps”EUR 5 000 000EUR 9 000 000EUR 10 000 000Fixed-to-Float “single currency swaps” and futures/forwards on Fixed-to-Float “single currency swaps”EUR 5 000 000EUR 9 000 000EUR 10 000 000Float-to-Float “single currency swaps” and futures/forwards on Float-to-Float “single currency swaps”EUR 5 000 000EUR 9 000 000EUR 10 000 000Fixed-to-Fixed “single currency swaps” and futures/forwards on Fixed-to-Fixed “single currency swaps”EUR 5 000 000EUR 9 000 000EUR 10 000 000Overnight Index Swap (OIS) “single currency swaps” and futures/forwards on Overnight Index Swap (OIS) “single currency swaps”EUR 5 000 000EUR 9 000 000EUR 10 000 000Inflation “single currency swaps” and futures/forwards on Inflation “single currency swaps”EUR 5 000 000EUR 9 000 000EUR 10 000 000Other Interest Rate DerivativesEUR 5 000 000EUR 9 000 000EUR 10 000 000 ’ Asset class – Interest Rate Derivatives Sub-asset class Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for each sub-class determined to have a liquid market Transactions to be considered for the calculations of the thresholds LIS pre-trade SSTI post-trade LIS post-trade Trade – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Bond futures/forwards calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 20 000 000 90 70 EUR 25 000 000 Bond options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 20 000 000 90 70 EUR 25 000 000 IR futures and FRA calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 10 000 000 80 60 EUR 20 000 000 90 70 EUR 25 000 000 IR options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 10 000 000 80 60 EUR 20 000 000 90 70 EUR 25 000 000 Swaptions calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000 Fixed-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Float “multi currency swaps” or “cross-currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000 Float-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Float-to-Float “multi currency swaps” or “cross-currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000 Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000 Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” and futures/forwards on Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000 Inflation “multi currency swaps” or “cross-currency swaps” and futures/forwards on Inflation “multi currency swaps” or “cross-currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000 Fixed-to-Float “single currency swaps” and futures/forwards on Fixed-to-Float “single currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000 Float-to-Float “single currency swaps” and futures/forwards on Float-to-Float “single currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000 Fixed-to-Fixed “single currency swaps” and futures/forwards on Fixed-to-Fixed “single currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000 Overnight Index Swap (OIS) “single currency swaps” and futures/forwards on Overnight Index Swap (OIS) “single currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000 Inflation “single currency swaps” and futures/forwards on Inflation “single currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000 Asset class – Interest Rate Derivatives Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for each sub-class determined not to have a liquid market LIS pre-trade SSTI post-trade LIS post-trade Threshold value Threshold value Threshold value Bond futures/forwards EUR 5 000 000 EUR 20 000 000 EUR 25 000 000 Bond options EUR 5 000 000 EUR 20 000 000 EUR 25 000 000 IR futures and FRA EUR 10 000 000 EUR 20 000 000 EUR 25 000 000 IR options EUR 10 000 000 EUR 20 000 000 EUR 25 000 000 Swaptions EUR 5 000 000 EUR 9 000 000 EUR 10 000 000 Fixed-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Float “multi currency swaps” or “cross-currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000 Float-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Float-to-Float “multi currency swaps” or “cross-currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000 Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000 Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” and futures/forwards on Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000 Inflation “multi currency swaps” or “cross-currency swaps” and futures/forwards on Inflation “multi currency swaps” or “cross-currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000 Fixed-to-Float “single currency swaps” and futures/forwards on Fixed-to-Float “single currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000 Float-to-Float “single currency swaps” and futures/forwards on Float-to-Float “single currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000 Fixed-to-Fixed “single currency swaps” and futures/forwards on Fixed-to-Fixed “single currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000 Overnight Index Swap (OIS) “single currency swaps” and futures/forwards on Overnight Index Swap (OIS) “single currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000 Inflation “single currency swaps” and futures/forwards on Inflation “single currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000 Other Interest Rate Derivatives EUR 5 000 000 EUR 9 000 000 EUR 10 000 000 ’
Asset class – Interest Rate Derivatives
Sub-asset class Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for each sub-class determined to have a liquid market
Transactions to be considered for the calculations of the thresholds LIS pre-trade SSTI post-trade LIS post-trade
Trade – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor
Bond futures/forwards calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 20 000 000 90 70 EUR 25 000 000
Bond options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 20 000 000 90 70 EUR 25 000 000
IR futures and FRA calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 10 000 000 80 60 EUR 20 000 000 90 70 EUR 25 000 000
IR options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 10 000 000 80 60 EUR 20 000 000 90 70 EUR 25 000 000
Swaptions calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Fixed-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Float “multi currency swaps” or “cross-currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Float-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Float-to-Float “multi currency swaps” or “cross-currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” and futures/forwards on Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Inflation “multi currency swaps” or “cross-currency swaps” and futures/forwards on Inflation “multi currency swaps” or “cross-currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Fixed-to-Float “single currency swaps” and futures/forwards on Fixed-to-Float “single currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Float-to-Float “single currency swaps” and futures/forwards on Float-to-Float “single currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Fixed-to-Fixed “single currency swaps” and futures/forwards on Fixed-to-Fixed “single currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Overnight Index Swap (OIS) “single currency swaps” and futures/forwards on Overnight Index Swap (OIS) “single currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Inflation “single currency swaps” and futures/forwards on Inflation “single currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Asset class – Interest Rate Derivatives
Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for each sub-class determined not to have a liquid market
LIS pre-trade SSTI post-trade LIS post-trade
Threshold value Threshold value Threshold value
Bond futures/forwards EUR 5 000 000 EUR 20 000 000 EUR 25 000 000
Bond options EUR 5 000 000 EUR 20 000 000 EUR 25 000 000
IR futures and FRA EUR 10 000 000 EUR 20 000 000 EUR 25 000 000
IR options EUR 10 000 000 EUR 20 000 000 EUR 25 000 000
Swaptions EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Fixed-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Float “multi currency swaps” or “cross-currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Float-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Float-to-Float “multi currency swaps” or “cross-currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” and futures/forwards on Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Inflation “multi currency swaps” or “cross-currency swaps” and futures/forwards on Inflation “multi currency swaps” or “cross-currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Fixed-to-Float “single currency swaps” and futures/forwards on Fixed-to-Float “single currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Float-to-Float “single currency swaps” and futures/forwards on Float-to-Float “single currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Fixed-to-Fixed “single currency swaps” and futures/forwards on Fixed-to-Fixed “single currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Overnight Index Swap (OIS) “single currency swaps” and futures/forwards on Overnight Index Swap (OIS) “single currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Inflation “single currency swaps” and futures/forwards on Inflation “single currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Other Interest Rate Derivatives EUR 5 000 000 EUR 9 000 000 EUR 10 000 000 ’
Asset class – Interest Rate Derivatives
Sub-asset class Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for each sub-class determined to have a liquid market
Transactions to be considered for the calculations of the thresholds LIS pre-trade SSTI post-trade LIS post-trade
Trade – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor
Bond futures/forwards calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 20 000 000 90 70 EUR 25 000 000
Bond options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 20 000 000 90 70 EUR 25 000 000
IR futures and FRA calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 10 000 000 80 60 EUR 20 000 000 90 70 EUR 25 000 000
IR options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 10 000 000 80 60 EUR 20 000 000 90 70 EUR 25 000 000
Swaptions calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Fixed-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Float “multi currency swaps” or “cross-currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Float-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Float-to-Float “multi currency swaps” or “cross-currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” and futures/forwards on Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Inflation “multi currency swaps” or “cross-currency swaps” and futures/forwards on Inflation “multi currency swaps” or “cross-currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Fixed-to-Float “single currency swaps” and futures/forwards on Fixed-to-Float “single currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Float-to-Float “single currency swaps” and futures/forwards on Float-to-Float “single currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Fixed-to-Fixed “single currency swaps” and futures/forwards on Fixed-to-Fixed “single currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Overnight Index Swap (OIS) “single currency swaps” and futures/forwards on Overnight Index Swap (OIS) “single currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Inflation “single currency swaps” and futures/forwards on Inflation “single currency swaps” calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 9 000 000 90 70 EUR 10 000 000
Asset class – Interest Rate Derivatives
Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for each sub-class determined not to have a liquid market
LIS pre-trade SSTI post-trade LIS post-trade
Threshold value Threshold value Threshold value
Bond futures/forwards EUR 5 000 000 EUR 20 000 000 EUR 25 000 000
Bond options EUR 5 000 000 EUR 20 000 000 EUR 25 000 000
IR futures and FRA EUR 10 000 000 EUR 20 000 000 EUR 25 000 000
IR options EUR 10 000 000 EUR 20 000 000 EUR 25 000 000
Swaptions EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Fixed-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Float “multi currency swaps” or “cross-currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Float-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Float-to-Float “multi currency swaps” or “cross-currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” and futures/forwards on Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Inflation “multi currency swaps” or “cross-currency swaps” and futures/forwards on Inflation “multi currency swaps” or “cross-currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Fixed-to-Float “single currency swaps” and futures/forwards on Fixed-to-Float “single currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Float-to-Float “single currency swaps” and futures/forwards on Float-to-Float “single currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Fixed-to-Fixed “single currency swaps” and futures/forwards on Fixed-to-Fixed “single currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Overnight Index Swap (OIS) “single currency swaps” and futures/forwards on Overnight Index Swap (OIS) “single currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Inflation “single currency swaps” and futures/forwards on Inflation “single currency swaps” EUR 5 000 000 EUR 9 000 000 EUR 10 000 000
Other Interest Rate Derivatives EUR 5 000 000 EUR 9 000 000 EUR 10 000 000 ’
(4) in Section 6 ‘Equity derivatives’, Table 6.2 ‘Equity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market’ and Table 6.3 ‘Equity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market’ are replaced by the following:‘Table 6.2.Equity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid marketAsset class – Equity DerivativesSub-asset classFor the purpose of the determination of the pre-trade and post-trade SSTI and LIS thresholds each sub-asset class shall be further segmented into sub-classes as defined belowTransactions to be considered for the calculations of the thresholdsPre-trade and post-trade SSTI and LIS threshold values determined for the sub-classes determined to have a liquid market on the basis of the average daily notional amount (ADNA) band to which the sub-class belongsAverage daily notional amount (ADNA)LIS pre-tradeSSTI post-tradeLIS post-tradeThreshold valueThreshold valueThreshold valueStock index optionsa stock index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying stock indexcalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 100  m ADNAEUR 25 000EUR 1 000 000EUR 1 500 000EUR 100  m ≤ ADNA < EUR 200  mEUR 3 000 000EUR 25 000 000EUR 30 000 000EUR 200  m ≤ ADNA < EUR 600  mEUR 5 500 000EUR 50 000 000EUR 55 000 000ADNA ≥ EUR 600  mEUR 20 000 000EUR 150 000 000EUR 160 000 000Stock index futures/forwardsa stock index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying stock indexcalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 100  m ADNAEUR 25 000EUR 1 000 000EUR 1 500 000EUR 100  m ≤ ADNA < EUR 1  bnEUR 550 000EUR 5 000 000EUR 5 500 000EUR 1  bn ≤ ADNA < EUR 3  bnEUR 5 500 000EUR 50 000 000EUR 55 000 000EUR 3  bn ≤ ADNA < EUR 5  bnEUR 20 000 000EUR 150 000 000EUR 160 000 000ADNA ≥ EUR 5  bnEUR 30 000 000EUR 250 000 000EUR 260 000 000Stock optionsa stock option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying sharecalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 5  m ADNAEUR 25 000EUR 1 000 000EUR 1 250 000EUR 5  m ≤ ADNA < EUR 10  mEUR 300 000EUR 1 250 000EUR 1 500 000EUR 10  m ≤ ADNA < EUR 20  mEUR 550 000EUR 2 500 000EUR 3 000 000ADNA ≥ EUR 20  mEUR 1 500 000EUR 5 000 000EUR 5 500 000Stock futures/forwardsa stock future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying sharecalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 5  m ADNAEUR 25 000EUR 1 000 000EUR 1 250 000EUR 5  m ≤ ADNA < EUR 10  mEUR 300 000EUR 1 250 000EUR 1 500 000EUR 10  m ≤ ADNA < EUR 20  mEUR 550 000EUR 2 500 000EUR 3 000 000ADNA ≥ EUR 20  mEUR 1 500 000EUR 5 000 000EUR 5 500 000Stock dividend optionsa stock dividend option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share entitling to dividendscalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 5  m ADNAEUR 25 000EUR 400 000EUR 450 000EUR 5  m ≤ ADNA < EUR 10  mEUR 30 000EUR 500 000EUR 550 000EUR 10  m ≤ ADNA < EUR 20  mEUR 100 000EUR 1 000 000EUR 1 500 000ADNA ≥ EUR 20  mEUR 150 000EUR 2 000 000EUR 2 500 000Stock dividend futures/forwardsa stock dividend future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share entitling to dividendscalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 5  m ADNAEUR 25 000EUR 400 000EUR 450 000EUR 5  m ≤ ADNA < EUR 10  mEUR 30 000EUR 500 000EUR 550 000EUR 10  m ≤ ADNA < EUR 20  mEUR 100 000EUR 1 000 000EUR 1 500 000ADNA ≥ EUR 20  mEUR 150 000EUR 2 000 000EUR 2 500 000Dividend index optionsa dividend index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying dividend indexcalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 100  m ADNAEUR 25 000EUR 1 000 000EUR 1 500 000EUR 100  m ≤ ADNA < EUR 200  mEUR 3 000 000EUR 25 000 000EUR 30 000 000EUR 200  m ≤ ADNA < EUR 600  mEUR 5 500 000EUR 50 000 000EUR 55 000 000ADNA ≥ EUR 600  mEUR 20 000 000EUR 150 000 000EUR 160 000 000Dividend index futures/forwardsa dividend index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying dividend indexcalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 100  m ADNAEUR 25 000EUR 1 000 000EUR 1 500 000EUR 100  m ≤ ADNA < EUR 1  bnEUR 550 000EUR 5 000 000EUR 5 500 000EUR 1  bn ≤ ADNA < EUR 3  bnEUR 5 500 000EUR 50 000 000EUR 55 000 000EUR 3  bn ≤ ADNA < EUR 5  bnEUR 20 000 000EUR 150 000 000EUR 160 000 000ADNA ≥ EUR 5  bnEUR 30 000 000EUR 250 000 000EUR 260 000 000Volatility index optionsa volatility index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying volatility indexcalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 100  m ADNAEUR 25 000EUR 1 000 000EUR 1 500 000EUR 100  m ≤ ADNA < EUR 200  mEUR 3 000 000EUR 25 000 000EUR 30 000 000EUR 200  m ≤ ADNA < EUR 600  mEUR 5 500 000EUR 50 000 000EUR 55 000 000ADNA ≥ EUR 600  mEUR 20 000 000EUR 150 000 000EUR 160 000 000Volatility index futures/forwardsa volatility index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying volatility indexcalculation of thresholds should be performed for each sub-class considering the transactions executed on instruments belonging to the sub-class< EUR 100  m ADNAEUR 25 000EUR 1 000 000EUR 1 500 000EUR 100  m ≤ ADNA < EUR 1  bnEUR 550 000EUR 5 000 000EUR 5 500 000EUR 1  bn ≤ ADNA < EUR 3  bnEUR 5 500 000EUR 50 000 000EUR 55 000 000EUR 3  bn ≤ ADNA < EUR 5  bnEUR 20 000 000EUR 150 000 000EUR 160 000 000ADNA ≥ EUR 5  bnEUR 30 000 000EUR 250 000 000EUR 260 000 000ETF optionsan ETF option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying ETFcalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 5  m ADNAEUR 25 000EUR 1 000 000EUR 1 250 000EUR 5  m ≤ ADNA < EUR 10  mEUR 300 000EUR 1 250 000EUR 1 500 000EUR 10  m ≤ ADNA < EUR 20  mEUR 550 000EUR 2 500 000EUR 3 000 000ADNA ≥ EUR 20  mEUR 1 500 000EUR 5 000 000EUR 5 500 000ETF futures/forwardsan ETF future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying ETFcalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 5  m ADNAEUR 25 000EUR 1 000 000EUR 1 250 000EUR 5  m ≤ ADNA < EUR 10  mEUR 300 000EUR 1 250 000EUR 1 500 000EUR 10  m ≤ ADNA < EUR 20  mEUR 550 000EUR 2 500 000EUR 3 000 000ADNA ≥ EUR 20  mEUR 1 500 000EUR 5 000 000EUR 5 500 000Swapsa swap sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying type: single name, index, basketSegmentation criterion 2– underlying single name, index, basketSegmentation criterion 3– parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatilitySegmentation criterion 4– time to maturity bucket of the swap defined as follows:calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-classEUR 50  m ≤ ADNA < EUR 100  mEUR 300 000EUR 1 250 000EUR 1 500 000EUR 100  m ≤ ADNA < EUR 200  mEUR 550 000EUR 2 500 000EUR 3 000 000ADNA ≥ EUR 200  mEUR 1 500 000EUR 5 000 000EUR 5 500 000Price return basic performance parameterParameter return variance/volatilityParameter return dividendMaturity bucket 1: 0 < time to maturity ≤ 1 monthMaturity bucket 1: 0 < time to maturity ≤ 3 monthsMaturity bucket 1: 0 < time to maturity ≤ 1 yearMaturity bucket 2: 1 month < time to maturity ≤ 3 monthsMaturity bucket 2: 3 months < time to maturity ≤ 6 monthsMaturity bucket 2: 1 year < time to maturity ≤ 2 yearsMaturity bucket 3: 3 months < time to maturity ≤ 6 monthsMaturity bucket 3: 6 months < time to maturity ≤ 1 yearMaturity bucket 3: 2 years < time to maturity ≤ 3 yearsMaturity bucket 4: 6 months < time to maturity ≤ 1 yearMaturity bucket 4: 1 year < time to maturity ≤ 2 years…Maturity bucket 5: 1 year < time to maturity ≤ 2 yearsMaturity bucket 5: 2 years < time to maturity ≤ 3 yearsMaturity bucketm: (n-1) years < time to maturity ≤nyearsMaturity bucket 6: 2 years < time to maturity ≤ 3 years……Maturity bucketm: (n-1) years < time to maturity ≤nyearsMaturity bucketm: (n-1) years < time to maturity ≤nyearsPortfolio Swapsa portfolio swap sub-class is defined by a specific combination of:Segmentation criterion 1– underlying type: single name, index, basketSegmentation criterion 2– underlying single name, index, basketSegmentation criterion 3– parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatilitySegmentation criterion 4– time to maturity bucket of the portfolio swap defined as follows:Maturity bucket 1: 0 < time to maturity ≤ 1 monthMaturity bucket 2: 1 month < time to maturity ≤ 3 monthsMaturity bucket 3: 3 months < time to maturity ≤ 6 monthsMaturity bucket 4: 6 months < time to maturity ≤ 1 yearMaturity bucket 5: 1 year < time to maturity ≤ 2 yearsMaturity bucket 6: 2 years < time to maturity ≤ 3 years…Maturity bucketm: (n-1) years < time to maturity ≤nyearscalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-classEUR 50  m ≤ ADNA < EUR 100  mEUR 300 000EUR 1 250 000EUR 1 500 000EUR 100  m ≤ ADNA < EUR 200  mEUR 550 000EUR 2 500 000EUR 3 000 000ADNA ≥ EUR 200  mEUR 1 500 000EUR 5 000 000EUR 5 500 000Table 6.3.Equity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid marketAsset class – Equity DerivativesSub-asset classPre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid marketLIS pre-tradeSSTI post-tradeLIS post-tradeThreshold valueThreshold valueThreshold valueSwapsEUR 25 000EUR 100 000EUR 150 000Portfolio SwapsEUR 25 000EUR 100 000EUR 150 000Other equity derivativesEUR 25 000EUR 100 000EUR 150 000 ’ Asset class – Equity Derivatives Sub-asset class For the purpose of the determination of the pre-trade and post-trade SSTI and LIS thresholds each sub-asset class shall be further segmented into sub-classes as defined below Transactions to be considered for the calculations of the thresholds Pre-trade and post-trade SSTI and LIS threshold values determined for the sub-classes determined to have a liquid market on the basis of the average daily notional amount (ADNA) band to which the sub-class belongs Average daily notional amount (ADNA) LIS pre-trade SSTI post-trade LIS post-trade Threshold value Threshold value Threshold value Stock index options a stock index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying stock index calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 100  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 500 000 EUR 100  m ≤ ADNA < EUR 200  m EUR 3 000 000 EUR 25 000 000 EUR 30 000 000 EUR 200  m ≤ ADNA < EUR 600  m EUR 5 500 000 EUR 50 000 000 EUR 55 000 000 ADNA ≥ EUR 600  m EUR 20 000 000 EUR 150 000 000 EUR 160 000 000 Stock index futures/forwards a stock index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying stock index calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 100  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 500 000 EUR 100  m ≤ ADNA < EUR 1  bn EUR 550 000 EUR 5 000 000 EUR 5 500 000 EUR 1  bn ≤ ADNA < EUR 3  bn EUR 5 500 000 EUR 50 000 000 EUR 55 000 000 EUR 3  bn ≤ ADNA < EUR 5  bn EUR 20 000 000 EUR 150 000 000 EUR 160 000 000 ADNA ≥ EUR 5  bn EUR 30 000 000 EUR 250 000 000 EUR 260 000 000 Stock options a stock option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 5  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 250 000 EUR 5  m ≤ ADNA < EUR 10  m EUR 300 000 EUR 1 250 000 EUR 1 500 000 EUR 10  m ≤ ADNA < EUR 20  m EUR 550 000 EUR 2 500 000 EUR 3 000 000 ADNA ≥ EUR 20  m EUR 1 500 000 EUR 5 000 000 EUR 5 500 000 Stock futures/forwards a stock future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 5  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 250 000 EUR 5  m ≤ ADNA < EUR 10  m EUR 300 000 EUR 1 250 000 EUR 1 500 000 EUR 10  m ≤ ADNA < EUR 20  m EUR 550 000 EUR 2 500 000 EUR 3 000 000 ADNA ≥ EUR 20  m EUR 1 500 000 EUR 5 000 000 EUR 5 500 000 Stock dividend options a stock dividend option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share entitling to dividends calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 5  m ADNA EUR 25 000 EUR 400 000 EUR 450 000 EUR 5  m ≤ ADNA < EUR 10  m EUR 30 000 EUR 500 000 EUR 550 000 EUR 10  m ≤ ADNA < EUR 20  m EUR 100 000 EUR 1 000 000 EUR 1 500 000 ADNA ≥ EUR 20  m EUR 150 000 EUR 2 000 000 EUR 2 500 000 Stock dividend futures/forwards a stock dividend future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share entitling to dividends calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 5  m ADNA EUR 25 000 EUR 400 000 EUR 450 000 EUR 5  m ≤ ADNA < EUR 10  m EUR 30 000 EUR 500 000 EUR 550 000 EUR 10  m ≤ ADNA < EUR 20  m EUR 100 000 EUR 1 000 000 EUR 1 500 000 ADNA ≥ EUR 20  m EUR 150 000 EUR 2 000 000 EUR 2 500 000 Dividend index options a dividend index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying dividend index calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 100  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 500 000 EUR 100  m ≤ ADNA < EUR 200  m EUR 3 000 000 EUR 25 000 000 EUR 30 000 000 EUR 200  m ≤ ADNA < EUR 600  m EUR 5 500 000 EUR 50 000 000 EUR 55 000 000 ADNA ≥ EUR 600  m EUR 20 000 000 EUR 150 000 000 EUR 160 000 000 Dividend index futures/forwards a dividend index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying dividend index calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 100  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 500 000 EUR 100  m ≤ ADNA < EUR 1  bn EUR 550 000 EUR 5 000 000 EUR 5 500 000 EUR 1  bn ≤ ADNA < EUR 3  bn EUR 5 500 000 EUR 50 000 000 EUR 55 000 000 EUR 3  bn ≤ ADNA < EUR 5  bn EUR 20 000 000 EUR 150 000 000 EUR 160 000 000 ADNA ≥ EUR 5  bn EUR 30 000 000 EUR 250 000 000 EUR 260 000 000 Volatility index options a volatility index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying volatility index calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 100  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 500 000 EUR 100  m ≤ ADNA < EUR 200  m EUR 3 000 000 EUR 25 000 000 EUR 30 000 000 EUR 200  m ≤ ADNA < EUR 600  m EUR 5 500 000 EUR 50 000 000 EUR 55 000 000 ADNA ≥ EUR 600  m EUR 20 000 000 EUR 150 000 000 EUR 160 000 000 Volatility index futures/forwards a volatility index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying volatility index calculation of thresholds should be performed for each sub-class considering the transactions executed on instruments belonging to the sub-class < EUR 100  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 500 000 EUR 100  m ≤ ADNA < EUR 1  bn EUR 550 000 EUR 5 000 000 EUR 5 500 000 EUR 1  bn ≤ ADNA < EUR 3  bn EUR 5 500 000 EUR 50 000 000 EUR 55 000 000 EUR 3  bn ≤ ADNA < EUR 5  bn EUR 20 000 000 EUR 150 000 000 EUR 160 000 000 ADNA ≥ EUR 5  bn EUR 30 000 000 EUR 250 000 000 EUR 260 000 000 ETF options an ETF option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying ETF calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 5  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 250 000 EUR 5  m ≤ ADNA < EUR 10  m EUR 300 000 EUR 1 250 000 EUR 1 500 000 EUR 10  m ≤ ADNA < EUR 20  m EUR 550 000 EUR 2 500 000 EUR 3 000 000 ADNA ≥ EUR 20  m EUR 1 500 000 EUR 5 000 000 EUR 5 500 000 ETF futures/forwards an ETF future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying ETF calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 5  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 250 000 EUR 5  m ≤ ADNA < EUR 10  m EUR 300 000 EUR 1 250 000 EUR 1 500 000 EUR 10  m ≤ ADNA < EUR 20  m EUR 550 000 EUR 2 500 000 EUR 3 000 000 ADNA ≥ EUR 20  m EUR 1 500 000 EUR 5 000 000 EUR 5 500 000 Swaps a swap sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying type: single name, index, basketSegmentation criterion 2– underlying single name, index, basketSegmentation criterion 3– parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatilitySegmentation criterion 4– time to maturity bucket of the swap defined as follows: calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class EUR 50  m ≤ ADNA < EUR 100  m EUR 300 000 EUR 1 250 000 EUR 1 500 000 EUR 100  m ≤ ADNA < EUR 200  m EUR 550 000 EUR 2 500 000 EUR 3 000 000 ADNA ≥ EUR 200  m EUR 1 500 000 EUR 5 000 000 EUR 5 500 000 Price return basic performance parameter Parameter return variance/volatility Parameter return dividend Maturity bucket 1: 0 < time to maturity ≤ 1 month Maturity bucket 1: 0 < time to maturity ≤ 3 months Maturity bucket 1: 0 < time to maturity ≤ 1 year Maturity bucket 2: 1 month < time to maturity ≤ 3 months Maturity bucket 2: 3 months < time to maturity ≤ 6 months Maturity bucket 2: 1 year < time to maturity ≤ 2 years Maturity bucket 3: 3 months < time to maturity ≤ 6 months Maturity bucket 3: 6 months < time to maturity ≤ 1 year Maturity bucket 3: 2 years < time to maturity ≤ 3 years Maturity bucket 4: 6 months < time to maturity ≤ 1 year Maturity bucket 4: 1 year < time to maturity ≤ 2 years … Maturity bucket 5: 1 year < time to maturity ≤ 2 years Maturity bucket 5: 2 years < time to maturity ≤ 3 years Maturity bucketm: (n-1) years < time to maturity ≤nyears Maturity bucket 6: 2 years < time to maturity ≤ 3 years … … Maturity bucketm: (n-1) years < time to maturity ≤nyears Maturity bucketm: (n-1) years < time to maturity ≤nyears Portfolio Swaps a portfolio swap sub-class is defined by a specific combination of:Segmentation criterion 1– underlying type: single name, index, basketSegmentation criterion 2– underlying single name, index, basketSegmentation criterion 3– parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatilitySegmentation criterion 4– time to maturity bucket of the portfolio swap defined as follows:Maturity bucket 1: 0 < time to maturity ≤ 1 monthMaturity bucket 2: 1 month < time to maturity ≤ 3 monthsMaturity bucket 3: 3 months < time to maturity ≤ 6 monthsMaturity bucket 4: 6 months < time to maturity ≤ 1 yearMaturity bucket 5: 1 year < time to maturity ≤ 2 yearsMaturity bucket 6: 2 years < time to maturity ≤ 3 years…Maturity bucketm: (n-1) years < time to maturity ≤nyears calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class EUR 50  m ≤ ADNA < EUR 100  m EUR 300 000 EUR 1 250 000 EUR 1 500 000 EUR 100  m ≤ ADNA < EUR 200  m EUR 550 000 EUR 2 500 000 EUR 3 000 000 ADNA ≥ EUR 200  m EUR 1 500 000 EUR 5 000 000 EUR 5 500 000 Asset class – Equity Derivatives Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market LIS pre-trade SSTI post-trade LIS post-trade Threshold value Threshold value Threshold value Swaps EUR 25 000 EUR 100 000 EUR 150 000 Portfolio Swaps EUR 25 000 EUR 100 000 EUR 150 000 Other equity derivatives EUR 25 000 EUR 100 000 EUR 150 000 ’
Asset class – Equity Derivatives
Sub-asset class For the purpose of the determination of the pre-trade and post-trade SSTI and LIS thresholds each sub-asset class shall be further segmented into sub-classes as defined below Transactions to be considered for the calculations of the thresholds Pre-trade and post-trade SSTI and LIS threshold values determined for the sub-classes determined to have a liquid market on the basis of the average daily notional amount (ADNA) band to which the sub-class belongs
Average daily notional amount (ADNA) LIS pre-trade SSTI post-trade LIS post-trade
Threshold value Threshold value Threshold value
Stock index options a stock index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying stock index calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 100  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 500 000
EUR 100  m ≤ ADNA < EUR 200  m EUR 3 000 000 EUR 25 000 000 EUR 30 000 000
EUR 200  m ≤ ADNA < EUR 600  m EUR 5 500 000 EUR 50 000 000 EUR 55 000 000
ADNA ≥ EUR 600  m EUR 20 000 000 EUR 150 000 000 EUR 160 000 000
Stock index futures/forwards a stock index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying stock index calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 100  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 500 000
EUR 100  m ≤ ADNA < EUR 1  bn EUR 550 000 EUR 5 000 000 EUR 5 500 000
EUR 1  bn ≤ ADNA < EUR 3  bn EUR 5 500 000 EUR 50 000 000 EUR 55 000 000
EUR 3  bn ≤ ADNA < EUR 5  bn EUR 20 000 000 EUR 150 000 000 EUR 160 000 000
ADNA ≥ EUR 5  bn EUR 30 000 000 EUR 250 000 000 EUR 260 000 000
Stock options a stock option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 5  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 250 000
EUR 5  m ≤ ADNA < EUR 10  m EUR 300 000 EUR 1 250 000 EUR 1 500 000
EUR 10  m ≤ ADNA < EUR 20  m EUR 550 000 EUR 2 500 000 EUR 3 000 000
ADNA ≥ EUR 20  m EUR 1 500 000 EUR 5 000 000 EUR 5 500 000
Stock futures/forwards a stock future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 5  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 250 000
EUR 5  m ≤ ADNA < EUR 10  m EUR 300 000 EUR 1 250 000 EUR 1 500 000
EUR 10  m ≤ ADNA < EUR 20  m EUR 550 000 EUR 2 500 000 EUR 3 000 000
ADNA ≥ EUR 20  m EUR 1 500 000 EUR 5 000 000 EUR 5 500 000
Stock dividend options a stock dividend option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share entitling to dividends calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 5  m ADNA EUR 25 000 EUR 400 000 EUR 450 000
EUR 5  m ≤ ADNA < EUR 10  m EUR 30 000 EUR 500 000 EUR 550 000
EUR 10  m ≤ ADNA < EUR 20  m EUR 100 000 EUR 1 000 000 EUR 1 500 000
ADNA ≥ EUR 20  m EUR 150 000 EUR 2 000 000 EUR 2 500 000
Stock dividend futures/forwards a stock dividend future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share entitling to dividends calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 5  m ADNA EUR 25 000 EUR 400 000 EUR 450 000
EUR 5  m ≤ ADNA < EUR 10  m EUR 30 000 EUR 500 000 EUR 550 000
EUR 10  m ≤ ADNA < EUR 20  m EUR 100 000 EUR 1 000 000 EUR 1 500 000
ADNA ≥ EUR 20  m EUR 150 000 EUR 2 000 000 EUR 2 500 000
Dividend index options a dividend index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying dividend index calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 100  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 500 000
EUR 100  m ≤ ADNA < EUR 200  m EUR 3 000 000 EUR 25 000 000 EUR 30 000 000
EUR 200  m ≤ ADNA < EUR 600  m EUR 5 500 000 EUR 50 000 000 EUR 55 000 000
ADNA ≥ EUR 600  m EUR 20 000 000 EUR 150 000 000 EUR 160 000 000
Dividend index futures/forwards a dividend index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying dividend index calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 100  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 500 000
EUR 100  m ≤ ADNA < EUR 1  bn EUR 550 000 EUR 5 000 000 EUR 5 500 000
EUR 1  bn ≤ ADNA < EUR 3  bn EUR 5 500 000 EUR 50 000 000 EUR 55 000 000
EUR 3  bn ≤ ADNA < EUR 5  bn EUR 20 000 000 EUR 150 000 000 EUR 160 000 000
ADNA ≥ EUR 5  bn EUR 30 000 000 EUR 250 000 000 EUR 260 000 000
Volatility index options a volatility index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying volatility index calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 100  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 500 000
EUR 100  m ≤ ADNA < EUR 200  m EUR 3 000 000 EUR 25 000 000 EUR 30 000 000
EUR 200  m ≤ ADNA < EUR 600  m EUR 5 500 000 EUR 50 000 000 EUR 55 000 000
ADNA ≥ EUR 600  m EUR 20 000 000 EUR 150 000 000 EUR 160 000 000
Volatility index futures/forwards a volatility index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying volatility index calculation of thresholds should be performed for each sub-class considering the transactions executed on instruments belonging to the sub-class < EUR 100  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 500 000
EUR 100  m ≤ ADNA < EUR 1  bn EUR 550 000 EUR 5 000 000 EUR 5 500 000
EUR 1  bn ≤ ADNA < EUR 3  bn EUR 5 500 000 EUR 50 000 000 EUR 55 000 000
EUR 3  bn ≤ ADNA < EUR 5  bn EUR 20 000 000 EUR 150 000 000 EUR 160 000 000
ADNA ≥ EUR 5  bn EUR 30 000 000 EUR 250 000 000 EUR 260 000 000
ETF options an ETF option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying ETF calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 5  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 250 000
EUR 5  m ≤ ADNA < EUR 10  m EUR 300 000 EUR 1 250 000 EUR 1 500 000
EUR 10  m ≤ ADNA < EUR 20  m EUR 550 000 EUR 2 500 000 EUR 3 000 000
ADNA ≥ EUR 20  m EUR 1 500 000 EUR 5 000 000 EUR 5 500 000
ETF futures/forwards an ETF future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying ETF calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 5  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 250 000
EUR 5  m ≤ ADNA < EUR 10  m EUR 300 000 EUR 1 250 000 EUR 1 500 000
EUR 10  m ≤ ADNA < EUR 20  m EUR 550 000 EUR 2 500 000 EUR 3 000 000
ADNA ≥ EUR 20  m EUR 1 500 000 EUR 5 000 000 EUR 5 500 000
Swaps a swap sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying type: single name, index, basketSegmentation criterion 2– underlying single name, index, basketSegmentation criterion 3– parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatilitySegmentation criterion 4– time to maturity bucket of the swap defined as follows: calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class EUR 50  m ≤ ADNA < EUR 100  m EUR 300 000 EUR 1 250 000 EUR 1 500 000
EUR 100  m ≤ ADNA < EUR 200  m EUR 550 000 EUR 2 500 000 EUR 3 000 000
ADNA ≥ EUR 200  m EUR 1 500 000 EUR 5 000 000 EUR 5 500 000
Price return basic performance parameter Parameter return variance/volatility Parameter return dividend
Maturity bucket 1: 0 < time to maturity ≤ 1 month Maturity bucket 1: 0 < time to maturity ≤ 3 months Maturity bucket 1: 0 < time to maturity ≤ 1 year
Maturity bucket 2: 1 month < time to maturity ≤ 3 months Maturity bucket 2: 3 months < time to maturity ≤ 6 months Maturity bucket 2: 1 year < time to maturity ≤ 2 years
Maturity bucket 3: 3 months < time to maturity ≤ 6 months Maturity bucket 3: 6 months < time to maturity ≤ 1 year Maturity bucket 3: 2 years < time to maturity ≤ 3 years
Maturity bucket 4: 6 months < time to maturity ≤ 1 year Maturity bucket 4: 1 year < time to maturity ≤ 2 years …
Maturity bucket 5: 1 year < time to maturity ≤ 2 years Maturity bucket 5: 2 years < time to maturity ≤ 3 years Maturity bucketm: (n-1) years < time to maturity ≤nyears
Maturity bucket 6: 2 years < time to maturity ≤ 3 years …
… Maturity bucketm: (n-1) years < time to maturity ≤nyears
Maturity bucketm: (n-1) years < time to maturity ≤nyears
Portfolio Swaps a portfolio swap sub-class is defined by a specific combination of:Segmentation criterion 1– underlying type: single name, index, basketSegmentation criterion 2– underlying single name, index, basketSegmentation criterion 3– parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatilitySegmentation criterion 4– time to maturity bucket of the portfolio swap defined as follows:Maturity bucket 1: 0 < time to maturity ≤ 1 monthMaturity bucket 2: 1 month < time to maturity ≤ 3 monthsMaturity bucket 3: 3 months < time to maturity ≤ 6 monthsMaturity bucket 4: 6 months < time to maturity ≤ 1 yearMaturity bucket 5: 1 year < time to maturity ≤ 2 yearsMaturity bucket 6: 2 years < time to maturity ≤ 3 years…Maturity bucketm: (n-1) years < time to maturity ≤nyears calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class EUR 50  m ≤ ADNA < EUR 100  m EUR 300 000 EUR 1 250 000 EUR 1 500 000
EUR 100  m ≤ ADNA < EUR 200  m EUR 550 000 EUR 2 500 000 EUR 3 000 000
ADNA ≥ EUR 200  m EUR 1 500 000 EUR 5 000 000 EUR 5 500 000
Asset class – Equity Derivatives
Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
LIS pre-trade SSTI post-trade LIS post-trade
Threshold value Threshold value Threshold value
Swaps EUR 25 000 EUR 100 000 EUR 150 000
Portfolio Swaps EUR 25 000 EUR 100 000 EUR 150 000
Other equity derivatives EUR 25 000 EUR 100 000 EUR 150 000 ’
Asset class – Equity Derivatives
Sub-asset class For the purpose of the determination of the pre-trade and post-trade SSTI and LIS thresholds each sub-asset class shall be further segmented into sub-classes as defined below Transactions to be considered for the calculations of the thresholds Pre-trade and post-trade SSTI and LIS threshold values determined for the sub-classes determined to have a liquid market on the basis of the average daily notional amount (ADNA) band to which the sub-class belongs
Average daily notional amount (ADNA) LIS pre-trade SSTI post-trade LIS post-trade
Threshold value Threshold value Threshold value
Stock index options a stock index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying stock index calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 100  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 500 000
EUR 100  m ≤ ADNA < EUR 200  m EUR 3 000 000 EUR 25 000 000 EUR 30 000 000
EUR 200  m ≤ ADNA < EUR 600  m EUR 5 500 000 EUR 50 000 000 EUR 55 000 000
ADNA ≥ EUR 600  m EUR 20 000 000 EUR 150 000 000 EUR 160 000 000
Stock index futures/forwards a stock index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying stock index calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 100  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 500 000
EUR 100  m ≤ ADNA < EUR 1  bn EUR 550 000 EUR 5 000 000 EUR 5 500 000
EUR 1  bn ≤ ADNA < EUR 3  bn EUR 5 500 000 EUR 50 000 000 EUR 55 000 000
EUR 3  bn ≤ ADNA < EUR 5  bn EUR 20 000 000 EUR 150 000 000 EUR 160 000 000
ADNA ≥ EUR 5  bn EUR 30 000 000 EUR 250 000 000 EUR 260 000 000
Stock options a stock option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 5  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 250 000
EUR 5  m ≤ ADNA < EUR 10  m EUR 300 000 EUR 1 250 000 EUR 1 500 000
EUR 10  m ≤ ADNA < EUR 20  m EUR 550 000 EUR 2 500 000 EUR 3 000 000
ADNA ≥ EUR 20  m EUR 1 500 000 EUR 5 000 000 EUR 5 500 000
Stock futures/forwards a stock future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 5  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 250 000
EUR 5  m ≤ ADNA < EUR 10  m EUR 300 000 EUR 1 250 000 EUR 1 500 000
EUR 10  m ≤ ADNA < EUR 20  m EUR 550 000 EUR 2 500 000 EUR 3 000 000
ADNA ≥ EUR 20  m EUR 1 500 000 EUR 5 000 000 EUR 5 500 000
Stock dividend options a stock dividend option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share entitling to dividends calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 5  m ADNA EUR 25 000 EUR 400 000 EUR 450 000
EUR 5  m ≤ ADNA < EUR 10  m EUR 30 000 EUR 500 000 EUR 550 000
EUR 10  m ≤ ADNA < EUR 20  m EUR 100 000 EUR 1 000 000 EUR 1 500 000
ADNA ≥ EUR 20  m EUR 150 000 EUR 2 000 000 EUR 2 500 000
Stock dividend futures/forwards a stock dividend future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share entitling to dividends calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 5  m ADNA EUR 25 000 EUR 400 000 EUR 450 000
EUR 5  m ≤ ADNA < EUR 10  m EUR 30 000 EUR 500 000 EUR 550 000
EUR 10  m ≤ ADNA < EUR 20  m EUR 100 000 EUR 1 000 000 EUR 1 500 000
ADNA ≥ EUR 20  m EUR 150 000 EUR 2 000 000 EUR 2 500 000
Dividend index options a dividend index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying dividend index calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 100  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 500 000
EUR 100  m ≤ ADNA < EUR 200  m EUR 3 000 000 EUR 25 000 000 EUR 30 000 000
EUR 200  m ≤ ADNA < EUR 600  m EUR 5 500 000 EUR 50 000 000 EUR 55 000 000
ADNA ≥ EUR 600  m EUR 20 000 000 EUR 150 000 000 EUR 160 000 000
Dividend index futures/forwards a dividend index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying dividend index calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 100  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 500 000
EUR 100  m ≤ ADNA < EUR 1  bn EUR 550 000 EUR 5 000 000 EUR 5 500 000
EUR 1  bn ≤ ADNA < EUR 3  bn EUR 5 500 000 EUR 50 000 000 EUR 55 000 000
EUR 3  bn ≤ ADNA < EUR 5  bn EUR 20 000 000 EUR 150 000 000 EUR 160 000 000
ADNA ≥ EUR 5  bn EUR 30 000 000 EUR 250 000 000 EUR 260 000 000
Volatility index options a volatility index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying volatility index calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 100  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 500 000
EUR 100  m ≤ ADNA < EUR 200  m EUR 3 000 000 EUR 25 000 000 EUR 30 000 000
EUR 200  m ≤ ADNA < EUR 600  m EUR 5 500 000 EUR 50 000 000 EUR 55 000 000
ADNA ≥ EUR 600  m EUR 20 000 000 EUR 150 000 000 EUR 160 000 000
Volatility index futures/forwards a volatility index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying volatility index calculation of thresholds should be performed for each sub-class considering the transactions executed on instruments belonging to the sub-class < EUR 100  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 500 000
EUR 100  m ≤ ADNA < EUR 1  bn EUR 550 000 EUR 5 000 000 EUR 5 500 000
EUR 1  bn ≤ ADNA < EUR 3  bn EUR 5 500 000 EUR 50 000 000 EUR 55 000 000
EUR 3  bn ≤ ADNA < EUR 5  bn EUR 20 000 000 EUR 150 000 000 EUR 160 000 000
ADNA ≥ EUR 5  bn EUR 30 000 000 EUR 250 000 000 EUR 260 000 000
ETF options an ETF option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying ETF calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 5  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 250 000
EUR 5  m ≤ ADNA < EUR 10  m EUR 300 000 EUR 1 250 000 EUR 1 500 000
EUR 10  m ≤ ADNA < EUR 20  m EUR 550 000 EUR 2 500 000 EUR 3 000 000
ADNA ≥ EUR 20  m EUR 1 500 000 EUR 5 000 000 EUR 5 500 000
ETF futures/forwards an ETF future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying ETF calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class < EUR 5  m ADNA EUR 25 000 EUR 1 000 000 EUR 1 250 000
EUR 5  m ≤ ADNA < EUR 10  m EUR 300 000 EUR 1 250 000 EUR 1 500 000
EUR 10  m ≤ ADNA < EUR 20  m EUR 550 000 EUR 2 500 000 EUR 3 000 000
ADNA ≥ EUR 20  m EUR 1 500 000 EUR 5 000 000 EUR 5 500 000
Swaps a swap sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying type: single name, index, basketSegmentation criterion 2– underlying single name, index, basketSegmentation criterion 3– parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatilitySegmentation criterion 4– time to maturity bucket of the swap defined as follows: calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class EUR 50  m ≤ ADNA < EUR 100  m EUR 300 000 EUR 1 250 000 EUR 1 500 000
EUR 100  m ≤ ADNA < EUR 200  m EUR 550 000 EUR 2 500 000 EUR 3 000 000
ADNA ≥ EUR 200  m EUR 1 500 000 EUR 5 000 000 EUR 5 500 000
Price return basic performance parameter Parameter return variance/volatility Parameter return dividend
Maturity bucket 1: 0 < time to maturity ≤ 1 month Maturity bucket 1: 0 < time to maturity ≤ 3 months Maturity bucket 1: 0 < time to maturity ≤ 1 year
Maturity bucket 2: 1 month < time to maturity ≤ 3 months Maturity bucket 2: 3 months < time to maturity ≤ 6 months Maturity bucket 2: 1 year < time to maturity ≤ 2 years
Maturity bucket 3: 3 months < time to maturity ≤ 6 months Maturity bucket 3: 6 months < time to maturity ≤ 1 year Maturity bucket 3: 2 years < time to maturity ≤ 3 years
Maturity bucket 4: 6 months < time to maturity ≤ 1 year Maturity bucket 4: 1 year < time to maturity ≤ 2 years …
Maturity bucket 5: 1 year < time to maturity ≤ 2 years Maturity bucket 5: 2 years < time to maturity ≤ 3 years Maturity bucketm: (n-1) years < time to maturity ≤nyears
Maturity bucket 6: 2 years < time to maturity ≤ 3 years …
… Maturity bucketm: (n-1) years < time to maturity ≤nyears
Maturity bucketm: (n-1) years < time to maturity ≤nyears
Portfolio Swaps a portfolio swap sub-class is defined by a specific combination of:Segmentation criterion 1– underlying type: single name, index, basketSegmentation criterion 2– underlying single name, index, basketSegmentation criterion 3– parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatilitySegmentation criterion 4– time to maturity bucket of the portfolio swap defined as follows:Maturity bucket 1: 0 < time to maturity ≤ 1 monthMaturity bucket 2: 1 month < time to maturity ≤ 3 monthsMaturity bucket 3: 3 months < time to maturity ≤ 6 monthsMaturity bucket 4: 6 months < time to maturity ≤ 1 yearMaturity bucket 5: 1 year < time to maturity ≤ 2 yearsMaturity bucket 6: 2 years < time to maturity ≤ 3 years…Maturity bucketm: (n-1) years < time to maturity ≤nyears calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class EUR 50  m ≤ ADNA < EUR 100  m EUR 300 000 EUR 1 250 000 EUR 1 500 000
EUR 100  m ≤ ADNA < EUR 200  m EUR 550 000 EUR 2 500 000 EUR 3 000 000
ADNA ≥ EUR 200  m EUR 1 500 000 EUR 5 000 000 EUR 5 500 000
Asset class – Equity Derivatives
Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
LIS pre-trade SSTI post-trade LIS post-trade
Threshold value Threshold value Threshold value
Swaps EUR 25 000 EUR 100 000 EUR 150 000
Portfolio Swaps EUR 25 000 EUR 100 000 EUR 150 000
Other equity derivatives EUR 25 000 EUR 100 000 EUR 150 000 ’
(5) in Section 7 ‘Commodity derivatives’, Table 7.2 ‘Commodity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market’ and Table 7.3 ‘Commodity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market’ are replaced by the following:‘Table 7.2.Commodity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid marketAsset class – Commodity DerivativesSub-asset classPercentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid marketTransactions to be considered for the calculations of the thresholdsLIS pre-tradeSSTI post-tradeLIS post-tradeTrade – percentileThreshold floorTrade – percentileVolume – percentileThreshold floorTrade – percentileVolume – percentileThreshold floorMetal commodity futures/forwardscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 500 0008060EUR 750 0009070EUR 1 000 000Metal commodity optionscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 500 0008060EUR 750 0009070EUR 1 000 000Metal commodity swapscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 500 0008060EUR 750 0009070EUR 1 000 000Energy commodity futures/forwardscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 500 0008060EUR 750 0009070EUR 1 000 000Energy commodity optionscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 500 0008060EUR 750 0009070EUR 1 000 000Energy commodity swapscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 500 0008060EUR 750 0009070EUR 1 000 000Agricultural commodity futures/forwardscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 500 0008060EUR 750 0009070EUR 1 000 000Agricultural commodity optionscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 500 0008060EUR 750 0009070EUR 1 000 000Agricultural commodity swapscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 500 0008060EUR 750 0009070EUR 1 000 000Table 7.3.Commodity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid marketAsset class – Commodity DerivativesSub-asset classPre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid marketLIS pre-tradeSSTI post-tradeLIS post-tradeThreshold valueThreshold valueThreshold valueMetal commodity futures/forwardsEUR 500 000EUR 750 000EUR 1 000 000Metal commodity optionsEUR 500 000EUR 750 000EUR 1 000 000Metal commodity swapsEUR 500 000EUR 750 000EUR 1 000 000Energy commodity futures/forwardsEUR 500 000EUR 750 000EUR 1 000 000Energy commodity optionsEUR 500 000EUR 750 000EUR 1 000 000Energy commodity swapsEUR 500 000EUR 750 000EUR 1 000 000Agricultural commodity futures/forwardsEUR 500 000EUR 750 000EUR 1 000 000Agricultural commodity optionsEUR 500 000EUR 750 000EUR 1 000 000Agricultural commodity swapsEUR 500 000EUR 750 000EUR 1 000 000Other commodity derivativesEUR 500 000EUR 750 000EUR 1 000 000 ’ Asset class – Commodity Derivatives Sub-asset class Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Transactions to be considered for the calculations of the thresholds LIS pre-trade SSTI post-trade LIS post-trade Trade – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Metal commodity futures/forwards calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000 Metal commodity options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000 Metal commodity swaps calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000 Energy commodity futures/forwards calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000 Energy commodity options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000 Energy commodity swaps calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000 Agricultural commodity futures/forwards calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000 Agricultural commodity options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000 Agricultural commodity swaps calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000 Asset class – Commodity Derivatives Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market LIS pre-trade SSTI post-trade LIS post-trade Threshold value Threshold value Threshold value Metal commodity futures/forwards EUR 500 000 EUR 750 000 EUR 1 000 000 Metal commodity options EUR 500 000 EUR 750 000 EUR 1 000 000 Metal commodity swaps EUR 500 000 EUR 750 000 EUR 1 000 000 Energy commodity futures/forwards EUR 500 000 EUR 750 000 EUR 1 000 000 Energy commodity options EUR 500 000 EUR 750 000 EUR 1 000 000 Energy commodity swaps EUR 500 000 EUR 750 000 EUR 1 000 000 Agricultural commodity futures/forwards EUR 500 000 EUR 750 000 EUR 1 000 000 Agricultural commodity options EUR 500 000 EUR 750 000 EUR 1 000 000 Agricultural commodity swaps EUR 500 000 EUR 750 000 EUR 1 000 000 Other commodity derivatives EUR 500 000 EUR 750 000 EUR 1 000 000 ’
Asset class – Commodity Derivatives
Sub-asset class Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market
Transactions to be considered for the calculations of the thresholds LIS pre-trade SSTI post-trade LIS post-trade
Trade – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor
Metal commodity futures/forwards calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000
Metal commodity options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000
Metal commodity swaps calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000
Energy commodity futures/forwards calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000
Energy commodity options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000
Energy commodity swaps calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000
Agricultural commodity futures/forwards calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000
Agricultural commodity options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000
Agricultural commodity swaps calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000
Asset class – Commodity Derivatives
Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
LIS pre-trade SSTI post-trade LIS post-trade
Threshold value Threshold value Threshold value
Metal commodity futures/forwards EUR 500 000 EUR 750 000 EUR 1 000 000
Metal commodity options EUR 500 000 EUR 750 000 EUR 1 000 000
Metal commodity swaps EUR 500 000 EUR 750 000 EUR 1 000 000
Energy commodity futures/forwards EUR 500 000 EUR 750 000 EUR 1 000 000
Energy commodity options EUR 500 000 EUR 750 000 EUR 1 000 000
Energy commodity swaps EUR 500 000 EUR 750 000 EUR 1 000 000
Agricultural commodity futures/forwards EUR 500 000 EUR 750 000 EUR 1 000 000
Agricultural commodity options EUR 500 000 EUR 750 000 EUR 1 000 000
Agricultural commodity swaps EUR 500 000 EUR 750 000 EUR 1 000 000
Other commodity derivatives EUR 500 000 EUR 750 000 EUR 1 000 000 ’
Asset class – Commodity Derivatives
Sub-asset class Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market
Transactions to be considered for the calculations of the thresholds LIS pre-trade SSTI post-trade LIS post-trade
Trade – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor
Metal commodity futures/forwards calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000
Metal commodity options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000
Metal commodity swaps calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000
Energy commodity futures/forwards calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000
Energy commodity options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000
Energy commodity swaps calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000
Agricultural commodity futures/forwards calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000
Agricultural commodity options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000
Agricultural commodity swaps calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 500 000 80 60 EUR 750 000 90 70 EUR 1 000 000
Asset class – Commodity Derivatives
Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
LIS pre-trade SSTI post-trade LIS post-trade
Threshold value Threshold value Threshold value
Metal commodity futures/forwards EUR 500 000 EUR 750 000 EUR 1 000 000
Metal commodity options EUR 500 000 EUR 750 000 EUR 1 000 000
Metal commodity swaps EUR 500 000 EUR 750 000 EUR 1 000 000
Energy commodity futures/forwards EUR 500 000 EUR 750 000 EUR 1 000 000
Energy commodity options EUR 500 000 EUR 750 000 EUR 1 000 000
Energy commodity swaps EUR 500 000 EUR 750 000 EUR 1 000 000
Agricultural commodity futures/forwards EUR 500 000 EUR 750 000 EUR 1 000 000
Agricultural commodity options EUR 500 000 EUR 750 000 EUR 1 000 000
Agricultural commodity swaps EUR 500 000 EUR 750 000 EUR 1 000 000
Other commodity derivatives EUR 500 000 EUR 750 000 EUR 1 000 000 ’
(6) in Section 8 ‘Foreign exchange derivatives’, Table 8.2 ‘Foreign exchange derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market’ is replaced by the following:‘Table 8.2.Foreign exchange derivatives – pre-trade and pot-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid marketAsset class – Foreign Exchange DerivativesSub-asset classPre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid marketLIS pre-tradeSSTI post-tradeLIS post-tradeThreshold valueThreshold valueThreshold valueNon-deliverable forward (NDF)EUR 5 000 000EUR 20 000 000EUR 25 000 000Deliverable forward (DF)EUR 5 000 000EUR 20 000 000EUR 25 000 000Non-Deliverable FX options (NDO)EUR 5 000 000EUR 20 000 000EUR 25 000 000Deliverable FX options (DO)EUR 5 000 000EUR 20 000 000EUR 25 000 000Non-Deliverable FX swaps (NDS)EUR 5 000 000EUR 20 000 000EUR 25 000 000Deliverable FX swaps (DS)EUR 5 000 000EUR 20 000 000EUR 25 000 000FX futuresEUR 5 000 000EUR 20 000 000EUR 25 000 000Other Foreign Exchange DerivativesEUR 5 000 000EUR 20 000 000EUR 25 000 000 ’ Asset class – Foreign Exchange Derivatives Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market LIS pre-trade SSTI post-trade LIS post-trade Threshold value Threshold value Threshold value Non-deliverable forward (NDF) EUR 5 000 000 EUR 20 000 000 EUR 25 000 000 Deliverable forward (DF) EUR 5 000 000 EUR 20 000 000 EUR 25 000 000 Non-Deliverable FX options (NDO) EUR 5 000 000 EUR 20 000 000 EUR 25 000 000 Deliverable FX options (DO) EUR 5 000 000 EUR 20 000 000 EUR 25 000 000 Non-Deliverable FX swaps (NDS) EUR 5 000 000 EUR 20 000 000 EUR 25 000 000 Deliverable FX swaps (DS) EUR 5 000 000 EUR 20 000 000 EUR 25 000 000 FX futures EUR 5 000 000 EUR 20 000 000 EUR 25 000 000 Other Foreign Exchange Derivatives EUR 5 000 000 EUR 20 000 000 EUR 25 000 000 ’
Asset class – Foreign Exchange Derivatives
Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
LIS pre-trade SSTI post-trade LIS post-trade
Threshold value Threshold value Threshold value
Non-deliverable forward (NDF) EUR 5 000 000 EUR 20 000 000 EUR 25 000 000
Deliverable forward (DF) EUR 5 000 000 EUR 20 000 000 EUR 25 000 000
Non-Deliverable FX options (NDO) EUR 5 000 000 EUR 20 000 000 EUR 25 000 000
Deliverable FX options (DO) EUR 5 000 000 EUR 20 000 000 EUR 25 000 000
Non-Deliverable FX swaps (NDS) EUR 5 000 000 EUR 20 000 000 EUR 25 000 000
Deliverable FX swaps (DS) EUR 5 000 000 EUR 20 000 000 EUR 25 000 000
FX futures EUR 5 000 000 EUR 20 000 000 EUR 25 000 000
Other Foreign Exchange Derivatives EUR 5 000 000 EUR 20 000 000 EUR 25 000 000 ’
Asset class – Foreign Exchange Derivatives
Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
LIS pre-trade SSTI post-trade LIS post-trade
Threshold value Threshold value Threshold value
Non-deliverable forward (NDF) EUR 5 000 000 EUR 20 000 000 EUR 25 000 000
Deliverable forward (DF) EUR 5 000 000 EUR 20 000 000 EUR 25 000 000
Non-Deliverable FX options (NDO) EUR 5 000 000 EUR 20 000 000 EUR 25 000 000
Deliverable FX options (DO) EUR 5 000 000 EUR 20 000 000 EUR 25 000 000
Non-Deliverable FX swaps (NDS) EUR 5 000 000 EUR 20 000 000 EUR 25 000 000
Deliverable FX swaps (DS) EUR 5 000 000 EUR 20 000 000 EUR 25 000 000
FX futures EUR 5 000 000 EUR 20 000 000 EUR 25 000 000
Other Foreign Exchange Derivatives EUR 5 000 000 EUR 20 000 000 EUR 25 000 000 ’
(7) in Section 9 ‘Credit derivatives’, Table 9.2 ‘Credit derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market’ and Table 9.3 ‘Credit derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market’ are replaced by the following:‘Table 9.2.Credit Derivatives – pre- and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid marketAsset class – Credit DerivativesSub-asset classPercentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid marketTransactions to be considered for the calculations of the thresholdsLIS pre-tradeSSTI post-tradeLIS post-tradeTrade – percentileThreshold floorTrade – percentileVolume – percentileThreshold floorTrade – percentileVolume – percentileThreshold floorIndex credit default swap (CDS)calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 7 500 0009070EUR 10 000 000Single name credit default swap (CDS)calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 7 500 0009070EUR 10 000 000CDS index optionscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 7 500 0009070EUR 10 000 000Single name CDS optionscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 7 500 0009070EUR 10 000 000Table 9.3.Credit derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid marketAsset class – Credit DerivativesSub-asset classPre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid marketLIS pre-tradeSSTI post-tradeLIS post-tradeThreshold valueThreshold valueThreshold valueIndex credit default swap (CDS)EUR 5 000 000EUR 7 500 000EUR 10 000 000Single name credit default swap (CDS)EUR 5 000 000EUR 7 500 000EUR 10 000 000CDS index optionsEUR 5 000 000EUR 7 500 000EUR 10 000 000Single name CDS optionsEUR 5 000 000EUR 7 500 000EUR 10 000 000Other credit derivativesEUR 5 000 000EUR 7 500 000EUR 10 000 000 ’ Asset class – Credit Derivatives Sub-asset class Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Transactions to be considered for the calculations of the thresholds LIS pre-trade SSTI post-trade LIS post-trade Trade – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Index credit default swap (CDS) calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 7 500 000 90 70 EUR 10 000 000 Single name credit default swap (CDS) calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 7 500 000 90 70 EUR 10 000 000 CDS index options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 7 500 000 90 70 EUR 10 000 000 Single name CDS options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 7 500 000 90 70 EUR 10 000 000 Asset class – Credit Derivatives Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market LIS pre-trade SSTI post-trade LIS post-trade Threshold value Threshold value Threshold value Index credit default swap (CDS) EUR 5 000 000 EUR 7 500 000 EUR 10 000 000 Single name credit default swap (CDS) EUR 5 000 000 EUR 7 500 000 EUR 10 000 000 CDS index options EUR 5 000 000 EUR 7 500 000 EUR 10 000 000 Single name CDS options EUR 5 000 000 EUR 7 500 000 EUR 10 000 000 Other credit derivatives EUR 5 000 000 EUR 7 500 000 EUR 10 000 000 ’
Asset class – Credit Derivatives
Sub-asset class Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market
Transactions to be considered for the calculations of the thresholds LIS pre-trade SSTI post-trade LIS post-trade
Trade – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor
Index credit default swap (CDS) calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 7 500 000 90 70 EUR 10 000 000
Single name credit default swap (CDS) calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 7 500 000 90 70 EUR 10 000 000
CDS index options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 7 500 000 90 70 EUR 10 000 000
Single name CDS options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 7 500 000 90 70 EUR 10 000 000
Asset class – Credit Derivatives
Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
LIS pre-trade SSTI post-trade LIS post-trade
Threshold value Threshold value Threshold value
Index credit default swap (CDS) EUR 5 000 000 EUR 7 500 000 EUR 10 000 000
Single name credit default swap (CDS) EUR 5 000 000 EUR 7 500 000 EUR 10 000 000
CDS index options EUR 5 000 000 EUR 7 500 000 EUR 10 000 000
Single name CDS options EUR 5 000 000 EUR 7 500 000 EUR 10 000 000
Other credit derivatives EUR 5 000 000 EUR 7 500 000 EUR 10 000 000 ’
Asset class – Credit Derivatives
Sub-asset class Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market
Transactions to be considered for the calculations of the thresholds LIS pre-trade SSTI post-trade LIS post-trade
Trade – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor
Index credit default swap (CDS) calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 7 500 000 90 70 EUR 10 000 000
Single name credit default swap (CDS) calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 7 500 000 90 70 EUR 10 000 000
CDS index options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 7 500 000 90 70 EUR 10 000 000
Single name CDS options calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 5 000 000 80 60 EUR 7 500 000 90 70 EUR 10 000 000
Asset class – Credit Derivatives
Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
LIS pre-trade SSTI post-trade LIS post-trade
Threshold value Threshold value Threshold value
Index credit default swap (CDS) EUR 5 000 000 EUR 7 500 000 EUR 10 000 000
Single name credit default swap (CDS) EUR 5 000 000 EUR 7 500 000 EUR 10 000 000
CDS index options EUR 5 000 000 EUR 7 500 000 EUR 10 000 000
Single name CDS options EUR 5 000 000 EUR 7 500 000 EUR 10 000 000
Other credit derivatives EUR 5 000 000 EUR 7 500 000 EUR 10 000 000 ’
(8) in Section 10 ‘C10 derivatives’, Table 10.2 ‘C10 derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market’ and Table 10.3 ‘C10 derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market” are replaced by the following:‘Table 10.2.C10 derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid marketAsset class – C10 DerivativesSub-asset classPercentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid marketTransactions to be considered for the calculations of the thresholdsLIS pre-tradeSSTI post-tradeLIS post-tradeTrade – percentileThreshold floorTrade – percentileVolume – percentileThreshold floorTrade – percentileVolume – percentileThreshold floorFreight derivativescalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 50 0008060EUR 75 0009070EUR 100 000Table 10.3.C10 derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid marketAsset class – C10 DerivativesSub-asset classPre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid marketLIS pre-tradeSSTI post-tradeLIS post-tradeThreshold valueThreshold valueThreshold valueFreight derivativesEUR 50 000EUR 75 000EUR 100 000Other C10 derivativesEUR 50 000EUR 75 000EUR 100 000 ’ Asset class – C10 Derivatives Sub-asset class Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Transactions to be considered for the calculations of the thresholds LIS pre-trade SSTI post-trade LIS post-trade Trade – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Freight derivatives calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 50 000 80 60 EUR 75 000 90 70 EUR 100 000 Asset class – C10 Derivatives Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market LIS pre-trade SSTI post-trade LIS post-trade Threshold value Threshold value Threshold value Freight derivatives EUR 50 000 EUR 75 000 EUR 100 000 Other C10 derivatives EUR 50 000 EUR 75 000 EUR 100 000 ’
Asset class – C10 Derivatives
Sub-asset class Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market
Transactions to be considered for the calculations of the thresholds LIS pre-trade SSTI post-trade LIS post-trade
Trade – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor
Freight derivatives calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 50 000 80 60 EUR 75 000 90 70 EUR 100 000
Asset class – C10 Derivatives
Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
LIS pre-trade SSTI post-trade LIS post-trade
Threshold value Threshold value Threshold value
Freight derivatives EUR 50 000 EUR 75 000 EUR 100 000
Other C10 derivatives EUR 50 000 EUR 75 000 EUR 100 000 ’
Asset class – C10 Derivatives
Sub-asset class Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market
Transactions to be considered for the calculations of the thresholds LIS pre-trade SSTI post-trade LIS post-trade
Trade – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor
Freight derivatives calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class 70 EUR 50 000 80 60 EUR 75 000 90 70 EUR 100 000
Asset class – C10 Derivatives
Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
LIS pre-trade SSTI post-trade LIS post-trade
Threshold value Threshold value Threshold value
Freight derivatives EUR 50 000 EUR 75 000 EUR 100 000
Other C10 derivatives EUR 50 000 EUR 75 000 EUR 100 000 ’
(9) in Section 11 ‘Financial contracts for differences (CFDs)’, Table 11.2 ‘CFDs– pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market’ and Table 11.3 ‘CFDs – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market’ are replaced by the following:‘Table 11.2.CFDs – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid marketAsset class – Financial contracts for differences (CFDs)Sub-asset classPercentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid marketTransactions to be considered for the calculations of the thresholdsLIS pre-tradeSSTI post-tradeLIS post-tradeTrade – percentileThreshold floorTrade – percentileVolume – percentileThreshold floorTrade – percentileVolume – percentileThreshold floorCurrency CFDstransactions executed on currency CFDs considered to have a liquid market as per Articles 6 and 8(1)(b)70EUR 60 0008060EUR 90 0009070EUR 100 000Commodity CFDstransactions executed on commodity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b)70EUR 60 0008060EUR 90 0009070EUR 100 000Equity CFDstransactions executed on equity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b)70EUR 60 0008060EUR 90 0009070EUR 100 000Bond CFDstransactions executed on equity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b)70EUR 60 0008060EUR 90 0009070EUR 100 000CFDs on an equity future/forwardtransactions executed on CFDs on future on an equity considered to have a liquid market as per Articles 6 and 8(1)(b)70EUR 60 0008060EUR 90 0009070EUR 100 000CFDs on an equity optiontransactions executed on CFDs on option on an equity considered to have a liquid market as per Articles 6 and 8(1)(b)70EUR 60 0008060EUR 90 0009070EUR 100 000Table 11.3.CFDs – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid marketAsset class – Financial contracts for differences (CFDs)Sub-asset classPre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid marketLIS pre-tradeSSTI post-tradeLIS post-tradeThreshold valueThreshold valueThreshold valueCurrency CFDsEUR 60 000EUR 90 000EUR 100 000Commodity CFDsEUR 60 000EUR 90 000EUR 100 000Equity CFDsEUR 60 000EUR 90 000EUR 100 000Bond CFDsEUR 60 000EUR 90 000EUR 100 000CFDs on an equity future/forwardEUR 60 000EUR 90 000EUR 100 000CFDs on an equity optionEUR 60 000EUR 90 000EUR 100 000Other CFDs/spread bettingEUR 60 000EUR 90 000EUR 100 000 ’ Asset class – Financial contracts for differences (CFDs) Sub-asset class Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market Transactions to be considered for the calculations of the thresholds LIS pre-trade SSTI post-trade LIS post-trade Trade – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Currency CFDs transactions executed on currency CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000 Commodity CFDs transactions executed on commodity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000 Equity CFDs transactions executed on equity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000 Bond CFDs transactions executed on equity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000 CFDs on an equity future/forward transactions executed on CFDs on future on an equity considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000 CFDs on an equity option transactions executed on CFDs on option on an equity considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000 Asset class – Financial contracts for differences (CFDs) Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market LIS pre-trade SSTI post-trade LIS post-trade Threshold value Threshold value Threshold value Currency CFDs EUR 60 000 EUR 90 000 EUR 100 000 Commodity CFDs EUR 60 000 EUR 90 000 EUR 100 000 Equity CFDs EUR 60 000 EUR 90 000 EUR 100 000 Bond CFDs EUR 60 000 EUR 90 000 EUR 100 000 CFDs on an equity future/forward EUR 60 000 EUR 90 000 EUR 100 000 CFDs on an equity option EUR 60 000 EUR 90 000 EUR 100 000 Other CFDs/spread betting EUR 60 000 EUR 90 000 EUR 100 000 ’
Asset class – Financial contracts for differences (CFDs)
Sub-asset class Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market
Transactions to be considered for the calculations of the thresholds LIS pre-trade SSTI post-trade LIS post-trade
Trade – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor
Currency CFDs transactions executed on currency CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000
Commodity CFDs transactions executed on commodity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000
Equity CFDs transactions executed on equity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000
Bond CFDs transactions executed on equity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000
CFDs on an equity future/forward transactions executed on CFDs on future on an equity considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000
CFDs on an equity option transactions executed on CFDs on option on an equity considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000
Asset class – Financial contracts for differences (CFDs)
Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
LIS pre-trade SSTI post-trade LIS post-trade
Threshold value Threshold value Threshold value
Currency CFDs EUR 60 000 EUR 90 000 EUR 100 000
Commodity CFDs EUR 60 000 EUR 90 000 EUR 100 000
Equity CFDs EUR 60 000 EUR 90 000 EUR 100 000
Bond CFDs EUR 60 000 EUR 90 000 EUR 100 000
CFDs on an equity future/forward EUR 60 000 EUR 90 000 EUR 100 000
CFDs on an equity option EUR 60 000 EUR 90 000 EUR 100 000
Other CFDs/spread betting EUR 60 000 EUR 90 000 EUR 100 000 ’
Asset class – Financial contracts for differences (CFDs)
Sub-asset class Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market
Transactions to be considered for the calculations of the thresholds LIS pre-trade SSTI post-trade LIS post-trade
Trade – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor Trade – percentile Volume – percentile Threshold floor
Currency CFDs transactions executed on currency CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000
Commodity CFDs transactions executed on commodity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000
Equity CFDs transactions executed on equity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000
Bond CFDs transactions executed on equity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000
CFDs on an equity future/forward transactions executed on CFDs on future on an equity considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000
CFDs on an equity option transactions executed on CFDs on option on an equity considered to have a liquid market as per Articles 6 and 8(1)(b) 70 EUR 60 000 80 60 EUR 90 000 90 70 EUR 100 000
Asset class – Financial contracts for differences (CFDs)
Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
LIS pre-trade SSTI post-trade LIS post-trade
Threshold value Threshold value Threshold value
Currency CFDs EUR 60 000 EUR 90 000 EUR 100 000
Commodity CFDs EUR 60 000 EUR 90 000 EUR 100 000
Equity CFDs EUR 60 000 EUR 90 000 EUR 100 000
Bond CFDs EUR 60 000 EUR 90 000 EUR 100 000
CFDs on an equity future/forward EUR 60 000 EUR 90 000 EUR 100 000
CFDs on an equity option EUR 60 000 EUR 90 000 EUR 100 000
Other CFDs/spread betting EUR 60 000 EUR 90 000 EUR 100 000 ’
(10) Section 12 ‘Emission allowances’ is replaced by the following:‘12.Emission allowancesTable 12.1.Emission allowances – classes not having a liquid marketAsset class – Emission allowancesFor the purpose of determining the sub-asset classes not having a liquid market as per Article 6a the following methodology shall apply:Sub-asset classLiquidity determinationEuropean Union Allowances (EUA) any unit recognised for compliance with the requirements of Directive 2003/87/EC of the European Parliament and of the Council(5)(Emissions Trading Scheme) which represents the right to emit the equivalent to 1 tonne of carbon dioxide equivalent (tCO2e)RTS2#3 = EMAL and RTS23#37 = EUAEEuropean Union Allowances (EUA) are considered to have a liquid marketAny other emission allowancesRTS2#3 = EMAL and RTS23#37 <> EUAEAny other emission allowances are considered not to have a liquid marketTable 12.2.Emission allowances – pre-trade LIS threshold and post-trade size thresholdAsset class – Emission allowancesSub-asset classPre-trade LISPost-trade size thresholdEuropean Union Allowances (EUA)5 000 tons of Carbon Dioxide Equivalent25 000 tons of Carbon Dioxide EquivalentAny other emission allowancesAny sizeAny size’ Asset class – Emission allowances For the purpose of determining the sub-asset classes not having a liquid market as per Article 6a the following methodology shall apply: Sub-asset class Liquidity determination European Union Allowances (EUA) any unit recognised for compliance with the requirements of Directive 2003/87/EC of the European Parliament and of the Council(5)(Emissions Trading Scheme) which represents the right to emit the equivalent to 1 tonne of carbon dioxide equivalent (tCO2e)RTS2#3 = EMAL and RTS23#37 = EUAE European Union Allowances (EUA) are considered to have a liquid market Any other emission allowancesRTS2#3 = EMAL and RTS23#37 <> EUAE Any other emission allowances are considered not to have a liquid market Asset class – Emission allowances Sub-asset class Pre-trade LIS Post-trade size threshold European Union Allowances (EUA) 5 000 tons of Carbon Dioxide Equivalent 25 000 tons of Carbon Dioxide Equivalent Any other emission allowances Any size Any size’
Asset class – Emission allowances
For the purpose of determining the sub-asset classes not having a liquid market as per Article 6a the following methodology shall apply:
Sub-asset class Liquidity determination
European Union Allowances (EUA) any unit recognised for compliance with the requirements of Directive 2003/87/EC of the European Parliament and of the Council(5)(Emissions Trading Scheme) which represents the right to emit the equivalent to 1 tonne of carbon dioxide equivalent (tCO2e)RTS2#3 = EMAL and RTS23#37 = EUAE European Union Allowances (EUA) are considered to have a liquid market
Any other emission allowancesRTS2#3 = EMAL and RTS23#37 <> EUAE Any other emission allowances are considered not to have a liquid market
Asset class – Emission allowances
Sub-asset class Pre-trade LIS Post-trade size threshold
European Union Allowances (EUA) 5 000 tons of Carbon Dioxide Equivalent 25 000 tons of Carbon Dioxide Equivalent
Any other emission allowances Any size Any size’
Asset class – Emission allowances
For the purpose of determining the sub-asset classes not having a liquid market as per Article 6a the following methodology shall apply:
Sub-asset class Liquidity determination
European Union Allowances (EUA) any unit recognised for compliance with the requirements of Directive 2003/87/EC of the European Parliament and of the Council(5)(Emissions Trading Scheme) which represents the right to emit the equivalent to 1 tonne of carbon dioxide equivalent (tCO2e)RTS2#3 = EMAL and RTS23#37 = EUAE European Union Allowances (EUA) are considered to have a liquid market
Any other emission allowancesRTS2#3 = EMAL and RTS23#37 <> EUAE Any other emission allowances are considered not to have a liquid market
Asset class – Emission allowances
Sub-asset class Pre-trade LIS Post-trade size threshold
European Union Allowances (EUA) 5 000 tons of Carbon Dioxide Equivalent 25 000 tons of Carbon Dioxide Equivalent
Any other emission allowances Any size Any size’
(11) in Section 13 ‘Emission allowance derivatives’, Table 13.2 ‘Emission allowance derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-asset classes determined to have a liquid market’ and Table 13.3 ‘Emission allowance derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-asset classes determined not to have a liquid market’ are replaced by the following:‘Table 13.2.Emission allowance derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid marketAsset class – Emission Allowance DerivativesSub-asset classTransactions to be considered for the calculation of the thresholdsPercentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined to have a liquid marketLIS pre-tradeSSTI post-tradeLIS post-tradeTrade – percentileThreshold floorTrade – percentileThreshold floorTrade – percentileThreshold floorEmission allowance derivatives whose underlying is of the type European Union Allowances (EUA)transactions executed on all emission allowance derivatives whose underlying is of the type European Union Allowances (EUA)7050 000 tons of Carbon Dioxide8090 000 tons of Carbon Dioxide90100 000 tons of Carbon DioxideEmission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA)transactions executed on all emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA)7025 000 tons of Carbon Dioxide8040 000 tons of Carbon Dioxide9050 000 tons of Carbon DioxideEmission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER)transactions executed on all emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER)7025 000 tons of Carbon Dioxide8040 000 tons of Carbon Dioxide9050 000 tons of Carbon DioxideEmission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU)transactions executed on all emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU)7025 000 tons of Carbon Dioxide8040 000 tons of Carbon Dioxide9050 000 tons of Carbon DioxideTable 13.3.Emission allowance derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid marketAsset class – Emission Allowance DerivativesSub-asset classPre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined not to have a liquid marketLIS pre-tradeSSTI post-tradeLIS post-tradeThreshold valueThreshold valueThreshold valueEmission allowance derivatives whose underlying is of the type European Union Allowances (EUA)50 000 tons of Carbon Dioxide90 000 tons of Carbon Dioxide100 000 tons of Carbon DioxideEmission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA)25 000 tons of Carbon Dioxide40 000 tons of Carbon Dioxide50 000 tons of Carbon DioxideEmission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER)25 000 tons of Carbon Dioxide40 000 tons of Carbon Dioxide50 000 tons of Carbon DioxideEmission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU)25 000 tons of Carbon Dioxide40 000 tons of Carbon Dioxide50 000 tons of Carbon DioxideOther Emission allowance derivatives25 000 tons of Carbon Dioxide40 000 tons of Carbon Dioxide50 000 tons of Carbon Dioxide’ Asset class – Emission Allowance Derivatives Sub-asset class Transactions to be considered for the calculation of the thresholds Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined to have a liquid market LIS pre-trade SSTI post-trade LIS post-trade Trade – percentile Threshold floor Trade – percentile Threshold floor Trade – percentile Threshold floor Emission allowance derivatives whose underlying is of the type European Union Allowances (EUA) transactions executed on all emission allowance derivatives whose underlying is of the type European Union Allowances (EUA) 70 50 000 tons of Carbon Dioxide 80 90 000 tons of Carbon Dioxide 90 100 000 tons of Carbon Dioxide Emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA) transactions executed on all emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA) 70 25 000 tons of Carbon Dioxide 80 40 000 tons of Carbon Dioxide 90 50 000 tons of Carbon Dioxide Emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER) transactions executed on all emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER) 70 25 000 tons of Carbon Dioxide 80 40 000 tons of Carbon Dioxide 90 50 000 tons of Carbon Dioxide Emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU) transactions executed on all emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU) 70 25 000 tons of Carbon Dioxide 80 40 000 tons of Carbon Dioxide 90 50 000 tons of Carbon Dioxide Asset class – Emission Allowance Derivatives Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined not to have a liquid market LIS pre-trade SSTI post-trade LIS post-trade Threshold value Threshold value Threshold value Emission allowance derivatives whose underlying is of the type European Union Allowances (EUA) 50 000 tons of Carbon Dioxide 90 000 tons of Carbon Dioxide 100 000 tons of Carbon Dioxide Emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA) 25 000 tons of Carbon Dioxide 40 000 tons of Carbon Dioxide 50 000 tons of Carbon Dioxide Emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER) 25 000 tons of Carbon Dioxide 40 000 tons of Carbon Dioxide 50 000 tons of Carbon Dioxide Emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU) 25 000 tons of Carbon Dioxide 40 000 tons of Carbon Dioxide 50 000 tons of Carbon Dioxide Other Emission allowance derivatives 25 000 tons of Carbon Dioxide 40 000 tons of Carbon Dioxide 50 000 tons of Carbon Dioxide’
Asset class – Emission Allowance Derivatives
Sub-asset class Transactions to be considered for the calculation of the thresholds Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined to have a liquid market
LIS pre-trade SSTI post-trade LIS post-trade
Trade – percentile Threshold floor Trade – percentile Threshold floor Trade – percentile Threshold floor
Emission allowance derivatives whose underlying is of the type European Union Allowances (EUA) transactions executed on all emission allowance derivatives whose underlying is of the type European Union Allowances (EUA) 70 50 000 tons of Carbon Dioxide 80 90 000 tons of Carbon Dioxide 90 100 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA) transactions executed on all emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA) 70 25 000 tons of Carbon Dioxide 80 40 000 tons of Carbon Dioxide 90 50 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER) transactions executed on all emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER) 70 25 000 tons of Carbon Dioxide 80 40 000 tons of Carbon Dioxide 90 50 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU) transactions executed on all emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU) 70 25 000 tons of Carbon Dioxide 80 40 000 tons of Carbon Dioxide 90 50 000 tons of Carbon Dioxide
Asset class – Emission Allowance Derivatives
Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined not to have a liquid market
LIS pre-trade SSTI post-trade LIS post-trade
Threshold value Threshold value Threshold value
Emission allowance derivatives whose underlying is of the type European Union Allowances (EUA) 50 000 tons of Carbon Dioxide 90 000 tons of Carbon Dioxide 100 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA) 25 000 tons of Carbon Dioxide 40 000 tons of Carbon Dioxide 50 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER) 25 000 tons of Carbon Dioxide 40 000 tons of Carbon Dioxide 50 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU) 25 000 tons of Carbon Dioxide 40 000 tons of Carbon Dioxide 50 000 tons of Carbon Dioxide
Other Emission allowance derivatives 25 000 tons of Carbon Dioxide 40 000 tons of Carbon Dioxide 50 000 tons of Carbon Dioxide’
Asset class – Emission Allowance Derivatives
Sub-asset class Transactions to be considered for the calculation of the thresholds Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined to have a liquid market
LIS pre-trade SSTI post-trade LIS post-trade
Trade – percentile Threshold floor Trade – percentile Threshold floor Trade – percentile Threshold floor
Emission allowance derivatives whose underlying is of the type European Union Allowances (EUA) transactions executed on all emission allowance derivatives whose underlying is of the type European Union Allowances (EUA) 70 50 000 tons of Carbon Dioxide 80 90 000 tons of Carbon Dioxide 90 100 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA) transactions executed on all emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA) 70 25 000 tons of Carbon Dioxide 80 40 000 tons of Carbon Dioxide 90 50 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER) transactions executed on all emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER) 70 25 000 tons of Carbon Dioxide 80 40 000 tons of Carbon Dioxide 90 50 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU) transactions executed on all emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU) 70 25 000 tons of Carbon Dioxide 80 40 000 tons of Carbon Dioxide 90 50 000 tons of Carbon Dioxide
Asset class – Emission Allowance Derivatives
Sub-asset class Pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined not to have a liquid market
LIS pre-trade SSTI post-trade LIS post-trade
Threshold value Threshold value Threshold value
Emission allowance derivatives whose underlying is of the type European Union Allowances (EUA) 50 000 tons of Carbon Dioxide 90 000 tons of Carbon Dioxide 100 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA) 25 000 tons of Carbon Dioxide 40 000 tons of Carbon Dioxide 50 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER) 25 000 tons of Carbon Dioxide 40 000 tons of Carbon Dioxide 50 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU) 25 000 tons of Carbon Dioxide 40 000 tons of Carbon Dioxide 50 000 tons of Carbon Dioxide
Other Emission allowance derivatives 25 000 tons of Carbon Dioxide 40 000 tons of Carbon Dioxide 50 000 tons of Carbon Dioxide’
(1) in Table 1, the first row is replaced by the following:RowType of trading systemDescription of the trading systemInformation to be made public‘1Continuous order book trading systemA system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis.The aggregate number of orders and the shares, depositary receipts, ETFs, certificates and other similar financial instruments that they represent at each price level for at least the five best bid and offer price levels.’ Row Type of trading system Description of the trading system Information to be made public ‘1 Continuous order book trading system A system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis. The aggregate number of orders and the shares, depositary receipts, ETFs, certificates and other similar financial instruments that they represent at each price level for at least the five best bid and offer price levels.’
Row Type of trading system Description of the trading system Information to be made public
‘1 Continuous order book trading system A system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis. The aggregate number of orders and the shares, depositary receipts, ETFs, certificates and other similar financial instruments that they represent at each price level for at least the five best bid and offer price levels.’
Row Type of trading system Description of the trading system Information to be made public
‘1 Continuous order book trading system A system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis. The aggregate number of orders and the shares, depositary receipts, ETFs, certificates and other similar financial instruments that they represent at each price level for at least the five best bid and offer price levels.’
(2) the following Tables 1a and 1b are inserted:‘Table 1aSymbol table for Table 1bSymbolData typeDefinition{ALPHANUM-n}Up to n alphanumerical charactersFree text field.{CURRENCYCODE_3}3 alphanumerical characters3-letter currency code, as specified by ISO 4217 currency codes{DATE_TIME_ FORMAT}ISO 8601 date and time formatDate and time in the following format: YYYY-MM-DDThh:mm:ss.ddddddZ.—“YYYY” is the year;—“MM” is the month;—“DD” is the day;—“T” – means that the letter “T” shall be used—“hh” is the hour;—“mm” is the minute;—“ss.dddddd” is the second and its fraction of a second;—“Z” is UTC time. Dates and times shall be reported in UTC.{DECIMAL-n/m}Decimal number of up to n digits in total of which up to m digits can be fraction digitsNumerical field for both positive and negative values. – decimal separator is “.” (full stop); – negative numbers are prefixed with “–” (minus); Where applicable, values shall be rounded and not truncated.{ISIN}12 alphanumerical charactersISIN code, as specified in ISO 6166{MIC}4 alphanumerical charactersMarket identifier as specified in ISO 10383{LEI}20 alphanumerical charactersLegal entity identifier as specified in ISO 17442Table 1bList of details for the purpose of pre-trade transparency#Field identifierDescription and details to be publishedFormat to be populated as specified in Table 21Update date and timeFor non-aggregated orders or quotes as referred to in Table 1, the date and time when the order or quote was received for execution, cancelled or modified into the trading system.For aggregated orders or quotes as referred to in Table 1, the date and time when the aggregated bid price (Field 5) or volume (Field 8) or the aggregated offer price (Field 5) or volume (Field 8) was calculated following the receipt of an order for execution, cancellation, or modification into the trading system, or following an execution.For periodic auction trading systems as referred to in Table 1, the date and time at which the price would best satisfy the trading algorithm and any modification of the price (Field 5) or quantity (Field 8) thereafter.The level of granularity shall be in accordance with the requirements set out in Article 12 of Commission Delegated Regulation (EU) 2025/1155(1).{DATE_TIME_FORMAT}2Instrument identification codeCode used to identify the financial instrument.{ISIN}3SideThe side of the order or quote.For periodic auction trading system, this field is not mandatory.“BUYI” or “SELL”4Market MakerFor quote-driven trading system the identification of the market maker.{LEI}5PriceThe price of orders and quotes as required under Table 1 and excluding, where applicable, commission and accrued interest.For periodic auction trading system as referred to in Table 1, the price at which the auction trading system would best satisfy its trading algorithm.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated.{DECIMAL-18/13} when the price is expressed as monetary value in the case of equity and equity-like financial instruments{DECIMAL-11/10} when the price is expressed as percentage or yield in the case of certificates and other equity-like financial instruments{DECIMAL-18/17} when the price is expressed as percentage, yield or basis points in the case of certificates and other equity-like financial instruments6Price currencyMajor currency unit in which the price (Field 5) is expressed (applicable where the price is expressed as monetary value).{CURRENCYCODE_3}7Price notationIndication as to whether the price (Field 5) is expressed in monetary value, in percentage or in yield.“MONE” – Monetary value in the case of equity and equity-like financial instruments“PERC” – Percentage in n the case of certificates and other equity-like financial instruments“YIEL” – Yield in the case of certificates and other equity-like financial instruments“BAPO” – Basis points in the case of certificates and other equity-like financial instruments8QuantityNumber of units of the financial instruments attached to the quotes or orders as required under Table 1.Where the quantity is not traded in units, the nominal or monetary value of the financial instrument shall be provided in the major currency unit.For periodic auction trading systems as referred to in Table 1, the aggregated quantity attached to the price that would best satisfy the trading algorithm.{DECIMAL-18/17} in case the quantity is expressed as number of units in the case of equity and equity-like financial instruments{DECIMAL-18/5} in case the quantity is expressed as monetary or nominal value in the case of certificates and other equity-like financial instruments.9Quantity currencyMajor currency in which the quantity (Field 8) is expressed. The major currency unit shall be provided.This field shall be populated where the quantity is not traded in units and is expressed as a nominal or monetary value. Otherwise, this field shall be center blank.{CURRENCYCODE_3}10Aggregated number of orders and quotesThe number of aggregated orders or quotes from members or participants where aggregated information is required under Table 1.{DECIMAL-18/0}11VenueIdentification of the trading venue through the system of which orders and quotes are advertised.Use the ISO 10383 segment MIC or, where the segment MIC does not exist, the operating MIC.{MIC}12Trading systemType of trading system where the order or quote is advertised“CLOB” – central limit order book trading systems. A continuous order book trading system as referred to in Table 1 of Annex I, and a trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I.“QDTS” – quote driven trading systems as referred to in Table 1 of Annex I.“PATS” – periodic auction trading systems as referred to in Table 1 of Annex I.“RFQT” – request for quote trading systems as referred to in Table 1 of Annex I.“HYBR” – hybrid trading systems as referred to. in Table 1 of Annex I. A trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I shall not be considered a hybrid system but a CLOB.“OTHR” – for any other trading system as referred to in Table 1 of Annex I.13Trading system phaseType of trading system phase where the order or quote is advertised“UDUC” – Undefined Auction“SOAU” – Scheduled Opening Auction“SCAU” – Scheduled Closing Auction“SIAU” – Scheduled Intraday Auction“UAUC” – Unscheduled Auction“ODAU” – On Demand Auction (Frequent Batch Auction)“COTR” – Continuous Trading“MACT” – At Market Close Trading“OMST” – Out of Main Session Trading“OTSP” – Other14Publication date and timeDate and time when the information was published by the trading venue.The level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.{DATE_TIME_FORMAT} Symbol Data type Definition {ALPHANUM-n} Up to n alphanumerical characters Free text field. {CURRENCYCODE_3} 3 alphanumerical characters 3-letter currency code, as specified by ISO 4217 currency codes {DATE_TIME_ FORMAT} ISO 8601 date and time format Date and time in the following format: YYYY-MM-DDThh:mm:ss.ddddddZ.—“YYYY” is the year;—“MM” is the month;—“DD” is the day;—“T” – means that the letter “T” shall be used—“hh” is the hour;—“mm” is the minute;—“ss.dddddd” is the second and its fraction of a second;—“Z” is UTC time. Dates and times shall be reported in UTC. — “YYYY” is the year; — “MM” is the month; — “DD” is the day; — “T” – means that the letter “T” shall be used — “hh” is the hour; — “mm” is the minute; — “ss.dddddd” is the second and its fraction of a second; — “Z” is UTC time. Dates and times shall be reported in UTC. {DECIMAL-n/m} Decimal number of up to n digits in total of which up to m digits can be fraction digits Numerical field for both positive and negative values. – decimal separator is “.” (full stop); – negative numbers are prefixed with “–” (minus); Where applicable, values shall be rounded and not truncated. {ISIN} 12 alphanumerical characters ISIN code, as specified in ISO 6166 {MIC} 4 alphanumerical characters Market identifier as specified in ISO 10383 {LEI} 20 alphanumerical characters Legal entity identifier as specified in ISO 17442 # Field identifier Description and details to be published Format to be populated as specified in Table 2 1 Update date and time For non-aggregated orders or quotes as referred to in Table 1, the date and time when the order or quote was received for execution, cancelled or modified into the trading system.For aggregated orders or quotes as referred to in Table 1, the date and time when the aggregated bid price (Field 5) or volume (Field 8) or the aggregated offer price (Field 5) or volume (Field 8) was calculated following the receipt of an order for execution, cancellation, or modification into the trading system, or following an execution.For periodic auction trading systems as referred to in Table 1, the date and time at which the price would best satisfy the trading algorithm and any modification of the price (Field 5) or quantity (Field 8) thereafter.The level of granularity shall be in accordance with the requirements set out in Article 12 of Commission Delegated Regulation (EU) 2025/1155(1). {DATE_TIME_FORMAT} 2 Instrument identification code Code used to identify the financial instrument. {ISIN} 3 Side The side of the order or quote.For periodic auction trading system, this field is not mandatory. “BUYI” or “SELL” 4 Market Maker For quote-driven trading system the identification of the market maker. {LEI} 5 Price The price of orders and quotes as required under Table 1 and excluding, where applicable, commission and accrued interest.For periodic auction trading system as referred to in Table 1, the price at which the auction trading system would best satisfy its trading algorithm.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated. {DECIMAL-18/13} when the price is expressed as monetary value in the case of equity and equity-like financial instruments{DECIMAL-11/10} when the price is expressed as percentage or yield in the case of certificates and other equity-like financial instruments{DECIMAL-18/17} when the price is expressed as percentage, yield or basis points in the case of certificates and other equity-like financial instruments 6 Price currency Major currency unit in which the price (Field 5) is expressed (applicable where the price is expressed as monetary value). {CURRENCYCODE_3} 7 Price notation Indication as to whether the price (Field 5) is expressed in monetary value, in percentage or in yield. “MONE” – Monetary value in the case of equity and equity-like financial instruments“PERC” – Percentage in n the case of certificates and other equity-like financial instruments“YIEL” – Yield in the case of certificates and other equity-like financial instruments“BAPO” – Basis points in the case of certificates and other equity-like financial instruments 8 Quantity Number of units of the financial instruments attached to the quotes or orders as required under Table 1.Where the quantity is not traded in units, the nominal or monetary value of the financial instrument shall be provided in the major currency unit.For periodic auction trading systems as referred to in Table 1, the aggregated quantity attached to the price that would best satisfy the trading algorithm. {DECIMAL-18/17} in case the quantity is expressed as number of units in the case of equity and equity-like financial instruments{DECIMAL-18/5} in case the quantity is expressed as monetary or nominal value in the case of certificates and other equity-like financial instruments. 9 Quantity currency Major currency in which the quantity (Field 8) is expressed. The major currency unit shall be provided.This field shall be populated where the quantity is not traded in units and is expressed as a nominal or monetary value. Otherwise, this field shall be center blank. {CURRENCYCODE_3} 10 Aggregated number of orders and quotes The number of aggregated orders or quotes from members or participants where aggregated information is required under Table 1. {DECIMAL-18/0} 11 Venue Identification of the trading venue through the system of which orders and quotes are advertised.Use the ISO 10383 segment MIC or, where the segment MIC does not exist, the operating MIC. {MIC} 12 Trading system Type of trading system where the order or quote is advertised “CLOB” – central limit order book trading systems. A continuous order book trading system as referred to in Table 1 of Annex I, and a trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I.“QDTS” – quote driven trading systems as referred to in Table 1 of Annex I.“PATS” – periodic auction trading systems as referred to in Table 1 of Annex I.“RFQT” – request for quote trading systems as referred to in Table 1 of Annex I.“HYBR” – hybrid trading systems as referred to. in Table 1 of Annex I. A trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I shall not be considered a hybrid system but a CLOB.“OTHR” – for any other trading system as referred to in Table 1 of Annex I. 13 Trading system phase Type of trading system phase where the order or quote is advertised “UDUC” – Undefined Auction“SOAU” – Scheduled Opening Auction“SCAU” – Scheduled Closing Auction“SIAU” – Scheduled Intraday Auction“UAUC” – Unscheduled Auction“ODAU” – On Demand Auction (Frequent Batch Auction)“COTR” – Continuous Trading“MACT” – At Market Close Trading“OMST” – Out of Main Session Trading“OTSP” – Other 14 Publication date and time Date and time when the information was published by the trading venue.The level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155. {DATE_TIME_FORMAT}
Symbol Data type Definition
{ALPHANUM-n} Up to n alphanumerical characters Free text field.
{CURRENCYCODE_3} 3 alphanumerical characters 3-letter currency code, as specified by ISO 4217 currency codes
{DATE_TIME_ FORMAT} ISO 8601 date and time format Date and time in the following format: YYYY-MM-DDThh:mm:ss.ddddddZ.—“YYYY” is the year;—“MM” is the month;—“DD” is the day;—“T” – means that the letter “T” shall be used—“hh” is the hour;—“mm” is the minute;—“ss.dddddd” is the second and its fraction of a second;—“Z” is UTC time. Dates and times shall be reported in UTC. — “YYYY” is the year; — “MM” is the month; — “DD” is the day; — “T” – means that the letter “T” shall be used — “hh” is the hour; — “mm” is the minute; — “ss.dddddd” is the second and its fraction of a second; — “Z” is UTC time. Dates and times shall be reported in UTC.
— “YYYY” is the year;
— “MM” is the month;
— “DD” is the day;
— “T” – means that the letter “T” shall be used
— “hh” is the hour;
— “mm” is the minute;
— “ss.dddddd” is the second and its fraction of a second;
— “Z” is UTC time. Dates and times shall be reported in UTC.
{DECIMAL-n/m} Decimal number of up to n digits in total of which up to m digits can be fraction digits Numerical field for both positive and negative values. – decimal separator is “.” (full stop); – negative numbers are prefixed with “–” (minus); Where applicable, values shall be rounded and not truncated.
{ISIN} 12 alphanumerical characters ISIN code, as specified in ISO 6166
{MIC} 4 alphanumerical characters Market identifier as specified in ISO 10383
{LEI} 20 alphanumerical characters Legal entity identifier as specified in ISO 17442
# Field identifier Description and details to be published Format to be populated as specified in Table 2
1 Update date and time For non-aggregated orders or quotes as referred to in Table 1, the date and time when the order or quote was received for execution, cancelled or modified into the trading system.For aggregated orders or quotes as referred to in Table 1, the date and time when the aggregated bid price (Field 5) or volume (Field 8) or the aggregated offer price (Field 5) or volume (Field 8) was calculated following the receipt of an order for execution, cancellation, or modification into the trading system, or following an execution.For periodic auction trading systems as referred to in Table 1, the date and time at which the price would best satisfy the trading algorithm and any modification of the price (Field 5) or quantity (Field 8) thereafter.The level of granularity shall be in accordance with the requirements set out in Article 12 of Commission Delegated Regulation (EU) 2025/1155(1). {DATE_TIME_FORMAT}
2 Instrument identification code Code used to identify the financial instrument. {ISIN}
3 Side The side of the order or quote.For periodic auction trading system, this field is not mandatory. “BUYI” or “SELL”
4 Market Maker For quote-driven trading system the identification of the market maker. {LEI}
5 Price The price of orders and quotes as required under Table 1 and excluding, where applicable, commission and accrued interest.For periodic auction trading system as referred to in Table 1, the price at which the auction trading system would best satisfy its trading algorithm.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated. {DECIMAL-18/13} when the price is expressed as monetary value in the case of equity and equity-like financial instruments{DECIMAL-11/10} when the price is expressed as percentage or yield in the case of certificates and other equity-like financial instruments{DECIMAL-18/17} when the price is expressed as percentage, yield or basis points in the case of certificates and other equity-like financial instruments
6 Price currency Major currency unit in which the price (Field 5) is expressed (applicable where the price is expressed as monetary value). {CURRENCYCODE_3}
7 Price notation Indication as to whether the price (Field 5) is expressed in monetary value, in percentage or in yield. “MONE” – Monetary value in the case of equity and equity-like financial instruments“PERC” – Percentage in n the case of certificates and other equity-like financial instruments“YIEL” – Yield in the case of certificates and other equity-like financial instruments“BAPO” – Basis points in the case of certificates and other equity-like financial instruments
8 Quantity Number of units of the financial instruments attached to the quotes or orders as required under Table 1.Where the quantity is not traded in units, the nominal or monetary value of the financial instrument shall be provided in the major currency unit.For periodic auction trading systems as referred to in Table 1, the aggregated quantity attached to the price that would best satisfy the trading algorithm. {DECIMAL-18/17} in case the quantity is expressed as number of units in the case of equity and equity-like financial instruments{DECIMAL-18/5} in case the quantity is expressed as monetary or nominal value in the case of certificates and other equity-like financial instruments.
9 Quantity currency Major currency in which the quantity (Field 8) is expressed. The major currency unit shall be provided.This field shall be populated where the quantity is not traded in units and is expressed as a nominal or monetary value. Otherwise, this field shall be center blank. {CURRENCYCODE_3}
10 Aggregated number of orders and quotes The number of aggregated orders or quotes from members or participants where aggregated information is required under Table 1. {DECIMAL-18/0}
11 Venue Identification of the trading venue through the system of which orders and quotes are advertised.Use the ISO 10383 segment MIC or, where the segment MIC does not exist, the operating MIC. {MIC}
12 Trading system Type of trading system where the order or quote is advertised “CLOB” – central limit order book trading systems. A continuous order book trading system as referred to in Table 1 of Annex I, and a trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I.“QDTS” – quote driven trading systems as referred to in Table 1 of Annex I.“PATS” – periodic auction trading systems as referred to in Table 1 of Annex I.“RFQT” – request for quote trading systems as referred to in Table 1 of Annex I.“HYBR” – hybrid trading systems as referred to. in Table 1 of Annex I. A trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I shall not be considered a hybrid system but a CLOB.“OTHR” – for any other trading system as referred to in Table 1 of Annex I.
13 Trading system phase Type of trading system phase where the order or quote is advertised “UDUC” – Undefined Auction“SOAU” – Scheduled Opening Auction“SCAU” – Scheduled Closing Auction“SIAU” – Scheduled Intraday Auction“UAUC” – Unscheduled Auction“ODAU” – On Demand Auction (Frequent Batch Auction)“COTR” – Continuous Trading“MACT” – At Market Close Trading“OMST” – Out of Main Session Trading“OTSP” – Other
14 Publication date and time Date and time when the information was published by the trading venue.The level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155. {DATE_TIME_FORMAT}
Symbol Data type Definition
{ALPHANUM-n} Up to n alphanumerical characters Free text field.
{CURRENCYCODE_3} 3 alphanumerical characters 3-letter currency code, as specified by ISO 4217 currency codes
{DATE_TIME_ FORMAT} ISO 8601 date and time format Date and time in the following format: YYYY-MM-DDThh:mm:ss.ddddddZ.—“YYYY” is the year;—“MM” is the month;—“DD” is the day;—“T” – means that the letter “T” shall be used—“hh” is the hour;—“mm” is the minute;—“ss.dddddd” is the second and its fraction of a second;—“Z” is UTC time. Dates and times shall be reported in UTC. — “YYYY” is the year; — “MM” is the month; — “DD” is the day; — “T” – means that the letter “T” shall be used — “hh” is the hour; — “mm” is the minute; — “ss.dddddd” is the second and its fraction of a second; — “Z” is UTC time. Dates and times shall be reported in UTC.
— “YYYY” is the year;
— “MM” is the month;
— “DD” is the day;
— “T” – means that the letter “T” shall be used
— “hh” is the hour;
— “mm” is the minute;
— “ss.dddddd” is the second and its fraction of a second;
— “Z” is UTC time. Dates and times shall be reported in UTC.
{DECIMAL-n/m} Decimal number of up to n digits in total of which up to m digits can be fraction digits Numerical field for both positive and negative values. – decimal separator is “.” (full stop); – negative numbers are prefixed with “–” (minus); Where applicable, values shall be rounded and not truncated.
{ISIN} 12 alphanumerical characters ISIN code, as specified in ISO 6166
{MIC} 4 alphanumerical characters Market identifier as specified in ISO 10383
{LEI} 20 alphanumerical characters Legal entity identifier as specified in ISO 17442
— “YYYY” is the year;
— “MM” is the month;
— “DD” is the day;
— “T” – means that the letter “T” shall be used
— “hh” is the hour;
— “mm” is the minute;
— “ss.dddddd” is the second and its fraction of a second;
— “Z” is UTC time. Dates and times shall be reported in UTC.
# Field identifier Description and details to be published Format to be populated as specified in Table 2
1 Update date and time For non-aggregated orders or quotes as referred to in Table 1, the date and time when the order or quote was received for execution, cancelled or modified into the trading system.For aggregated orders or quotes as referred to in Table 1, the date and time when the aggregated bid price (Field 5) or volume (Field 8) or the aggregated offer price (Field 5) or volume (Field 8) was calculated following the receipt of an order for execution, cancellation, or modification into the trading system, or following an execution.For periodic auction trading systems as referred to in Table 1, the date and time at which the price would best satisfy the trading algorithm and any modification of the price (Field 5) or quantity (Field 8) thereafter.The level of granularity shall be in accordance with the requirements set out in Article 12 of Commission Delegated Regulation (EU) 2025/1155(1). {DATE_TIME_FORMAT}
2 Instrument identification code Code used to identify the financial instrument. {ISIN}
3 Side The side of the order or quote.For periodic auction trading system, this field is not mandatory. “BUYI” or “SELL”
4 Market Maker For quote-driven trading system the identification of the market maker. {LEI}
5 Price The price of orders and quotes as required under Table 1 and excluding, where applicable, commission and accrued interest.For periodic auction trading system as referred to in Table 1, the price at which the auction trading system would best satisfy its trading algorithm.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated. {DECIMAL-18/13} when the price is expressed as monetary value in the case of equity and equity-like financial instruments{DECIMAL-11/10} when the price is expressed as percentage or yield in the case of certificates and other equity-like financial instruments{DECIMAL-18/17} when the price is expressed as percentage, yield or basis points in the case of certificates and other equity-like financial instruments
6 Price currency Major currency unit in which the price (Field 5) is expressed (applicable where the price is expressed as monetary value). {CURRENCYCODE_3}
7 Price notation Indication as to whether the price (Field 5) is expressed in monetary value, in percentage or in yield. “MONE” – Monetary value in the case of equity and equity-like financial instruments“PERC” – Percentage in n the case of certificates and other equity-like financial instruments“YIEL” – Yield in the case of certificates and other equity-like financial instruments“BAPO” – Basis points in the case of certificates and other equity-like financial instruments
8 Quantity Number of units of the financial instruments attached to the quotes or orders as required under Table 1.Where the quantity is not traded in units, the nominal or monetary value of the financial instrument shall be provided in the major currency unit.For periodic auction trading systems as referred to in Table 1, the aggregated quantity attached to the price that would best satisfy the trading algorithm. {DECIMAL-18/17} in case the quantity is expressed as number of units in the case of equity and equity-like financial instruments{DECIMAL-18/5} in case the quantity is expressed as monetary or nominal value in the case of certificates and other equity-like financial instruments.
9 Quantity currency Major currency in which the quantity (Field 8) is expressed. The major currency unit shall be provided.This field shall be populated where the quantity is not traded in units and is expressed as a nominal or monetary value. Otherwise, this field shall be center blank. {CURRENCYCODE_3}
10 Aggregated number of orders and quotes The number of aggregated orders or quotes from members or participants where aggregated information is required under Table 1. {DECIMAL-18/0}
11 Venue Identification of the trading venue through the system of which orders and quotes are advertised.Use the ISO 10383 segment MIC or, where the segment MIC does not exist, the operating MIC. {MIC}
12 Trading system Type of trading system where the order or quote is advertised “CLOB” – central limit order book trading systems. A continuous order book trading system as referred to in Table 1 of Annex I, and a trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I.“QDTS” – quote driven trading systems as referred to in Table 1 of Annex I.“PATS” – periodic auction trading systems as referred to in Table 1 of Annex I.“RFQT” – request for quote trading systems as referred to in Table 1 of Annex I.“HYBR” – hybrid trading systems as referred to. in Table 1 of Annex I. A trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I shall not be considered a hybrid system but a CLOB.“OTHR” – for any other trading system as referred to in Table 1 of Annex I.
13 Trading system phase Type of trading system phase where the order or quote is advertised “UDUC” – Undefined Auction“SOAU” – Scheduled Opening Auction“SCAU” – Scheduled Closing Auction“SIAU” – Scheduled Intraday Auction“UAUC” – Unscheduled Auction“ODAU” – On Demand Auction (Frequent Batch Auction)“COTR” – Continuous Trading“MACT” – At Market Close Trading“OMST” – Out of Main Session Trading“OTSP” – Other
14 Publication date and time Date and time when the information was published by the trading venue.The level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155. {DATE_TIME_FORMAT}
(3) Tables 3 and 4 are replaced by the following:‘Table 3List of details for the purpose of post-trade transparencyField numField identifierDescription and details to be publishedType of execution or publication venueFormat to be populated as specified in Table 21Trading date and timeDate and time when the transaction was executed.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the date and time when the parties agree on the content of the following fields: quantity, price, currencies, as specified in fields 31, 34 and 44 of Table 2 of Annex I to Delegated Regulation (EU) 2017/590, instrument identification code, instrument classification and underlying instrument code, where applicable. For transactions not executed on a trading venue the time reported shall be granular to at least the nearest second.Where the transaction results from an order transmitted by the executing firm on behalf of a client to a third party where the conditions for transmission set out in Article 4 of Delegated Regulation (EU) 2017/590 were not satisfied, the date and time of the transaction rather than the time of the order transmission.Regulated Market (RM), Multilateral Trading Facility (MTF), Organised Trading Facility (OTF)Approved Publication Arrangement (APA){DATE_TIME_FORMAT}2Instrument identification codeCode used to identify the financial instrumentRM, MTF, APA{ISIN}3PriceTraded price of the transaction excluding, where applicable, commission and accrued interest.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated.RM, MTF, APA{DECIMAL-18/13} in case the price is expressed as monetary value{DECIMAL-11/10} in case the price is expressed as percentage or yield{DECIMAL-18/17} when the price is expressed as basis points in the case of certificates and other equity-like financial instruments4Missing PriceWhere the price is not available but pending, the value shall be “PNDG”.Where the price is not applicable, the value shall be “NOAP”.RM, MTF APA“PNDG” in case the price is not available“NOAP” in case the price is not applicable5Price currencyMajor currency unit in which the price is expressed (applicable where the price is expressed as monetary value).RM, MTF APA{CURRENCYCODE_3}6Price notationIndication as to whether the price is expressed in monetary value, in percentage, or in yield.RM, MTF APA“MONE” – Monetary value in the case of equity and equity-like financial instruments“PERC” – Percentage in the case of certificates and other equity-like financial instruments“YIEL” – Yield in the case of certificates and other equity-like financial instruments“BAPO” – Basis points in the case of certificates and other equity-like financial instruments7QuantityNumber of units of the financial instruments.The nominal or monetary value of the financial instrument.RM, MTF, APA{DECIMAL-18/17} in case the quantity is expressed as number of units{DECIMAL-18/5} in case the quantity is expressed as monetary or nominal value8Venue of executionIdentification of the venue where the transaction was executed.Use the ISO 10383 segment MIC for transactions executed on an EU trading venue Where the segment MIC does not exist, use the operating MIC.Use “SINT” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is executed on a Systematic Internaliser.Use MIC code “XOFF” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is neither executed on an EU trading venue nor executed on a systematic internaliser. Where the transaction is executed on an organised trading platform outside of the Union, the population of the field “Third-country trading venue of execution” shall be required, in addition to the MIC code “XOFF”.RM, MTF, APA{MIC} – EU trading venues or“SINT” – systematic internaliser“XOFF” – otherwise9Third-country trading venue of executionIdentification of the third-country trading venue where the transaction was executed. Use the ISO 10383 segment MIC.Where the segment MIC does not exist, use the operating MIC.Where the transaction is not executed on a third-country trading venue, this field shall not be populated.APA{MIC}10Trading systemType of trading system on which the transaction was executed.Where the field “Venue of execution” is populated with “SINT” or “XOFF”, this field shall not be populated.RM, MTF“CLOB” – central limit order book trading systems. A continuous order book trading system as referred to in Table 1 of Annex I and a trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I.“QDTS” – quote driven trading systems as referred to in Table 1 of Annex I.“PATS” – periodic auction trading systems as referred to in Table 1 of Annex I.“RFQT” – request for quote trading systems as referred to in Table 1 of Annex I.“HYBR” – hybrid trading systems as referred to in Table 1 of Annex I. A trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I shall not be considered a hybrid system but a CLOB.“OTHR” – for any other trading system as referred to in Table 1 of Annex I.11Publication date and timeDate and time when the transaction was published by a trading venue or APA.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the date and time shall be granular to at least the nearest second.RM, MTF, APA{DATE_TIME_FORMAT}12Venue of PublicationCode used to identify the trading venue or APA publishing the transaction.RM, MTF, APA{MIC}13Transaction identification codeAlphanumerical code assigned by trading venues (pursuant to Article 12 of Delegated Regulation (EU) 2017/580) and APAs and used in any subsequent reference to the specific trade.The transaction identification code shall be unique, consistent and persistent per ISO 10383 segment MIC and per trading day. Where the trading venue does not use segment MICs, the transaction identification code shall be unique, consistent and persistent per operating MIC per trading day.Where the APA does not use MICs, the transaction identification code shall be unique, consistent and persistent per 4-character code used to identify the APA per trading day.The components of the transaction identification code shall not disclose the identity of the counterparties to the transaction for which the code is maintained.RM, MTF, APA{ALPHANUM-52}14FlagsOne or multiple fields shall be populated with the applicable flags referred to in Table 4 of Annex Ι.Where none of the specified circumstances apply, the transaction shall be published without a flag.Where a combination of flags is possible and reported in one field, the flags shall be reported separated by commas.RM, MTF, APAAs per Table 4 of Annex ITable 4List of flags for the purpose of post-trade transparencyFlagNameType of execution or publication venueDescription“BENC”Benchmark transactions flagRM, MTFAPATransactions executed in reference to a price that is calculated over multiple time instances according to a given benchmark, such as volume-weighted average price or time-weighted average price.“NPFT”Non-price forming transactions flagRM, MTFNon-price forming transactions as set out in Article 2(5) of Delegated Regulation (EU) 2017/590.“PORT”Portfolio transactions flagRM, MTFAPATransactions in five or more different financial instruments where those transactions are traded at the same time by the same client and as a single lot against a specific reference price.“CONT”Contingent transactions flagRM, MTFAPATransactions that are contingent on the purchase, sale, creation or redemption of a derivative contract or other financial instrument where all the components of the trade are meant to be executed as a single lot.“SDIV”Special dividend transaction flagRM, MTFAPATransactions that are either: executed during the ex-dividend period where the dividend or other form of distribution accrues to the buyer instead of the seller; or executed during the cum-dividend period where the dividend or other form of distribution accrues to the seller instead of the buyer.“LRGS”Post-trade large in scale transaction flagRM, MTFAPATransactions that are large in scale compared with normal market size for which deferred publication is permitted under Article 15.“RFPT”Reference price transaction flagRM, MTFTransactions which are executed under systems operating in accordance with Article 4(1), point (a), of Regulation (EU) No 600/2014.“NLIQ”Negotiated transaction in liquid financial instruments flagRM, MTFTransactions executed in accordance with Article 4(1), point (b)(i), of Regulation (EU) No 600/2014.“OILQ”Negotiated transaction in illiquid financial instruments flagRM, MTFTransactions executed in accordance with Article 4(1), point (b)(ii), of Regulation (EU) No 600/2014.“PRIC”Negotiated transaction subject to conditions other than the current market price flagRM, MTFTransactions executed in accordance with Article 4(1), point (b)(iii), of Regulation (EU) No 600/2014 and as set out in Article 6 of this Regulation.“ALGO”Algorithmic transaction flagRM, MTFTransactions executed as a result of an investment firm engaging in algorithmic trading as defined in Article 4(1), point (39), of Directive 2014/65/EU.“CANC”Cancellation flagRM, MTFAPAWhere a previously published transaction is cancelled“AMND”Amendment flagRM, MTFAPAWhere a previously published transaction is amended’ Field num Field identifier Description and details to be published Type of execution or publication venue Format to be populated as specified in Table 2 1 Trading date and time Date and time when the transaction was executed.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the date and time when the parties agree on the content of the following fields: quantity, price, currencies, as specified in fields 31, 34 and 44 of Table 2 of Annex I to Delegated Regulation (EU) 2017/590, instrument identification code, instrument classification and underlying instrument code, where applicable. For transactions not executed on a trading venue the time reported shall be granular to at least the nearest second.Where the transaction results from an order transmitted by the executing firm on behalf of a client to a third party where the conditions for transmission set out in Article 4 of Delegated Regulation (EU) 2017/590 were not satisfied, the date and time of the transaction rather than the time of the order transmission. Regulated Market (RM), Multilateral Trading Facility (MTF), Organised Trading Facility (OTF)Approved Publication Arrangement (APA) {DATE_TIME_FORMAT} 2 Instrument identification code Code used to identify the financial instrument RM, MTF, APA {ISIN} 3 Price Traded price of the transaction excluding, where applicable, commission and accrued interest.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated. RM, MTF, APA {DECIMAL-18/13} in case the price is expressed as monetary value{DECIMAL-11/10} in case the price is expressed as percentage or yield{DECIMAL-18/17} when the price is expressed as basis points in the case of certificates and other equity-like financial instruments 4 Missing Price Where the price is not available but pending, the value shall be “PNDG”.Where the price is not applicable, the value shall be “NOAP”. RM, MTF APA “PNDG” in case the price is not available“NOAP” in case the price is not applicable 5 Price currency Major currency unit in which the price is expressed (applicable where the price is expressed as monetary value). RM, MTF APA {CURRENCYCODE_3} 6 Price notation Indication as to whether the price is expressed in monetary value, in percentage, or in yield. RM, MTF APA “MONE” – Monetary value in the case of equity and equity-like financial instruments“PERC” – Percentage in the case of certificates and other equity-like financial instruments“YIEL” – Yield in the case of certificates and other equity-like financial instruments“BAPO” – Basis points in the case of certificates and other equity-like financial instruments 7 Quantity Number of units of the financial instruments.The nominal or monetary value of the financial instrument. RM, MTF, APA {DECIMAL-18/17} in case the quantity is expressed as number of units{DECIMAL-18/5} in case the quantity is expressed as monetary or nominal value 8 Venue of execution Identification of the venue where the transaction was executed.Use the ISO 10383 segment MIC for transactions executed on an EU trading venue Where the segment MIC does not exist, use the operating MIC.Use “SINT” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is executed on a Systematic Internaliser.Use MIC code “XOFF” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is neither executed on an EU trading venue nor executed on a systematic internaliser. Where the transaction is executed on an organised trading platform outside of the Union, the population of the field “Third-country trading venue of execution” shall be required, in addition to the MIC code “XOFF”. RM, MTF, APA {MIC} – EU trading venues or“SINT” – systematic internaliser“XOFF” – otherwise 9 Third-country trading venue of execution Identification of the third-country trading venue where the transaction was executed. Use the ISO 10383 segment MIC.Where the segment MIC does not exist, use the operating MIC.Where the transaction is not executed on a third-country trading venue, this field shall not be populated. APA {MIC} 10 Trading system Type of trading system on which the transaction was executed.Where the field “Venue of execution” is populated with “SINT” or “XOFF”, this field shall not be populated. RM, MTF “CLOB” – central limit order book trading systems. A continuous order book trading system as referred to in Table 1 of Annex I and a trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I.“QDTS” – quote driven trading systems as referred to in Table 1 of Annex I.“PATS” – periodic auction trading systems as referred to in Table 1 of Annex I.“RFQT” – request for quote trading systems as referred to in Table 1 of Annex I.“HYBR” – hybrid trading systems as referred to in Table 1 of Annex I. A trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I shall not be considered a hybrid system but a CLOB.“OTHR” – for any other trading system as referred to in Table 1 of Annex I. 11 Publication date and time Date and time when the transaction was published by a trading venue or APA.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the date and time shall be granular to at least the nearest second. RM, MTF, APA {DATE_TIME_FORMAT} 12 Venue of Publication Code used to identify the trading venue or APA publishing the transaction. RM, MTF, APA {MIC} 13 Transaction identification code Alphanumerical code assigned by trading venues (pursuant to Article 12 of Delegated Regulation (EU) 2017/580) and APAs and used in any subsequent reference to the specific trade.The transaction identification code shall be unique, consistent and persistent per ISO 10383 segment MIC and per trading day. Where the trading venue does not use segment MICs, the transaction identification code shall be unique, consistent and persistent per operating MIC per trading day.Where the APA does not use MICs, the transaction identification code shall be unique, consistent and persistent per 4-character code used to identify the APA per trading day.The components of the transaction identification code shall not disclose the identity of the counterparties to the transaction for which the code is maintained. RM, MTF, APA {ALPHANUM-52} 14 Flags One or multiple fields shall be populated with the applicable flags referred to in Table 4 of Annex Ι.Where none of the specified circumstances apply, the transaction shall be published without a flag.Where a combination of flags is possible and reported in one field, the flags shall be reported separated by commas. RM, MTF, APA As per Table 4 of Annex I Flag Name Type of execution or publication venue Description “BENC” Benchmark transactions flag RM, MTFAPA Transactions executed in reference to a price that is calculated over multiple time instances according to a given benchmark, such as volume-weighted average price or time-weighted average price. “NPFT” Non-price forming transactions flag RM, MTF Non-price forming transactions as set out in Article 2(5) of Delegated Regulation (EU) 2017/590. “PORT” Portfolio transactions flag RM, MTFAPA Transactions in five or more different financial instruments where those transactions are traded at the same time by the same client and as a single lot against a specific reference price. “CONT” Contingent transactions flag RM, MTFAPA Transactions that are contingent on the purchase, sale, creation or redemption of a derivative contract or other financial instrument where all the components of the trade are meant to be executed as a single lot. “SDIV” Special dividend transaction flag RM, MTFAPA Transactions that are either: executed during the ex-dividend period where the dividend or other form of distribution accrues to the buyer instead of the seller; or executed during the cum-dividend period where the dividend or other form of distribution accrues to the seller instead of the buyer. “LRGS” Post-trade large in scale transaction flag RM, MTFAPA Transactions that are large in scale compared with normal market size for which deferred publication is permitted under Article 15. “RFPT” Reference price transaction flag RM, MTF Transactions which are executed under systems operating in accordance with Article 4(1), point (a), of Regulation (EU) No 600/2014. “NLIQ” Negotiated transaction in liquid financial instruments flag RM, MTF Transactions executed in accordance with Article 4(1), point (b)(i), of Regulation (EU) No 600/2014. “OILQ” Negotiated transaction in illiquid financial instruments flag RM, MTF Transactions executed in accordance with Article 4(1), point (b)(ii), of Regulation (EU) No 600/2014. “PRIC” Negotiated transaction subject to conditions other than the current market price flag RM, MTF Transactions executed in accordance with Article 4(1), point (b)(iii), of Regulation (EU) No 600/2014 and as set out in Article 6 of this Regulation. “ALGO” Algorithmic transaction flag RM, MTF Transactions executed as a result of an investment firm engaging in algorithmic trading as defined in Article 4(1), point (39), of Directive 2014/65/EU. “CANC” Cancellation flag RM, MTFAPA Where a previously published transaction is cancelled “AMND” Amendment flag RM, MTFAPA Where a previously published transaction is amended’
Field num Field identifier Description and details to be published Type of execution or publication venue Format to be populated as specified in Table 2
1 Trading date and time Date and time when the transaction was executed.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the date and time when the parties agree on the content of the following fields: quantity, price, currencies, as specified in fields 31, 34 and 44 of Table 2 of Annex I to Delegated Regulation (EU) 2017/590, instrument identification code, instrument classification and underlying instrument code, where applicable. For transactions not executed on a trading venue the time reported shall be granular to at least the nearest second.Where the transaction results from an order transmitted by the executing firm on behalf of a client to a third party where the conditions for transmission set out in Article 4 of Delegated Regulation (EU) 2017/590 were not satisfied, the date and time of the transaction rather than the time of the order transmission. Regulated Market (RM), Multilateral Trading Facility (MTF), Organised Trading Facility (OTF)Approved Publication Arrangement (APA) {DATE_TIME_FORMAT}
2 Instrument identification code Code used to identify the financial instrument RM, MTF, APA {ISIN}
3 Price Traded price of the transaction excluding, where applicable, commission and accrued interest.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated. RM, MTF, APA {DECIMAL-18/13} in case the price is expressed as monetary value{DECIMAL-11/10} in case the price is expressed as percentage or yield{DECIMAL-18/17} when the price is expressed as basis points in the case of certificates and other equity-like financial instruments
4 Missing Price Where the price is not available but pending, the value shall be “PNDG”.Where the price is not applicable, the value shall be “NOAP”. RM, MTF APA “PNDG” in case the price is not available“NOAP” in case the price is not applicable
5 Price currency Major currency unit in which the price is expressed (applicable where the price is expressed as monetary value). RM, MTF APA {CURRENCYCODE_3}
6 Price notation Indication as to whether the price is expressed in monetary value, in percentage, or in yield. RM, MTF APA “MONE” – Monetary value in the case of equity and equity-like financial instruments“PERC” – Percentage in the case of certificates and other equity-like financial instruments“YIEL” – Yield in the case of certificates and other equity-like financial instruments“BAPO” – Basis points in the case of certificates and other equity-like financial instruments
7 Quantity Number of units of the financial instruments.The nominal or monetary value of the financial instrument. RM, MTF, APA {DECIMAL-18/17} in case the quantity is expressed as number of units{DECIMAL-18/5} in case the quantity is expressed as monetary or nominal value
8 Venue of execution Identification of the venue where the transaction was executed.Use the ISO 10383 segment MIC for transactions executed on an EU trading venue Where the segment MIC does not exist, use the operating MIC.Use “SINT” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is executed on a Systematic Internaliser.Use MIC code “XOFF” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is neither executed on an EU trading venue nor executed on a systematic internaliser. Where the transaction is executed on an organised trading platform outside of the Union, the population of the field “Third-country trading venue of execution” shall be required, in addition to the MIC code “XOFF”. RM, MTF, APA {MIC} – EU trading venues or“SINT” – systematic internaliser“XOFF” – otherwise
9 Third-country trading venue of execution Identification of the third-country trading venue where the transaction was executed. Use the ISO 10383 segment MIC.Where the segment MIC does not exist, use the operating MIC.Where the transaction is not executed on a third-country trading venue, this field shall not be populated. APA {MIC}
10 Trading system Type of trading system on which the transaction was executed.Where the field “Venue of execution” is populated with “SINT” or “XOFF”, this field shall not be populated. RM, MTF “CLOB” – central limit order book trading systems. A continuous order book trading system as referred to in Table 1 of Annex I and a trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I.“QDTS” – quote driven trading systems as referred to in Table 1 of Annex I.“PATS” – periodic auction trading systems as referred to in Table 1 of Annex I.“RFQT” – request for quote trading systems as referred to in Table 1 of Annex I.“HYBR” – hybrid trading systems as referred to in Table 1 of Annex I. A trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I shall not be considered a hybrid system but a CLOB.“OTHR” – for any other trading system as referred to in Table 1 of Annex I.
11 Publication date and time Date and time when the transaction was published by a trading venue or APA.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the date and time shall be granular to at least the nearest second. RM, MTF, APA {DATE_TIME_FORMAT}
12 Venue of Publication Code used to identify the trading venue or APA publishing the transaction. RM, MTF, APA {MIC}
13 Transaction identification code Alphanumerical code assigned by trading venues (pursuant to Article 12 of Delegated Regulation (EU) 2017/580) and APAs and used in any subsequent reference to the specific trade.The transaction identification code shall be unique, consistent and persistent per ISO 10383 segment MIC and per trading day. Where the trading venue does not use segment MICs, the transaction identification code shall be unique, consistent and persistent per operating MIC per trading day.Where the APA does not use MICs, the transaction identification code shall be unique, consistent and persistent per 4-character code used to identify the APA per trading day.The components of the transaction identification code shall not disclose the identity of the counterparties to the transaction for which the code is maintained. RM, MTF, APA {ALPHANUM-52}
14 Flags One or multiple fields shall be populated with the applicable flags referred to in Table 4 of Annex Ι.Where none of the specified circumstances apply, the transaction shall be published without a flag.Where a combination of flags is possible and reported in one field, the flags shall be reported separated by commas. RM, MTF, APA As per Table 4 of Annex I
Flag Name Type of execution or publication venue Description
“BENC” Benchmark transactions flag RM, MTFAPA Transactions executed in reference to a price that is calculated over multiple time instances according to a given benchmark, such as volume-weighted average price or time-weighted average price.
“NPFT” Non-price forming transactions flag RM, MTF Non-price forming transactions as set out in Article 2(5) of Delegated Regulation (EU) 2017/590.
“PORT” Portfolio transactions flag RM, MTFAPA Transactions in five or more different financial instruments where those transactions are traded at the same time by the same client and as a single lot against a specific reference price.
“CONT” Contingent transactions flag RM, MTFAPA Transactions that are contingent on the purchase, sale, creation or redemption of a derivative contract or other financial instrument where all the components of the trade are meant to be executed as a single lot.
“SDIV” Special dividend transaction flag RM, MTFAPA Transactions that are either: executed during the ex-dividend period where the dividend or other form of distribution accrues to the buyer instead of the seller; or executed during the cum-dividend period where the dividend or other form of distribution accrues to the seller instead of the buyer.
“LRGS” Post-trade large in scale transaction flag RM, MTFAPA Transactions that are large in scale compared with normal market size for which deferred publication is permitted under Article 15.
“RFPT” Reference price transaction flag RM, MTF Transactions which are executed under systems operating in accordance with Article 4(1), point (a), of Regulation (EU) No 600/2014.
“NLIQ” Negotiated transaction in liquid financial instruments flag RM, MTF Transactions executed in accordance with Article 4(1), point (b)(i), of Regulation (EU) No 600/2014.
“OILQ” Negotiated transaction in illiquid financial instruments flag RM, MTF Transactions executed in accordance with Article 4(1), point (b)(ii), of Regulation (EU) No 600/2014.
“PRIC” Negotiated transaction subject to conditions other than the current market price flag RM, MTF Transactions executed in accordance with Article 4(1), point (b)(iii), of Regulation (EU) No 600/2014 and as set out in Article 6 of this Regulation.
“ALGO” Algorithmic transaction flag RM, MTF Transactions executed as a result of an investment firm engaging in algorithmic trading as defined in Article 4(1), point (39), of Directive 2014/65/EU.
“CANC” Cancellation flag RM, MTFAPA Where a previously published transaction is cancelled
“AMND” Amendment flag RM, MTFAPA Where a previously published transaction is amended’
Field num Field identifier Description and details to be published Type of execution or publication venue Format to be populated as specified in Table 2
1 Trading date and time Date and time when the transaction was executed.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the date and time when the parties agree on the content of the following fields: quantity, price, currencies, as specified in fields 31, 34 and 44 of Table 2 of Annex I to Delegated Regulation (EU) 2017/590, instrument identification code, instrument classification and underlying instrument code, where applicable. For transactions not executed on a trading venue the time reported shall be granular to at least the nearest second.Where the transaction results from an order transmitted by the executing firm on behalf of a client to a third party where the conditions for transmission set out in Article 4 of Delegated Regulation (EU) 2017/590 were not satisfied, the date and time of the transaction rather than the time of the order transmission. Regulated Market (RM), Multilateral Trading Facility (MTF), Organised Trading Facility (OTF)Approved Publication Arrangement (APA) {DATE_TIME_FORMAT}
2 Instrument identification code Code used to identify the financial instrument RM, MTF, APA {ISIN}
3 Price Traded price of the transaction excluding, where applicable, commission and accrued interest.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated. RM, MTF, APA {DECIMAL-18/13} in case the price is expressed as monetary value{DECIMAL-11/10} in case the price is expressed as percentage or yield{DECIMAL-18/17} when the price is expressed as basis points in the case of certificates and other equity-like financial instruments
4 Missing Price Where the price is not available but pending, the value shall be “PNDG”.Where the price is not applicable, the value shall be “NOAP”. RM, MTF APA “PNDG” in case the price is not available“NOAP” in case the price is not applicable
5 Price currency Major currency unit in which the price is expressed (applicable where the price is expressed as monetary value). RM, MTF APA {CURRENCYCODE_3}
6 Price notation Indication as to whether the price is expressed in monetary value, in percentage, or in yield. RM, MTF APA “MONE” – Monetary value in the case of equity and equity-like financial instruments“PERC” – Percentage in the case of certificates and other equity-like financial instruments“YIEL” – Yield in the case of certificates and other equity-like financial instruments“BAPO” – Basis points in the case of certificates and other equity-like financial instruments
7 Quantity Number of units of the financial instruments.The nominal or monetary value of the financial instrument. RM, MTF, APA {DECIMAL-18/17} in case the quantity is expressed as number of units{DECIMAL-18/5} in case the quantity is expressed as monetary or nominal value
8 Venue of execution Identification of the venue where the transaction was executed.Use the ISO 10383 segment MIC for transactions executed on an EU trading venue Where the segment MIC does not exist, use the operating MIC.Use “SINT” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is executed on a Systematic Internaliser.Use MIC code “XOFF” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is neither executed on an EU trading venue nor executed on a systematic internaliser. Where the transaction is executed on an organised trading platform outside of the Union, the population of the field “Third-country trading venue of execution” shall be required, in addition to the MIC code “XOFF”. RM, MTF, APA {MIC} – EU trading venues or“SINT” – systematic internaliser“XOFF” – otherwise
9 Third-country trading venue of execution Identification of the third-country trading venue where the transaction was executed. Use the ISO 10383 segment MIC.Where the segment MIC does not exist, use the operating MIC.Where the transaction is not executed on a third-country trading venue, this field shall not be populated. APA {MIC}
10 Trading system Type of trading system on which the transaction was executed.Where the field “Venue of execution” is populated with “SINT” or “XOFF”, this field shall not be populated. RM, MTF “CLOB” – central limit order book trading systems. A continuous order book trading system as referred to in Table 1 of Annex I and a trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I.“QDTS” – quote driven trading systems as referred to in Table 1 of Annex I.“PATS” – periodic auction trading systems as referred to in Table 1 of Annex I.“RFQT” – request for quote trading systems as referred to in Table 1 of Annex I.“HYBR” – hybrid trading systems as referred to in Table 1 of Annex I. A trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I shall not be considered a hybrid system but a CLOB.“OTHR” – for any other trading system as referred to in Table 1 of Annex I.
11 Publication date and time Date and time when the transaction was published by a trading venue or APA.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the date and time shall be granular to at least the nearest second. RM, MTF, APA {DATE_TIME_FORMAT}
12 Venue of Publication Code used to identify the trading venue or APA publishing the transaction. RM, MTF, APA {MIC}
13 Transaction identification code Alphanumerical code assigned by trading venues (pursuant to Article 12 of Delegated Regulation (EU) 2017/580) and APAs and used in any subsequent reference to the specific trade.The transaction identification code shall be unique, consistent and persistent per ISO 10383 segment MIC and per trading day. Where the trading venue does not use segment MICs, the transaction identification code shall be unique, consistent and persistent per operating MIC per trading day.Where the APA does not use MICs, the transaction identification code shall be unique, consistent and persistent per 4-character code used to identify the APA per trading day.The components of the transaction identification code shall not disclose the identity of the counterparties to the transaction for which the code is maintained. RM, MTF, APA {ALPHANUM-52}
14 Flags One or multiple fields shall be populated with the applicable flags referred to in Table 4 of Annex Ι.Where none of the specified circumstances apply, the transaction shall be published without a flag.Where a combination of flags is possible and reported in one field, the flags shall be reported separated by commas. RM, MTF, APA As per Table 4 of Annex I
Flag Name Type of execution or publication venue Description
“BENC” Benchmark transactions flag RM, MTFAPA Transactions executed in reference to a price that is calculated over multiple time instances according to a given benchmark, such as volume-weighted average price or time-weighted average price.
“NPFT” Non-price forming transactions flag RM, MTF Non-price forming transactions as set out in Article 2(5) of Delegated Regulation (EU) 2017/590.
“PORT” Portfolio transactions flag RM, MTFAPA Transactions in five or more different financial instruments where those transactions are traded at the same time by the same client and as a single lot against a specific reference price.
“CONT” Contingent transactions flag RM, MTFAPA Transactions that are contingent on the purchase, sale, creation or redemption of a derivative contract or other financial instrument where all the components of the trade are meant to be executed as a single lot.
“SDIV” Special dividend transaction flag RM, MTFAPA Transactions that are either: executed during the ex-dividend period where the dividend or other form of distribution accrues to the buyer instead of the seller; or executed during the cum-dividend period where the dividend or other form of distribution accrues to the seller instead of the buyer.
“LRGS” Post-trade large in scale transaction flag RM, MTFAPA Transactions that are large in scale compared with normal market size for which deferred publication is permitted under Article 15.
“RFPT” Reference price transaction flag RM, MTF Transactions which are executed under systems operating in accordance with Article 4(1), point (a), of Regulation (EU) No 600/2014.
“NLIQ” Negotiated transaction in liquid financial instruments flag RM, MTF Transactions executed in accordance with Article 4(1), point (b)(i), of Regulation (EU) No 600/2014.
“OILQ” Negotiated transaction in illiquid financial instruments flag RM, MTF Transactions executed in accordance with Article 4(1), point (b)(ii), of Regulation (EU) No 600/2014.
“PRIC” Negotiated transaction subject to conditions other than the current market price flag RM, MTF Transactions executed in accordance with Article 4(1), point (b)(iii), of Regulation (EU) No 600/2014 and as set out in Article 6 of this Regulation.
“ALGO” Algorithmic transaction flag RM, MTF Transactions executed as a result of an investment firm engaging in algorithmic trading as defined in Article 4(1), point (39), of Directive 2014/65/EU.
“CANC” Cancellation flag RM, MTFAPA Where a previously published transaction is cancelled
“AMND” Amendment flag RM, MTFAPA Where a previously published transaction is amended’
(1) Table 3 is replaced by the following:‘Table 3Standard market sizes for shares and depositary receiptsAverage value of transactions (AVT) in EURAVT bucket [0 -10 000 )AVT bucket [10 000 -12 000 )AVT bucket [12 000 -14 000 )AVT bucket [14 000 -16 000 )AVT bucket [16 000 -18 000 )AVT bucket [18 000 -20 000 )AVT bucket [20 000 -40 000 )AVT bucket [40 000 -60 000 )Etc.Standard market size5 00011 00013 00015 00017 00019 00030 00050 000Etc.’ Average value of transactions (AVT) in EUR AVT bucket [0 -10 000 ) AVT bucket [10 000 -12 000 ) AVT bucket [12 000 -14 000 ) AVT bucket [14 000 -16 000 ) AVT bucket [16 000 -18 000 ) AVT bucket [18 000 -20 000 ) AVT bucket [20 000 -40 000 ) AVT bucket [40 000 -60 000 ) Etc. Standard market size 5 000 11 000 13 000 15 000 17 000 19 000 30 000 50 000 Etc.’
Average value of transactions (AVT) in EUR AVT bucket [0 -10 000 ) AVT bucket [10 000 -12 000 ) AVT bucket [12 000 -14 000 ) AVT bucket [14 000 -16 000 ) AVT bucket [16 000 -18 000 ) AVT bucket [18 000 -20 000 ) AVT bucket [20 000 -40 000 ) AVT bucket [40 000 -60 000 ) Etc.
Standard market size 5 000 11 000 13 000 15 000 17 000 19 000 30 000 50 000 Etc.’
Average value of transactions (AVT) in EUR AVT bucket [0 -10 000 ) AVT bucket [10 000 -12 000 ) AVT bucket [12 000 -14 000 ) AVT bucket [14 000 -16 000 ) AVT bucket [16 000 -18 000 ) AVT bucket [18 000 -20 000 ) AVT bucket [20 000 -40 000 ) AVT bucket [40 000 -60 000 ) Etc.
Standard market size 5 000 11 000 13 000 15 000 17 000 19 000 30 000 50 000 Etc.’
(2) the following Table 3a is inserted:‘Table 3aStandard market sizes for ETFs, certificates and other similar financial instrumentsAverage value of transactions (AVT) in EURAVT bucket [0 -10 000 )AVT bucket [10 000 -15 000 )AVT bucket [15 000 -20 000 )AVT bucket [20 000 -25 000 )AVT bucket [25 000 -30 000 )AVT bucket [30 000 -35 000 )AVT bucket [35 000 -40 000 )AVT bucket [40 000 -60 000 )Etc.Standard market size5 00012 50017 50022 50027 50032 50037 50050 000Etc.’ Average value of transactions (AVT) in EUR AVT bucket [0 -10 000 ) AVT bucket [10 000 -15 000 ) AVT bucket [15 000 -20 000 ) AVT bucket [20 000 -25 000 ) AVT bucket [25 000 -30 000 ) AVT bucket [30 000 -35 000 ) AVT bucket [35 000 -40 000 ) AVT bucket [40 000 -60 000 ) Etc. Standard market size 5 000 12 500 17 500 22 500 27 500 32 500 37 500 50 000 Etc.’
Average value of transactions (AVT) in EUR AVT bucket [0 -10 000 ) AVT bucket [10 000 -15 000 ) AVT bucket [15 000 -20 000 ) AVT bucket [20 000 -25 000 ) AVT bucket [25 000 -30 000 ) AVT bucket [30 000 -35 000 ) AVT bucket [35 000 -40 000 ) AVT bucket [40 000 -60 000 ) Etc.
Standard market size 5 000 12 500 17 500 22 500 27 500 32 500 37 500 50 000 Etc.’
Average value of transactions (AVT) in EUR AVT bucket [0 -10 000 ) AVT bucket [10 000 -15 000 ) AVT bucket [15 000 -20 000 ) AVT bucket [20 000 -25 000 ) AVT bucket [25 000 -30 000 ) AVT bucket [30 000 -35 000 ) AVT bucket [35 000 -40 000 ) AVT bucket [40 000 -60 000 ) Etc.
Standard market size 5 000 12 500 17 500 22 500 27 500 32 500 37 500 50 000 Etc.’
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012(1), and in particular Article 4(6), third subparagraph, Article 7(2), third subparagraph, Article 9(5), third subparagraph, Article 11(4), fourth subparagraph, Article 14(7), third subparagraph, Article 20(3), third subparagraph, Article 21(5), third subparagraph, Article 22(3), second subparagraph, and Article 23(3), third subparagraph, thereof,
(1) Regulation (EU) 2016/1033 of the European Parliament and of the Council(2)amended Regulation (EU) No 600/2014 by introducing into Article 2 of that Regulation a definition of ‘package transactions’. Since delegated regulations should not contain definitions that are already laid down in legislative acts, it follows that the same definition of ‘package transactions’, as currently laid down in Article 1, point (1) of Commission Delegated Regulation (EU) 2017/583(3), should be removed from that Regulation.
(2) Regulation (EU) 2024/791 of the European Parliament and of the Council(4)amended Regulation (EU) No 600/2014 by limiting the requirement to publish firm or indicative quotes in respect of non-equity instruments to central limit order books and periodic auction trading systems. In consequence, Regulation (EU) 2024/791 also deleted Article 9(5), point (d), of Regulation (EU) No 600/2014, which empowered the Commission, inter alia, to lay down a definition of ‘request-for-quote’ and ‘voice trading systems’ for the purposes of waiving pre-trade disclosure. It follows that those definitions should be removed from Article 1 of Delegated Regulation (EU) 2017/583. It is also necessary to delete quote-driven, request-for-quote and voice trading systems from Annex I to Delegated Regulation (EU) 2017/583.
(3) Regulation (EU) 2024/791 amended Regulation (EU) No 600/2014 by inserting into Article 9(5) of that Regulation a new point (f). Pursuant to that provision, the Commission is empowered to specify the characteristics of ‘central limit order books’ (‘CLOBs’) and ‘periodic auction trading systems’. It is therefore necessary to introduce definitions to that effect into Delegated Regulation (EU) 2017/583. A trading system operated by means of an order book that only includes market maker quotes, and a trading algorithm that matches incoming buy and sell orders with resting market maker quotes without human intervention on the basis of the best available price on a continuous basis should be considered as a continuous order book trading system. A trading system operated by means of an order book, where the quotes of the liquidity providers are confirmed before the potential execution of an incoming order, and a trading algorithm that matches incoming buy and sell orders with the confirmed quotes of the liquidity providers without human intervention on the basis of the best available price on a continuous basis, should also be considered as a continuous order book trading system. Where a CLOB trading system combines elements of a continuous order book trading system and of a periodic auction trading system, the continuous order book component and the periodic auction component of the CLOB trading system should be subject to the information requirements set out in Annex I to Delegated Regulation (EU) 2017/583 for continuous order book trading systems and periodic auction trading systems respectively.
(4) Article 54(3) of Regulation (EU) No 600/2014 stipulates that the provisions of the delegated acts adopted pursuant to that Regulation as applicable before 28 March 2024 are to continue to apply until the date of application of the delegated acts adopted pursuant to that Regulation as applicable from 28 March. In the Commission notice on the interpretation and implementation of the transitional provision laid down in Regulation (EU) 2024/791(5), the Commission clarified that Article 54(3) of Regulation (EU) No 600/2014 aims to ensure continuity for market participants while the new Commission delegated regulations are being prepared. To ensure such continuity in practice, a new Article 1a should be introduced into Delegated Regulation (EU) 2017/583 to specify which Articles of that Delegated Regulation should continue to apply only in respect of derivatives. Those Articles should continue to apply together with the provisions in Regulation (EU) No 600/2014 that they supplement, as applicable before 28 March 2024. Therefore, it should also be clarified that references to Article 11 of Regulation (EU) No 600/2014 contained in those Articles should be construed as references to Article 11 of Regulation (EU) No 600/2014, as applicable before 28 March 2024.
(5) Pursuant to Article 9(5), point (c), of Regulation (EU) No 600/2014, the Commission is empowered to specify the size of orders that are large in scale compared with normal market size. Article 9(1), point (a), of that Regulation enables competent authorities to waive for such orders the obligation for market operators and investment firms operating a trading venue to make public the information referred to in Article 8(1) of that Regulation. The Commission specified the size of orders that are large in scale in Article 3 of Delegated Regulation (EU) 2017/583. Regulation (EU) 2024/791, however, amended Article 8 of Regulation (EU) No 600/2014 to provide for specific pre-trade transparency requirements for trading venues in respect of bonds, structured finance products and emission allowances, and introduced a new Article 8a into that Regulation to provide for specific pre-trade transparency requirements for trading venues in respect of derivatives. It follows from that amendment that the determination of whether an order is large in scale, as referred to in Article 9(1), point (a), of Regulation (EU) No 600/2014, will be different for, on the one hand, bonds, structured finance products and emission allowances, and, on the other hand, derivatives. A new Article 3a should therefore be introduced into Delegated Regulation (EU) 2017/583 to provide for specific rules on the determination of ‘orders which are large in scale’ for bonds, structured finance products and emission allowances. To achieve a more stable pre-trade transparency regime, those rules should rely on a static determination of ‘orders which are large in scale’.
(6) To accommodate for limiting the pre-trade transparency in respect of non-equity instruments to CLOBs and periodic auction trading systems, Regulation (EU) 2024/791 deleted from Regulation (EU) No 600/2014 Article 9(1), point (b). That point enabled competent authorities to waive the obligation for market operators and investment firms operating a trading venue to make public the information referred to in Article 8(1) of that Regulation for actionable indications of interest in request-for-quote and voice trading systems that are above a size specific to the financial instrument. Pursuant to Article 9(5), point (d), of Regulation (EU) No 600/2014, the Commission was empowered to specify the size specific to those financial instruments for which pre-trade disclosure may be waived, which the Commission did in Article 5 of Delegated Regulation (EU) 2017/583. Since Regulation (EU) 2024/791 deleted from Regulation (EU) No 600/2014 both Article 9(1), point (b), and the empowerment laid down in Article 9(5), point (d), it follows that Article 5 of Delegated Regulation (EU) 2017/583 should also be deleted. It is also necessary to delete all references to Article 5 of Delegated Regulation (EU) 2017/583 from other provisions of that Regulation.
(7) Pursuant to Article 9(5), point (e), of Regulation (EU) No 600/2014, the Commission is empowered to specify the financial instruments or the classes of financial instruments for which there is not a liquid market where pre-trade disclosure may be waived under Article 9(1) of that Regulation. Article 9(1), point (c), of that Regulation enables competent authorities to waive for such instruments or classes of financial instruments the obligation for market operators and investment firms operating a trading venue to make public the information referred to in Article 8(1) of that Regulation. The Commission specified the classes of financial instruments for which there is not a liquid market in Article 6 of Delegated Regulation (EU) 2017/583. Regulation (EU) 2024/791, however, amended Article 8 of Regulation (EU) No 600/2014 to provide for specific pre-trade transparency requirements for trading venues in respect of bonds, structured finance products and emission allowances, and introduced a new Article 8a into that Regulation to provide for specific pre-trade transparency requirements for trading venues in respect of derivatives. It follows from those amendments that the determination of whether there is a liquid market, as referred to in Article 9(1), point (c), of Regulation (EU) No 600/2014, will be different for, on the one hand, bonds, structured finance products and emission allowances, and, on the other hand, derivatives. A new Article 6a should therefore be introduced into Delegated Regulation (EU) 2017/583 to provide for specific rules on the determination of whether there is a ‘liquid market’ for bonds, structured finance products and emission allowances. To achieve a more stable transparency regime, those rules should rely on a static determination of liquidity.
(8) Regulation (EU) 2024/791 introduced into Article 2(1), point (16a), of Regulation (EU) No 600/2014 the definition of a ‘designated publishing entity’, and inserted into that Regulation a new Article 21a, which allows an investment firm that is a designated publishing entity to be responsible for making a transaction public through an approved publication arrangement (‘APA’). That same new Article 21a also specifies which party to a transaction should be responsible for making a transaction public where one, neither or both of the parties involved are designated publishing entities. It follows that the requirements laid down in Delegated Regulation (EU) 2017/583 that aim to identify the investment firm responsible for making a transaction public through an APA should be deleted.
(9) Article 11 of Regulation (EU) No 600/2014 enabled competent authorities to authorise market operators and investment firms operating a trading venue to provide for deferred publication of the details of transactions based on the size of the transaction or the type of transaction. Pursuant to Article 11(4), point (c), of that Regulation, the Commission was empowered to specify the conditions for such deferred publication, which the Commission did in Article 8 of Delegated Regulation (EU) 2017/583. Regulation (EU) 2024/791, however, amended Article 11 of Regulation (EU) No 600/2014 by providing for specific requirements on deferred publication in respect of bonds, structured finance products, and emission allowances, and introduced a new Article 11a in that Regulation containing specific requirements on deferred publication in respect of derivatives. A new Article 8a should therefore be introduced into Delegated Regulation (EU) 2017/583 to determine the exact details of the regime on deferred publication in respect of bonds, structured finance products, and emission allowances, including the determination of which issuance sizes correspond to a liquid or illiquid market in a given financial instrument, what constitutes a transaction of medium, large and very large size, and the duration of deferrals.
(10) To ensure that the deferral regime for bonds is simple and well calibrated, it is necessary to distinguish between three bond categories: (i) sovereign and other public bonds; (ii) corporate, convertible and other bonds; and (iii) covered bonds. To allow for a better distinction between liquid and illiquid bonds and therefore for a more efficient calibration, bonds should be further grouped for each bond category.
(11) According to the definition of liquid market set out in Article 2, point (17)(a)(i), of Regulation (EU) No 600/2014, a liquid market should be assessed according to the issuance size of a bond. To cater for potential changes to the issuance size of a bond over time, including due to bond taps or buybacks, it is necessary to assess a liquid market on the basis of the bond issuance outstanding amount (that is, the total value of bonds that have been issued and are held by investors at a given point in time), rather than the bond initial issuance size (that is, the total value of bonds that is offered to investors in the primary market at the time of issuance).
(12) To introduce a simpler transparency regime that does not rely on frequent liquidity assessments, the provisions applicable to structured finance products and emission allowances set out in Delegated Regulation (EU) 2017/583 should be amended. Based on a data analysis performed by the European Securities and Markets Authority (‘ESMA’), and building on ESMA’s past experience in calibrating transparency requirements, structured finance products and emission allowances different from Union emission allowances should be considered as not having a liquid market, while Union emission allowances should be considered as having a liquid market. With respect to structured finance products, the existing pre-trade and post-trade transparency thresholds and the existing price deferral duration for illiquid structured finance products, as set out in Delegated Regulation (EU) 2017/583, should be maintained. However, considering the illiquidity of structured finance products, and considering that Regulation (EU) No 600/2014 no longer allows competent authorities to provide for a supplementary deferral period for those instruments, a standard volume deferral duration of up to two weeks after the date of the transaction should be introduced. With respect to emission allowances, pre-trade and post-trade transparency thresholds should be set in tonnes of CO2(tCO2) rather than lots, as tCO2is the common unit of measurement for those instruments. Based on a data analysis performed by ESMA, while taking into account the liquid nature of Union emission allowances, the maximum deferral period for Union emission allowances should be no longer than 19:00 local time on the second working day after the date of the transaction.
(13) Based on a data analysis performed by ESMA, all exchange traded commodities (‘ETCs’) and exchange traded notes (‘ETNs’) should be considered as not having a liquid market. In line with the approach taken for structured finance products, a standard volume deferral duration of up to two weeks after the date of the transaction should also be introduced for ETCs and ETNs.
(14) Regulation (EU) 2024/791 introduced amendments to the possibility for competent authorities to supplement the deferral regime under Regulation (EU) No 600/2014. Firstly, such possibility was limited to sovereign debt instruments. Secondly, the power of a competent authority to extend the period of deferred publication was limited to transactions executed in respect of the sovereign debt instruments issued by the Member State of that competent authority. With regard to sovereign debt instruments not issued by a Member State, the power to extend the period of deferred publication was given to ESMA. Thirdly, the maximum duration of supplementary deferrals was limited to six months. Competent authorities may set a lower deferral duration within that limit. Delegated Regulation (EU) 2017/583 should therefore be amended to reflect those changes.
(15) With regard to the publication of the details of several transactions in an aggregated form, as referred to in Article 11(3), point (b), of Regulation (EU) No 600/2014, the aggregation methodology should remain unchanged. Therefore, transactions benefitting from an extended deferral should be aggregated by the respective trading venues and APAs over the course of one calendar week and should be published on the following Tuesday before 09:00 local time.
(16) To provide market participants with sufficient time to prepare for the new requirements, while ensuring the timely establishment of the bond consolidated tape, the date of application of the amendments to Delegated Regulation (EU) 2017/583 set out in this Regulation should be deferred.
(17) Delegated Regulation (EU) 2017/583 should therefore be amended accordingly.
(18) To ensure a harmonised application of pre-trade transparency requirements in respect of equity instruments, and considering the details of pre-trade data that trading venues are required to provide to the equity consolidated tape provider under Article 22a of Regulation (EU) No 600/2014, Commission Delegated Regulation (EU) 2017/587(6)should be amended to specify the details of pre-trade data to be made public by market operators and investment firms operating a trading venue for each class of financial instrument, as required by Article 3(1) of Regulation (EU) No 600/2014.
(19) Iceberg orders are orders which have a displayed volume (peak) available for execution relating to a portion of a quantity and a hidden volume relating to the remainder of the quantity, kept in the order management facility which is capable of execution only after execution of the disclosed order. To cater for the possibility of execution of the hidden part of iceberg orders in narrowly defined circumstances, Article 8 of Delegated Regulation (EU) 2017/587 on the order management facility waiver should be amended.
(20) Regulation (EU) 2024/791 introduced into Article 2(1) of Regulation (EU) No 600/2014 a definition of ‘designated publishing entity’, and inserted into that Regulation a new Article 21a, which allows an investment firm that is a designated publishing entity to be responsible for making a transaction public through an APA. That same new Article 21a also specifies which party to a transaction should be responsible for making a transaction public where one, neither or both of the parties involved are designated publishing entities. It follows that the requirements laid down in Delegated Regulation (EU) 2017/587 that aim to identify the investment firm responsible for making a transaction public through an APA should be deleted.
(21) To ensure a proper calibration of the thresholds for the application of pre-trade equity transparency requirements to systematic internalisers, the methodology to determine the standard market size (‘SMS’) set out in Article 11 of Delegated Regulation (EU) 2017/587 should be refined by increasing the granularity of the average trade size buckets. The threshold to determine the minimum quote size for systematic internalisers should correspond to the SMS. Taking into account the international best practices, the competitiveness of Union firms, the significance of the market impact, and the efficiency of price formation, the threshold to determine the size up to which pre-trade equity transparency obligations apply to systematic internalisers should correspond to twice the SMS.
(22) To ensure an accurate representation of market activity and price formation in equity post-trade transparency, it is necessary to amend Article 13 of Delegated Regulation (EU) 2017/587 to determine and clarify the scope of transactions that do not contribute to price discovery, including ‘give-up’ and ‘give-in’ transactions. Those transactions are technical trades carried out primarily for operational purposes or to facilitate risk management between investment firms, and thus do not represent independent price-setting events. For that reason, they should be excluded from post-trade transparency requirements.
(23) Annex I to Delegated Regulation (EU) 2017/587 sets out the types of trading systems and, for each system, a description of its main features and the information to be made public in accordance with Article 3 of Regulation (EU) No 600/2014. That Annex should be modified to specify that trading systems operated by means of an order book that only include market maker quotes and a trading algorithm operated without human intervention that matches incoming buy and sell orders with resting market maker quotes on the basis of the best available price on a continuous basis should be considered as continuous order book trading systems. Trading systems operated by means of an order book, where the quotes of the liquidity providers are confirmed before the potential execution of an incoming order, and a trading algorithm that matches incoming buy and sell orders with the confirmed quotes of the liquidity providers without human intervention on the basis of the best available price on a continuous basis should also be considered as continuous order book trading systems.
(24) To provide market participants and competent authorities with sufficient time to prepare for the new requirements, while ensuring the timely establishment of the equity consolidated tape, the date of application of provisions in this Regulation related to the pre-and post-trade transparency details to be made public with respect to equity instruments, to the determination of the most relevant market in terms of liquidity for equity instruments, to orders in respect of equity instruments that are large in scale, and to the methodology of the transparency calculations for equity instruments should be deferred.
(25) Delegated Regulation (EU) 2017/587 should therefore be amended accordingly.
(26) This Regulation is based on the draft regulatory technical standards submitted to the Commission by ESMA. ESMA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Securities and Markets Stakeholder Group established by Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council(7). ESMA has also considered the advice of the expert stakeholder group on equity and non-equity market data quality and transmission protocols in accordance with Article 22b(3), point (b), of Regulation (EU) No 600/2014.
(27) To ensure an effective transparency regime and the successful establishment of the consolidated tapes for bonds and equity, and considering that all provisions in this Regulation concern pre- and post-trade transparency, it is necessary to include the amendments to Delegated Regulations (EU) 2017/583 and (EU) 2017/587 to be adopted under Article 4(6), Article 7(2), Article 9(5), Article 11(4), Article 14(7), Article 20(3), Article 21(5), Article 22(3) and Article 23(3), respectively, of Regulation (EU) No 600/2014 into a single Regulation,
HAS ADOPTED THIS REGULATION:

Amendments to Delegated Regulation (EU) 2017/583
Article 1
Delegated Regulation (EU) 2017/583 is amended as follows:
(1)
Article 1 is replaced by the following:
For the purposes of this Regulation, the following definitions shall apply:
(1)
“central limit order book trading system” means any of the following:
(a)
a continuous order book trading system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis;
(b)
a trading system combining elements of a continuous order book trading system, as referred to in point (a), and of a periodic auction trading system, as defined in point (2);
(2)
“periodic auction trading system” means a trading system that matches orders on the basis of a periodic auction and a trading algorithm operated without human intervention.’
(2)
the following Article 1a is inserted:
1. Articles 3, 6, 9, 10, 11 and 13 shall apply only in respect of derivatives. Article 8 shall apply only in respect of derivatives and package transactions.
2. References to Article 11 of Regulation (EU) No 600/2014 in Articles 8 and 11 of this Regulation shall be construed as references to Article 11 of Regulation (EU) No 600/2014 as applicable before 28 March 2024.’
(3)
the following Article 3a is inserted:
An order in bonds, structured finance products or emission allowances shall be large in scale compared with normal market size where, at the point of entry of the order or following any amendment to the order, that order is equal to or larger than the following thresholds:
(a)
for all bond types, except Exchange Traded Commodities (‘ETCs’) and Exchange Traded Notes (‘ETNs’), the thresholds set out in Table 2.3 of Annex III;
(b)
for ETCs and ETNs, the thresholds set out in Table 2.5 of Annex III;
(c)
for structured finance products, the thresholds set out in Table 3.2 of Annex III;
(d)
for emission allowances, the thresholds set out in Table 12.2 of Annex III.’
(4)
Article 5 is deleted;
(5)
the following Article 6a is inserted:
To determine whether a bond, structured finance product or emission allowance is to be considered not to have a liquid market, competent authorities shall apply the following static determination of liquidity:
(a)
for all bond types, except ETCs and ETNs, the determination set out in Table 2.2 of Annex III;
(b)
for ETCs and ETNs, the determination set out in Table 2.4 of Annex III;
(c)
for structured finance products, the determination set out in Table 3.1 of Annex III;
(d)
for emission allowances, the determination set out in Table 12.1 of Annex III.’
(6)
Article 7 is amended as follows:
(a)
in paragraph 1, the following subparagraph is added:
‘The field names set out in Table 2 of Annex II shall be made public using the same naming conventions as set out in the field identifier of that table.’;
(b)
paragraph 4 is replaced by the following:
‘4. Post-trade information shall be made available as close to real time as is technically possible and in any case within five minutes after the execution of the relevant transaction.’
(c)
paragraphs 5 and 6 are deleted;
(d)
paragraph 8 is replaced by the following:
‘8. Information relating to a package transaction shall include the package transaction flag or the exchange for physicals transaction flag as specified in Table 3 of Annex II. Where the package transaction is eligible for deferred publication pursuant to Article 8, information on all components shall be made available after the deferral period for the transaction has lapsed.’
(7)
the following Article 8a is inserted:
1. Market operators and investment firms operating a trading venue and investment firms trading outside a trading venue may defer the publication of the details of transactions in respect of bonds, except ETCs and ETNs, in accordance with the following:
(a)
a price deferral and a volume deferral not exceeding 15 minutes, for transactions in category 1 as referred to in Table 2.6 of Annex III;
(b)
a price deferral and a volume deferral not exceeding the end of the trading day, for transactions in category 2 as referred to in Table 2.6 of Annex III;
(c)
a price deferral not exceeding the end of the first trading day after the transaction date and a volume deferral not exceeding one week after the transaction date, for transactions in category 3 as referred to in Table 2.6 of Annex III;
(d)
a price deferral not exceeding the end of the second trading day after the transaction date and a volume deferral not exceeding two weeks after the transaction date, for transactions in category 4 as referred to in Table 2.6 of Annex III;
(e)
a price deferral and a volume deferral not exceeding four weeks after the transaction date, for transactions in category 5 as referred to in Table 2.6 of Annex III.
2. Market operators and investment firms operating a trading venue and investment firms trading outside a trading venue may defer the publication of the details of transactions in respect of ETCs, ETNs and structured finance products in accordance with the following:
(a)
a price deferral not exceeding the end of the second trading day after the transaction date, for transactions of any size; and
(b)
a volume deferral not exceeding two weeks after the transaction date, for transactions of any size.
3. Market operators and investment firms operating a trading venue and investment firms trading outside a trading venue shall make public each transaction in respect of emission allowances no later than 19:00 local time on the second working day after the date of the transaction, provided that the transaction is above the post-trade size for emission allowances as referred to in Table 12.2 of Annex III.’
(8)
Article 11 is amended as follows:
(a)
in paragraph 1, point (d) is deleted;
(b)
in paragraph 2, points (b) and (c) are deleted;
(c)
paragraph 4 is replaced by the following:
‘4. The aggregated daily or weekly data referred to in paragraphs 1 and 2 shall contain the following information about derivatives in respect of each day or week of the calendar period concerned:
(a)
the weighted average price;
(b)
the total volume traded as referred to in Table 4 of Annex II;
(c)
the total number of transactions.’
(d)
paragraph 6 is replaced by the following:
‘6. Where the weekday for the publications set out in paragraph 1, point (c), and paragraphs 2 and 3, is not a working day, the publications shall be made on the following working day before 09:00 local time.’
(9)
the following Article 11a is inserted:
1. The publication of the details of several transactions in an aggregated form as referred to in Article 11(3), point (b), of Regulation (EU) No 600/2014 shall cover transactions that have been executed over the course of one calendar week and shall be made on the following Tuesday before 09:00 local time.
2. The aggregated weekly data referred to in paragraph 1 shall contain the following information in respect of each week of the calendar period concerned:
(a)
the weighted average price;
(b)
the total volume traded as referred to in Table 4 of Annex II;
(c)
the total number of transactions.
3.
Transactions shall be aggregated per ISIN-code.
4.
Where the weekday for the publications set out in paragraph 1 is not a working day, the publications shall be made on the following working day before 09:00 local time.’
(10)
Article 13 is amended as follows:
(a)
paragraph 1 is amended as follows:
(i)
in point (a), point (iv) is replaced by the following:
‘(iv)
the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’;
(ii)
in point (b), points (i), (ii) and (ix) are deleted;
(iii)
point (d) is deleted;
(b)
paragraph 2 is amended as follows:
(i)
the introductory wording is replaced by the following:
‘For determining the orders that are large in scale compared with normal market size as referred to in Article 3, the following methodologies shall be applied:’;
(ii)
point (a) is amended as follows:
(1)
point (i) is deleted;
(2)
point (vi) is replaced by the following:
‘(vi)
each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
(3)
points (vii) and (viii) are deleted;
(iii)
point (b) is amended as follows:
(1)
the introductory wording is replaced by the following:
‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’;
(2)
point (i) is deleted;
(3)
point (iii) is replaced by the following:
‘(iii)
each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;
(4)
point (iv) is deleted;
(c)
paragraph 3 is amended as follows:
(i)
point (a) is amended as follows:
(1)
point (i) is deleted;
(2)
point (vi) is replaced by the following:
‘(vi)
each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
(3)
points (vii) and (viii) are deleted;
(ii)
point (b) is deleted;
(iii)
point (d) is replaced by the following:
‘(d)
the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’;
(d)
in paragraph 5, point (b) is replaced by the following:
‘(b)
the sizes large in scale compared to normal market size and the size specific to the instrument as set out in paragraph 3.’;
(e)
paragraph 7 is replaced by the following:
‘7. For the purposes of paragraph 1, point (b), paragraph 2, point (b), and paragraph 3, points (c) and (d), competent authorities shall take into account transactions executed in the Union between 1 January and 31 December of the preceding year.’
(f)
paragraph 8 is replaced by the following:
‘8. The trade size for the purpose of paragraph 2, point (b), and paragraph 3, points (c) and (d), shall be determined on the basis of the measure of volume as specified in Table 4 of Annex II. Where the trade size specified for the purposes of paragraphs 2 and 3 is expressed in monetary value and the financial instrument is not denominated in euros, the trade size shall be converted to the currency in which that financial instrument is denominated by applying the European Central Bank euro foreign exchange reference rate as of 31 December of the preceding year.’
(g)
paragraph 10 is deleted;
(h)
paragraph 11 is replaced by the following:
‘11. For the determinations referred to in paragraphs 2 and 3, whenever the number of transactions considered for calculations is smaller than 1 000, paragraph 2, point (b), and paragraph 3, points (c) and (d), shall not apply. In those cases, the threshold values specified in paragraph 2, point (a), and paragraph 3, point (a), shall instead apply.’
(i)
in paragraph 12, the introductory wording is replaced by the following:
‘Except when they refer to emission allowance derivatives, the calculations referred to in paragraph 2, point (b), and paragraph 3, point (c), shall be rounded up to the next:’;
(j)
paragraphs 14 and 15 are replaced by the following:
‘14. For equity derivatives that are admitted to trading or first traded on a trading venue, that do not belong to a sub-class for which the size specific to the financial instrument referred to in Article 8(1)(c) and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1)(a) have been published, and which belong to one of the sub-asset classes specified in paragraph 1(a)(ii), the size specific to the financial instrument and the size of orders and transactions large in scale compared with normal market size shall be those applicable to the smallest average daily notional amount (ADNA) band of the sub-asset class to which the equity derivative belongs.
15. Financial instruments admitted to trading or first traded on a trading venue which do not belong to any sub-class for which the size specific to the financial instrument referred to in Article 8(1), point (c), and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1), point (a), have been published shall be considered not to have a liquid market until application of the results of the calculations performed in accordance with paragraph 17. The applicable size specific to the financial instrument referred to in Article 8(1), point (c), and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1), point (a), shall be those of the sub-classes determined not to have a liquid market belonging to the same sub-asset class.’
(k)
paragraphs 18, 19 and 20 are deleted;
(11)
Article 16 is replaced by the following:
1. For financial instruments for which there is a liquid market, as determined on the basis of the methodology set out in Article 6a for bonds, structured finance products and emission allowances, and in Article 13 for derivatives, competent authorities may temporarily suspend the obligations set out in Articles 8, 8a and 10 of Regulation (EU) No 600/2014 where for a class of bonds, structured finance products, emission allowances or derivatives, the total volume as referred to in Table 4 of Annex II calculated for the previous 30 calendar days represents less than 40 % of the average monthly volume calculated for the 12 full calendar months preceding those 30 calendar days.
2. For financial instruments for which there is not a liquid market, as determined on the basis of the methodology set out in Article 6a for bonds, structured finance products and emission allowances, and in Article 13 for derivatives, competent authorities may temporarily suspend the obligations referred to in Articles 8, 8a and 10 of Regulation (EU) No 600/2014 where for a class of bonds, structured finance products, emission allowances or derivatives, the total volume as referred to in Table 4 of Annex II calculated for the previous 30 calendar days represents less than 20 % of the average monthly volume calculated for the 12 full calendar months preceding those 30 calendar days.
3. Competent authorities shall take into account the transactions executed on all venues in the Union for the class of bonds, structured finance products, emission allowances or derivatives concerned when performing the calculations referred to in paragraphs 1 and 2. Competent authorities shall perform those calculations at the level of the class of financial instruments to which the liquidity test set out in Article 6a for bonds, structured finance products and emission allowances, and Article 13 for derivatives is applied.
4. Competent authorities, shall, before they suspend transparency obligations, verify that the significant decline in liquidity across all venues is not the result of seasonal effects of the relevant class of financial instruments on liquidity.’
(12)
Articles 17 and 18 are deleted;
(13)
Annex I is replaced by Annex I to this Regulation;
(14)
Annex II is amended in accordance with Annex II to this Regulation;
(15)
Annex III is amended in accordance with Annex III to this Regulation.

Amendments to Delegated Regulation (EU) 2017/587
Article 2
Delegated Regulation (EU) 2017/587 is amended as follows:
(1)
Article 2 is amended as follows:
(a)
point (a) is replaced by the following:
‘(a)
the transaction is executed by reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’;
(b)
point (j) is replaced by the following:
‘(j)
the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Commission Delegated Regulation (EU) 2017/590(*1), or is a type of transaction listed in Article 13 of this Regulation.
(2)
in Article 3(1), the following subparagraph is added:
‘The details of pre-trade data to be made public shall be those specified in Table 1b of Annex I.’;
(3)
Article 4 is amended as follows:
(a)
paragraph 4 is replaced by the following:
‘4. Until the most relevant market in terms of liquidity for a specific financial instrument is determined in accordance with the procedure specified in paragraphs 1 to 3, the most relevant market in terms of liquidity shall be either of the following:
(a)
the regulated market where that financial instrument is first admitted to trading or first traded;
(b)
where the financial instrument is not made available for trading on a regulated market in the Union, the multilateral trading facility where that financial instrument is first admitted to trading or first traded.’
(b)
paragraph 5 is replaced by the following:
‘5. Paragraphs 2 and 3 shall not apply to shares, depositary receipts, ETFs, certificates and other similar financial instruments which were first admitted to trading or first traded on a trading venue between 1 and 31 December of the preceding calendar year.’
(c)
the following paragraph 6 is added:
‘6. The determination of the most relevant market in terms of liquidity set out in paragraph 4 shall apply from the day on which the financial instrument was first admitted to trading or first traded.’
(4)
in Article 6, the first subparagraph is amended as follows:
(a)
point (a) is replaced by the following:
‘(a)
the transaction is executed in reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’;
(b)
point (j) is replaced by the following:
‘(j)
any other transaction equivalent to one of those referred to in points (a) to (c) in that it is contingent on technical characteristics which are unrelated to the current market valuation of the financial instrument traded;’;
(c)
point (k) is replaced by the following:
‘(k)
the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Delegated Regulation (EU) 2017/590, or the transaction is a type of transaction listed in Article 13 of this Regulation.’;
(5)
Article 7 is amended as follows:
(a)
in paragraph 4, the second subparagraph is replaced by the following:
‘Paragraphs 3 and 4 shall not apply to shares, depositary receipts, certificates and other similar financial instruments that were first admitted to trading or first traded on a trading venue between 1 and 31 December of the preceding calendar year.’;
(b)
paragraph 6 is replaced by the following:
‘6. Before a share, depositary receipt, certificate, or other similar financial instrument is traded for the first time on a trading venue in the Union, the competent authority shall estimate the average daily turnover for that financial instrument taking into account:
(a)
any previous trading history of that financial instrument;
(b)
other previous or similar financial instruments of the same issuer;
(c)
other financial instruments that are considered to have similar characteristics.
The competent authority shall publish that estimated average daily turnover.’
(6)
Article 8 is amended as follows:
(a)
in paragraph 1, point (b) is replaced by the following:
‘(b)
for orders other than reserve orders, cannot interact with other trading interests prior to disclosure to the order book operated by the trading venue;’;
(b)
paragraph 3 is replaced by the following:
‘3. A reserve order as referred to in paragraph 2, point (a), shall be considered a limit order consisting of a disclosed order relating to a part of the amount and a non-disclosed order relating to the remaining part of the amount where the order on the non-disclosed amount can be executed only after the order on the disclosed amount is executed.’
(7)
in Article 10, the following subparagraph is inserted after the first subparagraph:
‘Where there are no quotes of equivalent sizes for the same financial instrument on the most relevant market in terms of liquidity as determined in accordance with Article 4 for that financial instrument, the prices published by a systematic internaliser shall be deemed to reflect prevailing market conditions where they are close in price to quotes of equivalent sizes for the same financial instrument on trading venues other than the most relevant market in terms of liquidity as determined in accordance with Article 4.’;
(8)
in Article 11, paragraph 1 is replaced by the following:
‘1. The standard market size for shares, depositary receipts, ETFs, certificates, and other similar financial instruments for which there is a liquid market shall be determined on the basis of the average value of transactions for each financial instrument calculated in accordance with paragraphs 2 and 3 and in accordance with Table 3 and Table 3a of Annex II.’
(9)
the following Articles 11a and 11b are inserted:
The obligation to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates, and other similar financial instruments shall apply to systematic internalisers when they deal in sizes up to twice the standard market size as determined in accordance with Article 11.
The minimum quote size for a particular share, depositary receipt, ETF, certificate, or other similar financial instrument traded on trading venue shall be equal to the standard market size as determined in accordance with Article 11.’
(10)
Article 12 is amended as follows:
(a)
paragraph 1 is replaced by the following:
‘1. Market operators and investment firms operating a trading venue, and investment firms trading outside a trading venue, shall make public the details of each transaction by applying reference Tables 2, 3 and 4 of Annex I.
The field names in Table 3 of Annex I shall be made public using the same naming conventions as specified in the field identifier of that Table.’
(b)
paragraph 2 is replaced by the following:
‘2. Where a previously published trade report is cancelled, market operators and investment firms operating a trading venue, and investment firms trading outside of a trading venue, shall make public a new trade report which contains all the details of the original trade report and the cancellation flag specified in Table 4 of Annex I.’
(c)
paragraphs 5 and 6 are deleted;
(11)
in Article 13, the following point (b) is added:
‘(b)
give-up transactions or give-in transactions, which are any of the following transactions:
(i)
a transaction where an investment firm passes a client trade to, or receives a client trade from, another investment firm for post-trade processing;
(ii)
a transaction where an investment firm executing a trade passes it to, or receives it from, another investment firm for the purpose of hedging the position that it has committed to enter into with a client.’;
(12)
in Article 15, paragraph 4 is replaced by the following:
‘4. Where a transaction between two investment firms is executed outside the rules of a trading venue, the competent authority for the purpose of determining the applicable deferral regime shall be the competent authority of the investment firm responsible for making the trade public through an APA in accordance with Article 21a(3) of Regulation (EU) No 600/2014.’
(13)
Article 17 is amended as follows:
(a)
paragraph 1 is amended as follows:
(i)
the introductory wording is replaced by the following:
‘By 1 March of each year after the date of application of this Regulation, competent authorities and ESMA shall, in relation to each financial instrument for which they are the competent authority, collect the data, calculate and ensure the publication of the following:’;
(ii)
point (c) is replaced by the following:
‘(c)
the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’;
(b)
paragraph 2 is replaced by the following:
‘2. Competent authorities, market operators, and investment firms, including investment firms operating a trading venue, shall use the information published in accordance with paragraph 1 for the purposes of Article 4(1), points (a) and (c), and Article 14(2), (3) and (4) of Regulation (EU) No 600/2014, for the period between the first Monday of April of the year in which the information is published and the day before the first Monday of April of the subsequent year.’
(c)
paragraph 7 is replaced by the following:
‘7. Where the trade size determined for the purposes of Article 7(1) and (2), Article 8(2), point (a), Article 11(1), Articles 11a and 11b, and Article 15(1) is expressed in monetary value and the financial instrument is not denominated in euro, the trade size shall be converted to the currency in which the financial instrument is denominated by applying the European Central Bank euro foreign exchange reference rate as of 31 December of the preceding year.’
(14)
Article 19 is replaced by the following:
Article 17(6) and Annex IV shall no longer apply from 1 January 2026 and Article 17(5) and Annex III shall no longer apply from 1 January 2027.’
(15)
Annex I is amended in accordance with Annex IV to this Regulation;
(16)
Annex II is amended in accordance with Annex V to this Regulation;

Entry into force and application
Article 3
This Regulation shall enter into force on the twentieth day following that of its publication in theOfficial Journal of the European Union.
Article 1, Article 2, point (2), points (3)(a) and (c), point (5), point (10)(a), and point (13) shall apply from 2 March 2026.

THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012(1), and in particular Article 4(6), third subparagraph, Article 7(2), third subparagraph, Article 9(5), third subparagraph, Article 11(4), fourth subparagraph, Article 14(7), third subparagraph, Article 20(3), third subparagraph, Article 21(5), third subparagraph, Article 22(3), second subparagraph, and Article 23(3), third subparagraph, thereof,
(1) Regulation (EU) 2016/1033 of the European Parliament and of the Council(2)amended Regulation (EU) No 600/2014 by introducing into Article 2 of that Regulation a definition of ‘package transactions’. Since delegated regulations should not contain definitions that are already laid down in legislative acts, it follows that the same definition of ‘package transactions’, as currently laid down in Article 1, point (1) of Commission Delegated Regulation (EU) 2017/583(3), should be removed from that Regulation.
(2) Regulation (EU) 2024/791 of the European Parliament and of the Council(4)amended Regulation (EU) No 600/2014 by limiting the requirement to publish firm or indicative quotes in respect of non-equity instruments to central limit order books and periodic auction trading systems. In consequence, Regulation (EU) 2024/791 also deleted Article 9(5), point (d), of Regulation (EU) No 600/2014, which empowered the Commission, inter alia, to lay down a definition of ‘request-for-quote’ and ‘voice trading systems’ for the purposes of waiving pre-trade disclosure. It follows that those definitions should be removed from Article 1 of Delegated Regulation (EU) 2017/583. It is also necessary to delete quote-driven, request-for-quote and voice trading systems from Annex I to Delegated Regulation (EU) 2017/583.
(3) Regulation (EU) 2024/791 amended Regulation (EU) No 600/2014 by inserting into Article 9(5) of that Regulation a new point (f). Pursuant to that provision, the Commission is empowered to specify the characteristics of ‘central limit order books’ (‘CLOBs’) and ‘periodic auction trading systems’. It is therefore necessary to introduce definitions to that effect into Delegated Regulation (EU) 2017/583. A trading system operated by means of an order book that only includes market maker quotes, and a trading algorithm that matches incoming buy and sell orders with resting market maker quotes without human intervention on the basis of the best available price on a continuous basis should be considered as a continuous order book trading system. A trading system operated by means of an order book, where the quotes of the liquidity providers are confirmed before the potential execution of an incoming order, and a trading algorithm that matches incoming buy and sell orders with the confirmed quotes of the liquidity providers without human intervention on the basis of the best available price on a continuous basis, should also be considered as a continuous order book trading system. Where a CLOB trading system combines elements of a continuous order book trading system and of a periodic auction trading system, the continuous order book component and the periodic auction component of the CLOB trading system should be subject to the information requirements set out in Annex I to Delegated Regulation (EU) 2017/583 for continuous order book trading systems and periodic auction trading systems respectively.
(4) Article 54(3) of Regulation (EU) No 600/2014 stipulates that the provisions of the delegated acts adopted pursuant to that Regulation as applicable before 28 March 2024 are to continue to apply until the date of application of the delegated acts adopted pursuant to that Regulation as applicable from 28 March. In the Commission notice on the interpretation and implementation of the transitional provision laid down in Regulation (EU) 2024/791(5), the Commission clarified that Article 54(3) of Regulation (EU) No 600/2014 aims to ensure continuity for market participants while the new Commission delegated regulations are being prepared. To ensure such continuity in practice, a new Article 1a should be introduced into Delegated Regulation (EU) 2017/583 to specify which Articles of that Delegated Regulation should continue to apply only in respect of derivatives. Those Articles should continue to apply together with the provisions in Regulation (EU) No 600/2014 that they supplement, as applicable before 28 March 2024. Therefore, it should also be clarified that references to Article 11 of Regulation (EU) No 600/2014 contained in those Articles should be construed as references to Article 11 of Regulation (EU) No 600/2014, as applicable before 28 March 2024.
(5) Pursuant to Article 9(5), point (c), of Regulation (EU) No 600/2014, the Commission is empowered to specify the size of orders that are large in scale compared with normal market size. Article 9(1), point (a), of that Regulation enables competent authorities to waive for such orders the obligation for market operators and investment firms operating a trading venue to make public the information referred to in Article 8(1) of that Regulation. The Commission specified the size of orders that are large in scale in Article 3 of Delegated Regulation (EU) 2017/583. Regulation (EU) 2024/791, however, amended Article 8 of Regulation (EU) No 600/2014 to provide for specific pre-trade transparency requirements for trading venues in respect of bonds, structured finance products and emission allowances, and introduced a new Article 8a into that Regulation to provide for specific pre-trade transparency requirements for trading venues in respect of derivatives. It follows from that amendment that the determination of whether an order is large in scale, as referred to in Article 9(1), point (a), of Regulation (EU) No 600/2014, will be different for, on the one hand, bonds, structured finance products and emission allowances, and, on the other hand, derivatives. A new Article 3a should therefore be introduced into Delegated Regulation (EU) 2017/583 to provide for specific rules on the determination of ‘orders which are large in scale’ for bonds, structured finance products and emission allowances. To achieve a more stable pre-trade transparency regime, those rules should rely on a static determination of ‘orders which are large in scale’.
(6) To accommodate for limiting the pre-trade transparency in respect of non-equity instruments to CLOBs and periodic auction trading systems, Regulation (EU) 2024/791 deleted from Regulation (EU) No 600/2014 Article 9(1), point (b). That point enabled competent authorities to waive the obligation for market operators and investment firms operating a trading venue to make public the information referred to in Article 8(1) of that Regulation for actionable indications of interest in request-for-quote and voice trading systems that are above a size specific to the financial instrument. Pursuant to Article 9(5), point (d), of Regulation (EU) No 600/2014, the Commission was empowered to specify the size specific to those financial instruments for which pre-trade disclosure may be waived, which the Commission did in Article 5 of Delegated Regulation (EU) 2017/583. Since Regulation (EU) 2024/791 deleted from Regulation (EU) No 600/2014 both Article 9(1), point (b), and the empowerment laid down in Article 9(5), point (d), it follows that Article 5 of Delegated Regulation (EU) 2017/583 should also be deleted. It is also necessary to delete all references to Article 5 of Delegated Regulation (EU) 2017/583 from other provisions of that Regulation.
(7) Pursuant to Article 9(5), point (e), of Regulation (EU) No 600/2014, the Commission is empowered to specify the financial instruments or the classes of financial instruments for which there is not a liquid market where pre-trade disclosure may be waived under Article 9(1) of that Regulation. Article 9(1), point (c), of that Regulation enables competent authorities to waive for such instruments or classes of financial instruments the obligation for market operators and investment firms operating a trading venue to make public the information referred to in Article 8(1) of that Regulation. The Commission specified the classes of financial instruments for which there is not a liquid market in Article 6 of Delegated Regulation (EU) 2017/583. Regulation (EU) 2024/791, however, amended Article 8 of Regulation (EU) No 600/2014 to provide for specific pre-trade transparency requirements for trading venues in respect of bonds, structured finance products and emission allowances, and introduced a new Article 8a into that Regulation to provide for specific pre-trade transparency requirements for trading venues in respect of derivatives. It follows from those amendments that the determination of whether there is a liquid market, as referred to in Article 9(1), point (c), of Regulation (EU) No 600/2014, will be different for, on the one hand, bonds, structured finance products and emission allowances, and, on the other hand, derivatives. A new Article 6a should therefore be introduced into Delegated Regulation (EU) 2017/583 to provide for specific rules on the determination of whether there is a ‘liquid market’ for bonds, structured finance products and emission allowances. To achieve a more stable transparency regime, those rules should rely on a static determination of liquidity.
(8) Regulation (EU) 2024/791 introduced into Article 2(1), point (16a), of Regulation (EU) No 600/2014 the definition of a ‘designated publishing entity’, and inserted into that Regulation a new Article 21a, which allows an investment firm that is a designated publishing entity to be responsible for making a transaction public through an approved publication arrangement (‘APA’). That same new Article 21a also specifies which party to a transaction should be responsible for making a transaction public where one, neither or both of the parties involved are designated publishing entities. It follows that the requirements laid down in Delegated Regulation (EU) 2017/583 that aim to identify the investment firm responsible for making a transaction public through an APA should be deleted.
(9) Article 11 of Regulation (EU) No 600/2014 enabled competent authorities to authorise market operators and investment firms operating a trading venue to provide for deferred publication of the details of transactions based on the size of the transaction or the type of transaction. Pursuant to Article 11(4), point (c), of that Regulation, the Commission was empowered to specify the conditions for such deferred publication, which the Commission did in Article 8 of Delegated Regulation (EU) 2017/583. Regulation (EU) 2024/791, however, amended Article 11 of Regulation (EU) No 600/2014 by providing for specific requirements on deferred publication in respect of bonds, structured finance products, and emission allowances, and introduced a new Article 11a in that Regulation containing specific requirements on deferred publication in respect of derivatives. A new Article 8a should therefore be introduced into Delegated Regulation (EU) 2017/583 to determine the exact details of the regime on deferred publication in respect of bonds, structured finance products, and emission allowances, including the determination of which issuance sizes correspond to a liquid or illiquid market in a given financial instrument, what constitutes a transaction of medium, large and very large size, and the duration of deferrals.
(10) To ensure that the deferral regime for bonds is simple and well calibrated, it is necessary to distinguish between three bond categories: (i) sovereign and other public bonds; (ii) corporate, convertible and other bonds; and (iii) covered bonds. To allow for a better distinction between liquid and illiquid bonds and therefore for a more efficient calibration, bonds should be further grouped for each bond category.
(11) According to the definition of liquid market set out in Article 2, point (17)(a)(i), of Regulation (EU) No 600/2014, a liquid market should be assessed according to the issuance size of a bond. To cater for potential changes to the issuance size of a bond over time, including due to bond taps or buybacks, it is necessary to assess a liquid market on the basis of the bond issuance outstanding amount (that is, the total value of bonds that have been issued and are held by investors at a given point in time), rather than the bond initial issuance size (that is, the total value of bonds that is offered to investors in the primary market at the time of issuance).
(12) To introduce a simpler transparency regime that does not rely on frequent liquidity assessments, the provisions applicable to structured finance products and emission allowances set out in Delegated Regulation (EU) 2017/583 should be amended. Based on a data analysis performed by the European Securities and Markets Authority (‘ESMA’), and building on ESMA’s past experience in calibrating transparency requirements, structured finance products and emission allowances different from Union emission allowances should be considered as not having a liquid market, while Union emission allowances should be considered as having a liquid market. With respect to structured finance products, the existing pre-trade and post-trade transparency thresholds and the existing price deferral duration for illiquid structured finance products, as set out in Delegated Regulation (EU) 2017/583, should be maintained. However, considering the illiquidity of structured finance products, and considering that Regulation (EU) No 600/2014 no longer allows competent authorities to provide for a supplementary deferral period for those instruments, a standard volume deferral duration of up to two weeks after the date of the transaction should be introduced. With respect to emission allowances, pre-trade and post-trade transparency thresholds should be set in tonnes of CO2(tCO2) rather than lots, as tCO2is the common unit of measurement for those instruments. Based on a data analysis performed by ESMA, while taking into account the liquid nature of Union emission allowances, the maximum deferral period for Union emission allowances should be no longer than 19:00 local time on the second working day after the date of the transaction.
(13) Based on a data analysis performed by ESMA, all exchange traded commodities (‘ETCs’) and exchange traded notes (‘ETNs’) should be considered as not having a liquid market. In line with the approach taken for structured finance products, a standard volume deferral duration of up to two weeks after the date of the transaction should also be introduced for ETCs and ETNs.
(14) Regulation (EU) 2024/791 introduced amendments to the possibility for competent authorities to supplement the deferral regime under Regulation (EU) No 600/2014. Firstly, such possibility was limited to sovereign debt instruments. Secondly, the power of a competent authority to extend the period of deferred publication was limited to transactions executed in respect of the sovereign debt instruments issued by the Member State of that competent authority. With regard to sovereign debt instruments not issued by a Member State, the power to extend the period of deferred publication was given to ESMA. Thirdly, the maximum duration of supplementary deferrals was limited to six months. Competent authorities may set a lower deferral duration within that limit. Delegated Regulation (EU) 2017/583 should therefore be amended to reflect those changes.
(15) With regard to the publication of the details of several transactions in an aggregated form, as referred to in Article 11(3), point (b), of Regulation (EU) No 600/2014, the aggregation methodology should remain unchanged. Therefore, transactions benefitting from an extended deferral should be aggregated by the respective trading venues and APAs over the course of one calendar week and should be published on the following Tuesday before 09:00 local time.
(16) To provide market participants with sufficient time to prepare for the new requirements, while ensuring the timely establishment of the bond consolidated tape, the date of application of the amendments to Delegated Regulation (EU) 2017/583 set out in this Regulation should be deferred.
(17) Delegated Regulation (EU) 2017/583 should therefore be amended accordingly.
(18) To ensure a harmonised application of pre-trade transparency requirements in respect of equity instruments, and considering the details of pre-trade data that trading venues are required to provide to the equity consolidated tape provider under Article 22a of Regulation (EU) No 600/2014, Commission Delegated Regulation (EU) 2017/587(6)should be amended to specify the details of pre-trade data to be made public by market operators and investment firms operating a trading venue for each class of financial instrument, as required by Article 3(1) of Regulation (EU) No 600/2014.
(19) Iceberg orders are orders which have a displayed volume (peak) available for execution relating to a portion of a quantity and a hidden volume relating to the remainder of the quantity, kept in the order management facility which is capable of execution only after execution of the disclosed order. To cater for the possibility of execution of the hidden part of iceberg orders in narrowly defined circumstances, Article 8 of Delegated Regulation (EU) 2017/587 on the order management facility waiver should be amended.
(20) Regulation (EU) 2024/791 introduced into Article 2(1) of Regulation (EU) No 600/2014 a definition of ‘designated publishing entity’, and inserted into that Regulation a new Article 21a, which allows an investment firm that is a designated publishing entity to be responsible for making a transaction public through an APA. That same new Article 21a also specifies which party to a transaction should be responsible for making a transaction public where one, neither or both of the parties involved are designated publishing entities. It follows that the requirements laid down in Delegated Regulation (EU) 2017/587 that aim to identify the investment firm responsible for making a transaction public through an APA should be deleted.
(21) To ensure a proper calibration of the thresholds for the application of pre-trade equity transparency requirements to systematic internalisers, the methodology to determine the standard market size (‘SMS’) set out in Article 11 of Delegated Regulation (EU) 2017/587 should be refined by increasing the granularity of the average trade size buckets. The threshold to determine the minimum quote size for systematic internalisers should correspond to the SMS. Taking into account the international best practices, the competitiveness of Union firms, the significance of the market impact, and the efficiency of price formation, the threshold to determine the size up to which pre-trade equity transparency obligations apply to systematic internalisers should correspond to twice the SMS.
(22) To ensure an accurate representation of market activity and price formation in equity post-trade transparency, it is necessary to amend Article 13 of Delegated Regulation (EU) 2017/587 to determine and clarify the scope of transactions that do not contribute to price discovery, including ‘give-up’ and ‘give-in’ transactions. Those transactions are technical trades carried out primarily for operational purposes or to facilitate risk management between investment firms, and thus do not represent independent price-setting events. For that reason, they should be excluded from post-trade transparency requirements.
(23) Annex I to Delegated Regulation (EU) 2017/587 sets out the types of trading systems and, for each system, a description of its main features and the information to be made public in accordance with Article 3 of Regulation (EU) No 600/2014. That Annex should be modified to specify that trading systems operated by means of an order book that only include market maker quotes and a trading algorithm operated without human intervention that matches incoming buy and sell orders with resting market maker quotes on the basis of the best available price on a continuous basis should be considered as continuous order book trading systems. Trading systems operated by means of an order book, where the quotes of the liquidity providers are confirmed before the potential execution of an incoming order, and a trading algorithm that matches incoming buy and sell orders with the confirmed quotes of the liquidity providers without human intervention on the basis of the best available price on a continuous basis should also be considered as continuous order book trading systems.
(24) To provide market participants and competent authorities with sufficient time to prepare for the new requirements, while ensuring the timely establishment of the equity consolidated tape, the date of application of provisions in this Regulation related to the pre-and post-trade transparency details to be made public with respect to equity instruments, to the determination of the most relevant market in terms of liquidity for equity instruments, to orders in respect of equity instruments that are large in scale, and to the methodology of the transparency calculations for equity instruments should be deferred.
(25) Delegated Regulation (EU) 2017/587 should therefore be amended accordingly.
(26) This Regulation is based on the draft regulatory technical standards submitted to the Commission by ESMA. ESMA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Securities and Markets Stakeholder Group established by Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council(7). ESMA has also considered the advice of the expert stakeholder group on equity and non-equity market data quality and transmission protocols in accordance with Article 22b(3), point (b), of Regulation (EU) No 600/2014.
(27) To ensure an effective transparency regime and the successful establishment of the consolidated tapes for bonds and equity, and considering that all provisions in this Regulation concern pre- and post-trade transparency, it is necessary to include the amendments to Delegated Regulations (EU) 2017/583 and (EU) 2017/587 to be adopted under Article 4(6), Article 7(2), Article 9(5), Article 11(4), Article 14(7), Article 20(3), Article 21(5), Article 22(3) and Article 23(3), respectively, of Regulation (EU) No 600/2014 into a single Regulation,
HAS ADOPTED THIS REGULATION:

Amendments to Delegated Regulation (EU) 2017/583

Delegated Regulation (EU) 2017/583 is amended as follows:
(1)
Article 1 is replaced by the following:
For the purposes of this Regulation, the following definitions shall apply:
(1)
“central limit order book trading system” means any of the following:
(a)
a continuous order book trading system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis;
(b)
a trading system combining elements of a continuous order book trading system, as referred to in point (a), and of a periodic auction trading system, as defined in point (2);
(2)
“periodic auction trading system” means a trading system that matches orders on the basis of a periodic auction and a trading algorithm operated without human intervention.’
(2)
the following Article 1a is inserted:
1. Articles 3, 6, 9, 10, 11 and 13 shall apply only in respect of derivatives. Article 8 shall apply only in respect of derivatives and package transactions.
2. References to Article 11 of Regulation (EU) No 600/2014 in Articles 8 and 11 of this Regulation shall be construed as references to Article 11 of Regulation (EU) No 600/2014 as applicable before 28 March 2024.’
(3)
the following Article 3a is inserted:
An order in bonds, structured finance products or emission allowances shall be large in scale compared with normal market size where, at the point of entry of the order or following any amendment to the order, that order is equal to or larger than the following thresholds:
(a)
for all bond types, except Exchange Traded Commodities (‘ETCs’) and Exchange Traded Notes (‘ETNs’), the thresholds set out in Table 2.3 of Annex III;
(b)
for ETCs and ETNs, the thresholds set out in Table 2.5 of Annex III;
(c)
for structured finance products, the thresholds set out in Table 3.2 of Annex III;
(d)
for emission allowances, the thresholds set out in Table 12.2 of Annex III.’
(4)
Article 5 is deleted;
(5)
the following Article 6a is inserted:
To determine whether a bond, structured finance product or emission allowance is to be considered not to have a liquid market, competent authorities shall apply the following static determination of liquidity:
(a)
for all bond types, except ETCs and ETNs, the determination set out in Table 2.2 of Annex III;
(b)
for ETCs and ETNs, the determination set out in Table 2.4 of Annex III;
(c)
for structured finance products, the determination set out in Table 3.1 of Annex III;
(d)
for emission allowances, the determination set out in Table 12.1 of Annex III.’
(6)
Article 7 is amended as follows:
(a)
in paragraph 1, the following subparagraph is added:
‘The field names set out in Table 2 of Annex II shall be made public using the same naming conventions as set out in the field identifier of that table.’;
(b)
paragraph 4 is replaced by the following:
‘4. Post-trade information shall be made available as close to real time as is technically possible and in any case within five minutes after the execution of the relevant transaction.’
(c)
paragraphs 5 and 6 are deleted;
(d)
paragraph 8 is replaced by the following:
‘8. Information relating to a package transaction shall include the package transaction flag or the exchange for physicals transaction flag as specified in Table 3 of Annex II. Where the package transaction is eligible for deferred publication pursuant to Article 8, information on all components shall be made available after the deferral period for the transaction has lapsed.’
(7)
the following Article 8a is inserted:
1. Market operators and investment firms operating a trading venue and investment firms trading outside a trading venue may defer the publication of the details of transactions in respect of bonds, except ETCs and ETNs, in accordance with the following:
(a)
a price deferral and a volume deferral not exceeding 15 minutes, for transactions in category 1 as referred to in Table 2.6 of Annex III;
(b)
a price deferral and a volume deferral not exceeding the end of the trading day, for transactions in category 2 as referred to in Table 2.6 of Annex III;
(c)
a price deferral not exceeding the end of the first trading day after the transaction date and a volume deferral not exceeding one week after the transaction date, for transactions in category 3 as referred to in Table 2.6 of Annex III;
(d)
a price deferral not exceeding the end of the second trading day after the transaction date and a volume deferral not exceeding two weeks after the transaction date, for transactions in category 4 as referred to in Table 2.6 of Annex III;
(e)
a price deferral and a volume deferral not exceeding four weeks after the transaction date, for transactions in category 5 as referred to in Table 2.6 of Annex III.
2. Market operators and investment firms operating a trading venue and investment firms trading outside a trading venue may defer the publication of the details of transactions in respect of ETCs, ETNs and structured finance products in accordance with the following:
(a)
a price deferral not exceeding the end of the second trading day after the transaction date, for transactions of any size; and
(b)
a volume deferral not exceeding two weeks after the transaction date, for transactions of any size.
3. Market operators and investment firms operating a trading venue and investment firms trading outside a trading venue shall make public each transaction in respect of emission allowances no later than 19:00 local time on the second working day after the date of the transaction, provided that the transaction is above the post-trade size for emission allowances as referred to in Table 12.2 of Annex III.’
(8)
Article 11 is amended as follows:
(a)
in paragraph 1, point (d) is deleted;
(b)
in paragraph 2, points (b) and (c) are deleted;
(c)
paragraph 4 is replaced by the following:
‘4. The aggregated daily or weekly data referred to in paragraphs 1 and 2 shall contain the following information about derivatives in respect of each day or week of the calendar period concerned:
(a)
the weighted average price;
(b)
the total volume traded as referred to in Table 4 of Annex II;
(c)
the total number of transactions.’
(d)
paragraph 6 is replaced by the following:
‘6. Where the weekday for the publications set out in paragraph 1, point (c), and paragraphs 2 and 3, is not a working day, the publications shall be made on the following working day before 09:00 local time.’
(9)
the following Article 11a is inserted:
1. The publication of the details of several transactions in an aggregated form as referred to in Article 11(3), point (b), of Regulation (EU) No 600/2014 shall cover transactions that have been executed over the course of one calendar week and shall be made on the following Tuesday before 09:00 local time.
2. The aggregated weekly data referred to in paragraph 1 shall contain the following information in respect of each week of the calendar period concerned:
(a)
the weighted average price;
(b)
the total volume traded as referred to in Table 4 of Annex II;
(c)
the total number of transactions.
3.
Transactions shall be aggregated per ISIN-code.
4.
Where the weekday for the publications set out in paragraph 1 is not a working day, the publications shall be made on the following working day before 09:00 local time.’
(10)
Article 13 is amended as follows:
(a)
paragraph 1 is amended as follows:
(i)
in point (a), point (iv) is replaced by the following:
‘(iv)
the sub-asset classes of other interest rate derivatives, other commodity derivatives, other credit derivatives, other C10 derivatives, other contracts for difference (CFDs), and other emission allowance derivatives as referred to in Tables 5.1, 7.1, 9.1, 10.1, 11.1 and 13.1 of Annex III.’;
(ii)
in point (b), points (i), (ii) and (ix) are deleted;
(iii)
point (d) is deleted;
(b)
paragraph 2 is amended as follows:
(i)
the introductory wording is replaced by the following:
‘For determining the orders that are large in scale compared with normal market size as referred to in Article 3, the following methodologies shall be applied:’;
(ii)
point (a) is amended as follows:
(1)
point (i) is deleted;
(2)
point (vi) is replaced by the following:
‘(vi)
each sub-asset class considered not to have a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
(3)
points (vii) and (viii) are deleted;
(iii)
point (b) is amended as follows:
(1)
the introductory wording is replaced by the following:
‘the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for:’;
(2)
point (i) is deleted;
(3)
point (iii) is replaced by the following:
‘(iii)
each sub-asset class having a liquid market for the asset classes of emission allowance derivatives as referred to in Table 13.2 of Annex III;’;
(4)
point (iv) is deleted;
(c)
paragraph 3 is amended as follows:
(i)
point (a) is amended as follows:
(1)
point (i) is deleted;
(2)
point (vi) is replaced by the following:
‘(vi)
each sub-asset class considered not to have a liquid market for the asset class of emission allowance derivatives as referred to in Table 13.3 of Annex III;’;
(3)
points (vii) and (viii) are deleted;
(ii)
point (b) is deleted;
(iii)
point (d) is replaced by the following:
‘(d)
the greater of the trade size below which lies the percentage of the transactions corresponding to the trade percentile and the threshold floor for each sub-asset class considered to have a liquid market for emission allowance derivatives as provided for in Table 13.2 of Annex III.’;
(d)
in paragraph 5, point (b) is replaced by the following:
‘(b)
the sizes large in scale compared to normal market size and the size specific to the instrument as set out in paragraph 3.’;
(e)
paragraph 7 is replaced by the following:
‘7. For the purposes of paragraph 1, point (b), paragraph 2, point (b), and paragraph 3, points (c) and (d), competent authorities shall take into account transactions executed in the Union between 1 January and 31 December of the preceding year.’
(f)
paragraph 8 is replaced by the following:
‘8. The trade size for the purpose of paragraph 2, point (b), and paragraph 3, points (c) and (d), shall be determined on the basis of the measure of volume as specified in Table 4 of Annex II. Where the trade size specified for the purposes of paragraphs 2 and 3 is expressed in monetary value and the financial instrument is not denominated in euros, the trade size shall be converted to the currency in which that financial instrument is denominated by applying the European Central Bank euro foreign exchange reference rate as of 31 December of the preceding year.’
(g)
paragraph 10 is deleted;
(h)
paragraph 11 is replaced by the following:
‘11. For the determinations referred to in paragraphs 2 and 3, whenever the number of transactions considered for calculations is smaller than 1 000, paragraph 2, point (b), and paragraph 3, points (c) and (d), shall not apply. In those cases, the threshold values specified in paragraph 2, point (a), and paragraph 3, point (a), shall instead apply.’
(i)
in paragraph 12, the introductory wording is replaced by the following:
‘Except when they refer to emission allowance derivatives, the calculations referred to in paragraph 2, point (b), and paragraph 3, point (c), shall be rounded up to the next:’;
(j)
paragraphs 14 and 15 are replaced by the following:
‘14. For equity derivatives that are admitted to trading or first traded on a trading venue, that do not belong to a sub-class for which the size specific to the financial instrument referred to in Article 8(1)(c) and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1)(a) have been published, and which belong to one of the sub-asset classes specified in paragraph 1(a)(ii), the size specific to the financial instrument and the size of orders and transactions large in scale compared with normal market size shall be those applicable to the smallest average daily notional amount (ADNA) band of the sub-asset class to which the equity derivative belongs.
15. Financial instruments admitted to trading or first traded on a trading venue which do not belong to any sub-class for which the size specific to the financial instrument referred to in Article 8(1), point (c), and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1), point (a), have been published shall be considered not to have a liquid market until application of the results of the calculations performed in accordance with paragraph 17. The applicable size specific to the financial instrument referred to in Article 8(1), point (c), and the size of orders and transactions large in scale compared with normal market size referred to in Article 3 and Article 8(1), point (a), shall be those of the sub-classes determined not to have a liquid market belonging to the same sub-asset class.’
(k)
paragraphs 18, 19 and 20 are deleted;
(11)
Article 16 is replaced by the following:
1. For financial instruments for which there is a liquid market, as determined on the basis of the methodology set out in Article 6a for bonds, structured finance products and emission allowances, and in Article 13 for derivatives, competent authorities may temporarily suspend the obligations set out in Articles 8, 8a and 10 of Regulation (EU) No 600/2014 where for a class of bonds, structured finance products, emission allowances or derivatives, the total volume as referred to in Table 4 of Annex II calculated for the previous 30 calendar days represents less than 40 % of the average monthly volume calculated for the 12 full calendar months preceding those 30 calendar days.
2. For financial instruments for which there is not a liquid market, as determined on the basis of the methodology set out in Article 6a for bonds, structured finance products and emission allowances, and in Article 13 for derivatives, competent authorities may temporarily suspend the obligations referred to in Articles 8, 8a and 10 of Regulation (EU) No 600/2014 where for a class of bonds, structured finance products, emission allowances or derivatives, the total volume as referred to in Table 4 of Annex II calculated for the previous 30 calendar days represents less than 20 % of the average monthly volume calculated for the 12 full calendar months preceding those 30 calendar days.
3. Competent authorities shall take into account the transactions executed on all venues in the Union for the class of bonds, structured finance products, emission allowances or derivatives concerned when performing the calculations referred to in paragraphs 1 and 2. Competent authorities shall perform those calculations at the level of the class of financial instruments to which the liquidity test set out in Article 6a for bonds, structured finance products and emission allowances, and Article 13 for derivatives is applied.
4. Competent authorities, shall, before they suspend transparency obligations, verify that the significant decline in liquidity across all venues is not the result of seasonal effects of the relevant class of financial instruments on liquidity.’
(12)
Articles 17 and 18 are deleted;
(13)
Annex I is replaced by Annex I to this Regulation;
(14)
Annex II is amended in accordance with Annex II to this Regulation;
(15)
Annex III is amended in accordance with Annex III to this Regulation.

Amendments to Delegated Regulation (EU) 2017/587

Delegated Regulation (EU) 2017/587 is amended as follows:
(1)
Article 2 is amended as follows:
(a)
point (a) is replaced by the following:
‘(a)
the transaction is executed by reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’;
(b)
point (j) is replaced by the following:
‘(j)
the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Commission Delegated Regulation (EU) 2017/590(*1), or is a type of transaction listed in Article 13 of this Regulation.
(2)
in Article 3(1), the following subparagraph is added:
‘The details of pre-trade data to be made public shall be those specified in Table 1b of Annex I.’;
(3)
Article 4 is amended as follows:
(a)
paragraph 4 is replaced by the following:
‘4. Until the most relevant market in terms of liquidity for a specific financial instrument is determined in accordance with the procedure specified in paragraphs 1 to 3, the most relevant market in terms of liquidity shall be either of the following:
(a)
the regulated market where that financial instrument is first admitted to trading or first traded;
(b)
where the financial instrument is not made available for trading on a regulated market in the Union, the multilateral trading facility where that financial instrument is first admitted to trading or first traded.’
(b)
paragraph 5 is replaced by the following:
‘5. Paragraphs 2 and 3 shall not apply to shares, depositary receipts, ETFs, certificates and other similar financial instruments which were first admitted to trading or first traded on a trading venue between 1 and 31 December of the preceding calendar year.’
(c)
the following paragraph 6 is added:
‘6. The determination of the most relevant market in terms of liquidity set out in paragraph 4 shall apply from the day on which the financial instrument was first admitted to trading or first traded.’
(4)
in Article 6, the first subparagraph is amended as follows:
(a)
point (a) is replaced by the following:
‘(a)
the transaction is executed in reference to a price that is calculated over multiple time instances based on a given benchmark, including transactions executed by reference to a volume-weighted average price or a time-weighted average price, whereby the time instances for price calculation cover a sufficiently long period to ensure that there is no relation to the current market price;’;
(b)
point (j) is replaced by the following:
‘(j)
any other transaction equivalent to one of those referred to in points (a) to (c) in that it is contingent on technical characteristics which are unrelated to the current market valuation of the financial instrument traded;’;
(c)
point (k) is replaced by the following:
‘(k)
the transaction is not a transaction for the purposes of Article 26 of Regulation (EU) No 600/2014, as determined on the basis of the criteria laid down in Article 2(5) of Delegated Regulation (EU) 2017/590, or the transaction is a type of transaction listed in Article 13 of this Regulation.’;
(5)
Article 7 is amended as follows:
(a)
in paragraph 4, the second subparagraph is replaced by the following:
‘Paragraphs 3 and 4 shall not apply to shares, depositary receipts, certificates and other similar financial instruments that were first admitted to trading or first traded on a trading venue between 1 and 31 December of the preceding calendar year.’;
(b)
paragraph 6 is replaced by the following:
‘6. Before a share, depositary receipt, certificate, or other similar financial instrument is traded for the first time on a trading venue in the Union, the competent authority shall estimate the average daily turnover for that financial instrument taking into account:
(a)
any previous trading history of that financial instrument;
(b)
other previous or similar financial instruments of the same issuer;
(c)
other financial instruments that are considered to have similar characteristics.
The competent authority shall publish that estimated average daily turnover.’
(6)
Article 8 is amended as follows:
(a)
in paragraph 1, point (b) is replaced by the following:
‘(b)
for orders other than reserve orders, cannot interact with other trading interests prior to disclosure to the order book operated by the trading venue;’;
(b)
paragraph 3 is replaced by the following:
‘3. A reserve order as referred to in paragraph 2, point (a), shall be considered a limit order consisting of a disclosed order relating to a part of the amount and a non-disclosed order relating to the remaining part of the amount where the order on the non-disclosed amount can be executed only after the order on the disclosed amount is executed.’
(7)
in Article 10, the following subparagraph is inserted after the first subparagraph:
‘Where there are no quotes of equivalent sizes for the same financial instrument on the most relevant market in terms of liquidity as determined in accordance with Article 4 for that financial instrument, the prices published by a systematic internaliser shall be deemed to reflect prevailing market conditions where they are close in price to quotes of equivalent sizes for the same financial instrument on trading venues other than the most relevant market in terms of liquidity as determined in accordance with Article 4.’;
(8)
in Article 11, paragraph 1 is replaced by the following:
‘1. The standard market size for shares, depositary receipts, ETFs, certificates, and other similar financial instruments for which there is a liquid market shall be determined on the basis of the average value of transactions for each financial instrument calculated in accordance with paragraphs 2 and 3 and in accordance with Table 3 and Table 3a of Annex II.’
(9)
the following Articles 11a and 11b are inserted:
The obligation to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates, and other similar financial instruments shall apply to systematic internalisers when they deal in sizes up to twice the standard market size as determined in accordance with Article 11.
The minimum quote size for a particular share, depositary receipt, ETF, certificate, or other similar financial instrument traded on trading venue shall be equal to the standard market size as determined in accordance with Article 11.’
(10)
Article 12 is amended as follows:
(a)
paragraph 1 is replaced by the following:
‘1. Market operators and investment firms operating a trading venue, and investment firms trading outside a trading venue, shall make public the details of each transaction by applying reference Tables 2, 3 and 4 of Annex I.
The field names in Table 3 of Annex I shall be made public using the same naming conventions as specified in the field identifier of that Table.’
(b)
paragraph 2 is replaced by the following:
‘2. Where a previously published trade report is cancelled, market operators and investment firms operating a trading venue, and investment firms trading outside of a trading venue, shall make public a new trade report which contains all the details of the original trade report and the cancellation flag specified in Table 4 of Annex I.’
(c)
paragraphs 5 and 6 are deleted;
(11)
in Article 13, the following point (b) is added:
‘(b)
give-up transactions or give-in transactions, which are any of the following transactions:
(i)
a transaction where an investment firm passes a client trade to, or receives a client trade from, another investment firm for post-trade processing;
(ii)
a transaction where an investment firm executing a trade passes it to, or receives it from, another investment firm for the purpose of hedging the position that it has committed to enter into with a client.’;
(12)
in Article 15, paragraph 4 is replaced by the following:
‘4. Where a transaction between two investment firms is executed outside the rules of a trading venue, the competent authority for the purpose of determining the applicable deferral regime shall be the competent authority of the investment firm responsible for making the trade public through an APA in accordance with Article 21a(3) of Regulation (EU) No 600/2014.’
(13)
Article 17 is amended as follows:
(a)
paragraph 1 is amended as follows:
(i)
the introductory wording is replaced by the following:
‘By 1 March of each year after the date of application of this Regulation, competent authorities and ESMA shall, in relation to each financial instrument for which they are the competent authority, collect the data, calculate and ensure the publication of the following:’;
(ii)
point (c) is replaced by the following:
‘(c)
the average value of transactions to determine the standard market size set out in Article 11(2) and the thresholds set out in Articles 11a and 11b.’;
(b)
paragraph 2 is replaced by the following:
‘2. Competent authorities, market operators, and investment firms, including investment firms operating a trading venue, shall use the information published in accordance with paragraph 1 for the purposes of Article 4(1), points (a) and (c), and Article 14(2), (3) and (4) of Regulation (EU) No 600/2014, for the period between the first Monday of April of the year in which the information is published and the day before the first Monday of April of the subsequent year.’
(c)
paragraph 7 is replaced by the following:
‘7. Where the trade size determined for the purposes of Article 7(1) and (2), Article 8(2), point (a), Article 11(1), Articles 11a and 11b, and Article 15(1) is expressed in monetary value and the financial instrument is not denominated in euro, the trade size shall be converted to the currency in which the financial instrument is denominated by applying the European Central Bank euro foreign exchange reference rate as of 31 December of the preceding year.’
(14)
Article 19 is replaced by the following:
Article 17(6) and Annex IV shall no longer apply from 1 January 2026 and Article 17(5) and Annex III shall no longer apply from 1 January 2027.’
(15)
Annex I is amended in accordance with Annex IV to this Regulation;
(16)
Annex II is amended in accordance with Annex V to this Regulation;

Entry into force and application

This Regulation shall enter into force on the twentieth day following that of its publication in theOfficial Journal of the European Union.
Article 1, Article 2, point (2), points (3)(a) and (c), point (5), point (10)(a), and point (13) shall apply from 2 March 2026.
ANNEX I
‘ANNEX I
Types of system and the related information to be made public in accordance with Article 2
Type of system
Information to be made public
Continuous order book trading system
For each financial instrument, the aggregate number of orders and the volume they represent at each price level, for at least the five best bid and offer price levels.
Periodic auction trading system
For each financial instrument, the price at which the auction trading system would best satisfy its trading algorithm and the volume that would potentially be executable at that price by participants in that system.
’
ANNEX IIAnnex II to Delegated Regulation (EU) 2017/583 is amended as follows:

(1) | Table 2 is replaced by the following:‘Table 2List of details for the purpose of post-trade transparencyThe field names (column headers) as published shall be identical to the field identifier provided in Table 2.#Field identifierFinancial instrumentsDescription and details to be publishedType of execution or publication venueFormat to be populated as specified in Table 11Trading date and timeFor all financial instrumentsDate and time when the transaction was executed.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Commission Delegated Regulation (EU) 2025/1155(1).For transactions not executed on a trading venue, the date and time shall be when the parties agree the content of the following fields: quantity, price, currencies, as specified in fields 31, 34 and 44 of Table 2 of Annex I to Delegated Regulation (EU) 2017/590, instrument identification code, instrument classification and underlying instrument code, where applicable. For transactions not executed on a trading venue the time reported shall be granular to at least the nearest second.Where the transaction results from an order transmitted by the executing firm on behalf of a client to a third party where the conditions for transmission set out in Article 4 of Delegated Regulation (EU) 2017/590 were not satisfied, this shall be the date and time of the transaction rather than the time of the order transmission.Regulated Market (RM)Multilateral Trading Facility (MTF),Organised Trading Facility (OTF)Approved Publication Arrangement (APA){DATE_TIME_FORMAT}2Instrument identification codeFor all financial instrumentsCode used to identify the financial instrumentRM, MTF, OTF, APA{ISIN}3PriceFor all financial instrumentsTraded price of the transaction excluding, where applicable, commission and accrued interest.The traded price shall be reported in accordance with standard market convention. The value provided in this field shall be consistent with the value provided in the field “Price Notation”.Where price is currently not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated.RM, MTF, OTF, APA{DECIMAL-18/13} in case the price is expressed as monetary value{DECIMAL-11/10} in case the price is expressed as percentage or yield{DECIMAL-18/17} in case the price is expressed as basis points4Missing PriceFor all financial instrumentsWhere price is currently not available but pending, the value shall be “PNDG”.Where price is not applicable the value shall be “NOAP”.RM, MTF, OTF, APA“PNDG” in case the price is not available“NOAP” in case the price is not applicable5Price currencyFor all financial instrumentsMajor currency in which the price is expressed (applicable if the price is expressed as monetary value).RM, MTF, OTF, APA{CURRENCY CODE_3}6Price notationFor all financial instrumentsIndication as to whether the price is expressed in monetary value, in percentage, in basis points or in yieldThe price notation shall be reported in accordance with standard market convention.For credit default swaps, this field shall be populated with “BAPO”.For bonds (other than ETNs and ETCs) this field shall be populated with percentage (PERC) of the notional amount. Where a price in percentage is not the standard market convention, it shall be populated with YIEL, BAPO or MONE, in accordance with the standard market convention.The value provided in this field shall be consistent with the value provided in the field “Price”.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is currently not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated.RM, MTF, OTF, APA“MONE” – Monetary value“PERC” – Percentage“YIEL” – Yield“BAPO” – Basis points7QuantityFor all financial instruments except in the cases described under Article 11(1), points (a) and (b) of this Regulation.For financial instruments traded in units, the number of units of the financial instrument. Empty otherwise.RM, MTF, OTF, APA{DECIMAL-18/17}8Quantity in measurement unitFor contracts designated in units in commodity derivatives, C10 derivatives, emission allowance derivatives and emission allowances except in the cases described under Article 11(1), points (a) and (b), of this Regulation.The equivalent amount of commodity or emission allowance traded expressed in measurement unit.RM, MTF, OTF, APA{DECIMAL-18/17}9Notation of the quantity in measurement unitFor contracts designated in units in commodity derivatives, C10 derivatives, emission allowance derivatives and emission allowances except in the cases described under Article 11(1), points (a) and (b), of this RegulationIndication of the notation in which the quantity in measurement unit is expressed.RM, MTF, OTF, APA“TOCD” – tonnes of carbon dioxide equivalent, for any contract related to emission allowances“TONE” – metric tonnes“MWHO” – megawatt hours“MBTU” – one million British thermal units“THMS” – Therms“DAYS”– days or{ALPHANUM-4}otherwise10Notional amountFor all financial instruments except in the cases described under Article 11(1), points (a) and (b), of this Regulation.This field shall be populated:(i)for bonds (excluding ETCs and ETNs), with the face value, which is the amount repaid at redemption to the investor;(ii)for ETCs and ETNs and securitised derivatives, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field;(iii)for structured finance products (SFPs), with the nominal value per unit multiplied by the number of instruments at the time of the transaction;(iv)for credit default swaps, with the notional amount for which the protection is acquired or disposed of;(v)for options, swaptions, swaps other than those in (iv), futures and forwards, with the notional amount of the contract;(vi)for emission allowances, with the resulting amount of the quantity at the relevant price set in the contract at the time of the transaction. Equivalently, with the price field multiplied by the quantity in measurement unit field;(vii)for spread bets, with the monetary value wagered per point movement in the underlying financial instrument at the time of the transaction;(viii)for contracts for difference, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field.RM, MTF, OTF, APA{DECIMAL-18/5}11Notional currencyFor all financial instruments except in the cases described under Article 11(1), points (a) and (b), of this Regulation.Major currency in which the notional amount is denominated.In the case of an FX derivative contract or a multi-currency swap or a swaption where the underlying swap is multi-currency or a currency CFD or spread-betting contract, this will be the notional currency of leg 1.RM, MTF, OTF, APA{CURRENCY CODE_3}12[deleted]13Venue of executionFor all financial instrumentsIdentification of the venue where the transaction was executed.Use the ISO 10383 segment MIC for transactions executed on an EU trading venue. Where the segment MIC does not exist, use the operating MIC.Use “SINT” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is executed on a Systematic Internaliser.Use MIC code “XOFF” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is neither executed on an EU trading venue nor executed by a systematic internaliser. If the transaction is executed on an organised trading platform outside of the EU then in addition to “XOFF” also the population of the field “Third-country trading venue of execution” is required.RM, MTF, OTF, APA{MIC} – EU trading venues or“SINT” – systematic internaliser“XOFF” – otherwise14Third-country trading venue of executionFor all financial instrumentsIdentification of the third-country trading venue where the transaction was executed.Use the ISO 10383 segment MIC. Where the segment MIC does not exist, use the operating MIC.Where the transaction is not executed on a third- country trading venue, the field shall not be populated.APA{MIC}15Publication Date and TimeFor all financial instrumentsDate and time when the transaction was published by a trading venue or APA.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the time reported shall be granular to at least the nearest second.RM, MTF, OTF, APA{DATE_TIME_FORMAT}16Venue of publicationFor all financial instrumentsCode used to identify the trading venue and APA publishing the transaction.RM, MTF, OTF, APA{MIC}17Transaction Identification CodeFor all financial instrumentsAlphanumerical code assigned by trading venues (pursuant to Article 12 of Commission Delegated Regulation (EU) 2017/580(2)and APAs and used in any subsequent reference to the specific trade.RM, MTF, OTF, APA{ALPHANUMERICAL-52}18Transaction to be clearedFor derivativesCode to identify whether the transaction will be cleared.RM, MTF, OTF, APA“TRUE” – transaction to be cleared“FALSE” – transaction not to be cleared19FlagsFor all financial instrumentsOne or multiple fields should be populated with the applicable flags as described in Table 3 of Annex II.Where none of the specified circumstances apply, the transaction should be published without a flag.Where a combination of flags is possible and reported in one field, the flags should be reported separated by commas.RM, MTF, OTF, APAAs specified in Table 3 of Annex II20Trading SystemFor all financial instrumentsType of trading system on which the transaction was executed.When the field “Venue of execution” is populated with “SINT” or “XOFF”, this field shall not be populated.RM, MTF, OTF“CLOB” – central limit order book trading system.“QDTS” – quote driven trading systems, meaning a system where transactions are concluded on the basis of firm quotes that are continuously made available to participants, which requires the market makers to maintain quotes in a size that balances the needs of members and participants to deal in a commercial size and the risk to which the market maker exposes itself.“PATS” – periodic auction trading systems.“RFQT” – request for quote trading systems, meaning a trading system where a quote or quotes are provided in response to a request for a quote submitted by one or more other members or participants. The quote is executable exclusively by the requesting member or market participant. The requesting member or participant may conclude a transaction by accepting the quote or quotes provided to it on request.“VOIC” – voice trading system, meaning a trading system where transactions between members are arranged through voice negotiation.“HYBR” – hybrid trading system meaning a system falling into two or more of the types of trading systems referred to above.“OTHR” – any other trading system, meaning any other type of trading system not covered above.21Number of transactionsFor sovereign debt instrumentsThis field should be populated with the number of transactions executed when deferred publication of details of several tpransactions in an aggregated form is required under Article 11(3)(b) of Regulation (EU) No 600/2014.RM, MTF, OTF, APA{DECIMAL-18/17} | # | Field identifier | Financial instruments | Description and details to be published | Type of execution or publication venue | Format to be populated as specified in Table 1 | 1 | Trading date and time | For all financial instruments | Date and time when the transaction was executed.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Commission Delegated Regulation (EU) 2025/1155(1).For transactions not executed on a trading venue, the date and time shall be when the parties agree the content of the following fields: quantity, price, currencies, as specified in fields 31, 34 and 44 of Table 2 of Annex I to Delegated Regulation (EU) 2017/590, instrument identification code, instrument classification and underlying instrument code, where applicable. For transactions not executed on a trading venue the time reported shall be granular to at least the nearest second.Where the transaction results from an order transmitted by the executing firm on behalf of a client to a third party where the conditions for transmission set out in Article 4 of Delegated Regulation (EU) 2017/590 were not satisfied, this shall be the date and time of the transaction rather than the time of the order transmission. | Regulated Market (RM)Multilateral Trading Facility (MTF),Organised Trading Facility (OTF)Approved Publication Arrangement (APA) | {DATE_TIME_FORMAT} | 2 | Instrument identification code | For all financial instruments | Code used to identify the financial instrument | RM, MTF, OTF, APA | {ISIN} | 3 | Price | For all financial instruments | Traded price of the transaction excluding, where applicable, commission and accrued interest.The traded price shall be reported in accordance with standard market convention. The value provided in this field shall be consistent with the value provided in the field “Price Notation”.Where price is currently not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated. | RM, MTF, OTF, APA | {DECIMAL-18/13} in case the price is expressed as monetary value{DECIMAL-11/10} in case the price is expressed as percentage or yield{DECIMAL-18/17} in case the price is expressed as basis points | 4 | Missing Price | For all financial instruments | Where price is currently not available but pending, the value shall be “PNDG”.Where price is not applicable the value shall be “NOAP”. | RM, MTF, OTF, APA | “PNDG” in case the price is not available“NOAP” in case the price is not applicable | 5 | Price currency | For all financial instruments | Major currency in which the price is expressed (applicable if the price is expressed as monetary value). | RM, MTF, OTF, APA | {CURRENCY CODE_3} | 6 | Price notation | For all financial instruments | Indication as to whether the price is expressed in monetary value, in percentage, in basis points or in yieldThe price notation shall be reported in accordance with standard market convention.For credit default swaps, this field shall be populated with “BAPO”.For bonds (other than ETNs and ETCs) this field shall be populated with percentage (PERC) of the notional amount. Where a price in percentage is not the standard market convention, it shall be populated with YIEL, BAPO or MONE, in accordance with the standard market convention.The value provided in this field shall be consistent with the value provided in the field “Price”.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is currently not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated. | RM, MTF, OTF, APA | “MONE” – Monetary value“PERC” – Percentage“YIEL” – Yield“BAPO” – Basis points | 7 | Quantity | For all financial instruments except in the cases described under Article 11(1), points (a) and (b) of this Regulation. | For financial instruments traded in units, the number of units of the financial instrument. Empty otherwise. | RM, MTF, OTF, APA | {DECIMAL-18/17} | 8 | Quantity in measurement unit | For contracts designated in units in commodity derivatives, C10 derivatives, emission allowance derivatives and emission allowances except in the cases described under Article 11(1), points (a) and (b), of this Regulation. | The equivalent amount of commodity or emission allowance traded expressed in measurement unit. | RM, MTF, OTF, APA | {DECIMAL-18/17} | 9 | Notation of the quantity in measurement unit | For contracts designated in units in commodity derivatives, C10 derivatives, emission allowance derivatives and emission allowances except in the cases described under Article 11(1), points (a) and (b), of this Regulation | Indication of the notation in which the quantity in measurement unit is expressed. | RM, MTF, OTF, APA | “TOCD” – tonnes of carbon dioxide equivalent, for any contract related to emission allowances“TONE” – metric tonnes“MWHO” – megawatt hours“MBTU” – one million British thermal units“THMS” – Therms“DAYS”– days or{ALPHANUM-4}otherwise | 10 | Notional amount | For all financial instruments except in the cases described under Article 11(1), points (a) and (b), of this Regulation. | This field shall be populated:(i)for bonds (excluding ETCs and ETNs), with the face value, which is the amount repaid at redemption to the investor;(ii)for ETCs and ETNs and securitised derivatives, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field;(iii)for structured finance products (SFPs), with the nominal value per unit multiplied by the number of instruments at the time of the transaction;(iv)for credit default swaps, with the notional amount for which the protection is acquired or disposed of;(v)for options, swaptions, swaps other than those in (iv), futures and forwards, with the notional amount of the contract;(vi)for emission allowances, with the resulting amount of the quantity at the relevant price set in the contract at the time of the transaction. Equivalently, with the price field multiplied by the quantity in measurement unit field;(vii)for spread bets, with the monetary value wagered per point movement in the underlying financial instrument at the time of the transaction;(viii)for contracts for difference, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field. | (i) | for bonds (excluding ETCs and ETNs), with the face value, which is the amount repaid at redemption to the investor; | (ii) | for ETCs and ETNs and securitised derivatives, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field; | (iii) | for structured finance products (SFPs), with the nominal value per unit multiplied by the number of instruments at the time of the transaction; | (iv) | for credit default swaps, with the notional amount for which the protection is acquired or disposed of; | (v) | for options, swaptions, swaps other than those in (iv), futures and forwards, with the notional amount of the contract; | (vi) | for emission allowances, with the resulting amount of the quantity at the relevant price set in the contract at the time of the transaction. Equivalently, with the price field multiplied by the quantity in measurement unit field; | (vii) | for spread bets, with the monetary value wagered per point movement in the underlying financial instrument at the time of the transaction; | (viii) | for contracts for difference, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field. | RM, MTF, OTF, APA | {DECIMAL-18/5} | 11 | Notional currency | For all financial instruments except in the cases described under Article 11(1), points (a) and (b), of this Regulation. | Major currency in which the notional amount is denominated.In the case of an FX derivative contract or a multi-currency swap or a swaption where the underlying swap is multi-currency or a currency CFD or spread-betting contract, this will be the notional currency of leg 1. | RM, MTF, OTF, APA | {CURRENCY CODE_3} | 12 | [deleted] | | | | | 13 | Venue of execution | For all financial instruments | Identification of the venue where the transaction was executed.Use the ISO 10383 segment MIC for transactions executed on an EU trading venue. Where the segment MIC does not exist, use the operating MIC.Use “SINT” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is executed on a Systematic Internaliser.Use MIC code “XOFF” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is neither executed on an EU trading venue nor executed by a systematic internaliser. If the transaction is executed on an organised trading platform outside of the EU then in addition to “XOFF” also the population of the field “Third-country trading venue of execution” is required. | RM, MTF, OTF, APA | {MIC} – EU trading venues or“SINT” – systematic internaliser“XOFF” – otherwise | 14 | Third-country trading venue of execution | For all financial instruments | Identification of the third-country trading venue where the transaction was executed.Use the ISO 10383 segment MIC. Where the segment MIC does not exist, use the operating MIC.Where the transaction is not executed on a third- country trading venue, the field shall not be populated. | APA | {MIC} | 15 | Publication Date and Time | For all financial instruments | Date and time when the transaction was published by a trading venue or APA.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the time reported shall be granular to at least the nearest second. | RM, MTF, OTF, APA | {DATE_TIME_FORMAT} | 16 | Venue of publication | For all financial instruments | Code used to identify the trading venue and APA publishing the transaction. | RM, MTF, OTF, APA | {MIC} | 17 | Transaction Identification Code | For all financial instruments | Alphanumerical code assigned by trading venues (pursuant to Article 12 of Commission Delegated Regulation (EU) 2017/580(2)and APAs and used in any subsequent reference to the specific trade. | RM, MTF, OTF, APA | {ALPHANUMERICAL-52} | 18 | Transaction to be cleared | For derivatives | Code to identify whether the transaction will be cleared. | RM, MTF, OTF, APA | “TRUE” – transaction to be cleared“FALSE” – transaction not to be cleared | 19 | Flags | For all financial instruments | One or multiple fields should be populated with the applicable flags as described in Table 3 of Annex II.Where none of the specified circumstances apply, the transaction should be published without a flag.Where a combination of flags is possible and reported in one field, the flags should be reported separated by commas. | RM, MTF, OTF, APA | As specified in Table 3 of Annex II | 20 | Trading System | For all financial instruments | Type of trading system on which the transaction was executed.When the field “Venue of execution” is populated with “SINT” or “XOFF”, this field shall not be populated. | RM, MTF, OTF | “CLOB” – central limit order book trading system.“QDTS” – quote driven trading systems, meaning a system where transactions are concluded on the basis of firm quotes that are continuously made available to participants, which requires the market makers to maintain quotes in a size that balances the needs of members and participants to deal in a commercial size and the risk to which the market maker exposes itself.“PATS” – periodic auction trading systems.“RFQT” – request for quote trading systems, meaning a trading system where a quote or quotes are provided in response to a request for a quote submitted by one or more other members or participants. The quote is executable exclusively by the requesting member or market participant. The requesting member or participant may conclude a transaction by accepting the quote or quotes provided to it on request.“VOIC” – voice trading system, meaning a trading system where transactions between members are arranged through voice negotiation.“HYBR” – hybrid trading system meaning a system falling into two or more of the types of trading systems referred to above.“OTHR” – any other trading system, meaning any other type of trading system not covered above. | 21 | Number of transactions | For sovereign debt instruments | This field should be populated with the number of transactions executed when deferred publication of details of several tpransactions in an aggregated form is required under Article 11(3)(b) of Regulation (EU) No 600/2014. | RM, MTF, OTF, APA | {DECIMAL-18/17}
# | Field identifier | Financial instruments | Description and details to be published | Type of execution or publication venue | Format to be populated as specified in Table 1
1 | Trading date and time | For all financial instruments | Date and time when the transaction was executed.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Commission Delegated Regulation (EU) 2025/1155(1).For transactions not executed on a trading venue, the date and time shall be when the parties agree the content of the following fields: quantity, price, currencies, as specified in fields 31, 34 and 44 of Table 2 of Annex I to Delegated Regulation (EU) 2017/590, instrument identification code, instrument classification and underlying instrument code, where applicable. For transactions not executed on a trading venue the time reported shall be granular to at least the nearest second.Where the transaction results from an order transmitted by the executing firm on behalf of a client to a third party where the conditions for transmission set out in Article 4 of Delegated Regulation (EU) 2017/590 were not satisfied, this shall be the date and time of the transaction rather than the time of the order transmission. | Regulated Market (RM)Multilateral Trading Facility (MTF),Organised Trading Facility (OTF)Approved Publication Arrangement (APA) | {DATE_TIME_FORMAT}
2 | Instrument identification code | For all financial instruments | Code used to identify the financial instrument | RM, MTF, OTF, APA | {ISIN}
3 | Price | For all financial instruments | Traded price of the transaction excluding, where applicable, commission and accrued interest.The traded price shall be reported in accordance with standard market convention. The value provided in this field shall be consistent with the value provided in the field “Price Notation”.Where price is currently not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated. | RM, MTF, OTF, APA | {DECIMAL-18/13} in case the price is expressed as monetary value{DECIMAL-11/10} in case the price is expressed as percentage or yield{DECIMAL-18/17} in case the price is expressed as basis points
4 | Missing Price | For all financial instruments | Where price is currently not available but pending, the value shall be “PNDG”.Where price is not applicable the value shall be “NOAP”. | RM, MTF, OTF, APA | “PNDG” in case the price is not available“NOAP” in case the price is not applicable
5 | Price currency | For all financial instruments | Major currency in which the price is expressed (applicable if the price is expressed as monetary value). | RM, MTF, OTF, APA | {CURRENCY CODE_3}
6 | Price notation | For all financial instruments | Indication as to whether the price is expressed in monetary value, in percentage, in basis points or in yieldThe price notation shall be reported in accordance with standard market convention.For credit default swaps, this field shall be populated with “BAPO”.For bonds (other than ETNs and ETCs) this field shall be populated with percentage (PERC) of the notional amount. Where a price in percentage is not the standard market convention, it shall be populated with YIEL, BAPO or MONE, in accordance with the standard market convention.The value provided in this field shall be consistent with the value provided in the field “Price”.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is currently not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated. | RM, MTF, OTF, APA | “MONE” – Monetary value“PERC” – Percentage“YIEL” – Yield“BAPO” – Basis points
7 | Quantity | For all financial instruments except in the cases described under Article 11(1), points (a) and (b) of this Regulation. | For financial instruments traded in units, the number of units of the financial instrument. Empty otherwise. | RM, MTF, OTF, APA | {DECIMAL-18/17}
8 | Quantity in measurement unit | For contracts designated in units in commodity derivatives, C10 derivatives, emission allowance derivatives and emission allowances except in the cases described under Article 11(1), points (a) and (b), of this Regulation. | The equivalent amount of commodity or emission allowance traded expressed in measurement unit. | RM, MTF, OTF, APA | {DECIMAL-18/17}
9 | Notation of the quantity in measurement unit | For contracts designated in units in commodity derivatives, C10 derivatives, emission allowance derivatives and emission allowances except in the cases described under Article 11(1), points (a) and (b), of this Regulation | Indication of the notation in which the quantity in measurement unit is expressed. | RM, MTF, OTF, APA | “TOCD” – tonnes of carbon dioxide equivalent, for any contract related to emission allowances“TONE” – metric tonnes“MWHO” – megawatt hours“MBTU” – one million British thermal units“THMS” – Therms“DAYS”– days or{ALPHANUM-4}otherwise
10 | Notional amount | For all financial instruments except in the cases described under Article 11(1), points (a) and (b), of this Regulation. | This field shall be populated:(i)for bonds (excluding ETCs and ETNs), with the face value, which is the amount repaid at redemption to the investor;(ii)for ETCs and ETNs and securitised derivatives, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field;(iii)for structured finance products (SFPs), with the nominal value per unit multiplied by the number of instruments at the time of the transaction;(iv)for credit default swaps, with the notional amount for which the protection is acquired or disposed of;(v)for options, swaptions, swaps other than those in (iv), futures and forwards, with the notional amount of the contract;(vi)for emission allowances, with the resulting amount of the quantity at the relevant price set in the contract at the time of the transaction. Equivalently, with the price field multiplied by the quantity in measurement unit field;(vii)for spread bets, with the monetary value wagered per point movement in the underlying financial instrument at the time of the transaction;(viii)for contracts for difference, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field. | (i) | for bonds (excluding ETCs and ETNs), with the face value, which is the amount repaid at redemption to the investor; | (ii) | for ETCs and ETNs and securitised derivatives, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field; | (iii) | for structured finance products (SFPs), with the nominal value per unit multiplied by the number of instruments at the time of the transaction; | (iv) | for credit default swaps, with the notional amount for which the protection is acquired or disposed of; | (v) | for options, swaptions, swaps other than those in (iv), futures and forwards, with the notional amount of the contract; | (vi) | for emission allowances, with the resulting amount of the quantity at the relevant price set in the contract at the time of the transaction. Equivalently, with the price field multiplied by the quantity in measurement unit field; | (vii) | for spread bets, with the monetary value wagered per point movement in the underlying financial instrument at the time of the transaction; | (viii) | for contracts for difference, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field. | RM, MTF, OTF, APA | {DECIMAL-18/5}
(i) | for bonds (excluding ETCs and ETNs), with the face value, which is the amount repaid at redemption to the investor;
(ii) | for ETCs and ETNs and securitised derivatives, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field;
(iii) | for structured finance products (SFPs), with the nominal value per unit multiplied by the number of instruments at the time of the transaction;
(iv) | for credit default swaps, with the notional amount for which the protection is acquired or disposed of;
(v) | for options, swaptions, swaps other than those in (iv), futures and forwards, with the notional amount of the contract;
(vi) | for emission allowances, with the resulting amount of the quantity at the relevant price set in the contract at the time of the transaction. Equivalently, with the price field multiplied by the quantity in measurement unit field;
(vii) | for spread bets, with the monetary value wagered per point movement in the underlying financial instrument at the time of the transaction;
(viii) | for contracts for difference, with the number of instruments exchanged between the buyers and sellers multiplied by the price of the instrument exchanged for that specific transaction. Equivalently, with the price field multiplied by the quantity field.
11 | Notional currency | For all financial instruments except in the cases described under Article 11(1), points (a) and (b), of this Regulation. | Major currency in which the notional amount is denominated.In the case of an FX derivative contract or a multi-currency swap or a swaption where the underlying swap is multi-currency or a currency CFD or spread-betting contract, this will be the notional currency of leg 1. | RM, MTF, OTF, APA | {CURRENCY CODE_3}
12 | [deleted] | | | |
13 | Venue of execution | For all financial instruments | Identification of the venue where the transaction was executed.Use the ISO 10383 segment MIC for transactions executed on an EU trading venue. Where the segment MIC does not exist, use the operating MIC.Use “SINT” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is executed on a Systematic Internaliser.Use MIC code “XOFF” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is neither executed on an EU trading venue nor executed by a systematic internaliser. If the transaction is executed on an organised trading platform outside of the EU then in addition to “XOFF” also the population of the field “Third-country trading venue of execution” is required. | RM, MTF, OTF, APA | {MIC} – EU trading venues or“SINT” – systematic internaliser“XOFF” – otherwise
14 | Third-country trading venue of execution | For all financial instruments | Identification of the third-country trading venue where the transaction was executed.Use the ISO 10383 segment MIC. Where the segment MIC does not exist, use the operating MIC.Where the transaction is not executed on a third- country trading venue, the field shall not be populated. | APA | {MIC}
15 | Publication Date and Time | For all financial instruments | Date and time when the transaction was published by a trading venue or APA.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the time reported shall be granular to at least the nearest second. | RM, MTF, OTF, APA | {DATE_TIME_FORMAT}
16 | Venue of publication | For all financial instruments | Code used to identify the trading venue and APA publishing the transaction. | RM, MTF, OTF, APA | {MIC}
17 | Transaction Identification Code | For all financial instruments | Alphanumerical code assigned by trading venues (pursuant to Article 12 of Commission Delegated Regulation (EU) 2017/580(2)and APAs and used in any subsequent reference to the specific trade. | RM, MTF, OTF, APA | {ALPHANUMERICAL-52}
18 | Transaction to be cleared | For derivatives | Code to identify whether the transaction will be cleared. | RM, MTF, OTF, APA | “TRUE” – transaction to be cleared“FALSE” – transaction not to be cleared
19 | Flags | For all financial instruments | One or multiple fields should be populated with the applicable flags as described in Table 3 of Annex II.Where none of the specified circumstances apply, the transaction should be published without a flag.Where a combination of flags is possible and reported in one field, the flags should be reported separated by commas. | RM, MTF, OTF, APA | As specified in Table 3 of Annex II
20 | Trading System | For all financial instruments | Type of trading system on which the transaction was executed.When the field “Venue of execution” is populated with “SINT” or “XOFF”, this field shall not be populated. | RM, MTF, OTF | “CLOB” – central limit order book trading system.“QDTS” – quote driven trading systems, meaning a system where transactions are concluded on the basis of firm quotes that are continuously made available to participants, which requires the market makers to maintain quotes in a size that balances the needs of members and participants to deal in a commercial size and the risk to which the market maker exposes itself.“PATS” – periodic auction trading systems.“RFQT” – request for quote trading systems, meaning a trading system where a quote or quotes are provided in response to a request for a quote submitted by one or more other members or participants. The quote is executable exclusively by the requesting member or market participant. The requesting member or participant may conclude a transaction by accepting the quote or quotes provided to it on request.“VOIC” – voice trading system, meaning a trading system where transactions between members are arranged through voice negotiation.“HYBR” – hybrid trading system meaning a system falling into two or more of the types of trading systems referred to above.“OTHR” – any other trading system, meaning any other type of trading system not covered above.
21 | Number of transactions | For sovereign debt instruments | This field should be populated with the number of transactions executed when deferred publication of details of several tpransactions in an aggregated form is required under Article 11(3)(b) of Regulation (EU) No 600/2014. | RM, MTF, OTF, APA | {DECIMAL-18/17}
(2) | Table 3 is replaced by the following:‘Table 3List of flags for the purpose of post-trade transparencyPOST-TRADE DEFERRAL FLAGS FOR DERIVATIVESFlagNameType of execution or publication venueDescription“LRGS”Post-trade LIS transaction flagRM, MTF, OTF, APATransactions executed under the post-trade large in scale deferral“ILQD”Illiquid instrument transaction flagRM, MTF, OTF, APATransactions executed under the deferral for instruments for which there is not a liquid market“SIZE”Post-trade SSTI transaction flagRM, MTF, OTF, APATransactions executed under the post-trade size specific to the instrument deferralPOST-TRADE DEFERRAL FLAGS FOR BONDS (EXCEPT ETCs AND ETNs)FlagNameType of execution or publication venueDescription“MLF1”Medium Liquid FlagRM, MTF, OTF, APATransactions in bonds benefiting from a deferral applicable to transactions of a medium size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(a) of this Regulation.“MIF2”Medium Illiquid FlagRM, MTF, OTF, APATransactions in bonds benefiting from a deferral applicable to transactions of a medium size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(b) of this Regulation.“LLF3”Large Liquid FlagRM, MTF, OTF, APATransactions in bonds benefiting from a deferral applicable to transactions of a large size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(c) of this Regulation.“LIF4”Large Illiquid FlagRM, MTF, OTF, APATransactions in bonds benefiting from a deferral applicable to transactions of a large size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(d) of this Regulation.“VLF5”Very Large Liquid FlagRM, MTF, OTF, APATransactions in bonds benefiting from a deferral applicable to transactions of a very large size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(e) of this Regulation.“VIF5”Very Large Illiquid FlagRM, MTF, OTF, APATransactions in bonds benefiting from a deferral applicable to transactions of a very large size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(e) of this Regulation.POST-TRADE DEFERRAL FLAGS FOR ETCs, ETNs, SFPs AND EMISSION ALLOWANCESFlagNameType of execution or publication venueDescription“DEFF”Deferral for ETCs, ETNs, SFPs and emission allowancesRM, MTF, OTF, APATransactions in ETCs, ETNs, SFPs and emission allowances, which benefit from a deferral as specified under Article 8a(2) and (3) of this Regulation.SUPPLEMENTARY DEFERRAL FLAGS FOR DERIVATIVESArticle 11(1), point (a)(i)“LMTF”Limited details flagRM, MTF, OTF, APAFirst report with publication of limited details in accordance with Article 11(1), point (a)(i).“FULF”Full details flagRM, MTF, OTF, APATransaction for which limited details have been previously published in accordance with Article 11(1), point (a)(i).Article 11(1), point (a)(ii)“DATF”Daily aggregated transaction flagRM, MTF, OTF, APAPublication of daily aggregated transaction in accordance with Article 11(1), point (a)(ii).“FULA”Full details flagRM, MTF, OTF, APAIndividual transactions for which aggregated details have been previously published in accordance with Article 11(1), point (a)(ii).Article 11(1), point (b)“VOLO”Volume omission flagRM, MTF, OTF, APATransaction for which limited details are published in accordance with Article 11(1), point (b).“FULV”Full details flagRM, MTF, OTF, APATransaction for which limited details have been previously published in accordance with Article 11(1), point (b).Article 11(1), point (c)“FWAF”Four weeks aggregation flagRM, MTF, OTF, APAPublication of aggregated transactions in accordance with Article 11(1), point (c).“FULJ”Full details flagRM, MTF, OTF, APAIndividual transactions which have previously benefited from aggregated publication in accordance with Article 11(1), point (c).SUPPLEMENTARY DEFERRAL FLAGS FOR SOVEREIGN BONDSArticle 11(3)(a)“OMIS”Volume omission flagRM, MTF, OTF, APATransaction for which limited details are published in accordance with Article 11(3), point (a) of Regulation (EU) No 600/2014.“FULO”Full details flagRM, MTF, OTF, APATransaction for which limited details have been previously published in accordance with Article 11(3), point (a) of Regulation (EU) No 600/2014.Article 11(3)(b)“AGFW”Four weeks aggregation flagRM, MTF, OTF, APAPublication of aggregated transactions in accordance with Article 11(3), point (b) of Regulation (EU) No 600/2014.“FULG”Full details flagRM, MTF, OTF, APAIndividual transactions which have previously benefited from aggregated publication in accordance with Article 11(3), point (b) of Regulation (EU) No 600/2014.OTHER FLAGSFlagNameType of execution or publication venueDescription“BENC”Benchmark transaction flagRM, MTF, OTF, APATransactions executed in reference to a price that is calculated over multiple time instances according to a given benchmark, such as volume-weighted average price or time-weighted average price.“NPFT”Non-price forming transaction flagRM, MTF, OTF, APANon-price forming transactions as set out in Article 2(5) of Delegated Regulation (EU) 2017/590.“TPAC”Package transaction flagRM, MTF, OTF, APAPackage transactions, which are not exchange for physicals, as defined in Article 2(1)(50), point (b) of Regulation (EU) No 600/2014.“XFPH”Exchange for physicals transaction flagRM, MTF, OTF, APAExchange for physicals as defined in Article 2(1), point (48), of Regulation (EU) No 600/2014.“CANC”Cancellation flagRM, MTF, OTF, APAWhen a previously published transaction is cancelled.“AMND”Amendment flagRM, MTF, OTF, APAWhen a previously published transaction is amended.“PORT”Portfolio trade flagRM, MTF, OTF, APATransaction in five or more different financial instruments where those transactions are traded at the same time by the same client and against a single lot price and that is not a “package transaction” as defined in Article 2(1), point (50), of Regulation (EU) No 600/2014.“MTCH”Matched principal trading flagOTFMatched principal transactions as set out in Article 4(1)(38) of Directive 2014/65/EU.“NEGO”Negotiated transaction flagRM, MTF, OTFTransactions which are negotiated privately but reported under the rules of a trading venue.’ | POST-TRADE DEFERRAL FLAGS FOR DERIVATIVES | Flag | Name | Type of execution or publication venue | Description | “LRGS” | Post-trade LIS transaction flag | RM, MTF, OTF, APA | Transactions executed under the post-trade large in scale deferral | “ILQD” | Illiquid instrument transaction flag | RM, MTF, OTF, APA | Transactions executed under the deferral for instruments for which there is not a liquid market | “SIZE” | Post-trade SSTI transaction flag | RM, MTF, OTF, APA | Transactions executed under the post-trade size specific to the instrument deferral | POST-TRADE DEFERRAL FLAGS FOR BONDS (EXCEPT ETCs AND ETNs) | Flag | Name | Type of execution or publication venue | Description | “MLF1” | Medium Liquid Flag | RM, MTF, OTF, APA | Transactions in bonds benefiting from a deferral applicable to transactions of a medium size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(a) of this Regulation. | “MIF2” | Medium Illiquid Flag | RM, MTF, OTF, APA | Transactions in bonds benefiting from a deferral applicable to transactions of a medium size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(b) of this Regulation. | “LLF3” | Large Liquid Flag | RM, MTF, OTF, APA | Transactions in bonds benefiting from a deferral applicable to transactions of a large size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(c) of this Regulation. | “LIF4” | Large Illiquid Flag | RM, MTF, OTF, APA | Transactions in bonds benefiting from a deferral applicable to transactions of a large size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(d) of this Regulation. | “VLF5” | Very Large Liquid Flag | RM, MTF, OTF, APA | Transactions in bonds benefiting from a deferral applicable to transactions of a very large size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(e) of this Regulation. | “VIF5” | Very Large Illiquid Flag | RM, MTF, OTF, APA | Transactions in bonds benefiting from a deferral applicable to transactions of a very large size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(e) of this Regulation. | POST-TRADE DEFERRAL FLAGS FOR ETCs, ETNs, SFPs AND EMISSION ALLOWANCES | Flag | Name | Type of execution or publication venue | Description | “DEFF” | Deferral for ETCs, ETNs, SFPs and emission allowances | RM, MTF, OTF, APA | Transactions in ETCs, ETNs, SFPs and emission allowances, which benefit from a deferral as specified under Article 8a(2) and (3) of this Regulation. | SUPPLEMENTARY DEFERRAL FLAGS FOR DERIVATIVES | Article 11(1), point (a)(i) | “LMTF” | Limited details flag | RM, MTF, OTF, APA | First report with publication of limited details in accordance with Article 11(1), point (a)(i). | “FULF” | Full details flag | RM, MTF, OTF, APA | Transaction for which limited details have been previously published in accordance with Article 11(1), point (a)(i). | Article 11(1), point (a)(ii) | “DATF” | Daily aggregated transaction flag | RM, MTF, OTF, APA | Publication of daily aggregated transaction in accordance with Article 11(1), point (a)(ii). | “FULA” | Full details flag | RM, MTF, OTF, APA | Individual transactions for which aggregated details have been previously published in accordance with Article 11(1), point (a)(ii). | Article 11(1), point (b) | “VOLO” | Volume omission flag | RM, MTF, OTF, APA | Transaction for which limited details are published in accordance with Article 11(1), point (b). | “FULV” | Full details flag | RM, MTF, OTF, APA | Transaction for which limited details have been previously published in accordance with Article 11(1), point (b). | Article 11(1), point (c) | “FWAF” | Four weeks aggregation flag | RM, MTF, OTF, APA | Publication of aggregated transactions in accordance with Article 11(1), point (c). | “FULJ” | Full details flag | RM, MTF, OTF, APA | Individual transactions which have previously benefited from aggregated publication in accordance with Article 11(1), point (c). | SUPPLEMENTARY DEFERRAL FLAGS FOR SOVEREIGN BONDS | Article 11(3)(a) | “OMIS” | Volume omission flag | RM, MTF, OTF, APA | Transaction for which limited details are published in accordance with Article 11(3), point (a) of Regulation (EU) No 600/2014. | “FULO” | Full details flag | RM, MTF, OTF, APA | Transaction for which limited details have been previously published in accordance with Article 11(3), point (a) of Regulation (EU) No 600/2014. | Article 11(3)(b) | “AGFW” | Four weeks aggregation flag | RM, MTF, OTF, APA | Publication of aggregated transactions in accordance with Article 11(3), point (b) of Regulation (EU) No 600/2014. | “FULG” | Full details flag | RM, MTF, OTF, APA | Individual transactions which have previously benefited from aggregated publication in accordance with Article 11(3), point (b) of Regulation (EU) No 600/2014. | OTHER FLAGS | Flag | Name | Type of execution or publication venue | Description | “BENC” | Benchmark transaction flag | RM, MTF, OTF, APA | Transactions executed in reference to a price that is calculated over multiple time instances according to a given benchmark, such as volume-weighted average price or time-weighted average price. | “NPFT” | Non-price forming transaction flag | RM, MTF, OTF, APA | Non-price forming transactions as set out in Article 2(5) of Delegated Regulation (EU) 2017/590. | “TPAC” | Package transaction flag | RM, MTF, OTF, APA | Package transactions, which are not exchange for physicals, as defined in Article 2(1)(50), point (b) of Regulation (EU) No 600/2014. | “XFPH” | Exchange for physicals transaction flag | RM, MTF, OTF, APA | Exchange for physicals as defined in Article 2(1), point (48), of Regulation (EU) No 600/2014. | “CANC” | Cancellation flag | RM, MTF, OTF, APA | When a previously published transaction is cancelled. | “AMND” | Amendment flag | RM, MTF, OTF, APA | When a previously published transaction is amended. | “PORT” | Portfolio trade flag | RM, MTF, OTF, APA | Transaction in five or more different financial instruments where those transactions are traded at the same time by the same client and against a single lot price and that is not a “package transaction” as defined in Article 2(1), point (50), of Regulation (EU) No 600/2014. | “MTCH” | Matched principal trading flag | OTF | Matched principal transactions as set out in Article 4(1)(38) of Directive 2014/65/EU. | “NEGO” | Negotiated transaction flag | RM, MTF, OTF | Transactions which are negotiated privately but reported under the rules of a trading venue.’
POST-TRADE DEFERRAL FLAGS FOR DERIVATIVES
Flag | Name | Type of execution or publication venue | Description
“LRGS” | Post-trade LIS transaction flag | RM, MTF, OTF, APA | Transactions executed under the post-trade large in scale deferral
“ILQD” | Illiquid instrument transaction flag | RM, MTF, OTF, APA | Transactions executed under the deferral for instruments for which there is not a liquid market
“SIZE” | Post-trade SSTI transaction flag | RM, MTF, OTF, APA | Transactions executed under the post-trade size specific to the instrument deferral
POST-TRADE DEFERRAL FLAGS FOR BONDS (EXCEPT ETCs AND ETNs)
Flag | Name | Type of execution or publication venue | Description
“MLF1” | Medium Liquid Flag | RM, MTF, OTF, APA | Transactions in bonds benefiting from a deferral applicable to transactions of a medium size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(a) of this Regulation.
“MIF2” | Medium Illiquid Flag | RM, MTF, OTF, APA | Transactions in bonds benefiting from a deferral applicable to transactions of a medium size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(b) of this Regulation.
“LLF3” | Large Liquid Flag | RM, MTF, OTF, APA | Transactions in bonds benefiting from a deferral applicable to transactions of a large size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(c) of this Regulation.
“LIF4” | Large Illiquid Flag | RM, MTF, OTF, APA | Transactions in bonds benefiting from a deferral applicable to transactions of a large size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(d) of this Regulation.
“VLF5” | Very Large Liquid Flag | RM, MTF, OTF, APA | Transactions in bonds benefiting from a deferral applicable to transactions of a very large size in a financial instrument for which there is a liquid market in accordance with Article 8a(1)(e) of this Regulation.
“VIF5” | Very Large Illiquid Flag | RM, MTF, OTF, APA | Transactions in bonds benefiting from a deferral applicable to transactions of a very large size in a financial instrument for which there is not a liquid market in accordance with Article 8a(1)(e) of this Regulation.
POST-TRADE DEFERRAL FLAGS FOR ETCs, ETNs, SFPs AND EMISSION ALLOWANCES
Flag | Name | Type of execution or publication venue | Description
“DEFF” | Deferral for ETCs, ETNs, SFPs and emission allowances | RM, MTF, OTF, APA | Transactions in ETCs, ETNs, SFPs and emission allowances, which benefit from a deferral as specified under Article 8a(2) and (3) of this Regulation.
SUPPLEMENTARY DEFERRAL FLAGS FOR DERIVATIVES
Article 11(1), point (a)(i) | “LMTF” | Limited details flag | RM, MTF, OTF, APA | First report with publication of limited details in accordance with Article 11(1), point (a)(i).
“FULF” | Full details flag | RM, MTF, OTF, APA | Transaction for which limited details have been previously published in accordance with Article 11(1), point (a)(i).
Article 11(1), point (a)(ii) | “DATF” | Daily aggregated transaction flag | RM, MTF, OTF, APA | Publication of daily aggregated transaction in accordance with Article 11(1), point (a)(ii).
“FULA” | Full details flag | RM, MTF, OTF, APA | Individual transactions for which aggregated details have been previously published in accordance with Article 11(1), point (a)(ii).
Article 11(1), point (b) | “VOLO” | Volume omission flag | RM, MTF, OTF, APA | Transaction for which limited details are published in accordance with Article 11(1), point (b).
“FULV” | Full details flag | RM, MTF, OTF, APA | Transaction for which limited details have been previously published in accordance with Article 11(1), point (b).
Article 11(1), point (c) | “FWAF” | Four weeks aggregation flag | RM, MTF, OTF, APA | Publication of aggregated transactions in accordance with Article 11(1), point (c).
“FULJ” | Full details flag | RM, MTF, OTF, APA | Individual transactions which have previously benefited from aggregated publication in accordance with Article 11(1), point (c).
SUPPLEMENTARY DEFERRAL FLAGS FOR SOVEREIGN BONDS
Article 11(3)(a) | “OMIS” | Volume omission flag | RM, MTF, OTF, APA | Transaction for which limited details are published in accordance with Article 11(3), point (a) of Regulation (EU) No 600/2014.
“FULO” | Full details flag | RM, MTF, OTF, APA | Transaction for which limited details have been previously published in accordance with Article 11(3), point (a) of Regulation (EU) No 600/2014.
Article 11(3)(b) | “AGFW” | Four weeks aggregation flag | RM, MTF, OTF, APA | Publication of aggregated transactions in accordance with Article 11(3), point (b) of Regulation (EU) No 600/2014.
“FULG” | Full details flag | RM, MTF, OTF, APA | Individual transactions which have previously benefited from aggregated publication in accordance with Article 11(3), point (b) of Regulation (EU) No 600/2014.
OTHER FLAGS
Flag | Name | Type of execution or publication venue | Description
“BENC” | Benchmark transaction flag | RM, MTF, OTF, APA | Transactions executed in reference to a price that is calculated over multiple time instances according to a given benchmark, such as volume-weighted average price or time-weighted average price.
“NPFT” | Non-price forming transaction flag | RM, MTF, OTF, APA | Non-price forming transactions as set out in Article 2(5) of Delegated Regulation (EU) 2017/590.
“TPAC” | Package transaction flag | RM, MTF, OTF, APA | Package transactions, which are not exchange for physicals, as defined in Article 2(1)(50), point (b) of Regulation (EU) No 600/2014.
“XFPH” | Exchange for physicals transaction flag | RM, MTF, OTF, APA | Exchange for physicals as defined in Article 2(1), point (48), of Regulation (EU) No 600/2014.
“CANC” | Cancellation flag | RM, MTF, OTF, APA | When a previously published transaction is cancelled.
“AMND” | Amendment flag | RM, MTF, OTF, APA | When a previously published transaction is amended.
“PORT” | Portfolio trade flag | RM, MTF, OTF, APA | Transaction in five or more different financial instruments where those transactions are traded at the same time by the same client and against a single lot price and that is not a “package transaction” as defined in Article 2(1), point (50), of Regulation (EU) No 600/2014.
“MTCH” | Matched principal trading flag | OTF | Matched principal transactions as set out in Article 4(1)(38) of Directive 2014/65/EU.
“NEGO” | Negotiated transaction flag | RM, MTF, OTF | Transactions which are negotiated privately but reported under the rules of a trading venue.’
(1) Commission Delegated Regulation (EU) 2025/1155 of 12 June 2025 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards specifying the input and output data of consolidated tapes, the synchronisation of business clocks and the revenue redistribution by the consolidated tape provider for shares and ETFs, and repealing Commission Delegated Regulation (EU) 2017/574 (OJ L, 2025/1155, 3.11.2025, ELI: http://data.europa.eu/eli/reg_del/2025/1155/oj).
(2) Commission Delegated Regulation (EU) 2017/580 of 24 June 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the maintenance of relevant data relating to orders in financial instruments (OJ L 87, 31.3.2017, p. 193, ELI: http://data.europa.eu/eli/reg_del/2017/580/oj).’;

ANNEX IIIAnnex III to Delegated Regulation (EU) 2017/583 is amended as follows:

(1) | Section 1 ‘Instructions for the purpose of this annex’, Section 2 ‘Bonds’, and Section 3 ‘Structured Finance Products (SFPs)’ are replaced by the following:‘1.Instructions for the purpose of this annex1.The reference to outstanding bond issuance size in Table 2.2 refers to the total value of bonds that have been issued and are currently held by investors.2.A reference to an “asset class” means a reference to the following classes of financial instruments: bonds, structured finance products, securitised derivatives, interest rate derivatives, equity derivatives, commodity derivatives, foreign exchange derivatives, credit derivatives, C10 derivatives, CFDs, emission allowances and emission allowance derivatives.3.A reference to a “sub-asset class” means a reference to an asset class segmented to a more granular level on the basis of the contract type and/or the type of underlying.4.A reference to a “sub-class” means a reference to a sub-asset class segmented to a more granular level on basis of further qualitative segmentation criteria as set out in Tables 2.2 to 13.3 of this Annex.5.“Average daily notional amount (ADNA)” means the total notional amount for a particular financial instrument determined according to the volume measure set out in Table 4 of Annex II and executed in the period set out in Article 13(7), divided by the number of trading days in that period or, where applicable, that part of the year during which the financial instrument was admitted to trading or traded on a trading venue and was not suspended from trading.6.“Average daily number of trades” means the total number of transactions executed for a particular financial instrument in the period set out in Article 13(7), divided by the number of trading days in that period or, where applicable, that part of the year during which the financial instrument was admitted to trading or traded on a trading venue and was not suspended from trading.7.“Future” means a contract to buy or sell a commodity or financial instrument at a designated future date at a price agreed upon at the initiation of the contract by the buyer and seller. Every futures contract has standard terms that dictate the minimum quantity and quality that can be bought or sold, the smallest amount by which the price may change, delivery procedures, maturity date and other characteristics related to the contract.8.“Option” means a contract that gives the owner the right, but not the obligation, to buy (call) or sell (put) a specific financial instrument or commodity at a predetermined price, strike or exercise price, at or up to a certain future date or exercise date.9.“Swap” means a contract in which two parties agree to exchange cash flows in one financial instrument for those of another financial instrument at a certain future date.10.“Portfolio Swap” means a contract by which end-users can trade multiple swaps.11.“Forward” or “Forward agreement” means a private agreement between two parties to buy or sell a commodity or financial instrument at a designated future date at a price agreed upon at the initiation of the contract by the buyer and seller.12.“Swaption” or “Option on a swap” means a contract that gives the owner the right, but not the obligation, to enter a swap at or up to a certain future date or exercise date.13.“Future on a swap” means a future contract that gives the owner the obligation, to enter a swap at or up to a certain future date.14.“Forward on a swap” means a forward contract that gives the owner the obligation, to enter a swap at or up to a certain future date.2.BondsTable 2.2.Bonds (all bond types except ETCs and ETNs) – classes not having a liquid marketEach individual bond shall be determined not to have a liquid market as per Article 6a if it is characterised by a specific combination of bond characteristics as specified in each row of the tables below.Sovereign and Other Public BondsGroup IDMiFIR IDBond TypeIssuer or Issuer countryRemaining maturityType of couponOutstanding issuance sizeRTS2#3RTS2#9The country of the issuer reported under Commission Delegated Regulation (EU) 2017/585(1)(“RTS23”) field “Issuer or operator of the trading venue identifier”The time remaining until the maturity date reported under RTS23 field “Maturity date”The third letter of the CFI code reported under RTS23 field “Instrument classification”RTS23 field “Total issued nominal amount” converted to EURG1BONDEUSBEUSB means a bond which is neither a convertible nor a covered bond and is issued by a sovereign issuer: (a) the Union; (b) a Member State including a government department, an agency or a special purpose vehicle of a Member State; (c) in the case of a federal Member State, a member of the federation; (d) a special purpose vehicle for several Member States; (e) an international financial institution established by two or more Member States which have the purpose of mobilising funding and providing financial assistance to the benefit of its members that are experiencing or are threatened by severe financial problems; (f) the European Investment Bank; (g) a sovereign entity of a third country.The issuer country is a Member State, the United States of America or the United Kingdom;ORThe issuer is the Union.Up to and including 10 yearsF (fixed coupon)Less than EUR 5 000 000 000G2BONDEUSB or OEPBOEPB means a bond which is neither a convertible nor a covered bond and is issued by a public entity which is not a sovereign issuer.Any instrument not in G1Less than EUR 1 000 000 000Corporate, Convertible and Other BondsGroup IDMiFIR IDBond TypeCurrencyCredit RatingOutstanding issuance sizeRTS2#3RTS2#9The currency of the instrument reported under RTS23 field “Notional Currency 1”RTS23 field “Total issued nominal amount” converted to EURG3BONDCRPB, CVTB or OTHRCRPB means a bond which is neither a convertible nor a covered bond and that is issued by a Societas Europaea established in accordance with Council Regulation (EC) No 2157/2001(2)or a type of company listed in Annex I or Annex II of Directive 2013/34/EU of the European Parliament and of the Council(3)or equivalent in third countries.CVTB means an instrument consisting of a bond or a securitised debt instrument with an embedded derivative, such as an option to buy the underlying equity.EUR, GBP, USDInvestment GradeLess than EUR 500 000 000G4BONDCRPB, CVTB or OTHRAny instrument not in G3Less than EUR 500 000 000Covered bondsGroup IDMiFIR IDBond TypeOutstanding issuance sizeRTS2#3RTS2#9RTS23 field “Total issued nominal amount” converted to EURG5BONDCVDBCVDB means bonds as referred to in Article 52(4) of Directive 2009/65/EC of the European Parliament and of the Council(4)Less than EUR 500 000 000Table 2.3.Bonds (all bond types except ETCs and ETNs) – pre-trade LIS thresholdsAsset class – Bonds (all bond types except ETCs and ETNs)Bond typePre-trade LISSovereign Bond and Other Public BondEUR 5 000 000Corporate Bond, Convertible Bond and Other BondEUR 1 000 000Covered BondEUR 5 000 000Table 2.4.Bonds (ETC and ETN bond types) – classes not having a liquid marketAsset class – Bonds (ETC and ETN bond type)For the purpose of determining the classes of financial instruments considered not to have a liquid market as per Article 6a the following methodology shall apply:Exchange Traded Commodities (ETCs) – RTS2#3 = ETCS: a debt instrument issued against a direct investment by the issuer in commodities or commodities derivative contracts. The price of an ETC is directly or indirectly linked to the performance of the underlying. An ETC passively tracks the performance of the commodity or commodity indices to which it refers.All ETCs are considered not to have a liquid marketExchange Traded Notes (ETNs) – RTS2#3 = ETNS: a debt instrument issued against a direct investment by the issuer in the underlying or underlying derivative contracts. The price of an ETN is directly or indirectly linked to the performance of the underlying. An ETN passively tracks the performance of the underlying to which it refers.All ETNs are considered not to have a liquid marketTable 2.5.Bonds (ETC and ETN bond types) – pre-trade LIS thresholdAsset class – Bonds (ETC and ETN bond type)Bond typePre-trade LISETCsEUR 1 000 000ETNsEUR 1 000 000Table 2.6.Bonds (all bond types except ETCs and ETNs) – deferral regimeAsset class – Bonds (all bond types except ETCs and ETNs)Bond typeCategoryLiquiditySize (Above or equal to)Sovereign Bond in G1 as per Table 2.21Considered to have a liquid marketEUR 15 000 0002Considered not to have a liquid marketEUR 5 000 0003Considered to have a liquid marketEUR 50 000 0004Considered not to have a liquid marketEUR 15 000 0005Considered to have a liquid marketEUR 100 000 0005Considered not to have a liquid marketEUR 50 000 000Sovereign Bond and Other Public Bond in G2 as per Table 2.21Considered to have a liquid marketEUR 10 000 0002Considered not to have a liquid marketEUR 1 000 0003Considered to have a liquid marketEUR 20 000 0004Considered not to have a liquid marketEUR 2 000 0005Considered to have a liquid marketEUR 50 000 0005Considered not to have a liquid marketEUR 5 000 000Corporate Bond, Convertible Bond and Other Bond in G3 as per Table 2.21Considered to have a liquid marketEUR 1 500 0002Considered not to have a liquid marketEUR 500 0003Considered to have a liquid marketEUR 7 500 0004Considered not to have a liquid marketEUR 2 000 0005Considered to have a liquid marketEUR 15 000 0005Considered not to have a liquid marketEUR 5 000 000Corporate Bond, Convertible Bond and Other Bond in G4 as per Table 2.21Considered to have a liquid marketEUR 1 000 0002Considered not to have a liquid marketEUR 500 0003Considered to have a liquid marketEUR 5 000 0004Considered not to have a liquid marketEUR 2 000 0005Considered to have a liquid marketEUR 10 000 0005Considered not to have a liquid marketEUR 5 000 000Covered Bonds in G5 as per Table 2.21Considered to have a liquid marketEUR 5 000 0002Considered not to have a liquid marketEUR 1 000 0003Considered to have a liquid marketEUR 20 000 0004Considered not to have a liquid marketEUR 5 000 0005Considered to have a liquid marketEUR 50 000 0005Considered not to have a liquid marketEUR 10 000 0003.Structured Finance Products (SFPs)Table 3.1.SFPs – classes not having a liquid marketAsset class – Structured Finance Products (SFPs)SFPs asset-class assessment for the purpose of the determination of the financial instruments considered not to have a liquid market as per Article 6a – RTS2#3 = SFPS.All SFPs are considered not to have a liquid marketTable 3.2.SFPs – pre-trade LIS thresholdAsset class – Structured Finance Products (SFPs)Pre-trade LISEUR 250 000 ’ | | 1. | The reference to outstanding bond issuance size in Table 2.2 refers to the total value of bonds that have been issued and are currently held by investors. | | 2. | A reference to an “asset class” means a reference to the following classes of financial instruments: bonds, structured finance products, securitised derivatives, interest rate derivatives, equity derivatives, commodity derivatives, foreign exchange derivatives, credit derivatives, C10 derivatives, CFDs, emission allowances and emission allowance derivatives. | | 3. | A reference to a “sub-asset class” means a reference to an asset class segmented to a more granular level on the basis of the contract type and/or the type of underlying. | | 4. | A reference to a “sub-class” means a reference to a sub-asset class segmented to a more granular level on basis of further qualitative segmentation criteria as set out in Tables 2.2 to 13.3 of this Annex. | | 5. | “Average daily notional amount (ADNA)” means the total notional amount for a particular financial instrument determined according to the volume measure set out in Table 4 of Annex II and executed in the period set out in Article 13(7), divided by the number of trading days in that period or, where applicable, that part of the year during which the financial instrument was admitted to trading or traded on a trading venue and was not suspended from trading. | | 6. | “Average daily number of trades” means the total number of transactions executed for a particular financial instrument in the period set out in Article 13(7), divided by the number of trading days in that period or, where applicable, that part of the year during which the financial instrument was admitted to trading or traded on a trading venue and was not suspended from trading. | | 7. | “Future” means a contract to buy or sell a commodity or financial instrument at a designated future date at a price agreed upon at the initiation of the contract by the buyer and seller. Every futures contract has standard terms that dictate the minimum quantity and quality that can be bought or sold, the smallest amount by which the price may change, delivery procedures, maturity date and other characteristics related to the contract. | | 8. | “Option” means a contract that gives the owner the right, but not the obligation, to buy (call) or sell (put) a specific financial instrument or commodity at a predetermined price, strike or exercise price, at or up to a certain future date or exercise date. | | 9. | “Swap” means a contract in which two parties agree to exchange cash flows in one financial instrument for those of another financial instrument at a certain future date. | | 10. | “Portfolio Swap” means a contract by which end-users can trade multiple swaps. | | 11. | “Forward” or “Forward agreement” means a private agreement between two parties to buy or sell a commodity or financial instrument at a designated future date at a price agreed upon at the initiation of the contract by the buyer and seller. | | 12. | “Swaption” or “Option on a swap” means a contract that gives the owner the right, but not the obligation, to enter a swap at or up to a certain future date or exercise date. | | 13. | “Future on a swap” means a future contract that gives the owner the obligation, to enter a swap at or up to a certain future date. | | 14. | “Forward on a swap” means a forward contract that gives the owner the obligation, to enter a swap at or up to a certain future date. | Sovereign and Other Public Bonds | Group ID | MiFIR ID | Bond Type | Issuer or Issuer country | Remaining maturity | Type of coupon | Outstanding issuance size | | RTS2#3 | RTS2#9 | The country of the issuer reported under Commission Delegated Regulation (EU) 2017/585(1)(“RTS23”) field “Issuer or operator of the trading venue identifier” | The time remaining until the maturity date reported under RTS23 field “Maturity date” | The third letter of the CFI code reported under RTS23 field “Instrument classification” | RTS23 field “Total issued nominal amount” converted to EUR | G1 | BOND | EUSBEUSB means a bond which is neither a convertible nor a covered bond and is issued by a sovereign issuer: (a) the Union; (b) a Member State including a government department, an agency or a special purpose vehicle of a Member State; (c) in the case of a federal Member State, a member of the federation; (d) a special purpose vehicle for several Member States; (e) an international financial institution established by two or more Member States which have the purpose of mobilising funding and providing financial assistance to the benefit of its members that are experiencing or are threatened by severe financial problems; (f) the European Investment Bank; (g) a sovereign entity of a third country. | The issuer country is a Member State, the United States of America or the United Kingdom;ORThe issuer is the Union. | Up to and including 10 years | F (fixed coupon) | Less than EUR 5 000 000 000 | G2 | BOND | EUSB or OEPBOEPB means a bond which is neither a convertible nor a covered bond and is issued by a public entity which is not a sovereign issuer. | Any instrument not in G1 | Less than EUR 1 000 000 000 | Corporate, Convertible and Other Bonds | Group ID | MiFIR ID | Bond Type | Currency | Credit Rating | Outstanding issuance size | | RTS2#3 | RTS2#9 | The currency of the instrument reported under RTS23 field “Notional Currency 1” | | RTS23 field “Total issued nominal amount” converted to EUR | G3 | BOND | CRPB, CVTB or OTHRCRPB means a bond which is neither a convertible nor a covered bond and that is issued by a Societas Europaea established in accordance with Council Regulation (EC) No 2157/2001(2)or a type of company listed in Annex I or Annex II of Directive 2013/34/EU of the European Parliament and of the Council(3)or equivalent in third countries.CVTB means an instrument consisting of a bond or a securitised debt instrument with an embedded derivative, such as an option to buy the underlying equity. | EUR, GBP, USD | Investment Grade | Less than EUR 500 000 000 | G4 | BOND | CRPB, CVTB or OTHR | Any instrument not in G3 | Less than EUR 500 000 000 | Covered bonds | Group ID | MiFIR ID | Bond Type | Outstanding issuance size | | RTS2#3 | RTS2#9 | RTS23 field “Total issued nominal amount” converted to EUR | G5 | BOND | CVDBCVDB means bonds as referred to in Article 52(4) of Directive 2009/65/EC of the European Parliament and of the Council(4) | Less than EUR 500 000 000 | Asset class – Bonds (all bond types except ETCs and ETNs) | Bond type | Pre-trade LIS | Sovereign Bond and Other Public Bond | EUR 5 000 000 | Corporate Bond, Convertible Bond and Other Bond | EUR 1 000 000 | Covered Bond | EUR 5 000 000 | Asset class – Bonds (ETC and ETN bond type) | For the purpose of determining the classes of financial instruments considered not to have a liquid market as per Article 6a the following methodology shall apply: | Exchange Traded Commodities (ETCs) – RTS2#3 = ETCS: a debt instrument issued against a direct investment by the issuer in commodities or commodities derivative contracts. The price of an ETC is directly or indirectly linked to the performance of the underlying. An ETC passively tracks the performance of the commodity or commodity indices to which it refers. | All ETCs are considered not to have a liquid market | Exchange Traded Notes (ETNs) – RTS2#3 = ETNS: a debt instrument issued against a direct investment by the issuer in the underlying or underlying derivative contracts. The price of an ETN is directly or indirectly linked to the performance of the underlying. An ETN passively tracks the performance of the underlying to which it refers. | All ETNs are considered not to have a liquid market | Asset class – Bonds (ETC and ETN bond type) | Bond type | Pre-trade LIS | ETCs | EUR 1 000 000 | ETNs | EUR 1 000 000 | Asset class – Bonds (all bond types except ETCs and ETNs) | Bond type | Category | Liquidity | Size (Above or equal to) | Sovereign Bond in G1 as per Table 2.2 | 1 | Considered to have a liquid market | EUR 15 000 000 | 2 | Considered not to have a liquid market | EUR 5 000 000 | 3 | Considered to have a liquid market | EUR 50 000 000 | 4 | Considered not to have a liquid market | EUR 15 000 000 | 5 | Considered to have a liquid market | EUR 100 000 000 | 5 | Considered not to have a liquid market | EUR 50 000 000 | Sovereign Bond and Other Public Bond in G2 as per Table 2.2 | 1 | Considered to have a liquid market | EUR 10 000 000 | 2 | Considered not to have a liquid market | EUR 1 000 000 | 3 | Considered to have a liquid market | EUR 20 000 000 | 4 | Considered not to have a liquid market | EUR 2 000 000 | 5 | Considered to have a liquid market | EUR 50 000 000 | 5 | Considered not to have a liquid market | EUR 5 000 000 | Corporate Bond, Convertible Bond and Other Bond in G3 as per Table 2.2 | 1 | Considered to have a liquid market | EUR 1 500 000 | 2 | Considered not to have a liquid market | EUR 500 000 | 3 | Considered to have a liquid market | EUR 7 500 000 | 4 | Considered not to have a liquid market | EUR 2 000 000 | 5 | Considered to have a liquid market | EUR 15 000 000 | 5 | Considered not to have a liquid market | EUR 5 000 000 | Corporate Bond, Convertible Bond and Other Bond in G4 as per Table 2.2 | 1 | Considered to have a liquid market | EUR 1 000 000 | 2 | Considered not to have a liquid market | EUR 500 000 | 3 | Considered to have a liquid market | EUR 5 000 000 | 4 | Considered not to have a liquid market | EUR 2 000 000 | 5 | Considered to have a liquid market | EUR 10 000 000 | 5 | Considered not to have a liquid market | EUR 5 000 000 | Covered Bonds in G5 as per Table 2.2 | 1 | Considered to have a liquid market | EUR 5 000 000 | 2 | Considered not to have a liquid market | EUR 1 000 000 | 3 | Considered to have a liquid market | EUR 20 000 000 | 4 | Considered not to have a liquid market | EUR 5 000 000 | 5 | Considered to have a liquid market | EUR 50 000 000 | 5 | Considered not to have a liquid market | EUR 10 000 000 | Asset class – Structured Finance Products (SFPs) | SFPs asset-class assessment for the purpose of the determination of the financial instruments considered not to have a liquid market as per Article 6a – RTS2#3 = SFPS. | All SFPs are considered not to have a liquid market | Asset class – Structured Finance Products (SFPs) | Pre-trade LIS | EUR 250 000 ’
| 1. | The reference to outstanding bond issuance size in Table 2.2 refers to the total value of bonds that have been issued and are currently held by investors.
| 2. | A reference to an “asset class” means a reference to the following classes of financial instruments: bonds, structured finance products, securitised derivatives, interest rate derivatives, equity derivatives, commodity derivatives, foreign exchange derivatives, credit derivatives, C10 derivatives, CFDs, emission allowances and emission allowance derivatives.
| 3. | A reference to a “sub-asset class” means a reference to an asset class segmented to a more granular level on the basis of the contract type and/or the type of underlying.
| 4. | A reference to a “sub-class” means a reference to a sub-asset class segmented to a more granular level on basis of further qualitative segmentation criteria as set out in Tables 2.2 to 13.3 of this Annex.
| 5. | “Average daily notional amount (ADNA)” means the total notional amount for a particular financial instrument determined according to the volume measure set out in Table 4 of Annex II and executed in the period set out in Article 13(7), divided by the number of trading days in that period or, where applicable, that part of the year during which the financial instrument was admitted to trading or traded on a trading venue and was not suspended from trading.
| 6. | “Average daily number of trades” means the total number of transactions executed for a particular financial instrument in the period set out in Article 13(7), divided by the number of trading days in that period or, where applicable, that part of the year during which the financial instrument was admitted to trading or traded on a trading venue and was not suspended from trading.
| 7. | “Future” means a contract to buy or sell a commodity or financial instrument at a designated future date at a price agreed upon at the initiation of the contract by the buyer and seller. Every futures contract has standard terms that dictate the minimum quantity and quality that can be bought or sold, the smallest amount by which the price may change, delivery procedures, maturity date and other characteristics related to the contract.
| 8. | “Option” means a contract that gives the owner the right, but not the obligation, to buy (call) or sell (put) a specific financial instrument or commodity at a predetermined price, strike or exercise price, at or up to a certain future date or exercise date.
| 9. | “Swap” means a contract in which two parties agree to exchange cash flows in one financial instrument for those of another financial instrument at a certain future date.
| 10. | “Portfolio Swap” means a contract by which end-users can trade multiple swaps.
| 11. | “Forward” or “Forward agreement” means a private agreement between two parties to buy or sell a commodity or financial instrument at a designated future date at a price agreed upon at the initiation of the contract by the buyer and seller.
| 12. | “Swaption” or “Option on a swap” means a contract that gives the owner the right, but not the obligation, to enter a swap at or up to a certain future date or exercise date.
| 13. | “Future on a swap” means a future contract that gives the owner the obligation, to enter a swap at or up to a certain future date.
| 14. | “Forward on a swap” means a forward contract that gives the owner the obligation, to enter a swap at or up to a certain future date.
Sovereign and Other Public Bonds
Group ID | MiFIR ID | Bond Type | Issuer or Issuer country | Remaining maturity | Type of coupon | Outstanding issuance size
| RTS2#3 | RTS2#9 | The country of the issuer reported under Commission Delegated Regulation (EU) 2017/585(1)(“RTS23”) field “Issuer or operator of the trading venue identifier” | The time remaining until the maturity date reported under RTS23 field “Maturity date” | The third letter of the CFI code reported under RTS23 field “Instrument classification” | RTS23 field “Total issued nominal amount” converted to EUR
G1 | BOND | EUSBEUSB means a bond which is neither a convertible nor a covered bond and is issued by a sovereign issuer: (a) the Union; (b) a Member State including a government department, an agency or a special purpose vehicle of a Member State; (c) in the case of a federal Member State, a member of the federation; (d) a special purpose vehicle for several Member States; (e) an international financial institution established by two or more Member States which have the purpose of mobilising funding and providing financial assistance to the benefit of its members that are experiencing or are threatened by severe financial problems; (f) the European Investment Bank; (g) a sovereign entity of a third country. | The issuer country is a Member State, the United States of America or the United Kingdom;ORThe issuer is the Union. | Up to and including 10 years | F (fixed coupon) | Less than EUR 5 000 000 000
G2 | BOND | EUSB or OEPBOEPB means a bond which is neither a convertible nor a covered bond and is issued by a public entity which is not a sovereign issuer. | Any instrument not in G1 | Less than EUR 1 000 000 000
Corporate, Convertible and Other Bonds
Group ID | MiFIR ID | Bond Type | Currency | Credit Rating | Outstanding issuance size
| RTS2#3 | RTS2#9 | The currency of the instrument reported under RTS23 field “Notional Currency 1” | | RTS23 field “Total issued nominal amount” converted to EUR
G3 | BOND | CRPB, CVTB or OTHRCRPB means a bond which is neither a convertible nor a covered bond and that is issued by a Societas Europaea established in accordance with Council Regulation (EC) No 2157/2001(2)or a type of company listed in Annex I or Annex II of Directive 2013/34/EU of the European Parliament and of the Council(3)or equivalent in third countries.CVTB means an instrument consisting of a bond or a securitised debt instrument with an embedded derivative, such as an option to buy the underlying equity. | EUR, GBP, USD | Investment Grade | Less than EUR 500 000 000
G4 | BOND | CRPB, CVTB or OTHR | Any instrument not in G3 | Less than EUR 500 000 000
Covered bonds
Group ID | MiFIR ID | Bond Type | Outstanding issuance size
| RTS2#3 | RTS2#9 | RTS23 field “Total issued nominal amount” converted to EUR
G5 | BOND | CVDBCVDB means bonds as referred to in Article 52(4) of Directive 2009/65/EC of the European Parliament and of the Council(4) | Less than EUR 500 000 000
Asset class – Bonds (all bond types except ETCs and ETNs)
Bond type | Pre-trade LIS
Sovereign Bond and Other Public Bond | EUR 5 000 000
Corporate Bond, Convertible Bond and Other Bond | EUR 1 000 000
Covered Bond | EUR 5 000 000
Asset class – Bonds (ETC and ETN bond type)
For the purpose of determining the classes of financial instruments considered not to have a liquid market as per Article 6a the following methodology shall apply:
Exchange Traded Commodities (ETCs) – RTS2#3 = ETCS: a debt instrument issued against a direct investment by the issuer in commodities or commodities derivative contracts. The price of an ETC is directly or indirectly linked to the performance of the underlying. An ETC passively tracks the performance of the commodity or commodity indices to which it refers. | All ETCs are considered not to have a liquid market
Exchange Traded Notes (ETNs) – RTS2#3 = ETNS: a debt instrument issued against a direct investment by the issuer in the underlying or underlying derivative contracts. The price of an ETN is directly or indirectly linked to the performance of the underlying. An ETN passively tracks the performance of the underlying to which it refers. | All ETNs are considered not to have a liquid market
Asset class – Bonds (ETC and ETN bond type)
Bond type | Pre-trade LIS
ETCs | EUR 1 000 000
ETNs | EUR 1 000 000
Asset class – Bonds (all bond types except ETCs and ETNs)
Bond type | Category | Liquidity | Size (Above or equal to)
Sovereign Bond in G1 as per Table 2.2 | 1 | Considered to have a liquid market | EUR 15 000 000
2 | Considered not to have a liquid market | EUR 5 000 000
3 | Considered to have a liquid market | EUR 50 000 000
4 | Considered not to have a liquid market | EUR 15 000 000
5 | Considered to have a liquid market | EUR 100 000 000
5 | Considered not to have a liquid market | EUR 50 000 000
Sovereign Bond and Other Public Bond in G2 as per Table 2.2 | 1 | Considered to have a liquid market | EUR 10 000 000
2 | Considered not to have a liquid market | EUR 1 000 000
3 | Considered to have a liquid market | EUR 20 000 000
4 | Considered not to have a liquid market | EUR 2 000 000
5 | Considered to have a liquid market | EUR 50 000 000
5 | Considered not to have a liquid market | EUR 5 000 000
Corporate Bond, Convertible Bond and Other Bond in G3 as per Table 2.2 | 1 | Considered to have a liquid market | EUR 1 500 000
2 | Considered not to have a liquid market | EUR 500 000
3 | Considered to have a liquid market | EUR 7 500 000
4 | Considered not to have a liquid market | EUR 2 000 000
5 | Considered to have a liquid market | EUR 15 000 000
5 | Considered not to have a liquid market | EUR 5 000 000
Corporate Bond, Convertible Bond and Other Bond in G4 as per Table 2.2 | 1 | Considered to have a liquid market | EUR 1 000 000
2 | Considered not to have a liquid market | EUR 500 000
3 | Considered to have a liquid market | EUR 5 000 000
4 | Considered not to have a liquid market | EUR 2 000 000
5 | Considered to have a liquid market | EUR 10 000 000
5 | Considered not to have a liquid market | EUR 5 000 000
Covered Bonds in G5 as per Table 2.2 | 1 | Considered to have a liquid market | EUR 5 000 000
2 | Considered not to have a liquid market | EUR 1 000 000
3 | Considered to have a liquid market | EUR 20 000 000
4 | Considered not to have a liquid market | EUR 5 000 000
5 | Considered to have a liquid market | EUR 50 000 000
5 | Considered not to have a liquid market | EUR 10 000 000
Asset class – Structured Finance Products (SFPs)
SFPs asset-class assessment for the purpose of the determination of the financial instruments considered not to have a liquid market as per Article 6a – RTS2#3 = SFPS.
All SFPs are considered not to have a liquid market
Asset class – Structured Finance Products (SFPs)
Pre-trade LIS
EUR 250 000 ’
(2) | in Section 4 ‘Securitised derivatives’, Table 4.2 ‘Securitised derivatives – pre-trade and post-trade SSTI and LIS thresholds’, is replaced by the following:‘Table 4.2.Securitised derivatives – pre- and post-trade SSTI and LIS thresholdsAsset class – Securitised DerivativesPre-trade and post-trade SSTI and LIS thresholdsLIS pre-tradeSSTI post-tradeLIS post-tradeThreshold valueThreshold valueThreshold valueEUR 60 000EUR 90 000EUR 100 000 ’ | Asset class – Securitised Derivatives | Pre-trade and post-trade SSTI and LIS thresholds | LIS pre-trade | SSTI post-trade | LIS post-trade | Threshold value | Threshold value | Threshold value | EUR 60 000 | EUR 90 000 | EUR 100 000 ’
Asset class – Securitised Derivatives
Pre-trade and post-trade SSTI and LIS thresholds
LIS pre-trade | SSTI post-trade | LIS post-trade
Threshold value | Threshold value | Threshold value
EUR 60 000 | EUR 90 000 | EUR 100 000 ’
(3) | in Section 5 ‘Interest Rate Derivatives’, Table 5.2 ‘Interest rate derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market’ and Table 5.3 ‘Interest rate derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market’ are replaced by the following:‘Table 5.2.Interest rate derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid marketAsset class – Interest Rate DerivativesSub-asset classPercentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for each sub-class determined to have a liquid marketTransactions to be considered for the calculations of the thresholdsLIS pre-tradeSSTI post-tradeLIS post-tradeTrade – percentileThreshold floorTrade – percentileVolume – percentileThreshold floorTrade – percentileVolume – percentileThreshold floorBond futures/forwardscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 20 000 0009070EUR 25 000 000Bond optionscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 20 000 0009070EUR 25 000 000IR futures and FRAcalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 10 000 0008060EUR 20 000 0009070EUR 25 000 000IR optionscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 10 000 0008060EUR 20 000 0009070EUR 25 000 000Swaptionscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Fixed-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Float “multi currency swaps” or “cross-currency swaps”calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Float-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Float-to-Float “multi currency swaps” or “cross-currency swaps”calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps”calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” and futures/forwards on Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps”calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Inflation “multi currency swaps” or “cross-currency swaps” and futures/forwards on Inflation “multi currency swaps” or “cross-currency swaps”calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Fixed-to-Float “single currency swaps” and futures/forwards on Fixed-to-Float “single currency swaps”calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Float-to-Float “single currency swaps” and futures/forwards on Float-to-Float “single currency swaps”calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Fixed-to-Fixed “single currency swaps” and futures/forwards on Fixed-to-Fixed “single currency swaps”calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Overnight Index Swap (OIS) “single currency swaps” and futures/forwards on Overnight Index Swap (OIS) “single currency swaps”calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Inflation “single currency swaps” and futures/forwards on Inflation “single currency swaps”calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 9 000 0009070EUR 10 000 000Table 5.3.Interest rate derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid marketAsset class – Interest Rate DerivativesSub-asset classPre-trade and post-trade SSTI and LIS thresholds for each sub-class determined not to have a liquid marketLIS pre-tradeSSTI post-tradeLIS post-tradeThreshold valueThreshold valueThreshold valueBond futures/forwardsEUR 5 000 000EUR 20 000 000EUR 25 000 000Bond optionsEUR 5 000 000EUR 20 000 000EUR 25 000 000IR futures and FRAEUR 10 000 000EUR 20 000 000EUR 25 000 000IR optionsEUR 10 000 000EUR 20 000 000EUR 25 000 000SwaptionsEUR 5 000 000EUR 9 000 000EUR 10 000 000Fixed-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Float “multi currency swaps” or “cross-currency swaps”EUR 5 000 000EUR 9 000 000EUR 10 000 000Float-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Float-to-Float “multi currency swaps” or “cross-currency swaps”EUR 5 000 000EUR 9 000 000EUR 10 000 000Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps”EUR 5 000 000EUR 9 000 000EUR 10 000 000Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” and futures/forwards on Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps”EUR 5 000 000EUR 9 000 000EUR 10 000 000Inflation “multi currency swaps” or “cross-currency swaps” and futures/forwards on Inflation “multi currency swaps” or “cross-currency swaps”EUR 5 000 000EUR 9 000 000EUR 10 000 000Fixed-to-Float “single currency swaps” and futures/forwards on Fixed-to-Float “single currency swaps”EUR 5 000 000EUR 9 000 000EUR 10 000 000Float-to-Float “single currency swaps” and futures/forwards on Float-to-Float “single currency swaps”EUR 5 000 000EUR 9 000 000EUR 10 000 000Fixed-to-Fixed “single currency swaps” and futures/forwards on Fixed-to-Fixed “single currency swaps”EUR 5 000 000EUR 9 000 000EUR 10 000 000Overnight Index Swap (OIS) “single currency swaps” and futures/forwards on Overnight Index Swap (OIS) “single currency swaps”EUR 5 000 000EUR 9 000 000EUR 10 000 000Inflation “single currency swaps” and futures/forwards on Inflation “single currency swaps”EUR 5 000 000EUR 9 000 000EUR 10 000 000Other Interest Rate DerivativesEUR 5 000 000EUR 9 000 000EUR 10 000 000 ’ | Asset class – Interest Rate Derivatives | Sub-asset class | Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for each sub-class determined to have a liquid market | Transactions to be considered for the calculations of the thresholds | LIS pre-trade | SSTI post-trade | LIS post-trade | Trade – percentile | Threshold floor | Trade – percentile | Volume – percentile | Threshold floor | Trade – percentile | Volume – percentile | Threshold floor | Bond futures/forwards | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 20 000 000 | 90 | 70 | EUR 25 000 000 | Bond options | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 20 000 000 | 90 | 70 | EUR 25 000 000 | IR futures and FRA | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 10 000 000 | 80 | 60 | EUR 20 000 000 | 90 | 70 | EUR 25 000 000 | IR options | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 10 000 000 | 80 | 60 | EUR 20 000 000 | 90 | 70 | EUR 25 000 000 | Swaptions | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000 | Fixed-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Float “multi currency swaps” or “cross-currency swaps” | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000 | Float-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Float-to-Float “multi currency swaps” or “cross-currency swaps” | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000 | Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000 | Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” and futures/forwards on Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000 | Inflation “multi currency swaps” or “cross-currency swaps” and futures/forwards on Inflation “multi currency swaps” or “cross-currency swaps” | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000 | Fixed-to-Float “single currency swaps” and futures/forwards on Fixed-to-Float “single currency swaps” | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000 | Float-to-Float “single currency swaps” and futures/forwards on Float-to-Float “single currency swaps” | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000 | Fixed-to-Fixed “single currency swaps” and futures/forwards on Fixed-to-Fixed “single currency swaps” | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000 | Overnight Index Swap (OIS) “single currency swaps” and futures/forwards on Overnight Index Swap (OIS) “single currency swaps” | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000 | Inflation “single currency swaps” and futures/forwards on Inflation “single currency swaps” | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000 | Asset class – Interest Rate Derivatives | Sub-asset class | Pre-trade and post-trade SSTI and LIS thresholds for each sub-class determined not to have a liquid market | LIS pre-trade | SSTI post-trade | LIS post-trade | Threshold value | Threshold value | Threshold value | Bond futures/forwards | EUR 5 000 000 | EUR 20 000 000 | EUR 25 000 000 | Bond options | EUR 5 000 000 | EUR 20 000 000 | EUR 25 000 000 | IR futures and FRA | EUR 10 000 000 | EUR 20 000 000 | EUR 25 000 000 | IR options | EUR 10 000 000 | EUR 20 000 000 | EUR 25 000 000 | Swaptions | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000 | Fixed-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Float “multi currency swaps” or “cross-currency swaps” | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000 | Float-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Float-to-Float “multi currency swaps” or “cross-currency swaps” | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000 | Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000 | Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” and futures/forwards on Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000 | Inflation “multi currency swaps” or “cross-currency swaps” and futures/forwards on Inflation “multi currency swaps” or “cross-currency swaps” | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000 | Fixed-to-Float “single currency swaps” and futures/forwards on Fixed-to-Float “single currency swaps” | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000 | Float-to-Float “single currency swaps” and futures/forwards on Float-to-Float “single currency swaps” | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000 | Fixed-to-Fixed “single currency swaps” and futures/forwards on Fixed-to-Fixed “single currency swaps” | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000 | Overnight Index Swap (OIS) “single currency swaps” and futures/forwards on Overnight Index Swap (OIS) “single currency swaps” | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000 | Inflation “single currency swaps” and futures/forwards on Inflation “single currency swaps” | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000 | Other Interest Rate Derivatives | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000 ’
Asset class – Interest Rate Derivatives
Sub-asset class | Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for each sub-class determined to have a liquid market
Transactions to be considered for the calculations of the thresholds | LIS pre-trade | SSTI post-trade | LIS post-trade
Trade – percentile | Threshold floor | Trade – percentile | Volume – percentile | Threshold floor | Trade – percentile | Volume – percentile | Threshold floor
Bond futures/forwards | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 20 000 000 | 90 | 70 | EUR 25 000 000
Bond options | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 20 000 000 | 90 | 70 | EUR 25 000 000
IR futures and FRA | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 10 000 000 | 80 | 60 | EUR 20 000 000 | 90 | 70 | EUR 25 000 000
IR options | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 10 000 000 | 80 | 60 | EUR 20 000 000 | 90 | 70 | EUR 25 000 000
Swaptions | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000
Fixed-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Float “multi currency swaps” or “cross-currency swaps” | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000
Float-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Float-to-Float “multi currency swaps” or “cross-currency swaps” | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000
Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000
Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” and futures/forwards on Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000
Inflation “multi currency swaps” or “cross-currency swaps” and futures/forwards on Inflation “multi currency swaps” or “cross-currency swaps” | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000
Fixed-to-Float “single currency swaps” and futures/forwards on Fixed-to-Float “single currency swaps” | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000
Float-to-Float “single currency swaps” and futures/forwards on Float-to-Float “single currency swaps” | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000
Fixed-to-Fixed “single currency swaps” and futures/forwards on Fixed-to-Fixed “single currency swaps” | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000
Overnight Index Swap (OIS) “single currency swaps” and futures/forwards on Overnight Index Swap (OIS) “single currency swaps” | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000
Inflation “single currency swaps” and futures/forwards on Inflation “single currency swaps” | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 9 000 000 | 90 | 70 | EUR 10 000 000
Asset class – Interest Rate Derivatives
Sub-asset class | Pre-trade and post-trade SSTI and LIS thresholds for each sub-class determined not to have a liquid market
LIS pre-trade | SSTI post-trade | LIS post-trade
Threshold value | Threshold value | Threshold value
Bond futures/forwards | EUR 5 000 000 | EUR 20 000 000 | EUR 25 000 000
Bond options | EUR 5 000 000 | EUR 20 000 000 | EUR 25 000 000
IR futures and FRA | EUR 10 000 000 | EUR 20 000 000 | EUR 25 000 000
IR options | EUR 10 000 000 | EUR 20 000 000 | EUR 25 000 000
Swaptions | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000
Fixed-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Float “multi currency swaps” or “cross-currency swaps” | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000
Float-to-Float “multi currency swaps” or “cross-currency swaps” and futures/forwards on Float-to-Float “multi currency swaps” or “cross-currency swaps” | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000
Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” and futures/forwards on Fixed-to-Fixed “multi currency swaps” or “cross-currency swaps” | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000
Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” and futures/forwards on Overnight Index Swap (OIS) “multi currency swaps” or “cross-currency swaps” | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000
Inflation “multi currency swaps” or “cross-currency swaps” and futures/forwards on Inflation “multi currency swaps” or “cross-currency swaps” | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000
Fixed-to-Float “single currency swaps” and futures/forwards on Fixed-to-Float “single currency swaps” | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000
Float-to-Float “single currency swaps” and futures/forwards on Float-to-Float “single currency swaps” | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000
Fixed-to-Fixed “single currency swaps” and futures/forwards on Fixed-to-Fixed “single currency swaps” | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000
Overnight Index Swap (OIS) “single currency swaps” and futures/forwards on Overnight Index Swap (OIS) “single currency swaps” | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000
Inflation “single currency swaps” and futures/forwards on Inflation “single currency swaps” | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000
Other Interest Rate Derivatives | EUR 5 000 000 | EUR 9 000 000 | EUR 10 000 000 ’
(4) | in Section 6 ‘Equity derivatives’, Table 6.2 ‘Equity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market’ and Table 6.3 ‘Equity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market’ are replaced by the following:‘Table 6.2.Equity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid marketAsset class – Equity DerivativesSub-asset classFor the purpose of the determination of the pre-trade and post-trade SSTI and LIS thresholds each sub-asset class shall be further segmented into sub-classes as defined belowTransactions to be considered for the calculations of the thresholdsPre-trade and post-trade SSTI and LIS threshold values determined for the sub-classes determined to have a liquid market on the basis of the average daily notional amount (ADNA) band to which the sub-class belongsAverage daily notional amount (ADNA)LIS pre-tradeSSTI post-tradeLIS post-tradeThreshold valueThreshold valueThreshold valueStock index optionsa stock index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying stock indexcalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 100 m ADNAEUR 25 000EUR 1 000 000EUR 1 500 000EUR 100 m ≤ ADNA < EUR 200 mEUR 3 000 000EUR 25 000 000EUR 30 000 000EUR 200 m ≤ ADNA < EUR 600 mEUR 5 500 000EUR 50 000 000EUR 55 000 000ADNA ≥ EUR 600 mEUR 20 000 000EUR 150 000 000EUR 160 000 000Stock index futures/forwardsa stock index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying stock indexcalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 100 m ADNAEUR 25 000EUR 1 000 000EUR 1 500 000EUR 100 m ≤ ADNA < EUR 1 bnEUR 550 000EUR 5 000 000EUR 5 500 000EUR 1 bn ≤ ADNA < EUR 3 bnEUR 5 500 000EUR 50 000 000EUR 55 000 000EUR 3 bn ≤ ADNA < EUR 5 bnEUR 20 000 000EUR 150 000 000EUR 160 000 000ADNA ≥ EUR 5 bnEUR 30 000 000EUR 250 000 000EUR 260 000 000Stock optionsa stock option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying sharecalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 5 m ADNAEUR 25 000EUR 1 000 000EUR 1 250 000EUR 5 m ≤ ADNA < EUR 10 mEUR 300 000EUR 1 250 000EUR 1 500 000EUR 10 m ≤ ADNA < EUR 20 mEUR 550 000EUR 2 500 000EUR 3 000 000ADNA ≥ EUR 20 mEUR 1 500 000EUR 5 000 000EUR 5 500 000Stock futures/forwardsa stock future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying sharecalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 5 m ADNAEUR 25 000EUR 1 000 000EUR 1 250 000EUR 5 m ≤ ADNA < EUR 10 mEUR 300 000EUR 1 250 000EUR 1 500 000EUR 10 m ≤ ADNA < EUR 20 mEUR 550 000EUR 2 500 000EUR 3 000 000ADNA ≥ EUR 20 mEUR 1 500 000EUR 5 000 000EUR 5 500 000Stock dividend optionsa stock dividend option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share entitling to dividendscalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 5 m ADNAEUR 25 000EUR 400 000EUR 450 000EUR 5 m ≤ ADNA < EUR 10 mEUR 30 000EUR 500 000EUR 550 000EUR 10 m ≤ ADNA < EUR 20 mEUR 100 000EUR 1 000 000EUR 1 500 000ADNA ≥ EUR 20 mEUR 150 000EUR 2 000 000EUR 2 500 000Stock dividend futures/forwardsa stock dividend future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share entitling to dividendscalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 5 m ADNAEUR 25 000EUR 400 000EUR 450 000EUR 5 m ≤ ADNA < EUR 10 mEUR 30 000EUR 500 000EUR 550 000EUR 10 m ≤ ADNA < EUR 20 mEUR 100 000EUR 1 000 000EUR 1 500 000ADNA ≥ EUR 20 mEUR 150 000EUR 2 000 000EUR 2 500 000Dividend index optionsa dividend index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying dividend indexcalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 100 m ADNAEUR 25 000EUR 1 000 000EUR 1 500 000EUR 100 m ≤ ADNA < EUR 200 mEUR 3 000 000EUR 25 000 000EUR 30 000 000EUR 200 m ≤ ADNA < EUR 600 mEUR 5 500 000EUR 50 000 000EUR 55 000 000ADNA ≥ EUR 600 mEUR 20 000 000EUR 150 000 000EUR 160 000 000Dividend index futures/forwardsa dividend index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying dividend indexcalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 100 m ADNAEUR 25 000EUR 1 000 000EUR 1 500 000EUR 100 m ≤ ADNA < EUR 1 bnEUR 550 000EUR 5 000 000EUR 5 500 000EUR 1 bn ≤ ADNA < EUR 3 bnEUR 5 500 000EUR 50 000 000EUR 55 000 000EUR 3 bn ≤ ADNA < EUR 5 bnEUR 20 000 000EUR 150 000 000EUR 160 000 000ADNA ≥ EUR 5 bnEUR 30 000 000EUR 250 000 000EUR 260 000 000Volatility index optionsa volatility index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying volatility indexcalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 100 m ADNAEUR 25 000EUR 1 000 000EUR 1 500 000EUR 100 m ≤ ADNA < EUR 200 mEUR 3 000 000EUR 25 000 000EUR 30 000 000EUR 200 m ≤ ADNA < EUR 600 mEUR 5 500 000EUR 50 000 000EUR 55 000 000ADNA ≥ EUR 600 mEUR 20 000 000EUR 150 000 000EUR 160 000 000Volatility index futures/forwardsa volatility index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying volatility indexcalculation of thresholds should be performed for each sub-class considering the transactions executed on instruments belonging to the sub-class< EUR 100 m ADNAEUR 25 000EUR 1 000 000EUR 1 500 000EUR 100 m ≤ ADNA < EUR 1 bnEUR 550 000EUR 5 000 000EUR 5 500 000EUR 1 bn ≤ ADNA < EUR 3 bnEUR 5 500 000EUR 50 000 000EUR 55 000 000EUR 3 bn ≤ ADNA < EUR 5 bnEUR 20 000 000EUR 150 000 000EUR 160 000 000ADNA ≥ EUR 5 bnEUR 30 000 000EUR 250 000 000EUR 260 000 000ETF optionsan ETF option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying ETFcalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 5 m ADNAEUR 25 000EUR 1 000 000EUR 1 250 000EUR 5 m ≤ ADNA < EUR 10 mEUR 300 000EUR 1 250 000EUR 1 500 000EUR 10 m ≤ ADNA < EUR 20 mEUR 550 000EUR 2 500 000EUR 3 000 000ADNA ≥ EUR 20 mEUR 1 500 000EUR 5 000 000EUR 5 500 000ETF futures/forwardsan ETF future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying ETFcalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class< EUR 5 m ADNAEUR 25 000EUR 1 000 000EUR 1 250 000EUR 5 m ≤ ADNA < EUR 10 mEUR 300 000EUR 1 250 000EUR 1 500 000EUR 10 m ≤ ADNA < EUR 20 mEUR 550 000EUR 2 500 000EUR 3 000 000ADNA ≥ EUR 20 mEUR 1 500 000EUR 5 000 000EUR 5 500 000Swapsa swap sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying type: single name, index, basketSegmentation criterion 2– underlying single name, index, basketSegmentation criterion 3– parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatilitySegmentation criterion 4– time to maturity bucket of the swap defined as follows:calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-classEUR 50 m ≤ ADNA < EUR 100 mEUR 300 000EUR 1 250 000EUR 1 500 000EUR 100 m ≤ ADNA < EUR 200 mEUR 550 000EUR 2 500 000EUR 3 000 000ADNA ≥ EUR 200 mEUR 1 500 000EUR 5 000 000EUR 5 500 000Price return basic performance parameterParameter return variance/volatilityParameter return dividendMaturity bucket 1: 0 < time to maturity ≤ 1 monthMaturity bucket 1: 0 < time to maturity ≤ 3 monthsMaturity bucket 1: 0 < time to maturity ≤ 1 yearMaturity bucket 2: 1 month < time to maturity ≤ 3 monthsMaturity bucket 2: 3 months < time to maturity ≤ 6 monthsMaturity bucket 2: 1 year < time to maturity ≤ 2 yearsMaturity bucket 3: 3 months < time to maturity ≤ 6 monthsMaturity bucket 3: 6 months < time to maturity ≤ 1 yearMaturity bucket 3: 2 years < time to maturity ≤ 3 yearsMaturity bucket 4: 6 months < time to maturity ≤ 1 yearMaturity bucket 4: 1 year < time to maturity ≤ 2 years…Maturity bucket 5: 1 year < time to maturity ≤ 2 yearsMaturity bucket 5: 2 years < time to maturity ≤ 3 yearsMaturity bucketm: (n-1) years < time to maturity ≤nyearsMaturity bucket 6: 2 years < time to maturity ≤ 3 years……Maturity bucketm: (n-1) years < time to maturity ≤nyearsMaturity bucketm: (n-1) years < time to maturity ≤nyearsPortfolio Swapsa portfolio swap sub-class is defined by a specific combination of:Segmentation criterion 1– underlying type: single name, index, basketSegmentation criterion 2– underlying single name, index, basketSegmentation criterion 3– parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatilitySegmentation criterion 4– time to maturity bucket of the portfolio swap defined as follows:Maturity bucket 1: 0 < time to maturity ≤ 1 monthMaturity bucket 2: 1 month < time to maturity ≤ 3 monthsMaturity bucket 3: 3 months < time to maturity ≤ 6 monthsMaturity bucket 4: 6 months < time to maturity ≤ 1 yearMaturity bucket 5: 1 year < time to maturity ≤ 2 yearsMaturity bucket 6: 2 years < time to maturity ≤ 3 years…Maturity bucketm: (n-1) years < time to maturity ≤nyearscalculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-classEUR 50 m ≤ ADNA < EUR 100 mEUR 300 000EUR 1 250 000EUR 1 500 000EUR 100 m ≤ ADNA < EUR 200 mEUR 550 000EUR 2 500 000EUR 3 000 000ADNA ≥ EUR 200 mEUR 1 500 000EUR 5 000 000EUR 5 500 000Table 6.3.Equity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid marketAsset class – Equity DerivativesSub-asset classPre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid marketLIS pre-tradeSSTI post-tradeLIS post-tradeThreshold valueThreshold valueThreshold valueSwapsEUR 25 000EUR 100 000EUR 150 000Portfolio SwapsEUR 25 000EUR 100 000EUR 150 000Other equity derivativesEUR 25 000EUR 100 000EUR 150 000 ’ | Asset class – Equity Derivatives | Sub-asset class | For the purpose of the determination of the pre-trade and post-trade SSTI and LIS thresholds each sub-asset class shall be further segmented into sub-classes as defined below | Transactions to be considered for the calculations of the thresholds | Pre-trade and post-trade SSTI and LIS threshold values determined for the sub-classes determined to have a liquid market on the basis of the average daily notional amount (ADNA) band to which the sub-class belongs | Average daily notional amount (ADNA) | LIS pre-trade | SSTI post-trade | LIS post-trade | Threshold value | Threshold value | Threshold value | Stock index options | a stock index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying stock index | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 100 m ADNA | EUR 25 000 | EUR 1 000 000 | EUR 1 500 000 | EUR 100 m ≤ ADNA < EUR 200 m | EUR 3 000 000 | EUR 25 000 000 | EUR 30 000 000 | EUR 200 m ≤ ADNA < EUR 600 m | EUR 5 500 000 | EUR 50 000 000 | EUR 55 000 000 | ADNA ≥ EUR 600 m | EUR 20 000 000 | EUR 150 000 000 | EUR 160 000 000 | Stock index futures/forwards | a stock index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying stock index | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 100 m ADNA | EUR 25 000 | EUR 1 000 000 | EUR 1 500 000 | EUR 100 m ≤ ADNA < EUR 1 bn | EUR 550 000 | EUR 5 000 000 | EUR 5 500 000 | EUR 1 bn ≤ ADNA < EUR 3 bn | EUR 5 500 000 | EUR 50 000 000 | EUR 55 000 000 | EUR 3 bn ≤ ADNA < EUR 5 bn | EUR 20 000 000 | EUR 150 000 000 | EUR 160 000 000 | ADNA ≥ EUR 5 bn | EUR 30 000 000 | EUR 250 000 000 | EUR 260 000 000 | Stock options | a stock option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 5 m ADNA | EUR 25 000 | EUR 1 000 000 | EUR 1 250 000 | EUR 5 m ≤ ADNA < EUR 10 m | EUR 300 000 | EUR 1 250 000 | EUR 1 500 000 | EUR 10 m ≤ ADNA < EUR 20 m | EUR 550 000 | EUR 2 500 000 | EUR 3 000 000 | ADNA ≥ EUR 20 m | EUR 1 500 000 | EUR 5 000 000 | EUR 5 500 000 | Stock futures/forwards | a stock future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 5 m ADNA | EUR 25 000 | EUR 1 000 000 | EUR 1 250 000 | EUR 5 m ≤ ADNA < EUR 10 m | EUR 300 000 | EUR 1 250 000 | EUR 1 500 000 | EUR 10 m ≤ ADNA < EUR 20 m | EUR 550 000 | EUR 2 500 000 | EUR 3 000 000 | ADNA ≥ EUR 20 m | EUR 1 500 000 | EUR 5 000 000 | EUR 5 500 000 | Stock dividend options | a stock dividend option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share entitling to dividends | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 5 m ADNA | EUR 25 000 | EUR 400 000 | EUR 450 000 | EUR 5 m ≤ ADNA < EUR 10 m | EUR 30 000 | EUR 500 000 | EUR 550 000 | EUR 10 m ≤ ADNA < EUR 20 m | EUR 100 000 | EUR 1 000 000 | EUR 1 500 000 | ADNA ≥ EUR 20 m | EUR 150 000 | EUR 2 000 000 | EUR 2 500 000 | Stock dividend futures/forwards | a stock dividend future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share entitling to dividends | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 5 m ADNA | EUR 25 000 | EUR 400 000 | EUR 450 000 | EUR 5 m ≤ ADNA < EUR 10 m | EUR 30 000 | EUR 500 000 | EUR 550 000 | EUR 10 m ≤ ADNA < EUR 20 m | EUR 100 000 | EUR 1 000 000 | EUR 1 500 000 | ADNA ≥ EUR 20 m | EUR 150 000 | EUR 2 000 000 | EUR 2 500 000 | Dividend index options | a dividend index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying dividend index | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 100 m ADNA | EUR 25 000 | EUR 1 000 000 | EUR 1 500 000 | EUR 100 m ≤ ADNA < EUR 200 m | EUR 3 000 000 | EUR 25 000 000 | EUR 30 000 000 | EUR 200 m ≤ ADNA < EUR 600 m | EUR 5 500 000 | EUR 50 000 000 | EUR 55 000 000 | ADNA ≥ EUR 600 m | EUR 20 000 000 | EUR 150 000 000 | EUR 160 000 000 | Dividend index futures/forwards | a dividend index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying dividend index | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 100 m ADNA | EUR 25 000 | EUR 1 000 000 | EUR 1 500 000 | EUR 100 m ≤ ADNA < EUR 1 bn | EUR 550 000 | EUR 5 000 000 | EUR 5 500 000 | EUR 1 bn ≤ ADNA < EUR 3 bn | EUR 5 500 000 | EUR 50 000 000 | EUR 55 000 000 | EUR 3 bn ≤ ADNA < EUR 5 bn | EUR 20 000 000 | EUR 150 000 000 | EUR 160 000 000 | ADNA ≥ EUR 5 bn | EUR 30 000 000 | EUR 250 000 000 | EUR 260 000 000 | Volatility index options | a volatility index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying volatility index | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 100 m ADNA | EUR 25 000 | EUR 1 000 000 | EUR 1 500 000 | EUR 100 m ≤ ADNA < EUR 200 m | EUR 3 000 000 | EUR 25 000 000 | EUR 30 000 000 | EUR 200 m ≤ ADNA < EUR 600 m | EUR 5 500 000 | EUR 50 000 000 | EUR 55 000 000 | ADNA ≥ EUR 600 m | EUR 20 000 000 | EUR 150 000 000 | EUR 160 000 000 | Volatility index futures/forwards | a volatility index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying volatility index | calculation of thresholds should be performed for each sub-class considering the transactions executed on instruments belonging to the sub-class | < EUR 100 m ADNA | EUR 25 000 | EUR 1 000 000 | EUR 1 500 000 | EUR 100 m ≤ ADNA < EUR 1 bn | EUR 550 000 | EUR 5 000 000 | EUR 5 500 000 | EUR 1 bn ≤ ADNA < EUR 3 bn | EUR 5 500 000 | EUR 50 000 000 | EUR 55 000 000 | EUR 3 bn ≤ ADNA < EUR 5 bn | EUR 20 000 000 | EUR 150 000 000 | EUR 160 000 000 | ADNA ≥ EUR 5 bn | EUR 30 000 000 | EUR 250 000 000 | EUR 260 000 000 | ETF options | an ETF option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying ETF | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 5 m ADNA | EUR 25 000 | EUR 1 000 000 | EUR 1 250 000 | EUR 5 m ≤ ADNA < EUR 10 m | EUR 300 000 | EUR 1 250 000 | EUR 1 500 000 | EUR 10 m ≤ ADNA < EUR 20 m | EUR 550 000 | EUR 2 500 000 | EUR 3 000 000 | ADNA ≥ EUR 20 m | EUR 1 500 000 | EUR 5 000 000 | EUR 5 500 000 | ETF futures/forwards | an ETF future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying ETF | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 5 m ADNA | EUR 25 000 | EUR 1 000 000 | EUR 1 250 000 | EUR 5 m ≤ ADNA < EUR 10 m | EUR 300 000 | EUR 1 250 000 | EUR 1 500 000 | EUR 10 m ≤ ADNA < EUR 20 m | EUR 550 000 | EUR 2 500 000 | EUR 3 000 000 | ADNA ≥ EUR 20 m | EUR 1 500 000 | EUR 5 000 000 | EUR 5 500 000 | Swaps | a swap sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying type: single name, index, basketSegmentation criterion 2– underlying single name, index, basketSegmentation criterion 3– parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatilitySegmentation criterion 4– time to maturity bucket of the swap defined as follows: | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | EUR 50 m ≤ ADNA < EUR 100 m | EUR 300 000 | EUR 1 250 000 | EUR 1 500 000 | EUR 100 m ≤ ADNA < EUR 200 m | EUR 550 000 | EUR 2 500 000 | EUR 3 000 000 | ADNA ≥ EUR 200 m | EUR 1 500 000 | EUR 5 000 000 | EUR 5 500 000 | Price return basic performance parameter | Parameter return variance/volatility | Parameter return dividend | | Maturity bucket 1: 0 < time to maturity ≤ 1 month | Maturity bucket 1: 0 < time to maturity ≤ 3 months | Maturity bucket 1: 0 < time to maturity ≤ 1 year | Maturity bucket 2: 1 month < time to maturity ≤ 3 months | Maturity bucket 2: 3 months < time to maturity ≤ 6 months | Maturity bucket 2: 1 year < time to maturity ≤ 2 years | Maturity bucket 3: 3 months < time to maturity ≤ 6 months | Maturity bucket 3: 6 months < time to maturity ≤ 1 year | Maturity bucket 3: 2 years < time to maturity ≤ 3 years | Maturity bucket 4: 6 months < time to maturity ≤ 1 year | Maturity bucket 4: 1 year < time to maturity ≤ 2 years | … | Maturity bucket 5: 1 year < time to maturity ≤ 2 years | Maturity bucket 5: 2 years < time to maturity ≤ 3 years | Maturity bucketm: (n-1) years < time to maturity ≤nyears | Maturity bucket 6: 2 years < time to maturity ≤ 3 years | … | | … | Maturity bucketm: (n-1) years < time to maturity ≤nyears | | Maturity bucketm: (n-1) years < time to maturity ≤nyears | | | Portfolio Swaps | a portfolio swap sub-class is defined by a specific combination of:Segmentation criterion 1– underlying type: single name, index, basketSegmentation criterion 2– underlying single name, index, basketSegmentation criterion 3– parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatilitySegmentation criterion 4– time to maturity bucket of the portfolio swap defined as follows:Maturity bucket 1: 0 < time to maturity ≤ 1 monthMaturity bucket 2: 1 month < time to maturity ≤ 3 monthsMaturity bucket 3: 3 months < time to maturity ≤ 6 monthsMaturity bucket 4: 6 months < time to maturity ≤ 1 yearMaturity bucket 5: 1 year < time to maturity ≤ 2 yearsMaturity bucket 6: 2 years < time to maturity ≤ 3 years…Maturity bucketm: (n-1) years < time to maturity ≤nyears | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | EUR 50 m ≤ ADNA < EUR 100 m | EUR 300 000 | EUR 1 250 000 | EUR 1 500 000 | EUR 100 m ≤ ADNA < EUR 200 m | EUR 550 000 | EUR 2 500 000 | EUR 3 000 000 | ADNA ≥ EUR 200 m | EUR 1 500 000 | EUR 5 000 000 | EUR 5 500 000 | | Asset class – Equity Derivatives | Sub-asset class | Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market | LIS pre-trade | SSTI post-trade | LIS post-trade | Threshold value | Threshold value | Threshold value | Swaps | EUR 25 000 | EUR 100 000 | EUR 150 000 | Portfolio Swaps | EUR 25 000 | EUR 100 000 | EUR 150 000 | Other equity derivatives | EUR 25 000 | EUR 100 000 | EUR 150 000 ’
Asset class – Equity Derivatives
Sub-asset class | For the purpose of the determination of the pre-trade and post-trade SSTI and LIS thresholds each sub-asset class shall be further segmented into sub-classes as defined below | Transactions to be considered for the calculations of the thresholds | Pre-trade and post-trade SSTI and LIS threshold values determined for the sub-classes determined to have a liquid market on the basis of the average daily notional amount (ADNA) band to which the sub-class belongs
Average daily notional amount (ADNA) | LIS pre-trade | SSTI post-trade | LIS post-trade
Threshold value | Threshold value | Threshold value
Stock index options | a stock index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying stock index | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 100 m ADNA | EUR 25 000 | EUR 1 000 000 | EUR 1 500 000
EUR 100 m ≤ ADNA < EUR 200 m | EUR 3 000 000 | EUR 25 000 000 | EUR 30 000 000
EUR 200 m ≤ ADNA < EUR 600 m | EUR 5 500 000 | EUR 50 000 000 | EUR 55 000 000
ADNA ≥ EUR 600 m | EUR 20 000 000 | EUR 150 000 000 | EUR 160 000 000
Stock index futures/forwards | a stock index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying stock index | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 100 m ADNA | EUR 25 000 | EUR 1 000 000 | EUR 1 500 000
EUR 100 m ≤ ADNA < EUR 1 bn | EUR 550 000 | EUR 5 000 000 | EUR 5 500 000
EUR 1 bn ≤ ADNA < EUR 3 bn | EUR 5 500 000 | EUR 50 000 000 | EUR 55 000 000
EUR 3 bn ≤ ADNA < EUR 5 bn | EUR 20 000 000 | EUR 150 000 000 | EUR 160 000 000
ADNA ≥ EUR 5 bn | EUR 30 000 000 | EUR 250 000 000 | EUR 260 000 000
Stock options | a stock option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 5 m ADNA | EUR 25 000 | EUR 1 000 000 | EUR 1 250 000
EUR 5 m ≤ ADNA < EUR 10 m | EUR 300 000 | EUR 1 250 000 | EUR 1 500 000
EUR 10 m ≤ ADNA < EUR 20 m | EUR 550 000 | EUR 2 500 000 | EUR 3 000 000
ADNA ≥ EUR 20 m | EUR 1 500 000 | EUR 5 000 000 | EUR 5 500 000
Stock futures/forwards | a stock future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 5 m ADNA | EUR 25 000 | EUR 1 000 000 | EUR 1 250 000
EUR 5 m ≤ ADNA < EUR 10 m | EUR 300 000 | EUR 1 250 000 | EUR 1 500 000
EUR 10 m ≤ ADNA < EUR 20 m | EUR 550 000 | EUR 2 500 000 | EUR 3 000 000
ADNA ≥ EUR 20 m | EUR 1 500 000 | EUR 5 000 000 | EUR 5 500 000
Stock dividend options | a stock dividend option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share entitling to dividends | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 5 m ADNA | EUR 25 000 | EUR 400 000 | EUR 450 000
EUR 5 m ≤ ADNA < EUR 10 m | EUR 30 000 | EUR 500 000 | EUR 550 000
EUR 10 m ≤ ADNA < EUR 20 m | EUR 100 000 | EUR 1 000 000 | EUR 1 500 000
ADNA ≥ EUR 20 m | EUR 150 000 | EUR 2 000 000 | EUR 2 500 000
Stock dividend futures/forwards | a stock dividend future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying share entitling to dividends | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 5 m ADNA | EUR 25 000 | EUR 400 000 | EUR 450 000
EUR 5 m ≤ ADNA < EUR 10 m | EUR 30 000 | EUR 500 000 | EUR 550 000
EUR 10 m ≤ ADNA < EUR 20 m | EUR 100 000 | EUR 1 000 000 | EUR 1 500 000
ADNA ≥ EUR 20 m | EUR 150 000 | EUR 2 000 000 | EUR 2 500 000
Dividend index options | a dividend index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying dividend index | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 100 m ADNA | EUR 25 000 | EUR 1 000 000 | EUR 1 500 000
EUR 100 m ≤ ADNA < EUR 200 m | EUR 3 000 000 | EUR 25 000 000 | EUR 30 000 000
EUR 200 m ≤ ADNA < EUR 600 m | EUR 5 500 000 | EUR 50 000 000 | EUR 55 000 000
ADNA ≥ EUR 600 m | EUR 20 000 000 | EUR 150 000 000 | EUR 160 000 000
Dividend index futures/forwards | a dividend index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying dividend index | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 100 m ADNA | EUR 25 000 | EUR 1 000 000 | EUR 1 500 000
EUR 100 m ≤ ADNA < EUR 1 bn | EUR 550 000 | EUR 5 000 000 | EUR 5 500 000
EUR 1 bn ≤ ADNA < EUR 3 bn | EUR 5 500 000 | EUR 50 000 000 | EUR 55 000 000
EUR 3 bn ≤ ADNA < EUR 5 bn | EUR 20 000 000 | EUR 150 000 000 | EUR 160 000 000
ADNA ≥ EUR 5 bn | EUR 30 000 000 | EUR 250 000 000 | EUR 260 000 000
Volatility index options | a volatility index option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying volatility index | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 100 m ADNA | EUR 25 000 | EUR 1 000 000 | EUR 1 500 000
EUR 100 m ≤ ADNA < EUR 200 m | EUR 3 000 000 | EUR 25 000 000 | EUR 30 000 000
EUR 200 m ≤ ADNA < EUR 600 m | EUR 5 500 000 | EUR 50 000 000 | EUR 55 000 000
ADNA ≥ EUR 600 m | EUR 20 000 000 | EUR 150 000 000 | EUR 160 000 000
Volatility index futures/forwards | a volatility index future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying volatility index | calculation of thresholds should be performed for each sub-class considering the transactions executed on instruments belonging to the sub-class | < EUR 100 m ADNA | EUR 25 000 | EUR 1 000 000 | EUR 1 500 000
EUR 100 m ≤ ADNA < EUR 1 bn | EUR 550 000 | EUR 5 000 000 | EUR 5 500 000
EUR 1 bn ≤ ADNA < EUR 3 bn | EUR 5 500 000 | EUR 50 000 000 | EUR 55 000 000
EUR 3 bn ≤ ADNA < EUR 5 bn | EUR 20 000 000 | EUR 150 000 000 | EUR 160 000 000
ADNA ≥ EUR 5 bn | EUR 30 000 000 | EUR 250 000 000 | EUR 260 000 000
ETF options | an ETF option sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying ETF | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 5 m ADNA | EUR 25 000 | EUR 1 000 000 | EUR 1 250 000
EUR 5 m ≤ ADNA < EUR 10 m | EUR 300 000 | EUR 1 250 000 | EUR 1 500 000
EUR 10 m ≤ ADNA < EUR 20 m | EUR 550 000 | EUR 2 500 000 | EUR 3 000 000
ADNA ≥ EUR 20 m | EUR 1 500 000 | EUR 5 000 000 | EUR 5 500 000
ETF futures/forwards | an ETF future/forward sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying ETF | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | < EUR 5 m ADNA | EUR 25 000 | EUR 1 000 000 | EUR 1 250 000
EUR 5 m ≤ ADNA < EUR 10 m | EUR 300 000 | EUR 1 250 000 | EUR 1 500 000
EUR 10 m ≤ ADNA < EUR 20 m | EUR 550 000 | EUR 2 500 000 | EUR 3 000 000
ADNA ≥ EUR 20 m | EUR 1 500 000 | EUR 5 000 000 | EUR 5 500 000
Swaps | a swap sub-class is defined by the following segmentation criteria:Segmentation criterion 1– underlying type: single name, index, basketSegmentation criterion 2– underlying single name, index, basketSegmentation criterion 3– parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatilitySegmentation criterion 4– time to maturity bucket of the swap defined as follows: | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | EUR 50 m ≤ ADNA < EUR 100 m | EUR 300 000 | EUR 1 250 000 | EUR 1 500 000
EUR 100 m ≤ ADNA < EUR 200 m | EUR 550 000 | EUR 2 500 000 | EUR 3 000 000
ADNA ≥ EUR 200 m | EUR 1 500 000 | EUR 5 000 000 | EUR 5 500 000
Price return basic performance parameter | Parameter return variance/volatility | Parameter return dividend |
Maturity bucket 1: 0 < time to maturity ≤ 1 month | Maturity bucket 1: 0 < time to maturity ≤ 3 months | Maturity bucket 1: 0 < time to maturity ≤ 1 year
Maturity bucket 2: 1 month < time to maturity ≤ 3 months | Maturity bucket 2: 3 months < time to maturity ≤ 6 months | Maturity bucket 2: 1 year < time to maturity ≤ 2 years
Maturity bucket 3: 3 months < time to maturity ≤ 6 months | Maturity bucket 3: 6 months < time to maturity ≤ 1 year | Maturity bucket 3: 2 years < time to maturity ≤ 3 years
Maturity bucket 4: 6 months < time to maturity ≤ 1 year | Maturity bucket 4: 1 year < time to maturity ≤ 2 years | …
Maturity bucket 5: 1 year < time to maturity ≤ 2 years | Maturity bucket 5: 2 years < time to maturity ≤ 3 years | Maturity bucketm: (n-1) years < time to maturity ≤nyears
Maturity bucket 6: 2 years < time to maturity ≤ 3 years | … |
… | Maturity bucketm: (n-1) years < time to maturity ≤nyears |
Maturity bucketm: (n-1) years < time to maturity ≤nyears | |
Portfolio Swaps | a portfolio swap sub-class is defined by a specific combination of:Segmentation criterion 1– underlying type: single name, index, basketSegmentation criterion 2– underlying single name, index, basketSegmentation criterion 3– parameter: price return basic performance parameter, parameter return dividend, parameter return variance, parameter return volatilitySegmentation criterion 4– time to maturity bucket of the portfolio swap defined as follows:Maturity bucket 1: 0 < time to maturity ≤ 1 monthMaturity bucket 2: 1 month < time to maturity ≤ 3 monthsMaturity bucket 3: 3 months < time to maturity ≤ 6 monthsMaturity bucket 4: 6 months < time to maturity ≤ 1 yearMaturity bucket 5: 1 year < time to maturity ≤ 2 yearsMaturity bucket 6: 2 years < time to maturity ≤ 3 years…Maturity bucketm: (n-1) years < time to maturity ≤nyears | calculation of thresholds should be performed for each sub-class considering the transactions executed on financial instruments belonging to the sub-class | EUR 50 m ≤ ADNA < EUR 100 m | EUR 300 000 | EUR 1 250 000 | EUR 1 500 000
EUR 100 m ≤ ADNA < EUR 200 m | EUR 550 000 | EUR 2 500 000 | EUR 3 000 000
ADNA ≥ EUR 200 m | EUR 1 500 000 | EUR 5 000 000 | EUR 5 500 000

Asset class – Equity Derivatives
Sub-asset class | Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
LIS pre-trade | SSTI post-trade | LIS post-trade
Threshold value | Threshold value | Threshold value
Swaps | EUR 25 000 | EUR 100 000 | EUR 150 000
Portfolio Swaps | EUR 25 000 | EUR 100 000 | EUR 150 000
Other equity derivatives | EUR 25 000 | EUR 100 000 | EUR 150 000 ’
(5) | in Section 7 ‘Commodity derivatives’, Table 7.2 ‘Commodity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market’ and Table 7.3 ‘Commodity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market’ are replaced by the following:‘Table 7.2.Commodity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid marketAsset class – Commodity DerivativesSub-asset classPercentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid marketTransactions to be considered for the calculations of the thresholdsLIS pre-tradeSSTI post-tradeLIS post-tradeTrade – percentileThreshold floorTrade – percentileVolume – percentileThreshold floorTrade – percentileVolume – percentileThreshold floorMetal commodity futures/forwardscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 500 0008060EUR 750 0009070EUR 1 000 000Metal commodity optionscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 500 0008060EUR 750 0009070EUR 1 000 000Metal commodity swapscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 500 0008060EUR 750 0009070EUR 1 000 000Energy commodity futures/forwardscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 500 0008060EUR 750 0009070EUR 1 000 000Energy commodity optionscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 500 0008060EUR 750 0009070EUR 1 000 000Energy commodity swapscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 500 0008060EUR 750 0009070EUR 1 000 000Agricultural commodity futures/forwardscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 500 0008060EUR 750 0009070EUR 1 000 000Agricultural commodity optionscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 500 0008060EUR 750 0009070EUR 1 000 000Agricultural commodity swapscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 500 0008060EUR 750 0009070EUR 1 000 000Table 7.3.Commodity derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid marketAsset class – Commodity DerivativesSub-asset classPre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid marketLIS pre-tradeSSTI post-tradeLIS post-tradeThreshold valueThreshold valueThreshold valueMetal commodity futures/forwardsEUR 500 000EUR 750 000EUR 1 000 000Metal commodity optionsEUR 500 000EUR 750 000EUR 1 000 000Metal commodity swapsEUR 500 000EUR 750 000EUR 1 000 000Energy commodity futures/forwardsEUR 500 000EUR 750 000EUR 1 000 000Energy commodity optionsEUR 500 000EUR 750 000EUR 1 000 000Energy commodity swapsEUR 500 000EUR 750 000EUR 1 000 000Agricultural commodity futures/forwardsEUR 500 000EUR 750 000EUR 1 000 000Agricultural commodity optionsEUR 500 000EUR 750 000EUR 1 000 000Agricultural commodity swapsEUR 500 000EUR 750 000EUR 1 000 000Other commodity derivativesEUR 500 000EUR 750 000EUR 1 000 000 ’ | Asset class – Commodity Derivatives | Sub-asset class | Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market | Transactions to be considered for the calculations of the thresholds | LIS pre-trade | SSTI post-trade | LIS post-trade | Trade – percentile | Threshold floor | Trade – percentile | Volume – percentile | Threshold floor | Trade – percentile | Volume – percentile | Threshold floor | Metal commodity futures/forwards | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 500 000 | 80 | 60 | EUR 750 000 | 90 | 70 | EUR 1 000 000 | Metal commodity options | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 500 000 | 80 | 60 | EUR 750 000 | 90 | 70 | EUR 1 000 000 | Metal commodity swaps | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 500 000 | 80 | 60 | EUR 750 000 | 90 | 70 | EUR 1 000 000 | Energy commodity futures/forwards | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 500 000 | 80 | 60 | EUR 750 000 | 90 | 70 | EUR 1 000 000 | Energy commodity options | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 500 000 | 80 | 60 | EUR 750 000 | 90 | 70 | EUR 1 000 000 | Energy commodity swaps | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 500 000 | 80 | 60 | EUR 750 000 | 90 | 70 | EUR 1 000 000 | Agricultural commodity futures/forwards | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 500 000 | 80 | 60 | EUR 750 000 | 90 | 70 | EUR 1 000 000 | Agricultural commodity options | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 500 000 | 80 | 60 | EUR 750 000 | 90 | 70 | EUR 1 000 000 | Agricultural commodity swaps | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 500 000 | 80 | 60 | EUR 750 000 | 90 | 70 | EUR 1 000 000 | Asset class – Commodity Derivatives | Sub-asset class | Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market | LIS pre-trade | SSTI post-trade | LIS post-trade | Threshold value | Threshold value | Threshold value | Metal commodity futures/forwards | EUR 500 000 | EUR 750 000 | EUR 1 000 000 | Metal commodity options | EUR 500 000 | EUR 750 000 | EUR 1 000 000 | Metal commodity swaps | EUR 500 000 | EUR 750 000 | EUR 1 000 000 | Energy commodity futures/forwards | EUR 500 000 | EUR 750 000 | EUR 1 000 000 | Energy commodity options | EUR 500 000 | EUR 750 000 | EUR 1 000 000 | Energy commodity swaps | EUR 500 000 | EUR 750 000 | EUR 1 000 000 | Agricultural commodity futures/forwards | EUR 500 000 | EUR 750 000 | EUR 1 000 000 | Agricultural commodity options | EUR 500 000 | EUR 750 000 | EUR 1 000 000 | Agricultural commodity swaps | EUR 500 000 | EUR 750 000 | EUR 1 000 000 | Other commodity derivatives | EUR 500 000 | EUR 750 000 | EUR 1 000 000 ’
Asset class – Commodity Derivatives
Sub-asset class | Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market
Transactions to be considered for the calculations of the thresholds | LIS pre-trade | SSTI post-trade | LIS post-trade
Trade – percentile | Threshold floor | Trade – percentile | Volume – percentile | Threshold floor | Trade – percentile | Volume – percentile | Threshold floor
Metal commodity futures/forwards | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 500 000 | 80 | 60 | EUR 750 000 | 90 | 70 | EUR 1 000 000
Metal commodity options | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 500 000 | 80 | 60 | EUR 750 000 | 90 | 70 | EUR 1 000 000
Metal commodity swaps | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 500 000 | 80 | 60 | EUR 750 000 | 90 | 70 | EUR 1 000 000
Energy commodity futures/forwards | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 500 000 | 80 | 60 | EUR 750 000 | 90 | 70 | EUR 1 000 000
Energy commodity options | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 500 000 | 80 | 60 | EUR 750 000 | 90 | 70 | EUR 1 000 000
Energy commodity swaps | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 500 000 | 80 | 60 | EUR 750 000 | 90 | 70 | EUR 1 000 000
Agricultural commodity futures/forwards | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 500 000 | 80 | 60 | EUR 750 000 | 90 | 70 | EUR 1 000 000
Agricultural commodity options | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 500 000 | 80 | 60 | EUR 750 000 | 90 | 70 | EUR 1 000 000
Agricultural commodity swaps | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 500 000 | 80 | 60 | EUR 750 000 | 90 | 70 | EUR 1 000 000
Asset class – Commodity Derivatives
Sub-asset class | Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
LIS pre-trade | SSTI post-trade | LIS post-trade
Threshold value | Threshold value | Threshold value
Metal commodity futures/forwards | EUR 500 000 | EUR 750 000 | EUR 1 000 000
Metal commodity options | EUR 500 000 | EUR 750 000 | EUR 1 000 000
Metal commodity swaps | EUR 500 000 | EUR 750 000 | EUR 1 000 000
Energy commodity futures/forwards | EUR 500 000 | EUR 750 000 | EUR 1 000 000
Energy commodity options | EUR 500 000 | EUR 750 000 | EUR 1 000 000
Energy commodity swaps | EUR 500 000 | EUR 750 000 | EUR 1 000 000
Agricultural commodity futures/forwards | EUR 500 000 | EUR 750 000 | EUR 1 000 000
Agricultural commodity options | EUR 500 000 | EUR 750 000 | EUR 1 000 000
Agricultural commodity swaps | EUR 500 000 | EUR 750 000 | EUR 1 000 000
Other commodity derivatives | EUR 500 000 | EUR 750 000 | EUR 1 000 000 ’
(6) | in Section 8 ‘Foreign exchange derivatives’, Table 8.2 ‘Foreign exchange derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market’ is replaced by the following:‘Table 8.2.Foreign exchange derivatives – pre-trade and pot-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid marketAsset class – Foreign Exchange DerivativesSub-asset classPre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid marketLIS pre-tradeSSTI post-tradeLIS post-tradeThreshold valueThreshold valueThreshold valueNon-deliverable forward (NDF)EUR 5 000 000EUR 20 000 000EUR 25 000 000Deliverable forward (DF)EUR 5 000 000EUR 20 000 000EUR 25 000 000Non-Deliverable FX options (NDO)EUR 5 000 000EUR 20 000 000EUR 25 000 000Deliverable FX options (DO)EUR 5 000 000EUR 20 000 000EUR 25 000 000Non-Deliverable FX swaps (NDS)EUR 5 000 000EUR 20 000 000EUR 25 000 000Deliverable FX swaps (DS)EUR 5 000 000EUR 20 000 000EUR 25 000 000FX futuresEUR 5 000 000EUR 20 000 000EUR 25 000 000Other Foreign Exchange DerivativesEUR 5 000 000EUR 20 000 000EUR 25 000 000 ’ | Asset class – Foreign Exchange Derivatives | Sub-asset class | Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market | LIS pre-trade | SSTI post-trade | LIS post-trade | Threshold value | Threshold value | Threshold value | Non-deliverable forward (NDF) | EUR 5 000 000 | EUR 20 000 000 | EUR 25 000 000 | Deliverable forward (DF) | EUR 5 000 000 | EUR 20 000 000 | EUR 25 000 000 | Non-Deliverable FX options (NDO) | EUR 5 000 000 | EUR 20 000 000 | EUR 25 000 000 | Deliverable FX options (DO) | EUR 5 000 000 | EUR 20 000 000 | EUR 25 000 000 | Non-Deliverable FX swaps (NDS) | EUR 5 000 000 | EUR 20 000 000 | EUR 25 000 000 | Deliverable FX swaps (DS) | EUR 5 000 000 | EUR 20 000 000 | EUR 25 000 000 | FX futures | EUR 5 000 000 | EUR 20 000 000 | EUR 25 000 000 | Other Foreign Exchange Derivatives | EUR 5 000 000 | EUR 20 000 000 | EUR 25 000 000 ’
Asset class – Foreign Exchange Derivatives
Sub-asset class | Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
LIS pre-trade | SSTI post-trade | LIS post-trade
Threshold value | Threshold value | Threshold value
Non-deliverable forward (NDF) | EUR 5 000 000 | EUR 20 000 000 | EUR 25 000 000
Deliverable forward (DF) | EUR 5 000 000 | EUR 20 000 000 | EUR 25 000 000
Non-Deliverable FX options (NDO) | EUR 5 000 000 | EUR 20 000 000 | EUR 25 000 000
Deliverable FX options (DO) | EUR 5 000 000 | EUR 20 000 000 | EUR 25 000 000
Non-Deliverable FX swaps (NDS) | EUR 5 000 000 | EUR 20 000 000 | EUR 25 000 000
Deliverable FX swaps (DS) | EUR 5 000 000 | EUR 20 000 000 | EUR 25 000 000
FX futures | EUR 5 000 000 | EUR 20 000 000 | EUR 25 000 000
Other Foreign Exchange Derivatives | EUR 5 000 000 | EUR 20 000 000 | EUR 25 000 000 ’
(7) | in Section 9 ‘Credit derivatives’, Table 9.2 ‘Credit derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market’ and Table 9.3 ‘Credit derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market’ are replaced by the following:‘Table 9.2.Credit Derivatives – pre- and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid marketAsset class – Credit DerivativesSub-asset classPercentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid marketTransactions to be considered for the calculations of the thresholdsLIS pre-tradeSSTI post-tradeLIS post-tradeTrade – percentileThreshold floorTrade – percentileVolume – percentileThreshold floorTrade – percentileVolume – percentileThreshold floorIndex credit default swap (CDS)calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 7 500 0009070EUR 10 000 000Single name credit default swap (CDS)calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 7 500 0009070EUR 10 000 000CDS index optionscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 7 500 0009070EUR 10 000 000Single name CDS optionscalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 5 000 0008060EUR 7 500 0009070EUR 10 000 000Table 9.3.Credit derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid marketAsset class – Credit DerivativesSub-asset classPre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid marketLIS pre-tradeSSTI post-tradeLIS post-tradeThreshold valueThreshold valueThreshold valueIndex credit default swap (CDS)EUR 5 000 000EUR 7 500 000EUR 10 000 000Single name credit default swap (CDS)EUR 5 000 000EUR 7 500 000EUR 10 000 000CDS index optionsEUR 5 000 000EUR 7 500 000EUR 10 000 000Single name CDS optionsEUR 5 000 000EUR 7 500 000EUR 10 000 000Other credit derivativesEUR 5 000 000EUR 7 500 000EUR 10 000 000 ’ | Asset class – Credit Derivatives | Sub-asset class | Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market | Transactions to be considered for the calculations of the thresholds | LIS pre-trade | SSTI post-trade | LIS post-trade | Trade – percentile | Threshold floor | Trade – percentile | Volume – percentile | Threshold floor | Trade – percentile | Volume – percentile | Threshold floor | Index credit default swap (CDS) | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 7 500 000 | 90 | 70 | EUR 10 000 000 | Single name credit default swap (CDS) | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 7 500 000 | 90 | 70 | EUR 10 000 000 | CDS index options | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 7 500 000 | 90 | 70 | EUR 10 000 000 | Single name CDS options | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 7 500 000 | 90 | 70 | EUR 10 000 000 | Asset class – Credit Derivatives | Sub-asset class | Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market | LIS pre-trade | SSTI post-trade | LIS post-trade | Threshold value | Threshold value | Threshold value | Index credit default swap (CDS) | EUR 5 000 000 | EUR 7 500 000 | EUR 10 000 000 | Single name credit default swap (CDS) | EUR 5 000 000 | EUR 7 500 000 | EUR 10 000 000 | CDS index options | EUR 5 000 000 | EUR 7 500 000 | EUR 10 000 000 | Single name CDS options | EUR 5 000 000 | EUR 7 500 000 | EUR 10 000 000 | Other credit derivatives | EUR 5 000 000 | EUR 7 500 000 | EUR 10 000 000 ’
Asset class – Credit Derivatives
Sub-asset class | Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market
Transactions to be considered for the calculations of the thresholds | LIS pre-trade | SSTI post-trade | LIS post-trade
Trade – percentile | Threshold floor | Trade – percentile | Volume – percentile | Threshold floor | Trade – percentile | Volume – percentile | Threshold floor
Index credit default swap (CDS) | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 7 500 000 | 90 | 70 | EUR 10 000 000
Single name credit default swap (CDS) | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 7 500 000 | 90 | 70 | EUR 10 000 000
CDS index options | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 7 500 000 | 90 | 70 | EUR 10 000 000
Single name CDS options | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 5 000 000 | 80 | 60 | EUR 7 500 000 | 90 | 70 | EUR 10 000 000
Asset class – Credit Derivatives
Sub-asset class | Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
LIS pre-trade | SSTI post-trade | LIS post-trade
Threshold value | Threshold value | Threshold value
Index credit default swap (CDS) | EUR 5 000 000 | EUR 7 500 000 | EUR 10 000 000
Single name credit default swap (CDS) | EUR 5 000 000 | EUR 7 500 000 | EUR 10 000 000
CDS index options | EUR 5 000 000 | EUR 7 500 000 | EUR 10 000 000
Single name CDS options | EUR 5 000 000 | EUR 7 500 000 | EUR 10 000 000
Other credit derivatives | EUR 5 000 000 | EUR 7 500 000 | EUR 10 000 000 ’
(8) | in Section 10 ‘C10 derivatives’, Table 10.2 ‘C10 derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market’ and Table 10.3 ‘C10 derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market” are replaced by the following:‘Table 10.2.C10 derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid marketAsset class – C10 DerivativesSub-asset classPercentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid marketTransactions to be considered for the calculations of the thresholdsLIS pre-tradeSSTI post-tradeLIS post-tradeTrade – percentileThreshold floorTrade – percentileVolume – percentileThreshold floorTrade – percentileVolume – percentileThreshold floorFreight derivativescalculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class70EUR 50 0008060EUR 75 0009070EUR 100 000Table 10.3.C10 derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid marketAsset class – C10 DerivativesSub-asset classPre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid marketLIS pre-tradeSSTI post-tradeLIS post-tradeThreshold valueThreshold valueThreshold valueFreight derivativesEUR 50 000EUR 75 000EUR 100 000Other C10 derivativesEUR 50 000EUR 75 000EUR 100 000 ’ | Asset class – C10 Derivatives | Sub-asset class | Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market | Transactions to be considered for the calculations of the thresholds | LIS pre-trade | SSTI post-trade | LIS post-trade | Trade – percentile | Threshold floor | Trade – percentile | Volume – percentile | Threshold floor | Trade – percentile | Volume – percentile | Threshold floor | Freight derivatives | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 50 000 | 80 | 60 | EUR 75 000 | 90 | 70 | EUR 100 000 | Asset class – C10 Derivatives | Sub-asset class | Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market | LIS pre-trade | SSTI post-trade | LIS post-trade | Threshold value | Threshold value | Threshold value | Freight derivatives | EUR 50 000 | EUR 75 000 | EUR 100 000 | Other C10 derivatives | EUR 50 000 | EUR 75 000 | EUR 100 000 ’
Asset class – C10 Derivatives
Sub-asset class | Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market
Transactions to be considered for the calculations of the thresholds | LIS pre-trade | SSTI post-trade | LIS post-trade
Trade – percentile | Threshold floor | Trade – percentile | Volume – percentile | Threshold floor | Trade – percentile | Volume – percentile | Threshold floor
Freight derivatives | calculation of thresholds should be performed for each sub-class of the sub-asset class considering the transactions executed on financial instruments belonging to the sub-class | 70 | EUR 50 000 | 80 | 60 | EUR 75 000 | 90 | 70 | EUR 100 000
Asset class – C10 Derivatives
Sub-asset class | Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
LIS pre-trade | SSTI post-trade | LIS post-trade
Threshold value | Threshold value | Threshold value
Freight derivatives | EUR 50 000 | EUR 75 000 | EUR 100 000
Other C10 derivatives | EUR 50 000 | EUR 75 000 | EUR 100 000 ’
(9) | in Section 11 ‘Financial contracts for differences (CFDs)’, Table 11.2 ‘CFDs– pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid market’ and Table 11.3 ‘CFDs – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid market’ are replaced by the following:‘Table 11.2.CFDs – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid marketAsset class – Financial contracts for differences (CFDs)Sub-asset classPercentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid marketTransactions to be considered for the calculations of the thresholdsLIS pre-tradeSSTI post-tradeLIS post-tradeTrade – percentileThreshold floorTrade – percentileVolume – percentileThreshold floorTrade – percentileVolume – percentileThreshold floorCurrency CFDstransactions executed on currency CFDs considered to have a liquid market as per Articles 6 and 8(1)(b)70EUR 60 0008060EUR 90 0009070EUR 100 000Commodity CFDstransactions executed on commodity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b)70EUR 60 0008060EUR 90 0009070EUR 100 000Equity CFDstransactions executed on equity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b)70EUR 60 0008060EUR 90 0009070EUR 100 000Bond CFDstransactions executed on equity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b)70EUR 60 0008060EUR 90 0009070EUR 100 000CFDs on an equity future/forwardtransactions executed on CFDs on future on an equity considered to have a liquid market as per Articles 6 and 8(1)(b)70EUR 60 0008060EUR 90 0009070EUR 100 000CFDs on an equity optiontransactions executed on CFDs on option on an equity considered to have a liquid market as per Articles 6 and 8(1)(b)70EUR 60 0008060EUR 90 0009070EUR 100 000Table 11.3.CFDs – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid marketAsset class – Financial contracts for differences (CFDs)Sub-asset classPre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid marketLIS pre-tradeSSTI post-tradeLIS post-tradeThreshold valueThreshold valueThreshold valueCurrency CFDsEUR 60 000EUR 90 000EUR 100 000Commodity CFDsEUR 60 000EUR 90 000EUR 100 000Equity CFDsEUR 60 000EUR 90 000EUR 100 000Bond CFDsEUR 60 000EUR 90 000EUR 100 000CFDs on an equity future/forwardEUR 60 000EUR 90 000EUR 100 000CFDs on an equity optionEUR 60 000EUR 90 000EUR 100 000Other CFDs/spread bettingEUR 60 000EUR 90 000EUR 100 000 ’ | Asset class – Financial contracts for differences (CFDs) | Sub-asset class | Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market | Transactions to be considered for the calculations of the thresholds | LIS pre-trade | SSTI post-trade | LIS post-trade | Trade – percentile | Threshold floor | Trade – percentile | Volume – percentile | Threshold floor | Trade – percentile | Volume – percentile | Threshold floor | Currency CFDs | transactions executed on currency CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) | 70 | EUR 60 000 | 80 | 60 | EUR 90 000 | 90 | 70 | EUR 100 000 | Commodity CFDs | transactions executed on commodity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) | 70 | EUR 60 000 | 80 | 60 | EUR 90 000 | 90 | 70 | EUR 100 000 | Equity CFDs | transactions executed on equity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) | 70 | EUR 60 000 | 80 | 60 | EUR 90 000 | 90 | 70 | EUR 100 000 | Bond CFDs | transactions executed on equity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) | 70 | EUR 60 000 | 80 | 60 | EUR 90 000 | 90 | 70 | EUR 100 000 | CFDs on an equity future/forward | transactions executed on CFDs on future on an equity considered to have a liquid market as per Articles 6 and 8(1)(b) | 70 | EUR 60 000 | 80 | 60 | EUR 90 000 | 90 | 70 | EUR 100 000 | CFDs on an equity option | transactions executed on CFDs on option on an equity considered to have a liquid market as per Articles 6 and 8(1)(b) | 70 | EUR 60 000 | 80 | 60 | EUR 90 000 | 90 | 70 | EUR 100 000 | Asset class – Financial contracts for differences (CFDs) | Sub-asset class | Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market | LIS pre-trade | SSTI post-trade | LIS post-trade | Threshold value | Threshold value | Threshold value | Currency CFDs | EUR 60 000 | EUR 90 000 | EUR 100 000 | Commodity CFDs | EUR 60 000 | EUR 90 000 | EUR 100 000 | Equity CFDs | EUR 60 000 | EUR 90 000 | EUR 100 000 | Bond CFDs | EUR 60 000 | EUR 90 000 | EUR 100 000 | CFDs on an equity future/forward | EUR 60 000 | EUR 90 000 | EUR 100 000 | CFDs on an equity option | EUR 60 000 | EUR 90 000 | EUR 100 000 | Other CFDs/spread betting | EUR 60 000 | EUR 90 000 | EUR 100 000 ’
Asset class – Financial contracts for differences (CFDs)
Sub-asset class | Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined to have a liquid market
Transactions to be considered for the calculations of the thresholds | LIS pre-trade | SSTI post-trade | LIS post-trade
Trade – percentile | Threshold floor | Trade – percentile | Volume – percentile | Threshold floor | Trade – percentile | Volume – percentile | Threshold floor
Currency CFDs | transactions executed on currency CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) | 70 | EUR 60 000 | 80 | 60 | EUR 90 000 | 90 | 70 | EUR 100 000
Commodity CFDs | transactions executed on commodity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) | 70 | EUR 60 000 | 80 | 60 | EUR 90 000 | 90 | 70 | EUR 100 000
Equity CFDs | transactions executed on equity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) | 70 | EUR 60 000 | 80 | 60 | EUR 90 000 | 90 | 70 | EUR 100 000
Bond CFDs | transactions executed on equity CFDs considered to have a liquid market as per Articles 6 and 8(1)(b) | 70 | EUR 60 000 | 80 | 60 | EUR 90 000 | 90 | 70 | EUR 100 000
CFDs on an equity future/forward | transactions executed on CFDs on future on an equity considered to have a liquid market as per Articles 6 and 8(1)(b) | 70 | EUR 60 000 | 80 | 60 | EUR 90 000 | 90 | 70 | EUR 100 000
CFDs on an equity option | transactions executed on CFDs on option on an equity considered to have a liquid market as per Articles 6 and 8(1)(b) | 70 | EUR 60 000 | 80 | 60 | EUR 90 000 | 90 | 70 | EUR 100 000
Asset class – Financial contracts for differences (CFDs)
Sub-asset class | Pre-trade and post-trade SSTI and LIS thresholds for the sub-classes determined not to have a liquid market
LIS pre-trade | SSTI post-trade | LIS post-trade
Threshold value | Threshold value | Threshold value
Currency CFDs | EUR 60 000 | EUR 90 000 | EUR 100 000
Commodity CFDs | EUR 60 000 | EUR 90 000 | EUR 100 000
Equity CFDs | EUR 60 000 | EUR 90 000 | EUR 100 000
Bond CFDs | EUR 60 000 | EUR 90 000 | EUR 100 000
CFDs on an equity future/forward | EUR 60 000 | EUR 90 000 | EUR 100 000
CFDs on an equity option | EUR 60 000 | EUR 90 000 | EUR 100 000
Other CFDs/spread betting | EUR 60 000 | EUR 90 000 | EUR 100 000 ’
(10) | Section 12 ‘Emission allowances’ is replaced by the following:‘12.Emission allowancesTable 12.1.Emission allowances – classes not having a liquid marketAsset class – Emission allowancesFor the purpose of determining the sub-asset classes not having a liquid market as per Article 6a the following methodology shall apply:Sub-asset classLiquidity determinationEuropean Union Allowances (EUA) any unit recognised for compliance with the requirements of Directive 2003/87/EC of the European Parliament and of the Council(5)(Emissions Trading Scheme) which represents the right to emit the equivalent to 1 tonne of carbon dioxide equivalent (tCO2e)RTS2#3 = EMAL and RTS23#37 = EUAEEuropean Union Allowances (EUA) are considered to have a liquid marketAny other emission allowancesRTS2#3 = EMAL and RTS23#37 EUAEAny other emission allowances are considered not to have a liquid marketTable 12.2.Emission allowances – pre-trade LIS threshold and post-trade size thresholdAsset class – Emission allowancesSub-asset classPre-trade LISPost-trade size thresholdEuropean Union Allowances (EUA)5 000 tons of Carbon Dioxide Equivalent25 000 tons of Carbon Dioxide EquivalentAny other emission allowancesAny sizeAny size’ | Asset class – Emission allowances | For the purpose of determining the sub-asset classes not having a liquid market as per Article 6a the following methodology shall apply: | Sub-asset class | Liquidity determination | European Union Allowances (EUA) any unit recognised for compliance with the requirements of Directive 2003/87/EC of the European Parliament and of the Council(5)(Emissions Trading Scheme) which represents the right to emit the equivalent to 1 tonne of carbon dioxide equivalent (tCO2e)RTS2#3 = EMAL and RTS23#37 = EUAE | European Union Allowances (EUA) are considered to have a liquid market | Any other emission allowancesRTS2#3 = EMAL and RTS23#37 EUAE | Any other emission allowances are considered not to have a liquid market | Asset class – Emission allowances | Sub-asset class | Pre-trade LIS | Post-trade size threshold | European Union Allowances (EUA) | 5 000 tons of Carbon Dioxide Equivalent | 25 000 tons of Carbon Dioxide Equivalent | Any other emission allowances | Any size | Any size’
Asset class – Emission allowances
For the purpose of determining the sub-asset classes not having a liquid market as per Article 6a the following methodology shall apply:
Sub-asset class | Liquidity determination
European Union Allowances (EUA) any unit recognised for compliance with the requirements of Directive 2003/87/EC of the European Parliament and of the Council(5)(Emissions Trading Scheme) which represents the right to emit the equivalent to 1 tonne of carbon dioxide equivalent (tCO2e)RTS2#3 = EMAL and RTS23#37 = EUAE | European Union Allowances (EUA) are considered to have a liquid market
Any other emission allowancesRTS2#3 = EMAL and RTS23#37 EUAE | Any other emission allowances are considered not to have a liquid market
Asset class – Emission allowances
Sub-asset class | Pre-trade LIS | Post-trade size threshold
European Union Allowances (EUA) | 5 000 tons of Carbon Dioxide Equivalent | 25 000 tons of Carbon Dioxide Equivalent
Any other emission allowances | Any size | Any size’
(11) | in Section 13 ‘Emission allowance derivatives’, Table 13.2 ‘Emission allowance derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-asset classes determined to have a liquid market’ and Table 13.3 ‘Emission allowance derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-asset classes determined not to have a liquid market’ are replaced by the following:‘Table 13.2.Emission allowance derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined to have a liquid marketAsset class – Emission Allowance DerivativesSub-asset classTransactions to be considered for the calculation of the thresholdsPercentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined to have a liquid marketLIS pre-tradeSSTI post-tradeLIS post-tradeTrade – percentileThreshold floorTrade – percentileThreshold floorTrade – percentileThreshold floorEmission allowance derivatives whose underlying is of the type European Union Allowances (EUA)transactions executed on all emission allowance derivatives whose underlying is of the type European Union Allowances (EUA)7050 000 tons of Carbon Dioxide8090 000 tons of Carbon Dioxide90100 000 tons of Carbon DioxideEmission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA)transactions executed on all emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA)7025 000 tons of Carbon Dioxide8040 000 tons of Carbon Dioxide9050 000 tons of Carbon DioxideEmission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER)transactions executed on all emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER)7025 000 tons of Carbon Dioxide8040 000 tons of Carbon Dioxide9050 000 tons of Carbon DioxideEmission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU)transactions executed on all emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU)7025 000 tons of Carbon Dioxide8040 000 tons of Carbon Dioxide9050 000 tons of Carbon DioxideTable 13.3.Emission allowance derivatives – pre-trade and post-trade SSTI and LIS thresholds for sub-classes determined not to have a liquid marketAsset class – Emission Allowance DerivativesSub-asset classPre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined not to have a liquid marketLIS pre-tradeSSTI post-tradeLIS post-tradeThreshold valueThreshold valueThreshold valueEmission allowance derivatives whose underlying is of the type European Union Allowances (EUA)50 000 tons of Carbon Dioxide90 000 tons of Carbon Dioxide100 000 tons of Carbon DioxideEmission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA)25 000 tons of Carbon Dioxide40 000 tons of Carbon Dioxide50 000 tons of Carbon DioxideEmission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER)25 000 tons of Carbon Dioxide40 000 tons of Carbon Dioxide50 000 tons of Carbon DioxideEmission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU)25 000 tons of Carbon Dioxide40 000 tons of Carbon Dioxide50 000 tons of Carbon DioxideOther Emission allowance derivatives25 000 tons of Carbon Dioxide40 000 tons of Carbon Dioxide50 000 tons of Carbon Dioxide’ | Asset class – Emission Allowance Derivatives | Sub-asset class | Transactions to be considered for the calculation of the thresholds | Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined to have a liquid market | LIS pre-trade | SSTI post-trade | LIS post-trade | Trade – percentile | Threshold floor | Trade – percentile | Threshold floor | Trade – percentile | Threshold floor | Emission allowance derivatives whose underlying is of the type European Union Allowances (EUA) | transactions executed on all emission allowance derivatives whose underlying is of the type European Union Allowances (EUA) | 70 | 50 000 tons of Carbon Dioxide | 80 | 90 000 tons of Carbon Dioxide | 90 | 100 000 tons of Carbon Dioxide | Emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA) | transactions executed on all emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA) | 70 | 25 000 tons of Carbon Dioxide | 80 | 40 000 tons of Carbon Dioxide | 90 | 50 000 tons of Carbon Dioxide | Emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER) | transactions executed on all emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER) | 70 | 25 000 tons of Carbon Dioxide | 80 | 40 000 tons of Carbon Dioxide | 90 | 50 000 tons of Carbon Dioxide | Emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU) | transactions executed on all emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU) | 70 | 25 000 tons of Carbon Dioxide | 80 | 40 000 tons of Carbon Dioxide | 90 | 50 000 tons of Carbon Dioxide | Asset class – Emission Allowance Derivatives | Sub-asset class | Pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined not to have a liquid market | LIS pre-trade | SSTI post-trade | LIS post-trade | Threshold value | Threshold value | Threshold value | Emission allowance derivatives whose underlying is of the type European Union Allowances (EUA) | 50 000 tons of Carbon Dioxide | 90 000 tons of Carbon Dioxide | 100 000 tons of Carbon Dioxide | Emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA) | 25 000 tons of Carbon Dioxide | 40 000 tons of Carbon Dioxide | 50 000 tons of Carbon Dioxide | Emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER) | 25 000 tons of Carbon Dioxide | 40 000 tons of Carbon Dioxide | 50 000 tons of Carbon Dioxide | Emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU) | 25 000 tons of Carbon Dioxide | 40 000 tons of Carbon Dioxide | 50 000 tons of Carbon Dioxide | Other Emission allowance derivatives | 25 000 tons of Carbon Dioxide | 40 000 tons of Carbon Dioxide | 50 000 tons of Carbon Dioxide’
Asset class – Emission Allowance Derivatives
Sub-asset class | Transactions to be considered for the calculation of the thresholds | Percentiles and threshold floors to be applied for the calculation of the pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined to have a liquid market
LIS pre-trade | SSTI post-trade | LIS post-trade
Trade – percentile | Threshold floor | Trade – percentile | Threshold floor | Trade – percentile | Threshold floor
Emission allowance derivatives whose underlying is of the type European Union Allowances (EUA) | transactions executed on all emission allowance derivatives whose underlying is of the type European Union Allowances (EUA) | 70 | 50 000 tons of Carbon Dioxide | 80 | 90 000 tons of Carbon Dioxide | 90 | 100 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA) | transactions executed on all emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA) | 70 | 25 000 tons of Carbon Dioxide | 80 | 40 000 tons of Carbon Dioxide | 90 | 50 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER) | transactions executed on all emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER) | 70 | 25 000 tons of Carbon Dioxide | 80 | 40 000 tons of Carbon Dioxide | 90 | 50 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU) | transactions executed on all emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU) | 70 | 25 000 tons of Carbon Dioxide | 80 | 40 000 tons of Carbon Dioxide | 90 | 50 000 tons of Carbon Dioxide
Asset class – Emission Allowance Derivatives
Sub-asset class | Pre-trade and post-trade SSTI and LIS thresholds for the sub-asset classes determined not to have a liquid market
LIS pre-trade | SSTI post-trade | LIS post-trade
Threshold value | Threshold value | Threshold value
Emission allowance derivatives whose underlying is of the type European Union Allowances (EUA) | 50 000 tons of Carbon Dioxide | 90 000 tons of Carbon Dioxide | 100 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type European Union Aviation Allowances (EUAA) | 25 000 tons of Carbon Dioxide | 40 000 tons of Carbon Dioxide | 50 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type Certified Emission Reductions (CER) | 25 000 tons of Carbon Dioxide | 40 000 tons of Carbon Dioxide | 50 000 tons of Carbon Dioxide
Emission allowance derivatives whose underlying is of the type Emission Reduction Units (ERU) | 25 000 tons of Carbon Dioxide | 40 000 tons of Carbon Dioxide | 50 000 tons of Carbon Dioxide
Other Emission allowance derivatives | 25 000 tons of Carbon Dioxide | 40 000 tons of Carbon Dioxide | 50 000 tons of Carbon Dioxide’
(1) Commission Delegated Regulation (EU) 2017/585 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the data standards and formats for financial instrument reference data and technical measures in relation to arrangements to be made by the European Securities and Markets Authority and competent authorities (OJ L 87, 31.3.2017, p. 368, ELI: http://data.europa.eu/eli/reg_del/2017/585/oj).
(2) Council Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute for a European company (SE) (OJ L 294, 10.11.2001, p. 1, ELI: http://data.europa.eu/eli/reg/2001/2157/oj).
(3) Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings, amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC (OJ L 182, 29.6.2013, p. 19, ELI: http://data.europa.eu/eli/dir/2013/34/oj).
(4) Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) (OJ L 302, 17.11.2009, p. 32, ELI: http://data.europa.eu/eli/dir/2009/65/oj).
(5) Directive 2003/87/EC of the European Parliament and of the Council of 13 October 2003 establishing a scheme for greenhouse gas emission allowance trading within the Community and amending Council Directive 96/61/EC (OJ L 275, 25.10.2003, p. 32, ELI: http://data.europa.eu/eli/dir/2003/87/oj).

ANNEX IVAnnex I to Delegated Regulation (EU) 2017/587 is amended as follows:

(1) | in Table 1, the first row is replaced by the following:RowType of trading systemDescription of the trading systemInformation to be made public‘1Continuous order book trading systemA system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis.The aggregate number of orders and the shares, depositary receipts, ETFs, certificates and other similar financial instruments that they represent at each price level for at least the five best bid and offer price levels.’ | Row | Type of trading system | Description of the trading system | Information to be made public | ‘1 | Continuous order book trading system | A system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis. | The aggregate number of orders and the shares, depositary receipts, ETFs, certificates and other similar financial instruments that they represent at each price level for at least the five best bid and offer price levels.’
Row | Type of trading system | Description of the trading system | Information to be made public
‘1 | Continuous order book trading system | A system that by means of an order book and a trading algorithm operated without human intervention matches sell orders with buy orders on the basis of the best available price on a continuous basis. | The aggregate number of orders and the shares, depositary receipts, ETFs, certificates and other similar financial instruments that they represent at each price level for at least the five best bid and offer price levels.’
(2) | the following Tables 1a and 1b are inserted:‘Table 1aSymbol table for Table 1bSymbolData typeDefinition{ALPHANUM-n}Up to n alphanumerical charactersFree text field.{CURRENCYCODE_3}3 alphanumerical characters3-letter currency code, as specified by ISO 4217 currency codes{DATE_TIME_ FORMAT}ISO 8601 date and time formatDate and time in the following format: YYYY-MM-DDThh:mm:ss.ddddddZ.—“YYYY” is the year;—“MM” is the month;—“DD” is the day;—“T” – means that the letter “T” shall be used—“hh” is the hour;—“mm” is the minute;—“ss.dddddd” is the second and its fraction of a second;—“Z” is UTC time. Dates and times shall be reported in UTC.{DECIMAL-n/m}Decimal number of up to n digits in total of which up to m digits can be fraction digitsNumerical field for both positive and negative values. – decimal separator is “.” (full stop); – negative numbers are prefixed with “–” (minus); Where applicable, values shall be rounded and not truncated.{ISIN}12 alphanumerical charactersISIN code, as specified in ISO 6166{MIC}4 alphanumerical charactersMarket identifier as specified in ISO 10383{LEI}20 alphanumerical charactersLegal entity identifier as specified in ISO 17442Table 1bList of details for the purpose of pre-trade transparency#Field identifierDescription and details to be publishedFormat to be populated as specified in Table 21Update date and timeFor non-aggregated orders or quotes as referred to in Table 1, the date and time when the order or quote was received for execution, cancelled or modified into the trading system.For aggregated orders or quotes as referred to in Table 1, the date and time when the aggregated bid price (Field 5) or volume (Field 8) or the aggregated offer price (Field 5) or volume (Field 8) was calculated following the receipt of an order for execution, cancellation, or modification into the trading system, or following an execution.For periodic auction trading systems as referred to in Table 1, the date and time at which the price would best satisfy the trading algorithm and any modification of the price (Field 5) or quantity (Field 8) thereafter.The level of granularity shall be in accordance with the requirements set out in Article 12 of Commission Delegated Regulation (EU) 2025/1155(1).{DATE_TIME_FORMAT}2Instrument identification codeCode used to identify the financial instrument.{ISIN}3SideThe side of the order or quote.For periodic auction trading system, this field is not mandatory.“BUYI” or “SELL”4Market MakerFor quote-driven trading system the identification of the market maker.{LEI}5PriceThe price of orders and quotes as required under Table 1 and excluding, where applicable, commission and accrued interest.For periodic auction trading system as referred to in Table 1, the price at which the auction trading system would best satisfy its trading algorithm.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated.{DECIMAL-18/13} when the price is expressed as monetary value in the case of equity and equity-like financial instruments{DECIMAL-11/10} when the price is expressed as percentage or yield in the case of certificates and other equity-like financial instruments{DECIMAL-18/17} when the price is expressed as percentage, yield or basis points in the case of certificates and other equity-like financial instruments6Price currencyMajor currency unit in which the price (Field 5) is expressed (applicable where the price is expressed as monetary value).{CURRENCYCODE_3}7Price notationIndication as to whether the price (Field 5) is expressed in monetary value, in percentage or in yield.“MONE” – Monetary value in the case of equity and equity-like financial instruments“PERC” – Percentage in n the case of certificates and other equity-like financial instruments“YIEL” – Yield in the case of certificates and other equity-like financial instruments“BAPO” – Basis points in the case of certificates and other equity-like financial instruments8QuantityNumber of units of the financial instruments attached to the quotes or orders as required under Table 1.Where the quantity is not traded in units, the nominal or monetary value of the financial instrument shall be provided in the major currency unit.For periodic auction trading systems as referred to in Table 1, the aggregated quantity attached to the price that would best satisfy the trading algorithm.{DECIMAL-18/17} in case the quantity is expressed as number of units in the case of equity and equity-like financial instruments{DECIMAL-18/5} in case the quantity is expressed as monetary or nominal value in the case of certificates and other equity-like financial instruments.9Quantity currencyMajor currency in which the quantity (Field 8) is expressed. The major currency unit shall be provided.This field shall be populated where the quantity is not traded in units and is expressed as a nominal or monetary value. Otherwise, this field shall be center blank.{CURRENCYCODE_3}10Aggregated number of orders and quotesThe number of aggregated orders or quotes from members or participants where aggregated information is required under Table 1.{DECIMAL-18/0}11VenueIdentification of the trading venue through the system of which orders and quotes are advertised.Use the ISO 10383 segment MIC or, where the segment MIC does not exist, the operating MIC.{MIC}12Trading systemType of trading system where the order or quote is advertised“CLOB” – central limit order book trading systems. A continuous order book trading system as referred to in Table 1 of Annex I, and a trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I.“QDTS” – quote driven trading systems as referred to in Table 1 of Annex I.“PATS” – periodic auction trading systems as referred to in Table 1 of Annex I.“RFQT” – request for quote trading systems as referred to in Table 1 of Annex I.“HYBR” – hybrid trading systems as referred to. in Table 1 of Annex I. A trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I shall not be considered a hybrid system but a CLOB.“OTHR” – for any other trading system as referred to in Table 1 of Annex I.13Trading system phaseType of trading system phase where the order or quote is advertised“UDUC” – Undefined Auction“SOAU” – Scheduled Opening Auction“SCAU” – Scheduled Closing Auction“SIAU” – Scheduled Intraday Auction“UAUC” – Unscheduled Auction“ODAU” – On Demand Auction (Frequent Batch Auction)“COTR” – Continuous Trading“MACT” – At Market Close Trading“OMST” – Out of Main Session Trading“OTSP” – Other14Publication date and timeDate and time when the information was published by the trading venue.The level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.{DATE_TIME_FORMAT} | Symbol | Data type | Definition | {ALPHANUM-n} | Up to n alphanumerical characters | Free text field. | {CURRENCYCODE_3} | 3 alphanumerical characters | 3-letter currency code, as specified by ISO 4217 currency codes | {DATE_TIME_ FORMAT} | ISO 8601 date and time format | Date and time in the following format: YYYY-MM-DDThh:mm:ss.ddddddZ.—“YYYY” is the year;—“MM” is the month;—“DD” is the day;—“T” – means that the letter “T” shall be used—“hh” is the hour;—“mm” is the minute;—“ss.dddddd” is the second and its fraction of a second;—“Z” is UTC time. Dates and times shall be reported in UTC. | — | “YYYY” is the year; | — | “MM” is the month; | — | “DD” is the day; | — | “T” – means that the letter “T” shall be used | — | “hh” is the hour; | — | “mm” is the minute; | — | “ss.dddddd” is the second and its fraction of a second; | — | “Z” is UTC time. Dates and times shall be reported in UTC. | {DECIMAL-n/m} | Decimal number of up to n digits in total of which up to m digits can be fraction digits | Numerical field for both positive and negative values. – decimal separator is “.” (full stop); – negative numbers are prefixed with “–” (minus); Where applicable, values shall be rounded and not truncated. | {ISIN} | 12 alphanumerical characters | ISIN code, as specified in ISO 6166 | {MIC} | 4 alphanumerical characters | Market identifier as specified in ISO 10383 | {LEI} | 20 alphanumerical characters | Legal entity identifier as specified in ISO 17442 | # | Field identifier | Description and details to be published | Format to be populated as specified in Table 2 | 1 | Update date and time | For non-aggregated orders or quotes as referred to in Table 1, the date and time when the order or quote was received for execution, cancelled or modified into the trading system.For aggregated orders or quotes as referred to in Table 1, the date and time when the aggregated bid price (Field 5) or volume (Field 8) or the aggregated offer price (Field 5) or volume (Field 8) was calculated following the receipt of an order for execution, cancellation, or modification into the trading system, or following an execution.For periodic auction trading systems as referred to in Table 1, the date and time at which the price would best satisfy the trading algorithm and any modification of the price (Field 5) or quantity (Field 8) thereafter.The level of granularity shall be in accordance with the requirements set out in Article 12 of Commission Delegated Regulation (EU) 2025/1155(1). | {DATE_TIME_FORMAT} | 2 | Instrument identification code | Code used to identify the financial instrument. | {ISIN} | 3 | Side | The side of the order or quote.For periodic auction trading system, this field is not mandatory. | “BUYI” or “SELL” | 4 | Market Maker | For quote-driven trading system the identification of the market maker. | {LEI} | 5 | Price | The price of orders and quotes as required under Table 1 and excluding, where applicable, commission and accrued interest.For periodic auction trading system as referred to in Table 1, the price at which the auction trading system would best satisfy its trading algorithm.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated. | {DECIMAL-18/13} when the price is expressed as monetary value in the case of equity and equity-like financial instruments{DECIMAL-11/10} when the price is expressed as percentage or yield in the case of certificates and other equity-like financial instruments{DECIMAL-18/17} when the price is expressed as percentage, yield or basis points in the case of certificates and other equity-like financial instruments | 6 | Price currency | Major currency unit in which the price (Field 5) is expressed (applicable where the price is expressed as monetary value). | {CURRENCYCODE_3} | 7 | Price notation | Indication as to whether the price (Field 5) is expressed in monetary value, in percentage or in yield. | “MONE” – Monetary value in the case of equity and equity-like financial instruments“PERC” – Percentage in n the case of certificates and other equity-like financial instruments“YIEL” – Yield in the case of certificates and other equity-like financial instruments“BAPO” – Basis points in the case of certificates and other equity-like financial instruments | 8 | Quantity | Number of units of the financial instruments attached to the quotes or orders as required under Table 1.Where the quantity is not traded in units, the nominal or monetary value of the financial instrument shall be provided in the major currency unit.For periodic auction trading systems as referred to in Table 1, the aggregated quantity attached to the price that would best satisfy the trading algorithm. | {DECIMAL-18/17} in case the quantity is expressed as number of units in the case of equity and equity-like financial instruments{DECIMAL-18/5} in case the quantity is expressed as monetary or nominal value in the case of certificates and other equity-like financial instruments. | 9 | Quantity currency | Major currency in which the quantity (Field 8) is expressed. The major currency unit shall be provided.This field shall be populated where the quantity is not traded in units and is expressed as a nominal or monetary value. Otherwise, this field shall be center blank. | {CURRENCYCODE_3} | 10 | Aggregated number of orders and quotes | The number of aggregated orders or quotes from members or participants where aggregated information is required under Table 1. | {DECIMAL-18/0} | 11 | Venue | Identification of the trading venue through the system of which orders and quotes are advertised.Use the ISO 10383 segment MIC or, where the segment MIC does not exist, the operating MIC. | {MIC} | 12 | Trading system | Type of trading system where the order or quote is advertised | “CLOB” – central limit order book trading systems. A continuous order book trading system as referred to in Table 1 of Annex I, and a trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I.“QDTS” – quote driven trading systems as referred to in Table 1 of Annex I.“PATS” – periodic auction trading systems as referred to in Table 1 of Annex I.“RFQT” – request for quote trading systems as referred to in Table 1 of Annex I.“HYBR” – hybrid trading systems as referred to. in Table 1 of Annex I. A trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I shall not be considered a hybrid system but a CLOB.“OTHR” – for any other trading system as referred to in Table 1 of Annex I. | 13 | Trading system phase | Type of trading system phase where the order or quote is advertised | “UDUC” – Undefined Auction“SOAU” – Scheduled Opening Auction“SCAU” – Scheduled Closing Auction“SIAU” – Scheduled Intraday Auction“UAUC” – Unscheduled Auction“ODAU” – On Demand Auction (Frequent Batch Auction)“COTR” – Continuous Trading“MACT” – At Market Close Trading“OMST” – Out of Main Session Trading“OTSP” – Other | 14 | Publication date and time | Date and time when the information was published by the trading venue.The level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155. | {DATE_TIME_FORMAT}
Symbol | Data type | Definition
{ALPHANUM-n} | Up to n alphanumerical characters | Free text field.
{CURRENCYCODE_3} | 3 alphanumerical characters | 3-letter currency code, as specified by ISO 4217 currency codes
{DATE_TIME_ FORMAT} | ISO 8601 date and time format | Date and time in the following format: YYYY-MM-DDThh:mm:ss.ddddddZ.—“YYYY” is the year;—“MM” is the month;—“DD” is the day;—“T” – means that the letter “T” shall be used—“hh” is the hour;—“mm” is the minute;—“ss.dddddd” is the second and its fraction of a second;—“Z” is UTC time. Dates and times shall be reported in UTC. | — | “YYYY” is the year; | — | “MM” is the month; | — | “DD” is the day; | — | “T” – means that the letter “T” shall be used | — | “hh” is the hour; | — | “mm” is the minute; | — | “ss.dddddd” is the second and its fraction of a second; | — | “Z” is UTC time. Dates and times shall be reported in UTC.
— | “YYYY” is the year;
— | “MM” is the month;
— | “DD” is the day;
— | “T” – means that the letter “T” shall be used
— | “hh” is the hour;
— | “mm” is the minute;
— | “ss.dddddd” is the second and its fraction of a second;
— | “Z” is UTC time. Dates and times shall be reported in UTC.
{DECIMAL-n/m} | Decimal number of up to n digits in total of which up to m digits can be fraction digits | Numerical field for both positive and negative values. – decimal separator is “.” (full stop); – negative numbers are prefixed with “–” (minus); Where applicable, values shall be rounded and not truncated.
{ISIN} | 12 alphanumerical characters | ISIN code, as specified in ISO 6166
{MIC} | 4 alphanumerical characters | Market identifier as specified in ISO 10383
{LEI} | 20 alphanumerical characters | Legal entity identifier as specified in ISO 17442
# | Field identifier | Description and details to be published | Format to be populated as specified in Table 2
1 | Update date and time | For non-aggregated orders or quotes as referred to in Table 1, the date and time when the order or quote was received for execution, cancelled or modified into the trading system.For aggregated orders or quotes as referred to in Table 1, the date and time when the aggregated bid price (Field 5) or volume (Field 8) or the aggregated offer price (Field 5) or volume (Field 8) was calculated following the receipt of an order for execution, cancellation, or modification into the trading system, or following an execution.For periodic auction trading systems as referred to in Table 1, the date and time at which the price would best satisfy the trading algorithm and any modification of the price (Field 5) or quantity (Field 8) thereafter.The level of granularity shall be in accordance with the requirements set out in Article 12 of Commission Delegated Regulation (EU) 2025/1155(1). | {DATE_TIME_FORMAT}
2 | Instrument identification code | Code used to identify the financial instrument. | {ISIN}
3 | Side | The side of the order or quote.For periodic auction trading system, this field is not mandatory. | “BUYI” or “SELL”
4 | Market Maker | For quote-driven trading system the identification of the market maker. | {LEI}
5 | Price | The price of orders and quotes as required under Table 1 and excluding, where applicable, commission and accrued interest.For periodic auction trading system as referred to in Table 1, the price at which the auction trading system would best satisfy its trading algorithm.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated. | {DECIMAL-18/13} when the price is expressed as monetary value in the case of equity and equity-like financial instruments{DECIMAL-11/10} when the price is expressed as percentage or yield in the case of certificates and other equity-like financial instruments{DECIMAL-18/17} when the price is expressed as percentage, yield or basis points in the case of certificates and other equity-like financial instruments
6 | Price currency | Major currency unit in which the price (Field 5) is expressed (applicable where the price is expressed as monetary value). | {CURRENCYCODE_3}
7 | Price notation | Indication as to whether the price (Field 5) is expressed in monetary value, in percentage or in yield. | “MONE” – Monetary value in the case of equity and equity-like financial instruments“PERC” – Percentage in n the case of certificates and other equity-like financial instruments“YIEL” – Yield in the case of certificates and other equity-like financial instruments“BAPO” – Basis points in the case of certificates and other equity-like financial instruments
8 | Quantity | Number of units of the financial instruments attached to the quotes or orders as required under Table 1.Where the quantity is not traded in units, the nominal or monetary value of the financial instrument shall be provided in the major currency unit.For periodic auction trading systems as referred to in Table 1, the aggregated quantity attached to the price that would best satisfy the trading algorithm. | {DECIMAL-18/17} in case the quantity is expressed as number of units in the case of equity and equity-like financial instruments{DECIMAL-18/5} in case the quantity is expressed as monetary or nominal value in the case of certificates and other equity-like financial instruments.
9 | Quantity currency | Major currency in which the quantity (Field 8) is expressed. The major currency unit shall be provided.This field shall be populated where the quantity is not traded in units and is expressed as a nominal or monetary value. Otherwise, this field shall be center blank. | {CURRENCYCODE_3}
10 | Aggregated number of orders and quotes | The number of aggregated orders or quotes from members or participants where aggregated information is required under Table 1. | {DECIMAL-18/0}
11 | Venue | Identification of the trading venue through the system of which orders and quotes are advertised.Use the ISO 10383 segment MIC or, where the segment MIC does not exist, the operating MIC. | {MIC}
12 | Trading system | Type of trading system where the order or quote is advertised | “CLOB” – central limit order book trading systems. A continuous order book trading system as referred to in Table 1 of Annex I, and a trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I.“QDTS” – quote driven trading systems as referred to in Table 1 of Annex I.“PATS” – periodic auction trading systems as referred to in Table 1 of Annex I.“RFQT” – request for quote trading systems as referred to in Table 1 of Annex I.“HYBR” – hybrid trading systems as referred to. in Table 1 of Annex I. A trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I shall not be considered a hybrid system but a CLOB.“OTHR” – for any other trading system as referred to in Table 1 of Annex I.
13 | Trading system phase | Type of trading system phase where the order or quote is advertised | “UDUC” – Undefined Auction“SOAU” – Scheduled Opening Auction“SCAU” – Scheduled Closing Auction“SIAU” – Scheduled Intraday Auction“UAUC” – Unscheduled Auction“ODAU” – On Demand Auction (Frequent Batch Auction)“COTR” – Continuous Trading“MACT” – At Market Close Trading“OMST” – Out of Main Session Trading“OTSP” – Other
14 | Publication date and time | Date and time when the information was published by the trading venue.The level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155. | {DATE_TIME_FORMAT}
(3) | Tables 3 and 4 are replaced by the following:‘Table 3List of details for the purpose of post-trade transparencyField numField identifierDescription and details to be publishedType of execution or publication venueFormat to be populated as specified in Table 21Trading date and timeDate and time when the transaction was executed.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the date and time when the parties agree on the content of the following fields: quantity, price, currencies, as specified in fields 31, 34 and 44 of Table 2 of Annex I to Delegated Regulation (EU) 2017/590, instrument identification code, instrument classification and underlying instrument code, where applicable. For transactions not executed on a trading venue the time reported shall be granular to at least the nearest second.Where the transaction results from an order transmitted by the executing firm on behalf of a client to a third party where the conditions for transmission set out in Article 4 of Delegated Regulation (EU) 2017/590 were not satisfied, the date and time of the transaction rather than the time of the order transmission.Regulated Market (RM), Multilateral Trading Facility (MTF), Organised Trading Facility (OTF)Approved Publication Arrangement (APA){DATE_TIME_FORMAT}2Instrument identification codeCode used to identify the financial instrumentRM, MTF, APA{ISIN}3PriceTraded price of the transaction excluding, where applicable, commission and accrued interest.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated.RM, MTF, APA{DECIMAL-18/13} in case the price is expressed as monetary value{DECIMAL-11/10} in case the price is expressed as percentage or yield{DECIMAL-18/17} when the price is expressed as basis points in the case of certificates and other equity-like financial instruments4Missing PriceWhere the price is not available but pending, the value shall be “PNDG”.Where the price is not applicable, the value shall be “NOAP”.RM, MTF APA“PNDG” in case the price is not available“NOAP” in case the price is not applicable5Price currencyMajor currency unit in which the price is expressed (applicable where the price is expressed as monetary value).RM, MTF APA{CURRENCYCODE_3}6Price notationIndication as to whether the price is expressed in monetary value, in percentage, or in yield.RM, MTF APA“MONE” – Monetary value in the case of equity and equity-like financial instruments“PERC” – Percentage in the case of certificates and other equity-like financial instruments“YIEL” – Yield in the case of certificates and other equity-like financial instruments“BAPO” – Basis points in the case of certificates and other equity-like financial instruments7QuantityNumber of units of the financial instruments.The nominal or monetary value of the financial instrument.RM, MTF, APA{DECIMAL-18/17} in case the quantity is expressed as number of units{DECIMAL-18/5} in case the quantity is expressed as monetary or nominal value8Venue of executionIdentification of the venue where the transaction was executed.Use the ISO 10383 segment MIC for transactions executed on an EU trading venue Where the segment MIC does not exist, use the operating MIC.Use “SINT” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is executed on a Systematic Internaliser.Use MIC code “XOFF” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is neither executed on an EU trading venue nor executed on a systematic internaliser. Where the transaction is executed on an organised trading platform outside of the Union, the population of the field “Third-country trading venue of execution” shall be required, in addition to the MIC code “XOFF”.RM, MTF, APA{MIC} – EU trading venues or“SINT” – systematic internaliser“XOFF” – otherwise9Third-country trading venue of executionIdentification of the third-country trading venue where the transaction was executed. Use the ISO 10383 segment MIC.Where the segment MIC does not exist, use the operating MIC.Where the transaction is not executed on a third-country trading venue, this field shall not be populated.APA{MIC}10Trading systemType of trading system on which the transaction was executed.Where the field “Venue of execution” is populated with “SINT” or “XOFF”, this field shall not be populated.RM, MTF“CLOB” – central limit order book trading systems. A continuous order book trading system as referred to in Table 1 of Annex I and a trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I.“QDTS” – quote driven trading systems as referred to in Table 1 of Annex I.“PATS” – periodic auction trading systems as referred to in Table 1 of Annex I.“RFQT” – request for quote trading systems as referred to in Table 1 of Annex I.“HYBR” – hybrid trading systems as referred to in Table 1 of Annex I. A trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I shall not be considered a hybrid system but a CLOB.“OTHR” – for any other trading system as referred to in Table 1 of Annex I.11Publication date and timeDate and time when the transaction was published by a trading venue or APA.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the date and time shall be granular to at least the nearest second.RM, MTF, APA{DATE_TIME_FORMAT}12Venue of PublicationCode used to identify the trading venue or APA publishing the transaction.RM, MTF, APA{MIC}13Transaction identification codeAlphanumerical code assigned by trading venues (pursuant to Article 12 of Delegated Regulation (EU) 2017/580) and APAs and used in any subsequent reference to the specific trade.The transaction identification code shall be unique, consistent and persistent per ISO 10383 segment MIC and per trading day. Where the trading venue does not use segment MICs, the transaction identification code shall be unique, consistent and persistent per operating MIC per trading day.Where the APA does not use MICs, the transaction identification code shall be unique, consistent and persistent per 4-character code used to identify the APA per trading day.The components of the transaction identification code shall not disclose the identity of the counterparties to the transaction for which the code is maintained.RM, MTF, APA{ALPHANUM-52}14FlagsOne or multiple fields shall be populated with the applicable flags referred to in Table 4 of Annex Ι.Where none of the specified circumstances apply, the transaction shall be published without a flag.Where a combination of flags is possible and reported in one field, the flags shall be reported separated by commas.RM, MTF, APAAs per Table 4 of Annex ITable 4List of flags for the purpose of post-trade transparencyFlagNameType of execution or publication venueDescription“BENC”Benchmark transactions flagRM, MTFAPATransactions executed in reference to a price that is calculated over multiple time instances according to a given benchmark, such as volume-weighted average price or time-weighted average price.“NPFT”Non-price forming transactions flagRM, MTFNon-price forming transactions as set out in Article 2(5) of Delegated Regulation (EU) 2017/590.“PORT”Portfolio transactions flagRM, MTFAPATransactions in five or more different financial instruments where those transactions are traded at the same time by the same client and as a single lot against a specific reference price.“CONT”Contingent transactions flagRM, MTFAPATransactions that are contingent on the purchase, sale, creation or redemption of a derivative contract or other financial instrument where all the components of the trade are meant to be executed as a single lot.“SDIV”Special dividend transaction flagRM, MTFAPATransactions that are either: executed during the ex-dividend period where the dividend or other form of distribution accrues to the buyer instead of the seller; or executed during the cum-dividend period where the dividend or other form of distribution accrues to the seller instead of the buyer.“LRGS”Post-trade large in scale transaction flagRM, MTFAPATransactions that are large in scale compared with normal market size for which deferred publication is permitted under Article 15.“RFPT”Reference price transaction flagRM, MTFTransactions which are executed under systems operating in accordance with Article 4(1), point (a), of Regulation (EU) No 600/2014.“NLIQ”Negotiated transaction in liquid financial instruments flagRM, MTFTransactions executed in accordance with Article 4(1), point (b)(i), of Regulation (EU) No 600/2014.“OILQ”Negotiated transaction in illiquid financial instruments flagRM, MTFTransactions executed in accordance with Article 4(1), point (b)(ii), of Regulation (EU) No 600/2014.“PRIC”Negotiated transaction subject to conditions other than the current market price flagRM, MTFTransactions executed in accordance with Article 4(1), point (b)(iii), of Regulation (EU) No 600/2014 and as set out in Article 6 of this Regulation.“ALGO”Algorithmic transaction flagRM, MTFTransactions executed as a result of an investment firm engaging in algorithmic trading as defined in Article 4(1), point (39), of Directive 2014/65/EU.“CANC”Cancellation flagRM, MTFAPAWhere a previously published transaction is cancelled“AMND”Amendment flagRM, MTFAPAWhere a previously published transaction is amended’ | Field num | Field identifier | Description and details to be published | Type of execution or publication venue | Format to be populated as specified in Table 2 | 1 | Trading date and time | Date and time when the transaction was executed.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the date and time when the parties agree on the content of the following fields: quantity, price, currencies, as specified in fields 31, 34 and 44 of Table 2 of Annex I to Delegated Regulation (EU) 2017/590, instrument identification code, instrument classification and underlying instrument code, where applicable. For transactions not executed on a trading venue the time reported shall be granular to at least the nearest second.Where the transaction results from an order transmitted by the executing firm on behalf of a client to a third party where the conditions for transmission set out in Article 4 of Delegated Regulation (EU) 2017/590 were not satisfied, the date and time of the transaction rather than the time of the order transmission. | Regulated Market (RM), Multilateral Trading Facility (MTF), Organised Trading Facility (OTF)Approved Publication Arrangement (APA) | {DATE_TIME_FORMAT} | 2 | Instrument identification code | Code used to identify the financial instrument | RM, MTF, APA | {ISIN} | 3 | Price | Traded price of the transaction excluding, where applicable, commission and accrued interest.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated. | RM, MTF, APA | {DECIMAL-18/13} in case the price is expressed as monetary value{DECIMAL-11/10} in case the price is expressed as percentage or yield{DECIMAL-18/17} when the price is expressed as basis points in the case of certificates and other equity-like financial instruments | 4 | Missing Price | Where the price is not available but pending, the value shall be “PNDG”.Where the price is not applicable, the value shall be “NOAP”. | RM, MTF APA | “PNDG” in case the price is not available“NOAP” in case the price is not applicable | 5 | Price currency | Major currency unit in which the price is expressed (applicable where the price is expressed as monetary value). | RM, MTF APA | {CURRENCYCODE_3} | 6 | Price notation | Indication as to whether the price is expressed in monetary value, in percentage, or in yield. | RM, MTF APA | “MONE” – Monetary value in the case of equity and equity-like financial instruments“PERC” – Percentage in the case of certificates and other equity-like financial instruments“YIEL” – Yield in the case of certificates and other equity-like financial instruments“BAPO” – Basis points in the case of certificates and other equity-like financial instruments | 7 | Quantity | Number of units of the financial instruments.The nominal or monetary value of the financial instrument. | RM, MTF, APA | {DECIMAL-18/17} in case the quantity is expressed as number of units{DECIMAL-18/5} in case the quantity is expressed as monetary or nominal value | 8 | Venue of execution | Identification of the venue where the transaction was executed.Use the ISO 10383 segment MIC for transactions executed on an EU trading venue Where the segment MIC does not exist, use the operating MIC.Use “SINT” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is executed on a Systematic Internaliser.Use MIC code “XOFF” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is neither executed on an EU trading venue nor executed on a systematic internaliser. Where the transaction is executed on an organised trading platform outside of the Union, the population of the field “Third-country trading venue of execution” shall be required, in addition to the MIC code “XOFF”. | RM, MTF, APA | {MIC} – EU trading venues or“SINT” – systematic internaliser“XOFF” – otherwise | 9 | Third-country trading venue of execution | Identification of the third-country trading venue where the transaction was executed. Use the ISO 10383 segment MIC.Where the segment MIC does not exist, use the operating MIC.Where the transaction is not executed on a third-country trading venue, this field shall not be populated. | APA | {MIC} | 10 | Trading system | Type of trading system on which the transaction was executed.Where the field “Venue of execution” is populated with “SINT” or “XOFF”, this field shall not be populated. | RM, MTF | “CLOB” – central limit order book trading systems. A continuous order book trading system as referred to in Table 1 of Annex I and a trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I.“QDTS” – quote driven trading systems as referred to in Table 1 of Annex I.“PATS” – periodic auction trading systems as referred to in Table 1 of Annex I.“RFQT” – request for quote trading systems as referred to in Table 1 of Annex I.“HYBR” – hybrid trading systems as referred to in Table 1 of Annex I. A trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I shall not be considered a hybrid system but a CLOB.“OTHR” – for any other trading system as referred to in Table 1 of Annex I. | 11 | Publication date and time | Date and time when the transaction was published by a trading venue or APA.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the date and time shall be granular to at least the nearest second. | RM, MTF, APA | {DATE_TIME_FORMAT} | 12 | Venue of Publication | Code used to identify the trading venue or APA publishing the transaction. | RM, MTF, APA | {MIC} | 13 | Transaction identification code | Alphanumerical code assigned by trading venues (pursuant to Article 12 of Delegated Regulation (EU) 2017/580) and APAs and used in any subsequent reference to the specific trade.The transaction identification code shall be unique, consistent and persistent per ISO 10383 segment MIC and per trading day. Where the trading venue does not use segment MICs, the transaction identification code shall be unique, consistent and persistent per operating MIC per trading day.Where the APA does not use MICs, the transaction identification code shall be unique, consistent and persistent per 4-character code used to identify the APA per trading day.The components of the transaction identification code shall not disclose the identity of the counterparties to the transaction for which the code is maintained. | RM, MTF, APA | {ALPHANUM-52} | 14 | Flags | One or multiple fields shall be populated with the applicable flags referred to in Table 4 of Annex Ι.Where none of the specified circumstances apply, the transaction shall be published without a flag.Where a combination of flags is possible and reported in one field, the flags shall be reported separated by commas. | RM, MTF, APA | As per Table 4 of Annex I | Flag | Name | Type of execution or publication venue | Description | “BENC” | Benchmark transactions flag | RM, MTFAPA | Transactions executed in reference to a price that is calculated over multiple time instances according to a given benchmark, such as volume-weighted average price or time-weighted average price. | “NPFT” | Non-price forming transactions flag | RM, MTF | Non-price forming transactions as set out in Article 2(5) of Delegated Regulation (EU) 2017/590. | “PORT” | Portfolio transactions flag | RM, MTFAPA | Transactions in five or more different financial instruments where those transactions are traded at the same time by the same client and as a single lot against a specific reference price. | “CONT” | Contingent transactions flag | RM, MTFAPA | Transactions that are contingent on the purchase, sale, creation or redemption of a derivative contract or other financial instrument where all the components of the trade are meant to be executed as a single lot. | “SDIV” | Special dividend transaction flag | RM, MTFAPA | Transactions that are either: executed during the ex-dividend period where the dividend or other form of distribution accrues to the buyer instead of the seller; or executed during the cum-dividend period where the dividend or other form of distribution accrues to the seller instead of the buyer. | “LRGS” | Post-trade large in scale transaction flag | RM, MTFAPA | Transactions that are large in scale compared with normal market size for which deferred publication is permitted under Article 15. | “RFPT” | Reference price transaction flag | RM, MTF | Transactions which are executed under systems operating in accordance with Article 4(1), point (a), of Regulation (EU) No 600/2014. | “NLIQ” | Negotiated transaction in liquid financial instruments flag | RM, MTF | Transactions executed in accordance with Article 4(1), point (b)(i), of Regulation (EU) No 600/2014. | “OILQ” | Negotiated transaction in illiquid financial instruments flag | RM, MTF | Transactions executed in accordance with Article 4(1), point (b)(ii), of Regulation (EU) No 600/2014. | “PRIC” | Negotiated transaction subject to conditions other than the current market price flag | RM, MTF | Transactions executed in accordance with Article 4(1), point (b)(iii), of Regulation (EU) No 600/2014 and as set out in Article 6 of this Regulation. | “ALGO” | Algorithmic transaction flag | RM, MTF | Transactions executed as a result of an investment firm engaging in algorithmic trading as defined in Article 4(1), point (39), of Directive 2014/65/EU. | “CANC” | Cancellation flag | RM, MTFAPA | Where a previously published transaction is cancelled | “AMND” | Amendment flag | RM, MTFAPA | Where a previously published transaction is amended’
Field num | Field identifier | Description and details to be published | Type of execution or publication venue | Format to be populated as specified in Table 2
1 | Trading date and time | Date and time when the transaction was executed.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the date and time when the parties agree on the content of the following fields: quantity, price, currencies, as specified in fields 31, 34 and 44 of Table 2 of Annex I to Delegated Regulation (EU) 2017/590, instrument identification code, instrument classification and underlying instrument code, where applicable. For transactions not executed on a trading venue the time reported shall be granular to at least the nearest second.Where the transaction results from an order transmitted by the executing firm on behalf of a client to a third party where the conditions for transmission set out in Article 4 of Delegated Regulation (EU) 2017/590 were not satisfied, the date and time of the transaction rather than the time of the order transmission. | Regulated Market (RM), Multilateral Trading Facility (MTF), Organised Trading Facility (OTF)Approved Publication Arrangement (APA) | {DATE_TIME_FORMAT}
2 | Instrument identification code | Code used to identify the financial instrument | RM, MTF, APA | {ISIN}
3 | Price | Traded price of the transaction excluding, where applicable, commission and accrued interest.Where the price is reported in monetary terms, it shall be provided in the major currency unit.Where the price is not available but pending (“PNDG”) or not applicable (“NOAP”), this field shall not be populated. | RM, MTF, APA | {DECIMAL-18/13} in case the price is expressed as monetary value{DECIMAL-11/10} in case the price is expressed as percentage or yield{DECIMAL-18/17} when the price is expressed as basis points in the case of certificates and other equity-like financial instruments
4 | Missing Price | Where the price is not available but pending, the value shall be “PNDG”.Where the price is not applicable, the value shall be “NOAP”. | RM, MTF APA | “PNDG” in case the price is not available“NOAP” in case the price is not applicable
5 | Price currency | Major currency unit in which the price is expressed (applicable where the price is expressed as monetary value). | RM, MTF APA | {CURRENCYCODE_3}
6 | Price notation | Indication as to whether the price is expressed in monetary value, in percentage, or in yield. | RM, MTF APA | “MONE” – Monetary value in the case of equity and equity-like financial instruments“PERC” – Percentage in the case of certificates and other equity-like financial instruments“YIEL” – Yield in the case of certificates and other equity-like financial instruments“BAPO” – Basis points in the case of certificates and other equity-like financial instruments
7 | Quantity | Number of units of the financial instruments.The nominal or monetary value of the financial instrument. | RM, MTF, APA | {DECIMAL-18/17} in case the quantity is expressed as number of units{DECIMAL-18/5} in case the quantity is expressed as monetary or nominal value
8 | Venue of execution | Identification of the venue where the transaction was executed.Use the ISO 10383 segment MIC for transactions executed on an EU trading venue Where the segment MIC does not exist, use the operating MIC.Use “SINT” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is executed on a Systematic Internaliser.Use MIC code “XOFF” for financial instruments admitted to trading or traded on a trading venue, where the transaction on that financial instrument is neither executed on an EU trading venue nor executed on a systematic internaliser. Where the transaction is executed on an organised trading platform outside of the Union, the population of the field “Third-country trading venue of execution” shall be required, in addition to the MIC code “XOFF”. | RM, MTF, APA | {MIC} – EU trading venues or“SINT” – systematic internaliser“XOFF” – otherwise
9 | Third-country trading venue of execution | Identification of the third-country trading venue where the transaction was executed. Use the ISO 10383 segment MIC.Where the segment MIC does not exist, use the operating MIC.Where the transaction is not executed on a third-country trading venue, this field shall not be populated. | APA | {MIC}
10 | Trading system | Type of trading system on which the transaction was executed.Where the field “Venue of execution” is populated with “SINT” or “XOFF”, this field shall not be populated. | RM, MTF | “CLOB” – central limit order book trading systems. A continuous order book trading system as referred to in Table 1 of Annex I and a trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I.“QDTS” – quote driven trading systems as referred to in Table 1 of Annex I.“PATS” – periodic auction trading systems as referred to in Table 1 of Annex I.“RFQT” – request for quote trading systems as referred to in Table 1 of Annex I.“HYBR” – hybrid trading systems as referred to in Table 1 of Annex I. A trading system combining elements of a continuous order book trading as referred to in Table 1 of Annex I and of a periodic auction trading system as referred to in Table 1 of Annex I shall not be considered a hybrid system but a CLOB.“OTHR” – for any other trading system as referred to in Table 1 of Annex I.
11 | Publication date and time | Date and time when the transaction was published by a trading venue or APA.For transactions executed on a trading venue, the level of granularity shall be in accordance with the requirements set out in Article 12 of Delegated Regulation (EU) 2025/1155.For transactions not executed on a trading venue, the date and time shall be granular to at least the nearest second. | RM, MTF, APA | {DATE_TIME_FORMAT}
12 | Venue of Publication | Code used to identify the trading venue or APA publishing the transaction. | RM, MTF, APA | {MIC}
13 | Transaction identification code | Alphanumerical code assigned by trading venues (pursuant to Article 12 of Delegated Regulation (EU) 2017/580) and APAs and used in any subsequent reference to the specific trade.The transaction identification code shall be unique, consistent and persistent per ISO 10383 segment MIC and per trading day. Where the trading venue does not use segment MICs, the transaction identification code shall be unique, consistent and persistent per operating MIC per trading day.Where the APA does not use MICs, the transaction identification code shall be unique, consistent and persistent per 4-character code used to identify the APA per trading day.The components of the transaction identification code shall not disclose the identity of the counterparties to the transaction for which the code is maintained. | RM, MTF, APA | {ALPHANUM-52}
14 | Flags | One or multiple fields shall be populated with the applicable flags referred to in Table 4 of Annex Ι.Where none of the specified circumstances apply, the transaction shall be published without a flag.Where a combination of flags is possible and reported in one field, the flags shall be reported separated by commas. | RM, MTF, APA | As per Table 4 of Annex I
Flag | Name | Type of execution or publication venue | Description
“BENC” | Benchmark transactions flag | RM, MTFAPA | Transactions executed in reference to a price that is calculated over multiple time instances according to a given benchmark, such as volume-weighted average price or time-weighted average price.
“NPFT” | Non-price forming transactions flag | RM, MTF | Non-price forming transactions as set out in Article 2(5) of Delegated Regulation (EU) 2017/590.
“PORT” | Portfolio transactions flag | RM, MTFAPA | Transactions in five or more different financial instruments where those transactions are traded at the same time by the same client and as a single lot against a specific reference price.
“CONT” | Contingent transactions flag | RM, MTFAPA | Transactions that are contingent on the purchase, sale, creation or redemption of a derivative contract or other financial instrument where all the components of the trade are meant to be executed as a single lot.
“SDIV” | Special dividend transaction flag | RM, MTFAPA | Transactions that are either: executed during the ex-dividend period where the dividend or other form of distribution accrues to the buyer instead of the seller; or executed during the cum-dividend period where the dividend or other form of distribution accrues to the seller instead of the buyer.
“LRGS” | Post-trade large in scale transaction flag | RM, MTFAPA | Transactions that are large in scale compared with normal market size for which deferred publication is permitted under Article 15.
“RFPT” | Reference price transaction flag | RM, MTF | Transactions which are executed under systems operating in accordance with Article 4(1), point (a), of Regulation (EU) No 600/2014.
“NLIQ” | Negotiated transaction in liquid financial instruments flag | RM, MTF | Transactions executed in accordance with Article 4(1), point (b)(i), of Regulation (EU) No 600/2014.
“OILQ” | Negotiated transaction in illiquid financial instruments flag | RM, MTF | Transactions executed in accordance with Article 4(1), point (b)(ii), of Regulation (EU) No 600/2014.
“PRIC” | Negotiated transaction subject to conditions other than the current market price flag | RM, MTF | Transactions executed in accordance with Article 4(1), point (b)(iii), of Regulation (EU) No 600/2014 and as set out in Article 6 of this Regulation.
“ALGO” | Algorithmic transaction flag | RM, MTF | Transactions executed as a result of an investment firm engaging in algorithmic trading as defined in Article 4(1), point (39), of Directive 2014/65/EU.
“CANC” | Cancellation flag | RM, MTFAPA | Where a previously published transaction is cancelled
“AMND” | Amendment flag | RM, MTFAPA | Where a previously published transaction is amended’
(1) Commission Delegated Regulation (EU) 2025/1155 of 12 June 2025 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards specifying the input and output data of consolidated tapes, the synchronisation of business clocks and the revenue redistribution by the consolidated tape provider for shares and ETFs, and repealing Commission Delegated Regulation (EU) 2017/574 (OJ L, 2025/1155, 3.11.2025, ELI: http://data.europa.eu/eli/reg_del/2025/1155/oj).’;

ANNEX VAnnex II to Delegated Regulation (EU) 2017/587 is amended as follows:

(1) | Table 3 is replaced by the following:‘Table 3Standard market sizes for shares and depositary receiptsAverage value of transactions (AVT) in EURAVT bucket [0 -10 000 )AVT bucket [10 000 -12 000 )AVT bucket [12 000 -14 000 )AVT bucket [14 000 -16 000 )AVT bucket [16 000 -18 000 )AVT bucket [18 000 -20 000 )AVT bucket [20 000 -40 000 )AVT bucket [40 000 -60 000 )Etc.Standard market size5 00011 00013 00015 00017 00019 00030 00050 000Etc.’ | Average value of transactions (AVT) in EUR | AVT bucket [0 -10 000 ) | AVT bucket [10 000 -12 000 ) | AVT bucket [12 000 -14 000 ) | AVT bucket [14 000 -16 000 ) | AVT bucket [16 000 -18 000 ) | AVT bucket [18 000 -20 000 ) | AVT bucket [20 000 -40 000 ) | AVT bucket [40 000 -60 000 ) | Etc. | Standard market size | 5 000 | 11 000 | 13 000 | 15 000 | 17 000 | 19 000 | 30 000 | 50 000 | Etc.’
Average value of transactions (AVT) in EUR | AVT bucket [0 -10 000 ) | AVT bucket [10 000 -12 000 ) | AVT bucket [12 000 -14 000 ) | AVT bucket [14 000 -16 000 ) | AVT bucket [16 000 -18 000 ) | AVT bucket [18 000 -20 000 ) | AVT bucket [20 000 -40 000 ) | AVT bucket [40 000 -60 000 ) | Etc.
Standard market size | 5 000 | 11 000 | 13 000 | 15 000 | 17 000 | 19 000 | 30 000 | 50 000 | Etc.’
(2) | the following Table 3a is inserted:‘Table 3aStandard market sizes for ETFs, certificates and other similar financial instrumentsAverage value of transactions (AVT) in EURAVT bucket [0 -10 000 )AVT bucket [10 000 -15 000 )AVT bucket [15 000 -20 000 )AVT bucket [20 000 -25 000 )AVT bucket [25 000 -30 000 )AVT bucket [30 000 -35 000 )AVT bucket [35 000 -40 000 )AVT bucket [40 000 -60 000 )Etc.Standard market size5 00012 50017 50022 50027 50032 50037 50050 000Etc.’ | Average value of transactions (AVT) in EUR | AVT bucket [0 -10 000 ) | AVT bucket [10 000 -15 000 ) | AVT bucket [15 000 -20 000 ) | AVT bucket [20 000 -25 000 ) | AVT bucket [25 000 -30 000 ) | AVT bucket [30 000 -35 000 ) | AVT bucket [35 000 -40 000 ) | AVT bucket [40 000 -60 000 ) | Etc. | Standard market size | 5 000 | 12 500 | 17 500 | 22 500 | 27 500 | 32 500 | 37 500 | 50 000 | Etc.’
Average value of transactions (AVT) in EUR | AVT bucket [0 -10 000 ) | AVT bucket [10 000 -15 000 ) | AVT bucket [15 000 -20 000 ) | AVT bucket [20 000 -25 000 ) | AVT bucket [25 000 -30 000 ) | AVT bucket [30 000 -35 000 ) | AVT bucket [35 000 -40 000 ) | AVT bucket [40 000 -60 000 ) | Etc.
Standard market size | 5 000 | 12 500 | 17 500 | 22 500 | 27 500 | 32 500 | 37 500 | 50 000 | Etc.’

Commission Implementing Regulation (EU) 2025/1157 of 12 June 2025 laying down implementing technical standards for the application of Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to the standard forms, templates and procedures for the authorisation of approved publication arrangements, approved reporting mechanisms and consolidated tape providers, and related notifications, and repealing Commission Implementing Regulation (EU) 2017/1110

Official Journalof the European Union ENL series
2025/1157 3.11.2025
(1) Article 2(1), point (36a), of Regulation (EU) No 600/2014 defines data reporting services providers (DRSPs) as approved publication arrangements (APAs), approved reporting mechanisms (ARMs) and consolidated tape providers (CTPs). Although those types of entities are engaged in different data reporting activities, Regulation (EU) No 600/2014 provided for a similar authorisation procedure. In consequence, Commission Implementing Regulation (EU) 2017/1110(2)provided for common standard forms, templates and procedures that were indistinctly applicable for the authorisation of all DRSPs and related notifications. Regulation (EU) 2024/791 of the European Parliament and of the Council(3)amended Regulation (EU) No 600/2014 to introduce a distinction between, on the one hand, the authorisation procedure for APAs and ARMs, and, on the other hand, the authorisation procedure for CTPs. To reflect that amendment, Implementing Regulation (EU) 2017/1110 should be repealed and replaced by a new Regulation.
(2) To facilitate communications between an applicant for authorisation as an APA or as an ARM, on the one hand, and the competent authority, on the other hand, the European Securities and Markets Authority (ESMA) and the national competent authorities should designate a contact point and should publish the information on that contact point on their websites.
(3) The organisational requirements for APAs and ARMs are different in some respects. An applicant for authorisation as an APA or as an ARM should only include in its application the information needed for assessing the application for the data reporting service that the applicant intends to provide.
(4) To facilitate communications between an applicant for authorisation as a CTP and ESMA, ESMA should designate a contact point and should publish the information on that contact point on its website.
(5) Article 27da of Regulation (EU) No 600/2014 obliges ESMA to provide for separate selection procedures for a CTP for bonds, for a CTP for shares and exchange-traded funds, and for a CTP for OTC derivatives or relevant subclasses of OTC derivatives. An applicant for authorisation as a CTP should therefore only be required to include in its application the information needed for assessing the application for the asset class with respect to which that applicant intends to operate the consolidated tape.
(6) The processing of personal data for the purposes of this Regulation should be carried out in accordance with Union law on the protection of personal data. In that regard, any processing of personal data performed by national competent authorities in application of this Regulation should be carried out in accordance with Regulation (EU) 2016/679 of the European Parliament and of the Council(4)and national requirements on the protection of natural persons with regard to the processing of personal data. Any processing of personal data performed by ESMA in application of this Regulation should be carried out in accordance with Regulation (EU) 2018/1725 of the European Parliament and of the Council(5).
(7) This Regulation is based on the draft implementing technical standards submitted to the Commission by ESMA.
(8) ESMA has conducted open public consultations on the draft implementing technical standards on which this Regulation is based. ESMA has not analysed potential related costs and benefits as this would have been highly disproportionate to the scope and impact of the draft implementing technical standards concerned.
(9) ESMA has requested the advice of the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council(6).
(10) The European Data Protection Supervisor was consulted in accordance with Article 42(1) of Regulation (EU) 2018/1725 and delivered formal comments on 17 March 2025.
(11) To ensure that all provisions setting out standard forms, templates and procedures for the authorisation of DRSPs and related notifications are contained in one Regulation, it is appropriate to include the implementing technical standards to be adopted under Article 27d(5) and Article 27db(8) of Regulation (EU) No 600/2014,
Reference number:Date:From:Name of the applicant:Address:Legal Entity Identifier (where applicable):(Contact details of the designated contact person at the applicant)Full name:Telephone:Email:To:ESMA/National Competent Authority:Address:(Contact details of the designated contact point at ESMA/National Competent Authority)Address:Telephone:Email:Dear [insert appropriate name],In accordance with Article 2 of Commission Implementing Regulation (EU) 2025/1157 please find the authorisation application.—Person at the applicant in charge of preparing the application:Full name:Status/position:Telephone:Email:Date:Signature:—Nature of the application [tick the relevant box(es)]:☐Authorisation – Approved Publication Arrangement (APA)☐Authorisation – Approved Reporting Mechanism (ARM)CONTENTPlease insert the information referred to under Commission Delegated Regulation (EU) 2025/1143. Please set out that information under the appropriate section or make reference to the relevant annexes containing the information.Information on the organisation (Article 2 of Delegated Regulation (EU) 2025/1143):Information on the ownership (Article 3 of Delegated Regulation (EU) 2025/1143):Information on corporate governance (Article 4 of Delegated Regulation (EU) 2025/1143):Information on the members of the management body (Article 5 of Delegated Regulation (EU) 2025/1143):Information on internal controls (Article 6 of Delegated Regulation (EU) 2025/1143):Information on digital operational resilience (Article 7 of Delegated Regulation (EU) 2025/1143):Information on conflicts of interest (Article 8 of Delegated Regulation (EU) 2025/1143):Information on organisational requirements regarding outsourcing (Article 9 of Delegated Regulation (EU) 2025/1143):Information on management of incomplete or potentially erroneous information by APAs (Article 10 of Delegated Regulation (EU) 2025/1143):Information on management of incomplete or potentially erroneous information by ARMs (Article 11 of Delegated Regulation (EU) 2025/1143):Information on connectivity of ARMs (Article 12 of Delegated Regulation (EU) 2025/1143):Information on machine readability (Article 13 of Delegated Regulation (EU) 2025/1143):Information on the details to be published by the APA (Article 14 of Delegated Regulation (EU) 2025/1143):Notes: — Person at the applicant in charge of preparing the application:Full name:Status/position:Telephone:Email:Date:Signature: — Nature of the application [tick the relevant box(es)]:☐Authorisation – Approved Publication Arrangement (APA)☐Authorisation – Approved Reporting Mechanism (ARM) ☐ Authorisation – Approved Publication Arrangement (APA) ☐ Authorisation – Approved Reporting Mechanism (ARM)
— Person at the applicant in charge of preparing the application:Full name:Status/position:Telephone:Email:Date:Signature:
— Nature of the application [tick the relevant box(es)]:☐Authorisation – Approved Publication Arrangement (APA)☐Authorisation – Approved Reporting Mechanism (ARM) ☐ Authorisation – Approved Publication Arrangement (APA) ☐ Authorisation – Approved Reporting Mechanism (ARM)
☐ Authorisation – Approved Publication Arrangement (APA)
☐ Authorisation – Approved Reporting Mechanism (ARM)
— Person at the applicant in charge of preparing the application:Full name:Status/position:Telephone:Email:Date:Signature:
— Nature of the application [tick the relevant box(es)]:☐Authorisation – Approved Publication Arrangement (APA)☐Authorisation – Approved Reporting Mechanism (ARM) ☐ Authorisation – Approved Publication Arrangement (APA) ☐ Authorisation – Approved Reporting Mechanism (ARM)
☐ Authorisation – Approved Publication Arrangement (APA)
☐ Authorisation – Approved Reporting Mechanism (ARM)
☐ Authorisation – Approved Publication Arrangement (APA)
☐ Authorisation – Approved Reporting Mechanism (ARM)
Reference number:Date:From:Name of the applicant:Address:Legal Entity Identifier (where applicable):(Contact details of the designated contact person at the applicant)Full name:Telephone:Email:To:ESMA/National Competent Authority:Address:(Contact details of the designated contact point at ESMA/National Competent Authority)Address:Telephone:Email:Dear [insert appropriate name],In accordance with Article 2 of Commission Implementing Regulation (EU) 2025/1157 please find attached the notification relating to the members of the management body.—Person at the applicant in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signature:—List of members of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to make enquiries under Article 5(1)(e) of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information] — Person at the applicant in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signature: — List of members of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to make enquiries under Article 5(1)(e) of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]
— Person at the applicant in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signature:
— List of members of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to make enquiries under Article 5(1)(e) of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]
— Person at the applicant in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signature:
— List of members of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to make enquiries under Article 5(1)(e) of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]
Reference number:Date:From:Name of the APA or ARM:Address:Legal Entity Identifier (where applicable):(Contact details of the designated contact person at the APA or ARM)Full name:Telephone:Email:To:ESMA/National Competent Authority:Address:(Contact details of the designated contact point at ESMA/National Competent Authority)Address:Telephone:Email:Dear [insert appropriate name],In accordance with Article 5 of Commission Implementing Regulation (EU) 2025/1157 please find attached the notification on changes to the membership of the management body.—Person at the APA or ARM in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signed:—Information on member(s) leaving the management body:Member 1Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:Member [N]Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:—Information on new member(s) of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Position:Personal national identification number or equivalent thereof:Private address:Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]—Complete updated list of members of the management body:NamePositionEffective dateName:Position:Effective date: — Person at the APA or ARM in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signed: — Information on member(s) leaving the management body:Member 1Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:Member [N]Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body: — Information on new member(s) of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Position:Personal national identification number or equivalent thereof:Private address:Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information] — Complete updated list of members of the management body:NamePositionEffective dateName:Position:Effective date: Name Position Effective date
— Person at the APA or ARM in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signed:
— Information on member(s) leaving the management body:Member 1Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:Member [N]Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:
— Information on new member(s) of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Position:Personal national identification number or equivalent thereof:Private address:Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]
— Complete updated list of members of the management body:NamePositionEffective dateName:Position:Effective date: Name Position Effective date
Name Position Effective date
— Person at the APA or ARM in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signed:
— Information on member(s) leaving the management body:Member 1Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:Member [N]Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:
— Information on new member(s) of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Position:Personal national identification number or equivalent thereof:Private address:Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]
— Complete updated list of members of the management body:NamePositionEffective dateName:Position:Effective date: Name Position Effective date
Name Position Effective date
Name Position Effective date
Reference number:Date:From:Name of the applicant:Address:Legal Entity Identifier (where applicable):(Contact details of the designated contact person at the applicant)Full name:Telephone:Email:To:ESMA:Address:(Contact details of the designated contact point at ESMA)Address:Telephone:Email:Dear [insert appropriate name],In accordance with Article 8 of Commission Implementing Regulation (EU) 2025/1157 please find the authorisation application.—Person at the applicant in charge of preparing the application:Full name:Status/position:Telephone:Email:Date:Signature:—Nature of the application:☐Authorisation – Consolidated Tape Provider (CTP)CONTENTPlease insert the information referred to under Commission Delegated Regulation (EU) 2025/1143. Please set out that information under the appropriate section or make reference to the relevant annexes containing the information.Information on the ownership (Article 16 of Delegated Regulation (EU) 2025/1143):Information on the organisation (Article 17 of Delegated Regulation (EU) 2025/1143):Information on corporate governance (Article 18 of Delegated Regulation (EU) 2025/1143):Information on the members of the management body (Article 19 of Delegated Regulation (EU) 2025/1143):Information on internal controls (Article 20 of Delegated Regulation (EU) 2025/1143):Information on conflicts of interest (Article 21 of Delegated Regulation (EU) 2025/1143):Information on business operativity (Article 22 of Delegated Regulation (EU) 2025/1143):Information on outsourcing (Article 23 of Delegated Regulation (EU) 2025/1143):Information on market data fees and licensing models (Article 24 of Delegated Regulation (EU) 2025/1143):Information on digital operational resilience (Article 25 of Delegated Regulation (EU) 2025/1143):Information on energy efficiency (Article 26 of Delegated Regulation (EU) 2025/1143):Information on record keeping arrangements (Article 27 of Delegated Regulation (EU) 2025/1143):Information on organisational requirements (Article 28 of Delegated Regulation (EU) 2025/1143):Information on reception, consolidation and dissemination of data and data quality (Article 29 of Delegated Regulation (EU) 2025/1143):Information from joint applicants (Article 30 of Delegated Regulation (EU) 2025/1143):Notes: — Person at the applicant in charge of preparing the application:Full name:Status/position:Telephone:Email:Date:Signature: — Nature of the application:☐Authorisation – Consolidated Tape Provider (CTP) ☐ Authorisation – Consolidated Tape Provider (CTP)
— Person at the applicant in charge of preparing the application:Full name:Status/position:Telephone:Email:Date:Signature:
— Nature of the application:☐Authorisation – Consolidated Tape Provider (CTP) ☐ Authorisation – Consolidated Tape Provider (CTP)
☐ Authorisation – Consolidated Tape Provider (CTP)
— Person at the applicant in charge of preparing the application:Full name:Status/position:Telephone:Email:Date:Signature:
— Nature of the application:☐Authorisation – Consolidated Tape Provider (CTP) ☐ Authorisation – Consolidated Tape Provider (CTP)
☐ Authorisation – Consolidated Tape Provider (CTP)
☐ Authorisation – Consolidated Tape Provider (CTP)
Reference number:Date:From:Name of the applicant:Address:Legal Entity Identifier (where applicable):(Contact details of the designated contact person at the applicant)Full name:Telephone:Email:To:ESMA:Address:(Contact details of the designated contact point at ESMA)Address:Telephone:Email:Dear [insert appropriate name],In accordance with Article 8 of Commission Implementing Regulation (EU) 2025/1157 please find attached the notification relating to the members of the management body.—Person at the applicant in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signature:—List of members of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information] — Person at the applicant in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signature: — List of members of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]
— Person at the applicant in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signature:
— List of members of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]
— Person at the applicant in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signature:
— List of members of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]
Reference number:Date:From:Name of the CTP:Address:Legal Entity Identifier (where applicable):(Contact details of the designated contact person at the CTP)Full name:Telephone:Email:To:ESMA:Address:(Contact details of the designated contact point at ESMA)Address:Telephone:Email:Dear [insert appropriate name],In accordance with Article 11 of Commission Implementing Regulation (EU) 2025/1157 please find attached the notification on changes to the membership of the management body.—Person at the CTP in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signed:—Information on member(s) leaving the management body:Member 1Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:Member [N]Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:—Information on new member(s) of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]—Complete updated list of members of the management body:NamePositionEffective dateName:Position:Effective date: — Person at the CTP in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signed: — Information on member(s) leaving the management body:Member 1Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:Member [N]Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body: — Information on new member(s) of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information] — Complete updated list of members of the management body:NamePositionEffective dateName:Position:Effective date: Name Position Effective date
— Person at the CTP in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signed:
— Information on member(s) leaving the management body:Member 1Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:Member [N]Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:
— Information on new member(s) of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]
— Complete updated list of members of the management body:NamePositionEffective dateName:Position:Effective date: Name Position Effective date
Name Position Effective date
— Person at the CTP in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signed:
— Information on member(s) leaving the management body:Member 1Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:Member [N]Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:
— Information on new member(s) of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]
— Complete updated list of members of the management body:NamePositionEffective dateName:Position:Effective date: Name Position Effective date
Name Position Effective date
Name Position Effective date
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012(1), and in particular Article 27d(5) and Article 27db(8) thereof,
(1) Article 2(1), point (36a), of Regulation (EU) No 600/2014 defines data reporting services providers (DRSPs) as approved publication arrangements (APAs), approved reporting mechanisms (ARMs) and consolidated tape providers (CTPs). Although those types of entities are engaged in different data reporting activities, Regulation (EU) No 600/2014 provided for a similar authorisation procedure. In consequence, Commission Implementing Regulation (EU) 2017/1110(2)provided for common standard forms, templates and procedures that were indistinctly applicable for the authorisation of all DRSPs and related notifications. Regulation (EU) 2024/791 of the European Parliament and of the Council(3)amended Regulation (EU) No 600/2014 to introduce a distinction between, on the one hand, the authorisation procedure for APAs and ARMs, and, on the other hand, the authorisation procedure for CTPs. To reflect that amendment, Implementing Regulation (EU) 2017/1110 should be repealed and replaced by a new Regulation.
(2) To facilitate communications between an applicant for authorisation as an APA or as an ARM, on the one hand, and the competent authority, on the other hand, the European Securities and Markets Authority (ESMA) and the national competent authorities should designate a contact point and should publish the information on that contact point on their websites.
(3) The organisational requirements for APAs and ARMs are different in some respects. An applicant for authorisation as an APA or as an ARM should only include in its application the information needed for assessing the application for the data reporting service that the applicant intends to provide.
(4) To facilitate communications between an applicant for authorisation as a CTP and ESMA, ESMA should designate a contact point and should publish the information on that contact point on its website.
(5) Article 27da of Regulation (EU) No 600/2014 obliges ESMA to provide for separate selection procedures for a CTP for bonds, for a CTP for shares and exchange-traded funds, and for a CTP for OTC derivatives or relevant subclasses of OTC derivatives. An applicant for authorisation as a CTP should therefore only be required to include in its application the information needed for assessing the application for the asset class with respect to which that applicant intends to operate the consolidated tape.
(6) The processing of personal data for the purposes of this Regulation should be carried out in accordance with Union law on the protection of personal data. In that regard, any processing of personal data performed by national competent authorities in application of this Regulation should be carried out in accordance with Regulation (EU) 2016/679 of the European Parliament and of the Council(4)and national requirements on the protection of natural persons with regard to the processing of personal data. Any processing of personal data performed by ESMA in application of this Regulation should be carried out in accordance with Regulation (EU) 2018/1725 of the European Parliament and of the Council(5).
(7) This Regulation is based on the draft implementing technical standards submitted to the Commission by ESMA.
(8) ESMA has conducted open public consultations on the draft implementing technical standards on which this Regulation is based. ESMA has not analysed potential related costs and benefits as this would have been highly disproportionate to the scope and impact of the draft implementing technical standards concerned.
(9) ESMA has requested the advice of the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council(6).
(10) The European Data Protection Supervisor was consulted in accordance with Article 42(1) of Regulation (EU) 2018/1725 and delivered formal comments on 17 March 2025.
(11) To ensure that all provisions setting out standard forms, templates and procedures for the authorisation of DRSPs and related notifications are contained in one Regulation, it is appropriate to include the implementing technical standards to be adopted under Article 27d(5) and Article 27db(8) of Regulation (EU) No 600/2014,
HAS ADOPTED THIS REGULATION:

Designation of a contact point for applicants for authorisation as an APA or ARM
Article 1
ESMA and the national competent authorities shall designate a contact point for handling all information received from applicants seeking authorisation as an APA or ARM. The contact details of the designated contact point shall be made public and regularly updated on the website of ESMA and of the national competent authorities.

Application form and notification form for applicants for authorisation as an APA or ARM, and ways to submit those forms
Article 2
1. An applicant for authorisation as an APA or ARM shall provide ESMA, or, where relevant, its national competent authority with all information referred to in Article 27d of Regulation (EU) No 600/2014 by filling in the application form set out in Annex I to this Regulation.
2. An applicant for authorisation as an APA or ARM shall provide ESMA, or, where relevant, its national competent authority with information on all members of its management body by filling in the notification form set out in Annex II.
3. An applicant for authorisation as an APA or ARM shall clearly identify in its application for authorisation which specific requirement set out in Articles 27a to 27i of Regulation (EU) No 600/2014 the applicant refers to and in which document attached to its application that information is provided.
4. An applicant for authorisation as an APA or ARM shall indicate in its application for authorisation whether any specific requirement set out in Articles 27a to 27i of Regulation (EU) No 600/2014 or Commission Delegated Regulation (EU) 2025/1143(7)is not applicable to the data reporting service that the applicant is applying for.
5. ESMA and the national competent authorities shall indicate on their websites whether duly copleted application forms, notifications and any related additional information are to be submitted electronically.

Acknowledgement of receipt of an application for authorisation as an APA or ARM
Article 3
Within 10 working days from the receipt of the application for authorisation, ESMA, or, where relevant, the national competent authority shall send electronically an acknowledgement of receipt to the applicant for authorisation as an APA or ARM, including the contact details of the contact point designated pursuant to Article 1.

Additional information to be provided by an applicant for authorisation as an APA or ARM
Article 4
At the request of ESMA, or, where relevant, the national competent authority, an applicant for authorisation as an APA or ARM shall provide that authority with additional information that ESMA, or, where relevant, the national competent authority needs to proceed with the assessment of the application for authorisation within five working days following the receipt of that request.

Notification of changes to the membership of the management body by an APA or ARM
Article 5
An APA or ARM shall provide ESMA, or, where relevant, its national competent authority with information on any change to the membership of its management body by filling in the notification form set out in Annex III.

Communication of the decision to grant or refuse an authorisation to operate as an APA or ARM
Article 6
ESMA, or, where relevant, the national competent authority shall electronically inform an applicant for authorisation as an APA or ARM of its decision to grant or to refuse such authorisation within five working days following the adoption of a reasoned decision as referred to in Article 27d(3) of Regulation (EU) No 600/2014.

Designation of a contact point for applicants for authorisation as a CTP
Article 7
ESMA shall designate a contact point for handling all information received from applicants seeking authorisation to operate a consolidated tape, which it shall make public and update regularly on its website.

Application form and notification form for applicants for authorisation as a CTP, and ways to submit those forms
Article 8
1. An applicant for authorisation as a CTP shall provide ESMA with all information referred to in Article 27db(1) of Regulation (EU) No 600/2014 by filling in the application form set out in Annex IV.
2. An applicant for authorisation as a CTP shall provide ESMA with information on all members of its management body by filling in the notification form set out in Annex V.
3. An applicant for authorisation as a CTP shall clearly identify in its application for authorisation which specific requirement set out in Articles 27a to 27i of Regulation (EU) No 600/2014 it refers to and in which document attached to its application that information is provided.
4. An applicant for authorisation as a CTP shall indicate in its application for authorisation whether any specific requirement set out in Articles 27a to 27i of Regulation (EU) No 600/2014 or Delegated Regulation (EU) 2025/1143 is not applicable to the CTP service that the applicant is applying for.
5. ESMA shall indicate on its website whether duly completed application forms, notifications and any related additional information are to be submitted electronically.

Acknowledgement of receipt of an application for authorisation as a CTP
Article 9
Within 10 working days from the receipt of the application for authorisation, ESMA shall send electronically an acknowledgement of receipt to the applicant for authorisation as a CTP, including the contact details of the contact point designated pursuant to Article 7.

Additional information to be provided by an applicant for authorisation as a CTP
Article 10
At the request of ESMA, an applicant for authorisation as a CTP shall provide that authority with additional information that ESMA needs to proceed with the assessment of the application for authorisation within five working days following the receipt of ESMA’s request.

Notification of changes to the membership of the management body by CTPs
Article 11
A CTP shall provide ESMA with information on any change to the membership of its management body by filling in the notification form set out in Annex VI.

Communication of the decision to grant or refuse an authorisation to operate as a CTP
Article 12
ESMA shall electronically inform an applicant for authorisation as a CTP of its decision to grant or to refuse such authorisation within five working days following the adoption of a reasoned decision as referred to in Article 27db(3) of Regulation (EU) No 600/2014.

Repeal
Article 13
Implementing Regulation (EU) 2017/1110 is repealed.
References to the repealed Regulation shall be construed as references to this Regulation.

Entry into force
Article 14
This Regulation shall enter into force on the twentieth day following that of its publication in theOfficial Journal of the European Union.

THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012(1), and in particular Article 27d(5) and Article 27db(8) thereof,
(1) Article 2(1), point (36a), of Regulation (EU) No 600/2014 defines data reporting services providers (DRSPs) as approved publication arrangements (APAs), approved reporting mechanisms (ARMs) and consolidated tape providers (CTPs). Although those types of entities are engaged in different data reporting activities, Regulation (EU) No 600/2014 provided for a similar authorisation procedure. In consequence, Commission Implementing Regulation (EU) 2017/1110(2)provided for common standard forms, templates and procedures that were indistinctly applicable for the authorisation of all DRSPs and related notifications. Regulation (EU) 2024/791 of the European Parliament and of the Council(3)amended Regulation (EU) No 600/2014 to introduce a distinction between, on the one hand, the authorisation procedure for APAs and ARMs, and, on the other hand, the authorisation procedure for CTPs. To reflect that amendment, Implementing Regulation (EU) 2017/1110 should be repealed and replaced by a new Regulation.
(2) To facilitate communications between an applicant for authorisation as an APA or as an ARM, on the one hand, and the competent authority, on the other hand, the European Securities and Markets Authority (ESMA) and the national competent authorities should designate a contact point and should publish the information on that contact point on their websites.
(3) The organisational requirements for APAs and ARMs are different in some respects. An applicant for authorisation as an APA or as an ARM should only include in its application the information needed for assessing the application for the data reporting service that the applicant intends to provide.
(4) To facilitate communications between an applicant for authorisation as a CTP and ESMA, ESMA should designate a contact point and should publish the information on that contact point on its website.
(5) Article 27da of Regulation (EU) No 600/2014 obliges ESMA to provide for separate selection procedures for a CTP for bonds, for a CTP for shares and exchange-traded funds, and for a CTP for OTC derivatives or relevant subclasses of OTC derivatives. An applicant for authorisation as a CTP should therefore only be required to include in its application the information needed for assessing the application for the asset class with respect to which that applicant intends to operate the consolidated tape.
(6) The processing of personal data for the purposes of this Regulation should be carried out in accordance with Union law on the protection of personal data. In that regard, any processing of personal data performed by national competent authorities in application of this Regulation should be carried out in accordance with Regulation (EU) 2016/679 of the European Parliament and of the Council(4)and national requirements on the protection of natural persons with regard to the processing of personal data. Any processing of personal data performed by ESMA in application of this Regulation should be carried out in accordance with Regulation (EU) 2018/1725 of the European Parliament and of the Council(5).
(7) This Regulation is based on the draft implementing technical standards submitted to the Commission by ESMA.
(8) ESMA has conducted open public consultations on the draft implementing technical standards on which this Regulation is based. ESMA has not analysed potential related costs and benefits as this would have been highly disproportionate to the scope and impact of the draft implementing technical standards concerned.
(9) ESMA has requested the advice of the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council(6).
(10) The European Data Protection Supervisor was consulted in accordance with Article 42(1) of Regulation (EU) 2018/1725 and delivered formal comments on 17 March 2025.
(11) To ensure that all provisions setting out standard forms, templates and procedures for the authorisation of DRSPs and related notifications are contained in one Regulation, it is appropriate to include the implementing technical standards to be adopted under Article 27d(5) and Article 27db(8) of Regulation (EU) No 600/2014,
HAS ADOPTED THIS REGULATION:

Designation of a contact point for applicants for authorisation as an APA or ARM

ESMA and the national competent authorities shall designate a contact point for handling all information received from applicants seeking authorisation as an APA or ARM. The contact details of the designated contact point shall be made public and regularly updated on the website of ESMA and of the national competent authorities.

Application form and notification form for applicants for authorisation as an APA or ARM, and ways to submit those forms

1. An applicant for authorisation as an APA or ARM shall provide ESMA, or, where relevant, its national competent authority with all information referred to in Article 27d of Regulation (EU) No 600/2014 by filling in the application form set out in Annex I to this Regulation.
2. An applicant for authorisation as an APA or ARM shall provide ESMA, or, where relevant, its national competent authority with information on all members of its management body by filling in the notification form set out in Annex II.
3. An applicant for authorisation as an APA or ARM shall clearly identify in its application for authorisation which specific requirement set out in Articles 27a to 27i of Regulation (EU) No 600/2014 the applicant refers to and in which document attached to its application that information is provided.
4. An applicant for authorisation as an APA or ARM shall indicate in its application for authorisation whether any specific requirement set out in Articles 27a to 27i of Regulation (EU) No 600/2014 or Commission Delegated Regulation (EU) 2025/1143(7)is not applicable to the data reporting service that the applicant is applying for.
5. ESMA and the national competent authorities shall indicate on their websites whether duly copleted application forms, notifications and any related additional information are to be submitted electronically.

Acknowledgement of receipt of an application for authorisation as an APA or ARM

Within 10 working days from the receipt of the application for authorisation, ESMA, or, where relevant, the national competent authority shall send electronically an acknowledgement of receipt to the applicant for authorisation as an APA or ARM, including the contact details of the contact point designated pursuant to Article 1.

Additional information to be provided by an applicant for authorisation as an APA or ARM

At the request of ESMA, or, where relevant, the national competent authority, an applicant for authorisation as an APA or ARM shall provide that authority with additional information that ESMA, or, where relevant, the national competent authority needs to proceed with the assessment of the application for authorisation within five working days following the receipt of that request.

Notification of changes to the membership of the management body by an APA or ARM

An APA or ARM shall provide ESMA, or, where relevant, its national competent authority with information on any change to the membership of its management body by filling in the notification form set out in Annex III.

Communication of the decision to grant or refuse an authorisation to operate as an APA or ARM

ESMA, or, where relevant, the national competent authority shall electronically inform an applicant for authorisation as an APA or ARM of its decision to grant or to refuse such authorisation within five working days following the adoption of a reasoned decision as referred to in Article 27d(3) of Regulation (EU) No 600/2014.

Designation of a contact point for applicants for authorisation as a CTP

ESMA shall designate a contact point for handling all information received from applicants seeking authorisation to operate a consolidated tape, which it shall make public and update regularly on its website.

Application form and notification form for applicants for authorisation as a CTP, and ways to submit those forms

1. An applicant for authorisation as a CTP shall provide ESMA with all information referred to in Article 27db(1) of Regulation (EU) No 600/2014 by filling in the application form set out in Annex IV.
2. An applicant for authorisation as a CTP shall provide ESMA with information on all members of its management body by filling in the notification form set out in Annex V.
3. An applicant for authorisation as a CTP shall clearly identify in its application for authorisation which specific requirement set out in Articles 27a to 27i of Regulation (EU) No 600/2014 it refers to and in which document attached to its application that information is provided.
4. An applicant for authorisation as a CTP shall indicate in its application for authorisation whether any specific requirement set out in Articles 27a to 27i of Regulation (EU) No 600/2014 or Delegated Regulation (EU) 2025/1143 is not applicable to the CTP service that the applicant is applying for.
5. ESMA shall indicate on its website whether duly completed application forms, notifications and any related additional information are to be submitted electronically.

Acknowledgement of receipt of an application for authorisation as a CTP

Within 10 working days from the receipt of the application for authorisation, ESMA shall send electronically an acknowledgement of receipt to the applicant for authorisation as a CTP, including the contact details of the contact point designated pursuant to Article 7.

Additional information to be provided by an applicant for authorisation as a CTP

At the request of ESMA, an applicant for authorisation as a CTP shall provide that authority with additional information that ESMA needs to proceed with the assessment of the application for authorisation within five working days following the receipt of ESMA’s request.

Notification of changes to the membership of the management body by CTPs

A CTP shall provide ESMA with information on any change to the membership of its management body by filling in the notification form set out in Annex VI.

Communication of the decision to grant or refuse an authorisation to operate as a CTP

ESMA shall electronically inform an applicant for authorisation as a CTP of its decision to grant or to refuse such authorisation within five working days following the adoption of a reasoned decision as referred to in Article 27db(3) of Regulation (EU) No 600/2014.

Repeal

Implementing Regulation (EU) 2017/1110 is repealed.
References to the repealed Regulation shall be construed as references to this Regulation.

Entry into force

This Regulation shall enter into force on the twentieth day following that of its publication in theOfficial Journal of the European Union.
ANNEX IApplication form for authorisation to provide data reporting services as an APA or an ARM
Reference number:Date:From:Name of the applicant:Address:Legal Entity Identifier (where applicable):(Contact details of the designated contact person at the applicant)Full name:Telephone:Email:To:ESMA/National Competent Authority:Address:(Contact details of the designated contact point at ESMA/National Competent Authority)Address:Telephone:Email:Dear [insert appropriate name],In accordance with Article 2 of Commission Implementing Regulation (EU) 2025/1157 please find the authorisation application.—Person at the applicant in charge of preparing the application:Full name:Status/position:Telephone:Email:Date:Signature:—Nature of the application [tick the relevant box(es)]:☐Authorisation – Approved Publication Arrangement (APA)☐Authorisation – Approved Reporting Mechanism (ARM)CONTENTPlease insert the information referred to under Commission Delegated Regulation (EU) 2025/1143. Please set out that information under the appropriate section or make reference to the relevant annexes containing the information.Information on the organisation (Article 2 of Delegated Regulation (EU) 2025/1143):Information on the ownership (Article 3 of Delegated Regulation (EU) 2025/1143):Information on corporate governance (Article 4 of Delegated Regulation (EU) 2025/1143):Information on the members of the management body (Article 5 of Delegated Regulation (EU) 2025/1143):Information on internal controls (Article 6 of Delegated Regulation (EU) 2025/1143):Information on digital operational resilience (Article 7 of Delegated Regulation (EU) 2025/1143):Information on conflicts of interest (Article 8 of Delegated Regulation (EU) 2025/1143):Information on organisational requirements regarding outsourcing (Article 9 of Delegated Regulation (EU) 2025/1143):Information on management of incomplete or potentially erroneous information by APAs (Article 10 of Delegated Regulation (EU) 2025/1143):Information on management of incomplete or potentially erroneous information by ARMs (Article 11 of Delegated Regulation (EU) 2025/1143):Information on connectivity of ARMs (Article 12 of Delegated Regulation (EU) 2025/1143):Information on machine readability (Article 13 of Delegated Regulation (EU) 2025/1143):Information on the details to be published by the APA (Article 14 of Delegated Regulation (EU) 2025/1143):Notes: | — | Person at the applicant in charge of preparing the application:Full name:Status/position:Telephone:Email:Date:Signature: | — | Nature of the application [tick the relevant box(es)]:☐Authorisation – Approved Publication Arrangement (APA)☐Authorisation – Approved Reporting Mechanism (ARM) | ☐ | Authorisation – Approved Publication Arrangement (APA) | ☐ | Authorisation – Approved Reporting Mechanism (ARM)
— | Person at the applicant in charge of preparing the application:Full name:Status/position:Telephone:Email:Date:Signature:
— | Nature of the application [tick the relevant box(es)]:☐Authorisation – Approved Publication Arrangement (APA)☐Authorisation – Approved Reporting Mechanism (ARM) | ☐ | Authorisation – Approved Publication Arrangement (APA) | ☐ | Authorisation – Approved Reporting Mechanism (ARM)
☐ | Authorisation – Approved Publication Arrangement (APA)
☐ | Authorisation – Approved Reporting Mechanism (ARM)
ANNEX IINotification form for the list of members of the management body of an APA or an ARM
Reference number:Date:From:Name of the applicant:Address:Legal Entity Identifier (where applicable):(Contact details of the designated contact person at the applicant)Full name:Telephone:Email:To:ESMA/National Competent Authority:Address:(Contact details of the designated contact point at ESMA/National Competent Authority)Address:Telephone:Email:Dear [insert appropriate name],In accordance with Article 2 of Commission Implementing Regulation (EU) 2025/1157 please find attached the notification relating to the members of the management body.—Person at the applicant in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signature:—List of members of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to make enquiries under Article 5(1)(e) of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information] | — | Person at the applicant in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signature: | — | List of members of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to make enquiries under Article 5(1)(e) of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]
— | Person at the applicant in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signature:
— | List of members of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to make enquiries under Article 5(1)(e) of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]
ANNEX IIINotification form for changes to the membership of the management body of an APA or an ARM
Reference number:Date:From:Name of the APA or ARM:Address:Legal Entity Identifier (where applicable):(Contact details of the designated contact person at the APA or ARM)Full name:Telephone:Email:To:ESMA/National Competent Authority:Address:(Contact details of the designated contact point at ESMA/National Competent Authority)Address:Telephone:Email:Dear [insert appropriate name],In accordance with Article 5 of Commission Implementing Regulation (EU) 2025/1157 please find attached the notification on changes to the membership of the management body.—Person at the APA or ARM in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signed:—Information on member(s) leaving the management body:Member 1Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:Member [N]Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:—Information on new member(s) of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Position:Personal national identification number or equivalent thereof:Private address:Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]—Complete updated list of members of the management body:NamePositionEffective dateName:Position:Effective date: | — | Person at the APA or ARM in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signed: | — | Information on member(s) leaving the management body:Member 1Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:Member [N]Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body: | — | Information on new member(s) of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Position:Personal national identification number or equivalent thereof:Private address:Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information] | — | Complete updated list of members of the management body:NamePositionEffective dateName:Position:Effective date: | Name | Position | Effective date | | | | | | | | | | | | | | | | | |
— | Person at the APA or ARM in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signed:
— | Information on member(s) leaving the management body:Member 1Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:Member [N]Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:
— | Information on new member(s) of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Position:Personal national identification number or equivalent thereof:Private address:Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to the competent authority to request information under Article 5(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the APA or ARM:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]
— | Complete updated list of members of the management body:NamePositionEffective dateName:Position:Effective date: | Name | Position | Effective date | | | | | | | | | | | | | | | | | |
Name | Position | Effective date
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ANNEX IVApplication form for authorisation to provide data reporting services as a CTP
Reference number:Date:From:Name of the applicant:Address:Legal Entity Identifier (where applicable):(Contact details of the designated contact person at the applicant)Full name:Telephone:Email:To:ESMA:Address:(Contact details of the designated contact point at ESMA)Address:Telephone:Email:Dear [insert appropriate name],In accordance with Article 8 of Commission Implementing Regulation (EU) 2025/1157 please find the authorisation application.—Person at the applicant in charge of preparing the application:Full name:Status/position:Telephone:Email:Date:Signature:—Nature of the application:☐Authorisation – Consolidated Tape Provider (CTP)CONTENTPlease insert the information referred to under Commission Delegated Regulation (EU) 2025/1143. Please set out that information under the appropriate section or make reference to the relevant annexes containing the information.Information on the ownership (Article 16 of Delegated Regulation (EU) 2025/1143):Information on the organisation (Article 17 of Delegated Regulation (EU) 2025/1143):Information on corporate governance (Article 18 of Delegated Regulation (EU) 2025/1143):Information on the members of the management body (Article 19 of Delegated Regulation (EU) 2025/1143):Information on internal controls (Article 20 of Delegated Regulation (EU) 2025/1143):Information on conflicts of interest (Article 21 of Delegated Regulation (EU) 2025/1143):Information on business operativity (Article 22 of Delegated Regulation (EU) 2025/1143):Information on outsourcing (Article 23 of Delegated Regulation (EU) 2025/1143):Information on market data fees and licensing models (Article 24 of Delegated Regulation (EU) 2025/1143):Information on digital operational resilience (Article 25 of Delegated Regulation (EU) 2025/1143):Information on energy efficiency (Article 26 of Delegated Regulation (EU) 2025/1143):Information on record keeping arrangements (Article 27 of Delegated Regulation (EU) 2025/1143):Information on organisational requirements (Article 28 of Delegated Regulation (EU) 2025/1143):Information on reception, consolidation and dissemination of data and data quality (Article 29 of Delegated Regulation (EU) 2025/1143):Information from joint applicants (Article 30 of Delegated Regulation (EU) 2025/1143):Notes: | — | Person at the applicant in charge of preparing the application:Full name:Status/position:Telephone:Email:Date:Signature: | — | Nature of the application:☐Authorisation – Consolidated Tape Provider (CTP) | ☐ | Authorisation – Consolidated Tape Provider (CTP)
— | Person at the applicant in charge of preparing the application:Full name:Status/position:Telephone:Email:Date:Signature:
— | Nature of the application:☐Authorisation – Consolidated Tape Provider (CTP) | ☐ | Authorisation – Consolidated Tape Provider (CTP)
☐ | Authorisation – Consolidated Tape Provider (CTP)
ANNEX VNotification form for the list of members of the management body of a CTP
Reference number:Date:From:Name of the applicant:Address:Legal Entity Identifier (where applicable):(Contact details of the designated contact person at the applicant)Full name:Telephone:Email:To:ESMA:Address:(Contact details of the designated contact point at ESMA)Address:Telephone:Email:Dear [insert appropriate name],In accordance with Article 8 of Commission Implementing Regulation (EU) 2025/1157 please find attached the notification relating to the members of the management body.—Person at the applicant in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signature:—List of members of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information] | — | Person at the applicant in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signature: | — | List of members of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]
— | Person at the applicant in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signature:
— | List of members of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment whether the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties pursuant to Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]
ANNEX VINotification form for changes to the membership of the management body of a CTP
Reference number:Date:From:Name of the CTP:Address:Legal Entity Identifier (where applicable):(Contact details of the designated contact person at the CTP)Full name:Telephone:Email:To:ESMA:Address:(Contact details of the designated contact point at ESMA)Address:Telephone:Email:Dear [insert appropriate name],In accordance with Article 11 of Commission Implementing Regulation (EU) 2025/1157 please find attached the notification on changes to the membership of the management body.—Person at the CTP in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signed:—Information on member(s) leaving the management body:Member 1Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:Member [N]Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:—Information on new member(s) of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]—Complete updated list of members of the management body:NamePositionEffective dateName:Position:Effective date: | — | Person at the CTP in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signed: | — | Information on member(s) leaving the management body:Member 1Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:Member [N]Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body: | — | Information on new member(s) of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information] | — | Complete updated list of members of the management body:NamePositionEffective dateName:Position:Effective date: | Name | Position | Effective date | | | | | | | | | | | | | | | | | |
— | Person at the CTP in charge of preparing the notification:Full name:Status/position:Telephone:Email:Date:Signed:
— | Information on member(s) leaving the management body:Member 1Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:Member [N]Full name:Contact details (telephone and email address):Position:Effective date of departure from management body:Reasons for the departure from management body:
— | Information on new member(s) of the management body:Member 1Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Contact details (telephone and email address):Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Commission Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]Member [N]Full name:Date and place of birth:Personal national identification number or equivalent thereof:Private address:Position:Curriculum vitae attached to application: Yes/NoProfessional experience and other relevant experience:Educational qualification and relevant training:Confirmation, where possible via an official certificate, of the absence of criminal records relating to money laundering, terrorist financing, financial or data services, acts of fraud or embezzlement OR self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (d), of Delegated Regulation (EU) 2025/1143:Self-declaration of good repute and authorisation to ESMA to request information under Article 19(1), point (e), of Delegated Regulation (EU) 2025/1143:Minimum time (approximate) that will be devoted to the performance of the person’s functions within the CTP:Declaration of any potential conflicts of interest that may exist or arise in performing the duties and how these conflicts are managed:Additional information relevant for the assessment that the member is of sufficiently good repute, possesses sufficient knowledge, skills and experience and commits sufficient time to perform the duties referred to in Article 27f(3) of Regulation (EU) No 600/2014:Effective date:[Please set out that information here or provide an explanation of how it will be provided, or make reference to the relevant annexes containing the information]
— | Complete updated list of members of the management body:NamePositionEffective dateName:Position:Effective date: | Name | Position | Effective date | | | | | | | | | | | | | | | | | |
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Commission Delegated Regulation (EU) 2025/1156 of 12 June 2025 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on the obligation to make market data available to the public on a reasonable commercial basis

Official Journalof the European Union ENL series
2025/1156 3.11.2025
(1) To ensure that market data is provided on a reasonable commercial basis (‘RCB’), with unbiased and fair contractual terms and in a uniform manner across the Union, it is necessary to specify the conditions that market operators and investment firms operating a trading venue, approved publication arrangements (‘APAs’), consolidated tape providers (‘CTPs’) and systematic internalisers should fulfil. Those conditions should ensure that the obligation to provide market data on a RCB is sufficiently clear and applied in an effective and uniform manner whilst taking into account different operating models and costs structures of market operators and investment firms operating a trading venue, APAs, CTPs and systematic internalisers.
(2) To ensure that market data is provided on a RCB, it is necessary to specify how the costs attributable to market data should be calculated. The calculation of the costs attributable to market data should only include the costs that are directly associated with the production and dissemination of market data. To perform such calculation, costs should be categorised differentiating between costs related to the infrastructure which is used for the purpose of producing and disseminating market data, the physical assets and software which are used for the purpose of enabling the connectivity necessary for the production and dissemination of market data, the cost of personnel, financial costs and other costs, including administrative costs dedicated to producing and disseminating market data. To ensure no double counting of costs takes place, costs pertaining to market data production and dissemination should be allocated, on the basis of the nature of each cost factor, exclusively to one cost category. Audits costs should not be included in the allocation of costs of production and dissemination of market data.
(3) Market data providers, in particular trading venues, often offer a variety of services beyond the provision of market data. Those entities hence incur diverse costs covering categories such as technology and infrastructure, software development, sales and marketing, analytics, quantitative research, operations, or compliance. To establish fees for market data on a RCB, it is important to differentiate, for instance, the costs which are attributable to the primary business of bringing together buyers and sellers from the costs directly attributable to the production and dissemination of market data.
(4) In some instances, physical assets, software, personnel, and administrative services might be partly deployed to the production of other services not directly related to the production and dissemination of market data. In that respect, it is necessary to apportion the costs attributable to shared resources based on a clear methodology, specifying how much each resource contributes towards the production and dissemination of market data. Financial costs stemming from shared resources should also be apportioned, on the basis of the allocation of such resources to the production and dissemination of market data. The methodology used for apportioning costs should be reviewed annually to ensure its correctness. Market data providers should provide supporting evidence for the chosen methodology and changes thereof to the relevant competent authority.
(5) The margin included in the fees for market data should be set to strike a balance between the need to ensure that the production and dissemination of market data remains commercially viable for market data providers and the need to ensure an as wide as possible access to market data. For CTPs, which will be established over the coming years, the margin should be sufficient to support the set-up investment and the commercial viability over the period needed to mature their business.
(6) To ensure that market data is provided on a RCB, it is necessary to specify how the margin included in the fees for market data should be determined. In particular, the margin should be the operating profit achieved by the market data provider after subtracting from its revenues all the expenses related to the production and dissemination of market data. Such expenses should include operational costs such as infrastructure, assets used for the purpose of connectivity, personnel dedicated to the production and dissemination of market data and financial expenses. To increase transparency, the margin should be expressed as a percentage of costs.
(7) To ensure that the margin included in the fees for market data is reasonable, it is necessary to specify that the margin should not be disproportionate, when compared to the costs sustained in the production and dissemination of market data, and that the margin should be aligned to margins applicable to the overall business that the market data provider undertakes.
(8) To ensure non-discrimination among clients, market data providers should have scalable capacities to grant timely access to market data to all clients.
(9) In the past years, the possibility to apply differentials in fees proportionate to the value which the market data represent to the client led to the creation of multiple customer categories which were applied simultaneously to the same client with consequent duplication of fees.
(10) To ensure market data is provided on a RCB, market data providers should be able to set up categories of clients based on factual elements, including usage or size of the client. The categorisation of clients should allow market data providers to treat differently clients that present different factual characteristics. Clients within a category should be clearly distinguishable from clients in other categories by one or more elements which set them apart from clients in other categories. A client should only belong to one category. For instance, market data providers could create a separate client category for data redistributors, professional, or non-professional clients. The criteria used to set up categories of clients should be sufficiently general to be applicable to a group of clients. Therefore, categorisation should result in a limited number of categories.
(11) To ensure that market data is provided on a RCB, the fees charged to clients belonging to a certain category should be set on the basis of the costs sustained to provide data to those clients and a reasonable margin, expressed as a percentage of costs, which should be homogenous amongst clients belonging to the same category. Market data providers should be able to charge different fees for different types of data (e.g. display and non-display data) on the basis of differences in the costs of production and dissemination of such types of data.
(12) In the last years, a series of issues have been identified in relation to terms and conditions inserted in market data agreements to the disadvantage of clients. Some of those issues concern the practice of market data providers to impose onerous administrative obligations on market data clients, including through frequent and detailed requests on the use of market data. Other practices include the use of ambiguous language in the market data agreements, or their frequent amendments which force the client to deploy resources to interpret or review the agreement. Sometimes, market data clients have been obliged to delete historical data from their systems at contract termination, pay per-location fees or unnecessarily restricted in the way they could use market data. Such practices risk entailing an unjustified cost to access market data. Therefore, for terms and conditions to be fair and unbiased, such practices should be prohibited. The requirements on fair and unbiased contractual terms in this Regulation should complement the other applicable provisions of Union law, in particular Regulation (EU) 2023/2854 of the European Parliament and of the Council(2)(Data Act) as well as other regulation dealing with consumer protection, including Council Directive 93/13/EEC(3)(Unfair Contract Terms Directive).
(13) To enhance transparency, market data providers should ensure that terms and conditions for the provision of market data are specified in a clear and concise manner. This entails terms and conditions to be understandable by clients autonomously without referring to other documents, unless those documents are clearly identified and easy to retrieve by the clients.
(14) To allow the client sufficient time to understand a change made to the market data agreement and compare and reflect on other offers available on the market, in case market data agreements allow for unilateral amendments, market data providers should notify the client of any such amendments 90 days in advance. To avoid unilateral amendments that create onerous or burdensome outcomes for the market data client, including amendments resulting in an increase of fees, the agreement should provide the client with the right to terminate the contract when such unilateral changes occur without incurring any penalties. The possibility to terminate and renew the market data agreement should not be used by market data providers to circumvent the application of the safeguards relevant in case of unilateral amendments to the contract.
(15) To avoid charging clients multiple times for the same provision of market data when buying them from different providers and vendors, when requested by the client, market data should be offered on a per client basis. The CTPs collect data from trading venues and APAs and consolidate those data into a continuous electronic live data stream providing core market data and regulatory data. Therefore, the provision of those data by CTPs should be considered as distinct from the provision of market data by trading venues and APAs. Consequently, CTPs should be able to charge a fee to their client even if that client is charged for market data by a trading venue or an APA.
(16) To allow market data clients to obtain market data without having to buy other services, market data should be offered unbundled from other services.
(17) Terms and conditions relating to penalties and audits have been recognised as being excessively burdensome for market data clients and contributing to the increase of cost of market data beyond the cost of production and dissemination and a reasonable margin. To avoid unjustified penalties, penalties should be imposed only on the basis of evidence of infringement of the market data agreement. Furthermore, penalties should not be overly onerous, and their size should be based on the amount the client would have paid in case of compliance with the market data agreement. In addition, to enable the client to make timely arrangements to avoid the repetition of infringements of the market data agreement, the market data provider should impose the penalty within a reasonable time from the infringement occurrence. The reasonable time should not exceed five years from the date an audit is notified. That timeframe is in line with investment firms’ record keeping obligations laid down in Article 16 of Directive 2014/65/EU of the European Parliament and of the Council(4).
(18) Currently, market data agreements foresee audits which are cumbersome for market data clients because of their frequency, length, and required burden of proof on the market data client. Therefore, to ensure market data agreements are fair and unbiased, where the market data agreement provides that audits may be requested by the market data provider, the terms of the market data agreement should require that the audit be based on specific and credible indications of a potential infringement that occurred no more than five years prior to the date the audit is notified. Additionally, to mitigate the risks of partiality and enhance fairness, market data providers conducting an audit should only be able to require information that is necessary to collect evidence in respect of the alleged infringement.
(19) To allow clients and competent authorities to effectively assess whether market data is provided on a RCB, market data providers should disclose all information relevant to the offering of market data in clear and unambiguous terms. That information should enable clients and competent authorities to understand market data policies, including how the level of fees for market data is determined, and should be provided with a uniform content and using a uniform format and terminology. Market data providers should provide the competent authority, upon request, with the information on the total costs of production and dissemination of market data, including a reasonable margin, by using a harmonised format.
(20) To enable clients and competent authorities to understand how fees are calculated, the marked data policy should indicate the unit of count used to invoice the fee to clients. The unit of count may distinguish between types of market data (e.g. display and non-display data) and should be unique for the same type of market data. The unit of count should be related to the costs sustained to provide market data.
(21) To ensure a smooth and efficient implementation process, it is necessary to set out a deferred date of application to allow market participants authorised before the date of the entry into force of this Regulation adequate time to redraft, negotiate, and conclude revised agreements, thereby minimising possible disruptions. As there are currently no authorised and operational CTPs, a deferred date of application is not needed for CTPs.
(22) The processing of personal data for the purposes of this Regulation should be carried out in accordance with Union law on the protection of personal data. In that regard, any processing of personal data performed by national competent authorities in application of this Regulation should be carried out in accordance with Regulation (EU) 2016/679 of the European Parliament and of the Council(5)and national requirements on the protection of natural persons with regard to the processing of personal data. Any processing of personal data performed by the European Securities and Markets Authority (ESMA) in application of this Regulation should be carried out in accordance with Regulation (EU) 2018/1725 of the European Parliament and of the Council(6).
(23) This Regulation is based on the draft regulatory technical standards submitted to the Commission by ESMA.
(24) ESMA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council(7).
(25) The European Data Protection Supervisor was consulted in accordance with Article 42(1) of Regulation (EU) 2018/1725 and delivered formal comments on 17 March 2025,
(a) ‘market data client’ means the natural or legal person who signs the market data agreement and is invoiced for the market data fees;
(b) ‘market data’ means the information market operators and investment firms operating a trading venue, approved publication arrangements (‘APAs’), consolidated tape providers (‘CTPs’) and systematic internalisers publish in accordance with Articles 3 and 4, Articles 6 to 11a, and Articles 14, 20, 21, 27g and 27h of Regulation (EU) No 600/2014;
(c) ‘delayed market data’ means market data made available 15 minutes after publication, pursuant to Article 13(2) of Regulation (EU) No 600/2014;
(d) ‘market data provider’ means a market operator or an investment firm operating a trading venue, an APA, a CTP or a systematic internaliser that is engaged in a commercial activity of market data dissemination to clients;
(e) ‘total costs’ means all the costs sustained by the market data provider directly related to the production and dissemination of market data;
(f) ‘operating profit’ means the income earned by the market data provider, subtracting the total costs from the revenues generated by the production and dissemination of market data;
(g) ‘market data agreement’ means any agreement between the market data provider and the market data client for the provision of market data and reflecting the information and fees disclosed in the market data policy;
(h) ‘market data policy’ means one or more documents from the market data provider, containing information on the provision of market data, in accordance with Chapter V of this Regulation;
(i) ‘per client fee’ means a model of charging fees for market data which enables clients to avoid multiple billing in case market data has been sourced through multiple market data providers or redistributors.
(a) infrastructure costs attributable to physical assets, software licenses and leased services, or any other infrastructure necessary for the production and dissemination of market data;
(b) connectivity costs attributable to any physical assets, software licenses and leased services which ensure the connectivity necessary for the production and dissemination of market data;
(c) costs attributable to personnel dedicated to the production and dissemination of market data;
(d) financial costs, including depreciation, amortization, and cost of capital financing market data services;
(e) other costs, including administrative costs necessary for the production and dissemination of market data.
(a) be set as a percentage of the total costs;
(b) not exceed disproportionately the total costs;
(c) for market data providers who offer services other than the production and dissemination of market data, be reasonably comparable to the operating profit attributable to the overall business conducted by the market data provider.
(a) the criteria used to set forth categories are based on elements that are factual, easily verifiable and sufficiently general to be applicable to a group of clients;
(b) the margin for market data, established in accordance with Article 3, is the same for all clients within the same category;
(c) differences among categories are clear and clients are able to understand the category to which they belong;
(d) only one category is applicable per client.
(a) the audit request is based on specific and credible indications of a potential infringement that occurred no more than five years prior to the date the audit is notified;
(b) the documents and the information that the market data client is requested to provide are limited to what is necessary to collect evidence in respect of the alleged infringement.
(a) the fee schedule for market data provision;
(b) the terms and conditions of the market data provision, including any indirect service necessary for accessing the market data;
(c) the terms and conditions of the audit referred to in Article 15.
(a) ‘unit of count’ to indicate the unit that is used to measure the level of provision of market data to be invoiced to the market data client and that is applied for fee purposes. Where relevant, the unit of count may distinguish between display and non-display data or other types of data;
(b) ‘professional client’ to indicate a client operating a regulated financial service or regulated financial activity or providing a service for third parties;
(c) ‘non-professional client’ to indicate a client who does not meet the definition of professional client referred to in point (b);
(d) ‘display data’ to indicate the market data provided through the support of a monitor or a screen and that is human readable;
(e) ‘non-display data’ to indicate all the market data which does not meet the definition of display data referred to in point (d);
(f) ‘historical data’ to indicate market data which relates to a period prior to the previous business day which is archived and stored by the market data provider.
(a) the delayed pre-trade market data shall contain the current best bid and offer prices available and the depth of trading interest at those best bid and offer prices;
(b) the delayed post-trade market data shall contain all the relevant fields for the purpose of post-trade transparency, as specified in Commission Delegated Regulations (EU) 2017/587(8)and (EU) 2017/583(9), and no other field.
(a) the delayed pre-trade market data shall be made available in a machine-readable and human readable format, until and including the following business day;
(b) the delayed post-trade market data shall be provided in a machine-readable and human-readable format and be made available in commonly used programs which allow clients to automate data extraction.
(a) details for the purpose of identification of the market data provider and, where applicable, the group to which that market data provider belongs;
(b) details on the type of market data offered;
(c) details on the total costs, including the following elements:(i)a description of the key infrastructures used by the market data provider;(ii)the components of that infrastructure which are relevant to determine the total costs;(iii)a specification of cost figures attributable to market data production and dissemination; (i) a description of the key infrastructures used by the market data provider; (ii) the components of that infrastructure which are relevant to determine the total costs; (iii) a specification of cost figures attributable to market data production and dissemination;
(i) a description of the key infrastructures used by the market data provider;
(ii) the components of that infrastructure which are relevant to determine the total costs;
(iii) a specification of cost figures attributable to market data production and dissemination;
(i) a description of the key infrastructures used by the market data provider;
(ii) the components of that infrastructure which are relevant to determine the total costs;
(iii) a specification of cost figures attributable to market data production and dissemination;
(d) the reasonable margin applied;
(e) explanations on how the level of fees is determined;
(f) where differentials in fees are applied, an explanation on how costs and margins are allocated among the distinct categories of market data clients, if applicable;
(g) any other information or supporting documents or both, which may be deemed relevant for the competent authority when considering the total costs and reasonable margins.
Legal basis Contents
Article 17 of this Regulation Market data policy: year XXXX
[Insert hyperlink to:(i)the fee schedule for market data provision;(ii)the terms and conditions of the market data provision, including any indirect service necessary for accessing the market data;(iii)the terms and conditions of the audit referred to in Article 15.] (i) the fee schedule for market data provision; (ii) the terms and conditions of the market data provision, including any indirect service necessary for accessing the market data; (iii) the terms and conditions of the audit referred to in Article 15.]
(i) the fee schedule for market data provision;
(ii) the terms and conditions of the market data provision, including any indirect service necessary for accessing the market data;
(iii) the terms and conditions of the audit referred to in Article 15.]
Article 5 and 20 of this Regulation [Insert a high-level summary of the fees offered in the fee schedule. The fee schedule should include the following items:(i)fees per unit of count of pre-trade and post-trade market data;(ii)categories of clients and the criteria used to set forth the categories;(iii)discount policies;(iv)fees for other subsets of information, including those required in accordance with the level of disaggregation of data pursuant to Commission Delegated Regulation (EU) 2017/572;(v)other contractual terms and conditions.Any changes to the price list should be clearly indicated and explained.] (i) fees per unit of count of pre-trade and post-trade market data; (ii) categories of clients and the criteria used to set forth the categories; (iii) discount policies; (iv) fees for other subsets of information, including those required in accordance with the level of disaggregation of data pursuant to Commission Delegated Regulation (EU) 2017/572; (v) other contractual terms and conditions.
(i) fees per unit of count of pre-trade and post-trade market data;
(ii) categories of clients and the criteria used to set forth the categories;
(iii) discount policies;
(iv) fees for other subsets of information, including those required in accordance with the level of disaggregation of data pursuant to Commission Delegated Regulation (EU) 2017/572;
(v) other contractual terms and conditions.
Article 16 of this Regulation Advance disclosure with a minimum of 3 months’ notice of future fee change with entry into force on the DD/MM/YYYY [Insert the hyperlink to the future fee schedule with the date of entry into force]
Article 13(1) of Regulation (EU) No 600/2014 Market Data Content Information
Period covered: 1.1.YYYY–31.12.YYYY
Asset Class (1)Number of instruments covered (1) Number of instruments covered (2)Total turnover of instruments covered (2) Total turnover of instruments covered (3)Pre-trade/post-trade market data ratio (3) Pre-trade/post-trade market data ratio
(1) Number of instruments covered
(2) Total turnover of instruments covered
(3) Pre-trade/post-trade market data ratio
Equity instruments (shares, ETFs, DRs, certificates, other equity-like financial instruments)
Bonds
ETCs ETNs
SFPs
Securitised derivatives
Interest Rate Derivatives
Credit Derivatives
Equity derivatives
FX derivatives
Emission allowances derivatives
C10 derivatives
Commodity derivatives
CFDs
Emission allowances
Article 22 of this Regulation Cost disclosure: year YYYY
Information on how the level of fees is set [Please, insert summary on how the level of fees is set]
Cost accounting methodologies [Please, insert hyperlink to the cost accounting methodology]
(1)List of types of costs, according to Article 2 of this Regulation (1) List of types of costs, according to Article 2 of this Regulation
(1) List of types of costs, according to Article 2 of this Regulation
(2)Allocation keys (%) (2) Allocation keys (%)
(2) Allocation keys (%)
(3)Allocation principles (3) Allocation principles
(3) Allocation principles
(4)Please explain whether a margin is included and how it is ensured to be reasonable (4) Please explain whether a margin is included and how it is ensured to be reasonable
(4) Please explain whether a margin is included and how it is ensured to be reasonable
(i) the fee schedule for market data provision;
(ii) the terms and conditions of the market data provision, including any indirect service necessary for accessing the market data;
(iii) the terms and conditions of the audit referred to in Article 15.]
(i) fees per unit of count of pre-trade and post-trade market data;
(ii) categories of clients and the criteria used to set forth the categories;
(iii) discount policies;
(iv) fees for other subsets of information, including those required in accordance with the level of disaggregation of data pursuant to Commission Delegated Regulation (EU) 2017/572;
(v) other contractual terms and conditions.
(1) Number of instruments covered
(2) Total turnover of instruments covered
(3) Pre-trade/post-trade market data ratio
(1) List of types of costs, according to Article 2 of this Regulation
(2) Allocation keys (%)
(3) Allocation principles
(4) Please explain whether a margin is included and how it is ensured to be reasonable
Entity name [Full name of the market data provider, including:—the legal form as provided for in the register of the country pursuant to the law of which it is incorporated, where applicable, and—the Legal Entity Identifier (LEI) code in accordance with ISO 17442 LEI code, where applicable.] — the legal form as provided for in the register of the country pursuant to the law of which it is incorporated, where applicable, and — the Legal Entity Identifier (LEI) code in accordance with ISO 17442 LEI code, where applicable.]
— the legal form as provided for in the register of the country pursuant to the law of which it is incorporated, where applicable, and
— the Legal Entity Identifier (LEI) code in accordance with ISO 17442 LEI code, where applicable.]
Address [Full address (e.g. street, street number, postal code, city, state/province) and country.]
Contact for additional request for information [Person to be contacted within the market data provider for information relating to this template (e.g. CFO) and relevant contact details:—first name(s) and surname(s),—position of the contact person within the market data provider,—professional email address.] — first name(s) and surname(s), — position of the contact person within the market data provider, — professional email address.]
— first name(s) and surname(s),
— position of the contact person within the market data provider,
— professional email address.]
— the legal form as provided for in the register of the country pursuant to the law of which it is incorporated, where applicable, and
— the Legal Entity Identifier (LEI) code in accordance with ISO 17442 LEI code, where applicable.]
— first name(s) and surname(s),
— position of the contact person within the market data provider,
— professional email address.]
Is the entity part of a group? ☐yes☐no ☐ yes ☐ no
☐ yes
☐ no
If yes, is the entity the only entity in the group supporting cost for the production and dissemination of data? ☐yes☐no ☐ yes ☐ no
☐ yes
☐ no
If no, please specify which other entity within the group support the cost for the production and dissemination of data [Full name of the entity, including:—the legal form as provided for in the register of the country pursuant to the law of which it is incorporated, where applicable, and—the Legal Entity Identifier (LEI) code in accordance with ISO 17442 LEI code, where applicable.—Full address (e.g. street, street number, postal code, city, state/province) and country.] — the legal form as provided for in the register of the country pursuant to the law of which it is incorporated, where applicable, and — the Legal Entity Identifier (LEI) code in accordance with ISO 17442 LEI code, where applicable. — Full address (e.g. street, street number, postal code, city, state/province) and country.]
— the legal form as provided for in the register of the country pursuant to the law of which it is incorporated, where applicable, and
— the Legal Entity Identifier (LEI) code in accordance with ISO 17442 LEI code, where applicable.
— Full address (e.g. street, street number, postal code, city, state/province) and country.]
☐ yes
☐ no
☐ yes
☐ no
— the legal form as provided for in the register of the country pursuant to the law of which it is incorporated, where applicable, and
— the Legal Entity Identifier (LEI) code in accordance with ISO 17442 LEI code, where applicable.
— Full address (e.g. street, street number, postal code, city, state/province) and country.]
Data offered Link to the market data policy as displayed on the website pursuant to [Articles on data provided] [SECTION A of the market data policy]
What type of data is offered Please specify the type of data offered:☐full book☐top of book☐last sale☐auction imbalance☐other, please specify: ☐ full book ☐ top of book ☐ last sale ☐ auction imbalance ☐ other, please specify:
☐ full book
☐ top of book
☐ last sale
☐ auction imbalance
☐ other, please specify:
☐ full book
☐ top of book
☐ last sale
☐ auction imbalance
☐ other, please specify:
Briefly illustrate the system and processes of the production and dissemination of market data.
Taking into consideration the system as described, please indicate thecomponentsof that system that were taken into account to determine the cost of market data and the criteria used to identify these components.
Indicate below the cost necessary to produce data, calculated over the accounting year per component (category of article 2)
NOT SHARED COST
Infrastructure – including physical assets and software licenses and leased services necessary for the production and dissemination of market data
Component (as in 3B) Cost
Connectivity – including physical assets and software licenses and leased services which ensure the connectivity necessary for the production and dissemination of market data
Component (as in 3B) Cost
Costs attributable to personnel dedicated to the production and dissemination of market data
Component (as in 3B) Cost
Financial costs – including depreciation, amortization, and cost of capital
Component (as in 3B) Cost
Other
Component (as in 3B) Cost
SHARED COST
Infrastructure – including physical assets and software licenses and leased services necessary for the production and dissemination of market data
Component (as in 3B) Total Cost Percentage allocated for the purpose of market data Reasoning for allocation
Connectivity – including physical assets and software licenses and leased services which ensure the connectivity necessary for the production and dissemination of market data
Component (as in 3B) Cost Percentage allocated for the purpose of market data Reasoning for allocation
Costs attributable to personnel dedicated to the production and dissemination of market data
Component (as in 3B) Cost Percentage allocated for the purpose of market data Reasoning for allocation
Financial costs resulting from the above categories – including depreciation, amortization, and cost of capital
Component (as in 3B) Cost Percentage allocated for the purpose of market data Reasoning for allocation
Other
Component (as in 3B) Cost Percentage allocated for the purpose of market data Reasoning for allocation
Type of costs Value
Not shared costs
Shared costs
TOTAL
Fees as published [Please insert the link to the market data policy as per market data provider website]
Do you apply differentials in fees for the data offered, i.e. do you identify client categories? ☐yes☐no ☐ yes ☐ no
☐ yes
☐ no
If yes, what are the criteria for categorising clients?
What is the number of client categories and how many clients are indicatively in each category? # of categories:# in category 1:# in category 2:[add as needed]
☐ yes
☐ no
Client category Margin expressed in absolute terms, calculated as operating profit Margin expressed as a percentage of overall cost of data. Reasonableness of the margin [please include an explanation of the elements taken into consideration to set the margin]
[add as needed]
TOTAL NA
Percentage change in margin compared to previous year
Client category Percentage change Reasoning
[add as needed]
Accounting year Total annual(1)cost Total annual margin Total annual fees(2) Average margin in % Total penalties
Accounting year Total annual revenue of the group the data provider is part of Total annual margin of the group the data provider is part of Margin in % Average market data margin in %(table 6A)
How does the margin set for the production and dissemination of market data compare with the overall margin of your business?
Do you wish to add any additional information? ☐yes☐no ☐ yes ☐ no
☐ yes
☐ no
If yes, please describe
Please list any additional document attached to the present notification
☐ yes
☐ no
THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012(1), and in particular Article 13(5), fourth subparagraph, thereof,
(1) To ensure that market data is provided on a reasonable commercial basis (‘RCB’), with unbiased and fair contractual terms and in a uniform manner across the Union, it is necessary to specify the conditions that market operators and investment firms operating a trading venue, approved publication arrangements (‘APAs’), consolidated tape providers (‘CTPs’) and systematic internalisers should fulfil. Those conditions should ensure that the obligation to provide market data on a RCB is sufficiently clear and applied in an effective and uniform manner whilst taking into account different operating models and costs structures of market operators and investment firms operating a trading venue, APAs, CTPs and systematic internalisers.
(2) To ensure that market data is provided on a RCB, it is necessary to specify how the costs attributable to market data should be calculated. The calculation of the costs attributable to market data should only include the costs that are directly associated with the production and dissemination of market data. To perform such calculation, costs should be categorised differentiating between costs related to the infrastructure which is used for the purpose of producing and disseminating market data, the physical assets and software which are used for the purpose of enabling the connectivity necessary for the production and dissemination of market data, the cost of personnel, financial costs and other costs, including administrative costs dedicated to producing and disseminating market data. To ensure no double counting of costs takes place, costs pertaining to market data production and dissemination should be allocated, on the basis of the nature of each cost factor, exclusively to one cost category. Audits costs should not be included in the allocation of costs of production and dissemination of market data.
(3) Market data providers, in particular trading venues, often offer a variety of services beyond the provision of market data. Those entities hence incur diverse costs covering categories such as technology and infrastructure, software development, sales and marketing, analytics, quantitative research, operations, or compliance. To establish fees for market data on a RCB, it is important to differentiate, for instance, the costs which are attributable to the primary business of bringing together buyers and sellers from the costs directly attributable to the production and dissemination of market data.
(4) In some instances, physical assets, software, personnel, and administrative services might be partly deployed to the production of other services not directly related to the production and dissemination of market data. In that respect, it is necessary to apportion the costs attributable to shared resources based on a clear methodology, specifying how much each resource contributes towards the production and dissemination of market data. Financial costs stemming from shared resources should also be apportioned, on the basis of the allocation of such resources to the production and dissemination of market data. The methodology used for apportioning costs should be reviewed annually to ensure its correctness. Market data providers should provide supporting evidence for the chosen methodology and changes thereof to the relevant competent authority.
(5) The margin included in the fees for market data should be set to strike a balance between the need to ensure that the production and dissemination of market data remains commercially viable for market data providers and the need to ensure an as wide as possible access to market data. For CTPs, which will be established over the coming years, the margin should be sufficient to support the set-up investment and the commercial viability over the period needed to mature their business.
(6) To ensure that market data is provided on a RCB, it is necessary to specify how the margin included in the fees for market data should be determined. In particular, the margin should be the operating profit achieved by the market data provider after subtracting from its revenues all the expenses related to the production and dissemination of market data. Such expenses should include operational costs such as infrastructure, assets used for the purpose of connectivity, personnel dedicated to the production and dissemination of market data and financial expenses. To increase transparency, the margin should be expressed as a percentage of costs.
(7) To ensure that the margin included in the fees for market data is reasonable, it is necessary to specify that the margin should not be disproportionate, when compared to the costs sustained in the production and dissemination of market data, and that the margin should be aligned to margins applicable to the overall business that the market data provider undertakes.
(8) To ensure non-discrimination among clients, market data providers should have scalable capacities to grant timely access to market data to all clients.
(9) In the past years, the possibility to apply differentials in fees proportionate to the value which the market data represent to the client led to the creation of multiple customer categories which were applied simultaneously to the same client with consequent duplication of fees.
(10) To ensure market data is provided on a RCB, market data providers should be able to set up categories of clients based on factual elements, including usage or size of the client. The categorisation of clients should allow market data providers to treat differently clients that present different factual characteristics. Clients within a category should be clearly distinguishable from clients in other categories by one or more elements which set them apart from clients in other categories. A client should only belong to one category. For instance, market data providers could create a separate client category for data redistributors, professional, or non-professional clients. The criteria used to set up categories of clients should be sufficiently general to be applicable to a group of clients. Therefore, categorisation should result in a limited number of categories.
(11) To ensure that market data is provided on a RCB, the fees charged to clients belonging to a certain category should be set on the basis of the costs sustained to provide data to those clients and a reasonable margin, expressed as a percentage of costs, which should be homogenous amongst clients belonging to the same category. Market data providers should be able to charge different fees for different types of data (e.g. display and non-display data) on the basis of differences in the costs of production and dissemination of such types of data.
(12) In the last years, a series of issues have been identified in relation to terms and conditions inserted in market data agreements to the disadvantage of clients. Some of those issues concern the practice of market data providers to impose onerous administrative obligations on market data clients, including through frequent and detailed requests on the use of market data. Other practices include the use of ambiguous language in the market data agreements, or their frequent amendments which force the client to deploy resources to interpret or review the agreement. Sometimes, market data clients have been obliged to delete historical data from their systems at contract termination, pay per-location fees or unnecessarily restricted in the way they could use market data. Such practices risk entailing an unjustified cost to access market data. Therefore, for terms and conditions to be fair and unbiased, such practices should be prohibited. The requirements on fair and unbiased contractual terms in this Regulation should complement the other applicable provisions of Union law, in particular Regulation (EU) 2023/2854 of the European Parliament and of the Council(2)(Data Act) as well as other regulation dealing with consumer protection, including Council Directive 93/13/EEC(3)(Unfair Contract Terms Directive).
(13) To enhance transparency, market data providers should ensure that terms and conditions for the provision of market data are specified in a clear and concise manner. This entails terms and conditions to be understandable by clients autonomously without referring to other documents, unless those documents are clearly identified and easy to retrieve by the clients.
(14) To allow the client sufficient time to understand a change made to the market data agreement and compare and reflect on other offers available on the market, in case market data agreements allow for unilateral amendments, market data providers should notify the client of any such amendments 90 days in advance. To avoid unilateral amendments that create onerous or burdensome outcomes for the market data client, including amendments resulting in an increase of fees, the agreement should provide the client with the right to terminate the contract when such unilateral changes occur without incurring any penalties. The possibility to terminate and renew the market data agreement should not be used by market data providers to circumvent the application of the safeguards relevant in case of unilateral amendments to the contract.
(15) To avoid charging clients multiple times for the same provision of market data when buying them from different providers and vendors, when requested by the client, market data should be offered on a per client basis. The CTPs collect data from trading venues and APAs and consolidate those data into a continuous electronic live data stream providing core market data and regulatory data. Therefore, the provision of those data by CTPs should be considered as distinct from the provision of market data by trading venues and APAs. Consequently, CTPs should be able to charge a fee to their client even if that client is charged for market data by a trading venue or an APA.
(16) To allow market data clients to obtain market data without having to buy other services, market data should be offered unbundled from other services.
(17) Terms and conditions relating to penalties and audits have been recognised as being excessively burdensome for market data clients and contributing to the increase of cost of market data beyond the cost of production and dissemination and a reasonable margin. To avoid unjustified penalties, penalties should be imposed only on the basis of evidence of infringement of the market data agreement. Furthermore, penalties should not be overly onerous, and their size should be based on the amount the client would have paid in case of compliance with the market data agreement. In addition, to enable the client to make timely arrangements to avoid the repetition of infringements of the market data agreement, the market data provider should impose the penalty within a reasonable time from the infringement occurrence. The reasonable time should not exceed five years from the date an audit is notified. That timeframe is in line with investment firms’ record keeping obligations laid down in Article 16 of Directive 2014/65/EU of the European Parliament and of the Council(4).
(18) Currently, market data agreements foresee audits which are cumbersome for market data clients because of their frequency, length, and required burden of proof on the market data client. Therefore, to ensure market data agreements are fair and unbiased, where the market data agreement provides that audits may be requested by the market data provider, the terms of the market data agreement should require that the audit be based on specific and credible indications of a potential infringement that occurred no more than five years prior to the date the audit is notified. Additionally, to mitigate the risks of partiality and enhance fairness, market data providers conducting an audit should only be able to require information that is necessary to collect evidence in respect of the alleged infringement.
(19) To allow clients and competent authorities to effectively assess whether market data is provided on a RCB, market data providers should disclose all information relevant to the offering of market data in clear and unambiguous terms. That information should enable clients and competent authorities to understand market data policies, including how the level of fees for market data is determined, and should be provided with a uniform content and using a uniform format and terminology. Market data providers should provide the competent authority, upon request, with the information on the total costs of production and dissemination of market data, including a reasonable margin, by using a harmonised format.
(20) To enable clients and competent authorities to understand how fees are calculated, the marked data policy should indicate the unit of count used to invoice the fee to clients. The unit of count may distinguish between types of market data (e.g. display and non-display data) and should be unique for the same type of market data. The unit of count should be related to the costs sustained to provide market data.
(21) To ensure a smooth and efficient implementation process, it is necessary to set out a deferred date of application to allow market participants authorised before the date of the entry into force of this Regulation adequate time to redraft, negotiate, and conclude revised agreements, thereby minimising possible disruptions. As there are currently no authorised and operational CTPs, a deferred date of application is not needed for CTPs.
(22) The processing of personal data for the purposes of this Regulation should be carried out in accordance with Union law on the protection of personal data. In that regard, any processing of personal data performed by national competent authorities in application of this Regulation should be carried out in accordance with Regulation (EU) 2016/679 of the European Parliament and of the Council(5)and national requirements on the protection of natural persons with regard to the processing of personal data. Any processing of personal data performed by the European Securities and Markets Authority (ESMA) in application of this Regulation should be carried out in accordance with Regulation (EU) 2018/1725 of the European Parliament and of the Council(6).
(23) This Regulation is based on the draft regulatory technical standards submitted to the Commission by ESMA.
(24) ESMA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council(7).
(25) The European Data Protection Supervisor was consulted in accordance with Article 42(1) of Regulation (EU) 2018/1725 and delivered formal comments on 17 March 2025,
HAS ADOPTED THIS REGULATION:

Definitions
Article 1
For the purposes of this Regulation, the following definitions shall apply:
(a)
‘market data client’ means the natural or legal person who signs the market data agreement and is invoiced for the market data fees;
(b)
‘market data’ means the information market operators and investment firms operating a trading venue, approved publication arrangements (‘APAs’), consolidated tape providers (‘CTPs’) and systematic internalisers publish in accordance with Articles 3 and 4, Articles 6 to 11a, and Articles 14, 20, 21, 27g and 27h of Regulation (EU) No 600/2014;
(c)
‘delayed market data’ means market data made available 15 minutes after publication, pursuant to Article 13(2) of Regulation (EU) No 600/2014;
(d)
‘market data provider’ means a market operator or an investment firm operating a trading venue, an APA, a CTP or a systematic internaliser that is engaged in a commercial activity of market data dissemination to clients;
(e)
‘total costs’ means all the costs sustained by the market data provider directly related to the production and dissemination of market data;
(f)
‘operating profit’ means the income earned by the market data provider, subtracting the total costs from the revenues generated by the production and dissemination of market data;
(g)
‘market data agreement’ means any agreement between the market data provider and the market data client for the provision of market data and reflecting the information and fees disclosed in the market data policy;
(h)
‘market data policy’ means one or more documents from the market data provider, containing information on the provision of market data, in accordance with Chapter V of this Regulation;
(i)
‘per client fee’ means a model of charging fees for market data which enables clients to avoid multiple billing in case market data has been sourced through multiple market data providers or redistributors.

Total costs
Article 2
1. Market data providers shall calculate the total costs sustained over an accounting year. The calculation of the total costs shall include the following cost categories:
(a)
infrastructure costs attributable to physical assets, software licenses and leased services, or any other infrastructure necessary for the production and dissemination of market data;
(b)
connectivity costs attributable to any physical assets, software licenses and leased services which ensure the connectivity necessary for the production and dissemination of market data;
(c)
costs attributable to personnel dedicated to the production and dissemination of market data;
(d)
financial costs, including depreciation, amortization, and cost of capital financing market data services;
(e)
other costs, including administrative costs necessary for the production and dissemination of market data.
2. Infrastructure costs which are shared with other services not directly related to the production and dissemination of market data shall be apportioned considering the usage of the relevant infrastructure by each service.
3. Connectivity costs which are shared with other services not directly related to the production and dissemination of market data shall be apportioned considering the usage of the relevant connectivity framework by each service.
4. Costs attributable to personnel partially dedicated to the production and dissemination of market data shall be allocated considering how much of that personnel’s working activity is related to the production and dissemination of market data.
5. Financial costs resulting from infrastructure, connectivity and personnel which are shared with other services not directly related to the production and dissemination of market data shall be apportioned considering the usage of the relevant assets and services.
6. Market data providers shall be able to specify any other costs which they attribute to the production and dissemination of market data and provide a reasoning for the inclusion of such costs.
7. Market data providers shall review on a yearly basis the methodology used for the apportioning of costs referred to in paragraphs 2 to 6.

Principles in setting a reasonable margin for market data
Article 3
1. The reasonable margin for market data shall be the operating profit.
2. The reasonable margin for market data shall:
(a)
be set as a percentage of the total costs;
(b)
not exceed disproportionately the total costs;
(c)
for market data providers who offer services other than the production and dissemination of market data, be reasonably comparable to the operating profit attributable to the overall business conducted by the market data provider.
3. The reasonable margin shall be achieved by setting fees for market data which enable data access to the maximum number of market data clients.

Obligation to provide market data on a non-discriminatory basis
Article 4
1. Market data providers shall grant access to market data on a non-discriminatory basis, as regards fees, terms and conditions related to access, technical arrangements, and distribution channels.
2. Market data providers shall apply the same schedule of fees and the same terms and conditions to access market data to all clients requesting access to market data.
3. Market data providers shall have scalable capacities in place to ensure that market data clients obtain timely access to market data at all times on a non-discriminatory basis.
4. Market data providers shall offer clients the same set of options with respect to technical arrangements and ensure that technical arrangements neither discriminate nor create any unfair advantage or disadvantage.
5. Market data providers shall be able to justify any divergences in the provided solutions for access to market data adopted on the basis of valid technical constraints.

Differentials in fees
Article 5
1. Market data providers may only apply differentials in fees if those are determined on the basis of a categorisation of clients and provided that all of the following conditions are met:
(a)
the criteria used to set forth categories are based on elements that are factual, easily verifiable and sufficiently general to be applicable to a group of clients;
(b)
the margin for market data, established in accordance with Article 3, is the same for all clients within the same category;
(c)
differences among categories are clear and clients are able to understand the category to which they belong;
(d)
only one category is applicable per client.
2. Where there are multiple and significant different extra costs for the provision of the market data to the same client, market data providers may add an increment to the applicable fee determined by the extra costs incurred.
3. Market data providers may only grant discounts or other temporary reductions of fees provided that those discounts or reductions are based on elements which are factual, easily verifiable and sufficiently general to pertain to more than one client.

Distribution channels
Article 6
Market data providers shall ensure that market data, including delayed market data, is sent through all distribution channels at the same time.

Provision of pre-contractual information
Article 7
1. Before the conclusion of the market data agreement, upon request of the market data client, market data providers shall provide clients with all the information on the actual fees and provisions applicable to those clients needed to compare the market data offers available on the market and make an informed decision on whether to conclude the market data agreement.
2. The information referred to in paragraph 1 shall be consistent with the fees displayed in the market data policy.

Fair terms
Article 8
1. The market data agreement shall achieve a balance between the rights and obligations of the parties arising from the contract and shall comply with the requirements of good faith.
2. Parties to the market data agreement shall refrain from enacting extensive or frequent requests or provisions of information not necessary for the correct execution of the contract or other practices which result in unjustified additional costs for one of the parties.

Contractual terms
Article 9
1. The market data agreement shall specify in a clear and concise manner the terms and conditions for the provision of market data and allow the client to easily understand the obligations and rights in that agreement.
2. The market data agreement shall use clear and comprehensible definitions and terms and shall use the terminology of the market data policy as set out in Article 18.

Conformity of the terms with the market data policy
Article 10
Market data providers shall ensure that the terms in the market data agreement are conform with the information provided in the published market data policy.

Additional fees
Article 11
Terms and conditions in market data agreements which may result in additional fees or fee increases, including inflation-linked adjustments, shall be clearly disclosed in the market data agreement.

Per client fees
Article 12
1. Market data providers shall put arrangements in place to ensure that a single provision of market data is charged only once.
2. To this aim, where market data has been sourced through multiple market data providers or redistributors, market data providers shall offer the possibility to charge fees only once per client for the same provision of market data.

Obligation to keep data unbundled
Article 13
Market data providers shall not bundle the provision of market data with other services.

Penalties
Article 14
1. Market data providers shall clearly indicate in the market data agreement the infringements of the rights and obligations arising under that agreement to which penalties are applicable.
2. The amount of penalties shall not unreasonably exceed the fees the client would have paid in case of compliance with the market data agreement.
3. A request for payment of a penalty may only be made within a reasonable time from the occurrence of the infringement, which shall not exceed five years from the date an audit is notified, and shall be based on clear evidence of the infringement.

Contractual provisions on audit
Article 15
Where the market data agreement provides that audits may be requested by the market data provider to ascertain whether an infringement of the market data agreement occurred, the terms of the market data agreement shall ensure that:
(a)
the audit request is based on specific and credible indications of a potential infringement that occurred no more than five years prior to the date the audit is notified;
(b)
the documents and the information that the market data client is requested to provide are limited to what is necessary to collect evidence in respect of the alleged infringement.

Unilateral changes to fees and conditions
Article 16
1. Where the terms and conditions of the market data agreement allow the market data provider to unilaterally change the fees or conditions for the provision of market data, such change shall be notified to the market data client at least 90 days in advance of that change entering into force.
2. Where the changes referred to in paragraph 1 result in less favourable fees and conditions for the market data client, the market data client shall have the right to withdraw from the market data agreement without incurring additional fees or penalties. That right shall be specified in the market data agreement.

Information to be included in the market data policy
Article 17
1. Market data providers shall make available to the public a market data policy which discloses all information relevant to the offering of market data in clear and unambiguous terms. Such information shall include:
(a)
the fee schedule for market data provision;
(b)
the terms and conditions of the market data provision, including any indirect service necessary for accessing the market data;
(c)
the terms and conditions of the audit referred to in Article 15.
2. The information on the offering of market data disclosed in the market data policy shall enable market data clients to understand the fees and the terms and conditions applicable to them, prior to the conclusion of a market data agreement.

Terminology of market data policies
Article 18
In addition to the relevant definitions set out in Article 1, market data providers shall adopt the following terminology in their market data policy and fee schedules:
(a)
‘unit of count’ to indicate the unit that is used to measure the level of provision of market data to be invoiced to the market data client and that is applied for fee purposes. Where relevant, the unit of count may distinguish between display and non-display data or other types of data;
(b)
‘professional client’ to indicate a client operating a regulated financial service or regulated financial activity or providing a service for third parties;
(c)
‘non-professional client’ to indicate a client who does not meet the definition of professional client referred to in point (b);
(d)
‘display data’ to indicate the market data provided through the support of a monitor or a screen and that is human readable;
(e)
‘non-display data’ to indicate all the market data which does not meet the definition of display data referred to in point (d);
(f)
‘historical data’ to indicate market data which relates to a period prior to the previous business day which is archived and stored by the market data provider.

Accessible format of market data policies
Article 19
1. Market data providers shall make the market data policy available on their websites on a free, non-discriminatory and easily accessible basis. Where the market data policy consists of more than one document, market data providers shall clearly indicate that and make all documents of the market data policy accessible via a single location on their website.
2. Market data providers shall make market data policies of the previous five years available on their websites on a free, non-discriminatory and easily accessible basis and shall ensure that the date and time of publication and application of those market data policies are clearly indicated.

Unit of count
Article 20
1. Market data providers shall display the fee of market data by unit of count to measure the provision of market data in their market data policy and in the template set out in Annex I.
2. The unit of count used by a market data provider for market data shall be unique per type of market data including, where relevant, display and non-display data and based on the costs of producing and distributing the type of market data.

Format for publication of market data policy
Article 21
1. Market data providers shall publish the market data policy by using the template set out in Annex I. That template shall not be used for any other information.
2. In the market data policy market data providers shall provide information in a consistent manner and with the same level of granularity and ensure that offers to market data clients can be easily compared. Information on pre- and post-trade data shall be provided separately.

Cost disclosure
Article 22
1. Market data providers shall include in the market data policy a summary of how the level of fees for market data was set and a more detailed explanation of the cost accounting methodology used.
2. The explanation of the cost accounting methodology shall provide, at the minimum, the list of all the cost types included in the fees of market data with examples of such costs and the allocation principles and allocation keys for costs that are shared with other services not directly related to the production and dissemination of market data.
3. Market data providers shall disclose whether they include a margin in the fees of market data and explain how they ensure that the margins are reasonable.
4. Market data providers shall update the information referred to in paragraphs 1, 2 and 3 of this Article immediately after having finalised the review referred to in Article 2(7).

Access to delayed market data
Article 23
Market operators and investment firms operating a trading venue, APAs and systematic internalisers shall provide access to delayed market data to any client on a non-discriminatory basis without requiring any type of registration.

Content of delayed market data
Article 24
Market operators and investment firms operating a trading venue, APAs and systematic internalisers shall make available to the public the delayed market data from all the systems operated, in accordance with the following criteria:
(a)
the delayed pre-trade market data shall contain the current best bid and offer prices available and the depth of trading interest at those best bid and offer prices;
(b)
the delayed post-trade market data shall contain all the relevant fields for the purpose of post-trade transparency, as specified in Commission Delegated Regulations (EU) 2017/587(8)and (EU) 2017/583(9), and no other field.

Format of delayed market data
Article 25
Market operators and investment firms operating a trading venue, APAs and systematic internalisers shall make available to the public the delayed market data in a format adapted to the clients’ needs for a sufficient period of time, as follows:
(a)
the delayed pre-trade market data shall be made available in a machine-readable and human readable format, until and including the following business day;
(b)
the delayed post-trade market data shall be provided in a machine-readable and human-readable format and be made available in commonly used programs which allow clients to automate data extraction.
For the purposes of point (b), that delayed post-trade market data shall be made available for all traded instruments or for a category of instruments in the same file, which shall include only the delayed market data. The data for each trading day shall be made available in the same file.
The daily file referred to in the second subparagraph shall be updated every minute. If the time period between reported data exceeds one minute, that file shall be updated as soon as the market data becomes eligible for delayed market data publication. The daily file shall be made available at least until and including the next business day to allow for data extraction by market data clients.

Information to be provided to the competent authorities
Article 26
1. Market data providers shall provide the competent authorities, upon request, with the information on the total costs, and reasonable margins, as referred to in Chapter II, by means of the template set out in Annex II.
2. The information to be provided to the competent authorities shall specify:
(a)
details for the purpose of identification of the market data provider and, where applicable, the group to which that market data provider belongs;
(b)
details on the type of market data offered;
(c)
details on the total costs, including the following elements:
(i)
a description of the key infrastructures used by the market data provider;
(ii)
the components of that infrastructure which are relevant to determine the total costs;
(iii)
a specification of cost figures attributable to market data production and dissemination;
(d)
the reasonable margin applied;
(e)
explanations on how the level of fees is determined;
(f)
where differentials in fees are applied, an explanation on how costs and margins are allocated among the distinct categories of market data clients, if applicable;
(g)
any other information or supporting documents or both, which may be deemed relevant for the competent authority when considering the total costs and reasonable margins.

Transitional measures
Article 27
For market operators and investment firms operating a trading venue, APAs and systematic internalisers which are authorised before 23 November 2025, this Regulation shall apply from 23 August 2026.

Entry into force
Article 28
This Regulation shall enter into force on the twentieth day following that of its publication in theOfficial Journal of the European Union.

THE EUROPEAN COMMISSION,
Having regard to the Treaty on the Functioning of the European Union,
Having regard to Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012(1), and in particular Article 13(5), fourth subparagraph, thereof,
(1) To ensure that market data is provided on a reasonable commercial basis (‘RCB’), with unbiased and fair contractual terms and in a uniform manner across the Union, it is necessary to specify the conditions that market operators and investment firms operating a trading venue, approved publication arrangements (‘APAs’), consolidated tape providers (‘CTPs’) and systematic internalisers should fulfil. Those conditions should ensure that the obligation to provide market data on a RCB is sufficiently clear and applied in an effective and uniform manner whilst taking into account different operating models and costs structures of market operators and investment firms operating a trading venue, APAs, CTPs and systematic internalisers.
(2) To ensure that market data is provided on a RCB, it is necessary to specify how the costs attributable to market data should be calculated. The calculation of the costs attributable to market data should only include the costs that are directly associated with the production and dissemination of market data. To perform such calculation, costs should be categorised differentiating between costs related to the infrastructure which is used for the purpose of producing and disseminating market data, the physical assets and software which are used for the purpose of enabling the connectivity necessary for the production and dissemination of market data, the cost of personnel, financial costs and other costs, including administrative costs dedicated to producing and disseminating market data. To ensure no double counting of costs takes place, costs pertaining to market data production and dissemination should be allocated, on the basis of the nature of each cost factor, exclusively to one cost category. Audits costs should not be included in the allocation of costs of production and dissemination of market data.
(3) Market data providers, in particular trading venues, often offer a variety of services beyond the provision of market data. Those entities hence incur diverse costs covering categories such as technology and infrastructure, software development, sales and marketing, analytics, quantitative research, operations, or compliance. To establish fees for market data on a RCB, it is important to differentiate, for instance, the costs which are attributable to the primary business of bringing together buyers and sellers from the costs directly attributable to the production and dissemination of market data.
(4) In some instances, physical assets, software, personnel, and administrative services might be partly deployed to the production of other services not directly related to the production and dissemination of market data. In that respect, it is necessary to apportion the costs attributable to shared resources based on a clear methodology, specifying how much each resource contributes towards the production and dissemination of market data. Financial costs stemming from shared resources should also be apportioned, on the basis of the allocation of such resources to the production and dissemination of market data. The methodology used for apportioning costs should be reviewed annually to ensure its correctness. Market data providers should provide supporting evidence for the chosen methodology and changes thereof to the relevant competent authority.
(5) The margin included in the fees for market data should be set to strike a balance between the need to ensure that the production and dissemination of market data remains commercially viable for market data providers and the need to ensure an as wide as possible access to market data. For CTPs, which will be established over the coming years, the margin should be sufficient to support the set-up investment and the commercial viability over the period needed to mature their business.
(6) To ensure that market data is provided on a RCB, it is necessary to specify how the margin included in the fees for market data should be determined. In particular, the margin should be the operating profit achieved by the market data provider after subtracting from its revenues all the expenses related to the production and dissemination of market data. Such expenses should include operational costs such as infrastructure, assets used for the purpose of connectivity, personnel dedicated to the production and dissemination of market data and financial expenses. To increase transparency, the margin should be expressed as a percentage of costs.
(7) To ensure that the margin included in the fees for market data is reasonable, it is necessary to specify that the margin should not be disproportionate, when compared to the costs sustained in the production and dissemination of market data, and that the margin should be aligned to margins applicable to the overall business that the market data provider undertakes.
(8) To ensure non-discrimination among clients, market data providers should have scalable capacities to grant timely access to market data to all clients.
(9) In the past years, the possibility to apply differentials in fees proportionate to the value which the market data represent to the client led to the creation of multiple customer categories which were applied simultaneously to the same client with consequent duplication of fees.
(10) To ensure market data is provided on a RCB, market data providers should be able to set up categories of clients based on factual elements, including usage or size of the client. The categorisation of clients should allow market data providers to treat differently clients that present different factual characteristics. Clients within a category should be clearly distinguishable from clients in other categories by one or more elements which set them apart from clients in other categories. A client should only belong to one category. For instance, market data providers could create a separate client category for data redistributors, professional, or non-professional clients. The criteria used to set up categories of clients should be sufficiently general to be applicable to a group of clients. Therefore, categorisation should result in a limited number of categories.
(11) To ensure that market data is provided on a RCB, the fees charged to clients belonging to a certain category should be set on the basis of the costs sustained to provide data to those clients and a reasonable margin, expressed as a percentage of costs, which should be homogenous amongst clients belonging to the same category. Market data providers should be able to charge different fees for different types of data (e.g. display and non-display data) on the basis of differences in the costs of production and dissemination of such types of data.
(12) In the last years, a series of issues have been identified in relation to terms and conditions inserted in market data agreements to the disadvantage of clients. Some of those issues concern the practice of market data providers to impose onerous administrative obligations on market data clients, including through frequent and detailed requests on the use of market data. Other practices include the use of ambiguous language in the market data agreements, or their frequent amendments which force the client to deploy resources to interpret or review the agreement. Sometimes, market data clients have been obliged to delete historical data from their systems at contract termination, pay per-location fees or unnecessarily restricted in the way they could use market data. Such practices risk entailing an unjustified cost to access market data. Therefore, for terms and conditions to be fair and unbiased, such practices should be prohibited. The requirements on fair and unbiased contractual terms in this Regulation should complement the other applicable provisions of Union law, in particular Regulation (EU) 2023/2854 of the European Parliament and of the Council(2)(Data Act) as well as other regulation dealing with consumer protection, including Council Directive 93/13/EEC(3)(Unfair Contract Terms Directive).
(13) To enhance transparency, market data providers should ensure that terms and conditions for the provision of market data are specified in a clear and concise manner. This entails terms and conditions to be understandable by clients autonomously without referring to other documents, unless those documents are clearly identified and easy to retrieve by the clients.
(14) To allow the client sufficient time to understand a change made to the market data agreement and compare and reflect on other offers available on the market, in case market data agreements allow for unilateral amendments, market data providers should notify the client of any such amendments 90 days in advance. To avoid unilateral amendments that create onerous or burdensome outcomes for the market data client, including amendments resulting in an increase of fees, the agreement should provide the client with the right to terminate the contract when such unilateral changes occur without incurring any penalties. The possibility to terminate and renew the market data agreement should not be used by market data providers to circumvent the application of the safeguards relevant in case of unilateral amendments to the contract.
(15) To avoid charging clients multiple times for the same provision of market data when buying them from different providers and vendors, when requested by the client, market data should be offered on a per client basis. The CTPs collect data from trading venues and APAs and consolidate those data into a continuous electronic live data stream providing core market data and regulatory data. Therefore, the provision of those data by CTPs should be considered as distinct from the provision of market data by trading venues and APAs. Consequently, CTPs should be able to charge a fee to their client even if that client is charged for market data by a trading venue or an APA.
(16) To allow market data clients to obtain market data without having to buy other services, market data should be offered unbundled from other services.
(17) Terms and conditions relating to penalties and audits have been recognised as being excessively burdensome for market data clients and contributing to the increase of cost of market data beyond the cost of production and dissemination and a reasonable margin. To avoid unjustified penalties, penalties should be imposed only on the basis of evidence of infringement of the market data agreement. Furthermore, penalties should not be overly onerous, and their size should be based on the amount the client would have paid in case of compliance with the market data agreement. In addition, to enable the client to make timely arrangements to avoid the repetition of infringements of the market data agreement, the market data provider should impose the penalty within a reasonable time from the infringement occurrence. The reasonable time should not exceed five years from the date an audit is notified. That timeframe is in line with investment firms’ record keeping obligations laid down in Article 16 of Directive 2014/65/EU of the European Parliament and of the Council(4).
(18) Currently, market data agreements foresee audits which are cumbersome for market data clients because of their frequency, length, and required burden of proof on the market data client. Therefore, to ensure market data agreements are fair and unbiased, where the market data agreement provides that audits may be requested by the market data provider, the terms of the market data agreement should require that the audit be based on specific and credible indications of a potential infringement that occurred no more than five years prior to the date the audit is notified. Additionally, to mitigate the risks of partiality and enhance fairness, market data providers conducting an audit should only be able to require information that is necessary to collect evidence in respect of the alleged infringement.
(19) To allow clients and competent authorities to effectively assess whether market data is provided on a RCB, market data providers should disclose all information relevant to the offering of market data in clear and unambiguous terms. That information should enable clients and competent authorities to understand market data policies, including how the level of fees for market data is determined, and should be provided with a uniform content and using a uniform format and terminology. Market data providers should provide the competent authority, upon request, with the information on the total costs of production and dissemination of market data, including a reasonable margin, by using a harmonised format.
(20) To enable clients and competent authorities to understand how fees are calculated, the marked data policy should indicate the unit of count used to invoice the fee to clients. The unit of count may distinguish between types of market data (e.g. display and non-display data) and should be unique for the same type of market data. The unit of count should be related to the costs sustained to provide market data.
(21) To ensure a smooth and efficient implementation process, it is necessary to set out a deferred date of application to allow market participants authorised before the date of the entry into force of this Regulation adequate time to redraft, negotiate, and conclude revised agreements, thereby minimising possible disruptions. As there are currently no authorised and operational CTPs, a deferred date of application is not needed for CTPs.
(22) The processing of personal data for the purposes of this Regulation should be carried out in accordance with Union law on the protection of personal data. In that regard, any processing of personal data performed by national competent authorities in application of this Regulation should be carried out in accordance with Regulation (EU) 2016/679 of the European Parliament and of the Council(5)and national requirements on the protection of natural persons with regard to the processing of personal data. Any processing of personal data performed by the European Securities and Markets Authority (ESMA) in application of this Regulation should be carried out in accordance with Regulation (EU) 2018/1725 of the European Parliament and of the Council(6).
(23) This Regulation is based on the draft regulatory technical standards submitted to the Commission by ESMA.
(24) ESMA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the advice of the Securities and Markets Stakeholder Group established in accordance with Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council(7).
(25) The European Data Protection Supervisor was consulted in accordance with Article 42(1) of Regulation (EU) 2018/1725 and delivered formal comments on 17 March 2025,
HAS ADOPTED THIS REGULATION:

Definitions

For the purposes of this Regulation, the following definitions shall apply:
(a)
‘market data client’ means the natural or legal person who signs the market data agreement and is invoiced for the market data fees;
(b)
‘market data’ means the information market operators and investment firms operating a trading venue, approved publication arrangements (‘APAs’), consolidated tape providers (‘CTPs’) and systematic internalisers publish in accordance with Articles 3 and 4, Articles 6 to 11a, and Articles 14, 20, 21, 27g and 27h of Regulation (EU) No 600/2014;
(c)
‘delayed market data’ means market data made available 15 minutes after publication, pursuant to Article 13(2) of Regulation (EU) No 600/2014;
(d)
‘market data provider’ means a market operator or an investment firm operating a trading venue, an APA, a CTP or a systematic internaliser that is engaged in a commercial activity of market data dissemination to clients;
(e)
‘total costs’ means all the costs sustained by the market data provider directly related to the production and dissemination of market data;
(f)
‘operating profit’ means the income earned by the market data provider, subtracting the total costs from the revenues generated by the production and dissemination of market data;
(g)
‘market data agreement’ means any agreement between the market data provider and the market data client for the provision of market data and reflecting the information and fees disclosed in the market data policy;
(h)
‘market data policy’ means one or more documents from the market data provider, containing information on the provision of market data, in accordance with Chapter V of this Regulation;
(i)
‘per client fee’ means a model of charging fees for market data which enables clients to avoid multiple billing in case market data has been sourced through multiple market data providers or redistributors.

Total costs

1. Market data providers shall calculate the total costs sustained over an accounting year. The calculation of the total costs shall include the following cost categories:
(a)
infrastructure costs attributable to physical assets, software licenses and leased services, or any other infrastructure necessary for the production and dissemination of market data;
(b)
connectivity costs attributable to any physical assets, software licenses and leased services which ensure the connectivity necessary for the production and dissemination of market data;
(c)
costs attributable to personnel dedicated to the production and dissemination of market data;
(d)
financial costs, including depreciation, amortization, and cost of capital financing market data services;
(e)
other costs, including administrative costs necessary for the production and dissemination of market data.
2. Infrastructure costs which are shared with other services not directly related to the production and dissemination of market data shall be apportioned considering the usage of the relevant infrastructure by each service.
3. Connectivity costs which are shared with other services not directly related to the production and dissemination of market data shall be apportioned considering the usage of the relevant connectivity framework by each service.
4. Costs attributable to personnel partially dedicated to the production and dissemination of market data shall be allocated considering how much of that personnel’s working activity is related to the production and dissemination of market data.
5. Financial costs resulting from infrastructure, connectivity and personnel which are shared with other services not directly related to the production and dissemination of market data shall be apportioned considering the usage of the relevant assets and services.
6. Market data providers shall be able to specify any other costs which they attribute to the production and dissemination of market data and provide a reasoning for the inclusion of such costs.
7. Market data providers shall review on a yearly basis the methodology used for the apportioning of costs referred to in paragraphs 2 to 6.

Principles in setting a reasonable margin for market data

1. The reasonable margin for market data shall be the operating profit.
2. The reasonable margin for market data shall:
(a)
be set as a percentage of the total costs;
(b)
not exceed disproportionately the total costs;
(c)
for market data providers who offer services other than the production and dissemination of market data, be reasonably comparable to the operating profit attributable to the overall business conducted by the market data provider.
3. The reasonable margin shall be achieved by setting fees for market data which enable data access to the maximum number of market data clients.

Obligation to provide market data on a non-discriminatory basis

1. Market data providers shall grant access to market data on a non-discriminatory basis, as regards fees, terms and conditions related to access, technical arrangements, and distribution channels.
2. Market data providers shall apply the same schedule of fees and the same terms and conditions to access market data to all clients requesting access to market data.
3. Market data providers shall have scalable capacities in place to ensure that market data clients obtain timely access to market data at all times on a non-discriminatory basis.
4. Market data providers shall offer clients the same set of options with respect to technical arrangements and ensure that technical arrangements neither discriminate nor create any unfair advantage or disadvantage.
5. Market data providers shall be able to justify any divergences in the provided solutions for access to market data adopted on the basis of valid technical constraints.

Differentials in fees

1. Market data providers may only apply differentials in fees if those are determined on the basis of a categorisation of clients and provided that all of the following conditions are met:
(a)
the criteria used to set forth categories are based on elements that are factual, easily verifiable and sufficiently general to be applicable to a group of clients;
(b)
the margin for market data, established in accordance with Article 3, is the same for all clients within the same category;
(c)
differences among categories are clear and clients are able to understand the category to which they belong;
(d)
only one category is applicable per client.
2. Where there are multiple and significant different extra costs for the provision of the market data to the same client, market data providers may add an increment to the applicable fee determined by the extra costs incurred.
3. Market data providers may only grant discounts or other temporary reductions of fees provided that those discounts or reductions are based on elements which are factual, easily verifiable and sufficiently general to pertain to more than one client.

Distribution channels

Market data providers shall ensure that market data, including delayed market data, is sent through all distribution channels at the same time.

Provision of pre-contractual information

1. Before the conclusion of the market data agreement, upon request of the market data client, market data providers shall provide clients with all the information on the actual fees and provisions applicable to those clients needed to compare the market data offers available on the market and make an informed decision on whether to conclude the market data agreement.
2. The information referred to in paragraph 1 shall be consistent with the fees displayed in the market data policy.

Fair terms

1. The market data agreement shall achieve a balance between the rights and obligations of the parties arising from the contract and shall comply with the requirements of good faith.
2. Parties to the market data agreement shall refrain from enacting extensive or frequent requests or provisions of information not necessary for the correct execution of the contract or other practices which result in unjustified additional costs for one of the parties.

Contractual terms

1. The market data agreement shall specify in a clear and concise manner the terms and conditions for the provision of market data and allow the client to easily understand the obligations and rights in that agreement.
2. The market data agreement shall use clear and comprehensible definitions and terms and shall use the terminology of the market data policy as set out in Article 18.

Conformity of the terms with the market data policy

Market data providers shall ensure that the terms in the market data agreement are conform with the information provided in the published market data policy.

Additional fees

Terms and conditions in market data agreements which may result in additional fees or fee increases, including inflation-linked adjustments, shall be clearly disclosed in the market data agreement.

Per client fees

1. Market data providers shall put arrangements in place to ensure that a single provision of market data is charged only once.
2. To this aim, where market data has been sourced through multiple market data providers or redistributors, market data providers shall offer the possibility to charge fees only once per client for the same provision of market data.

Obligation to keep data unbundled

Market data providers shall not bundle the provision of market data with other services.

Penalties

1. Market data providers shall clearly indicate in the market data agreement the infringements of the rights and obligations arising under that agreement to which penalties are applicable.
2. The amount of penalties shall not unreasonably exceed the fees the client would have paid in case of compliance with the market data agreement.
3. A request for payment of a penalty may only be made within a reasonable time from the occurrence of the infringement, which shall not exceed five years from the date an audit is notified, and shall be based on clear evidence of the infringement.

Contractual provisions on audit

Where the market data agreement provides that audits may be requested by the market data provider to ascertain whether an infringement of the market data agreement occurred, the terms of the market data agreement shall ensure that:
(a)
the audit request is based on specific and credible indications of a potential infringement that occurred no more than five years prior to the date the audit is notified;
(b)
the documents and the information that the market data client is requested to provide are limited to what is necessary to collect evidence in respect of the alleged infringement.

Unilateral changes to fees and conditions

1. Where the terms and conditions of the market data agreement allow the market data provider to unilaterally change the fees or conditions for the provision of market data, such change shall be notified to the market data client at least 90 days in advance of that change entering into force.
2. Where the changes referred to in paragraph 1 result in less favourable fees and conditions for the market data client, the market data client shall have the right to withdraw from the market data agreement without incurring additional fees or penalties. That right shall be specified in the market data agreement.

Information to be included in the market data policy

1. Market data providers shall make available to the public a market data policy which discloses all information relevant to the offering of market data in clear and unambiguous terms. Such information shall include:
(a)
the fee schedule for market data provision;
(b)
the terms and conditions of the market data provision, including any indirect service necessary for accessing the market data;
(c)
the terms and conditions of the audit referred to in Article 15.
2. The information on the offering of market data disclosed in the market data policy shall enable market data clients to understand the fees and the terms and conditions applicable to them, prior to the conclusion of a market data agreement.

Terminology of market data policies

In addition to the relevant definitions set out in Article 1, market data providers shall adopt the following terminology in their market data policy and fee schedules:
(a)
‘unit of count’ to indicate the unit that is used to measure the level of provision of market data to be invoiced to the market data client and that is applied for fee purposes. Where relevant, the unit of count may distinguish between display and non-display data or other types of data;
(b)
‘professional client’ to indicate a client operating a regulated financial service or regulated financial activity or providing a service for third parties;
(c)
‘non-professional client’ to indicate a client who does not meet the definition of professional client referred to in point (b);
(d)
‘display data’ to indicate the market data provided through the support of a monitor or a screen and that is human readable;
(e)
‘non-display data’ to indicate all the market data which does not meet the definition of display data referred to in point (d);
(f)
‘historical data’ to indicate market data which relates to a period prior to the previous business day which is archived and stored by the market data provider.

Accessible format of market data policies

1. Market data providers shall make the market data policy available on their websites on a free, non-discriminatory and easily accessible basis. Where the market data policy consists of more than one document, market data providers shall clearly indicate that and make all documents of the market data policy accessible via a single location on their website.
2. Market data providers shall make market data policies of the previous five years available on their websites on a free, non-discriminatory and easily accessible basis and shall ensure that the date and time of publication and application of those market data policies are clearly indicated.

Unit of count

1. Market data providers shall display the fee of market data by unit of count to measure the provision of market data in their market data policy and in the template set out in Annex I.
2. The unit of count used by a market data provider for market data shall be unique per type of market data including, where relevant, display and non-display data and based on the costs of producing and distributing the type of market data.

Format for publication of market data policy

1. Market data providers shall publish the market data policy by using the template set out in Annex I. That template shall not be used for any other information.
2. In the market data policy market data providers shall provide information in a consistent manner and with the same level of granularity and ensure that offers to market data clients can be easily compared. Information on pre- and post-trade data shall be provided separately.

Cost disclosure

1. Market data providers shall include in the market data policy a summary of how the level of fees for market data was set and a more detailed explanation of the cost accounting methodology used.
2. The explanation of the cost accounting methodology shall provide, at the minimum, the list of all the cost types included in the fees of market data with examples of such costs and the allocation principles and allocation keys for costs that are shared with other services not directly related to the production and dissemination of market data.
3. Market data providers shall disclose whether they include a margin in the fees of market data and explain how they ensure that the margins are reasonable.
4. Market data providers shall update the information referred to in paragraphs 1, 2 and 3 of this Article immediately after having finalised the review referred to in Article 2(7).

Access to delayed market data

Market operators and investment firms operating a trading venue, APAs and systematic internalisers shall provide access to delayed market data to any client on a non-discriminatory basis without requiring any type of registration.

Content of delayed market data

Market operators and investment firms operating a trading venue, APAs and systematic internalisers shall make available to the public the delayed market data from all the systems operated, in accordance with the following criteria:
(a)
the delayed pre-trade market data shall contain the current best bid and offer prices available and the depth of trading interest at those best bid and offer prices;
(b)
the delayed post-trade market data shall contain all the relevant fields for the purpose of post-trade transparency, as specified in Commission Delegated Regulations (EU) 2017/587(8)and (EU) 2017/583(9), and no other field.

Format of delayed market data

Market operators and investment firms operating a trading venue, APAs and systematic internalisers shall make available to the public the delayed market data in a format adapted to the clients’ needs for a sufficient period of time, as follows:
(a)
the delayed pre-trade market data shall be made available in a machine-readable and human readable format, until and including the following business day;
(b)
the delayed post-trade market data shall be provided in a machine-readable and human-readable format and be made available in commonly used programs which allow clients to automate data extraction.
For the purposes of point (b), that delayed post-trade market data shall be made available for all traded instruments or for a category of instruments in the same file, which shall include only the delayed market data. The data for each trading day shall be made available in the same file.
The daily file referred to in the second subparagraph shall be updated every minute. If the time period between reported data exceeds one minute, that file shall be updated as soon as the market data becomes eligible for delayed market data publication. The daily file shall be made available at least until and including the next business day to allow for data extraction by market data clients.

Information to be provided to the competent authorities

1. Market data providers shall provide the competent authorities, upon request, with the information on the total costs, and reasonable margins, as referred to in Chapter II, by means of the template set out in Annex II.
2. The information to be provided to the competent authorities shall specify:
(a)
details for the purpose of identification of the market data provider and, where applicable, the group to which that market data provider belongs;
(b)
details on the type of market data offered;
(c)
details on the total costs, including the following elements:
(i)
a description of the key infrastructures used by the market data provider;
(ii)
the components of that infrastructure which are relevant to determine the total costs;
(iii)
a specification of cost figures attributable to market data production and dissemination;
(d)
the reasonable margin applied;
(e)
explanations on how the level of fees is determined;
(f)
where differentials in fees are applied, an explanation on how costs and margins are allocated among the distinct categories of market data clients, if applicable;
(g)
any other information or supporting documents or both, which may be deemed relevant for the competent authority when considering the total costs and reasonable margins.

Transitional measures

For market operators and investment firms operating a trading venue, APAs and systematic internalisers which are authorised before 23 November 2025, this Regulation shall apply from 23 August 2026.

Entry into force

This Regulation shall enter into force on the twentieth day following that of its publication in theOfficial Journal of the European Union.

Template for publication for market data policy

ANNEX I
Legal basis | Contents
Article 17 of this Regulation | Market data policy: year XXXX
[Insert hyperlink to:(i)the fee schedule for market data provision;(ii)the terms and conditions of the market data provision, including any indirect service necessary for accessing the market data;(iii)the terms and conditions of the audit referred to in Article 15.] | (i) | the fee schedule for market data provision; | (ii) | the terms and conditions of the market data provision, including any indirect service necessary for accessing the market data; | (iii) | the terms and conditions of the audit referred to in Article 15.]
(i) | the fee schedule for market data provision;
(ii) | the terms and conditions of the market data provision, including any indirect service necessary for accessing the market data;
(iii) | the terms and conditions of the audit referred to in Article 15.]
Article 5 and 20 of this Regulation | [Insert a high-level summary of the fees offered in the fee schedule. The fee schedule should include the following items:(i)fees per unit of count of pre-trade and post-trade market data;(ii)categories of clients and the criteria used to set forth the categories;(iii)discount policies;(iv)fees for other subsets of information, including those required in accordance with the level of disaggregation of data pursuant to Commission Delegated Regulation (EU) 2017/572;(v)other contractual terms and conditions.Any changes to the price list should be clearly indicated and explained.] | (i) | fees per unit of count of pre-trade and post-trade market data; | (ii) | categories of clients and the criteria used to set forth the categories; | (iii) | discount policies; | (iv) | fees for other subsets of information, including those required in accordance with the level of disaggregation of data pursuant to Commission Delegated Regulation (EU) 2017/572; | (v) | other contractual terms and conditions.
(i) | fees per unit of count of pre-trade and post-trade market data;
(ii) | categories of clients and the criteria used to set forth the categories;
(iii) | discount policies;
(iv) | fees for other subsets of information, including those required in accordance with the level of disaggregation of data pursuant to Commission Delegated Regulation (EU) 2017/572;
(v) | other contractual terms and conditions.
Article 16 of this Regulation | Advance disclosure with a minimum of 3 months’ notice of future fee change with entry into force on the DD/MM/YYYY [Insert the hyperlink to the future fee schedule with the date of entry into force]
Article 13(1) of Regulation (EU) No 600/2014 | Market Data Content Information
Period covered: 1.1.YYYY–31.12.YYYY
Asset Class | (1)Number of instruments covered | (1) | Number of instruments covered | (2)Total turnover of instruments covered | (2) | Total turnover of instruments covered | (3)Pre-trade/post-trade market data ratio | (3) | Pre-trade/post-trade market data ratio
(1) | Number of instruments covered
(2) | Total turnover of instruments covered
(3) | Pre-trade/post-trade market data ratio
Equity instruments (shares, ETFs, DRs, certificates, other equity-like financial instruments) | | |
Bonds | | |
ETCs ETNs | | |
SFPs | | |
Securitised derivatives | | |
Interest Rate Derivatives | | |
Credit Derivatives | | |
Equity derivatives | | |
FX derivatives | | |
Emission allowances derivatives | | |
C10 derivatives | | |
Commodity derivatives | | |
CFDs | | |
Emission allowances | | |
Article 22 of this Regulation | Cost disclosure: year YYYY
Information on how the level of fees is set | [Please, insert summary on how the level of fees is set]
Cost accounting methodologies | [Please, insert hyperlink to the cost accounting methodology]
(1)List of types of costs, according to Article 2 of this Regulation | (1) | List of types of costs, according to Article 2 of this Regulation
(1) | List of types of costs, according to Article 2 of this Regulation
(2)Allocation keys (%) | (2) | Allocation keys (%)
(2) | Allocation keys (%)
(3)Allocation principles | (3) | Allocation principles
(3) | Allocation principles
(4)Please explain whether a margin is included and how it is ensured to be reasonable | (4) | Please explain whether a margin is included and how it is ensured to be reasonable
(4) | Please explain whether a margin is included and how it is ensured to be reasonable

Template for the information to be provided to the competent authority pursuant to Article 13(4) of Regulation (EU) No 600/2014

ANNEX IISECTION 1
Market data provider submitting the information

Table 1.A

General information

Entity name | [Full name of the market data provider, including:—the legal form as provided for in the register of the country pursuant to the law of which it is incorporated, where applicable, and—the Legal Entity Identifier (LEI) code in accordance with ISO 17442 LEI code, where applicable.] | — | the legal form as provided for in the register of the country pursuant to the law of which it is incorporated, where applicable, and | — | the Legal Entity Identifier (LEI) code in accordance with ISO 17442 LEI code, where applicable.]
— | the legal form as provided for in the register of the country pursuant to the law of which it is incorporated, where applicable, and
— | the Legal Entity Identifier (LEI) code in accordance with ISO 17442 LEI code, where applicable.]
Address | [Full address (e.g. street, street number, postal code, city, state/province) and country.]
Contact for additional request for information | [Person to be contacted within the market data provider for information relating to this template (e.g. CFO) and relevant contact details:—first name(s) and surname(s),—position of the contact person within the market data provider,—professional email address.] | — | first name(s) and surname(s), | — | position of the contact person within the market data provider, | — | professional email address.]
— | first name(s) and surname(s),
— | position of the contact person within the market data provider,
— | professional email address.]

Table 2.B

Information on the group

Is the entity part of a group? | ☐yes☐no | ☐ | yes | ☐ | no
☐ | yes
☐ | no
If yes, is the entity the only entity in the group supporting cost for the production and dissemination of data? | ☐yes☐no | ☐ | yes | ☐ | no
☐ | yes
☐ | no
If no, please specify which other entity within the group support the cost for the production and dissemination of data | [Full name of the entity, including:—the legal form as provided for in the register of the country pursuant to the law of which it is incorporated, where applicable, and—the Legal Entity Identifier (LEI) code in accordance with ISO 17442 LEI code, where applicable.—Full address (e.g. street, street number, postal code, city, state/province) and country.] | — | the legal form as provided for in the register of the country pursuant to the law of which it is incorporated, where applicable, and | — | the Legal Entity Identifier (LEI) code in accordance with ISO 17442 LEI code, where applicable. | — | Full address (e.g. street, street number, postal code, city, state/province) and country.]
— | the legal form as provided for in the register of the country pursuant to the law of which it is incorporated, where applicable, and
— | the Legal Entity Identifier (LEI) code in accordance with ISO 17442 LEI code, where applicable.
— | Full address (e.g. street, street number, postal code, city, state/province) and country.]SECTION 2
Information on data provided

Data offered | Link to the market data policy as displayed on the website pursuant to [Articles on data provided] [SECTION A of the market data policy]
What type of data is offered | Please specify the type of data offered:☐full book☐top of book☐last sale☐auction imbalance☐other, please specify: | ☐ | full book | ☐ | top of book | ☐ | last sale | ☐ | auction imbalance | ☐ | other, please specify:
☐ | full book
☐ | top of book
☐ | last sale
☐ | auction imbalance
☐ | other, please specify:SECTION 3
Costs
3.A General description of the system

Briefly illustrate the system and processes of the production and dissemination of market data.
3.B Components taken into account to determine the cost of market data

Taking into consideration the system as described, please indicate thecomponentsof that system that were taken into account to determine the cost of market data and the criteria used to identify these components.
3.C Costs of market data

Indicate below the cost necessary to produce data, calculated over the accounting year per component (category of article 2)
NOT SHARED COST
Infrastructure – including physical assets and software licenses and leased services necessary for the production and dissemination of market data
Component (as in 3B) | Cost
|
|
|
Connectivity – including physical assets and software licenses and leased services which ensure the connectivity necessary for the production and dissemination of market data
Component (as in 3B) | Cost
|
|
Costs attributable to personnel dedicated to the production and dissemination of market data
Component (as in 3B) | Cost
|
|
Financial costs – including depreciation, amortization, and cost of capital
Component (as in 3B) | Cost
|
|
Other |
Component (as in 3B) | Cost
|
|

SHARED COST
Infrastructure – including physical assets and software licenses and leased services necessary for the production and dissemination of market data
Component (as in 3B) | Total Cost | Percentage allocated for the purpose of market data | Reasoning for allocation
| | |
| | |
| | |
Connectivity – including physical assets and software licenses and leased services which ensure the connectivity necessary for the production and dissemination of market data
Component (as in 3B) | Cost | Percentage allocated for the purpose of market data | Reasoning for allocation
| | |
| | |
Costs attributable to personnel dedicated to the production and dissemination of market data
Component (as in 3B) | Cost | Percentage allocated for the purpose of market data | Reasoning for allocation
| | |
| | |
| | |
Financial costs resulting from the above categories – including depreciation, amortization, and cost of capital
Component (as in 3B) | Cost | Percentage allocated for the purpose of market data | Reasoning for allocation
| | |
| | |
| | |
Other
Component (as in 3B) | Cost | Percentage allocated for the purpose of market data | Reasoning for allocation
| | |
| | |
Table on resulting overall cost of data calculated over the accounting year of the data provider

Type of costs | Value
Not shared costs |
Shared costs |
TOTAL | SECTION 4
Client categories

Fees as published | [Please insert the link to the market data policy as per market data provider website]
Do you apply differentials in fees for the data offered, i.e. do you identify client categories? | ☐yes☐no | ☐ | yes | ☐ | no
☐ | yes
☐ | no
If yes, what are the criteria for categorising clients? |
What is the number of client categories and how many clients are indicatively in each category? | # of categories:# in category 1:# in category 2:[add as needed]SECTION 5
Reasonable margin

Margin per client category

Client category | Margin expressed in absolute terms, calculated as operating profit | Margin expressed as a percentage of overall cost of data. | Reasonableness of the margin [please include an explanation of the elements taken into consideration to set the margin]
| | |
| | |
| | |
[add as needed] | | |
TOTAL | | | NA

Percentage change in margin compared to previous year
Client category | Percentage change | Reasoning
| |
| |
| |
[add as needed] | | SECTION 6
Annual cost, margin and penalties
6.A Margin of market data

Accounting year | Total annual(1)cost | Total annual margin | Total annual fees(2) | Average margin in % | Total penalties
| | | | | 6.B Market data compared to overall margin
Only for the market data providers referred to in Article 3(2), point (c)

Accounting year | Total annual revenue of the group the data provider is part of | Total annual margin of the group the data provider is part of | Margin in % | Average market data margin in %(table 6A)
| | | |

How does the margin set for the production and dissemination of market data compare with the overall margin of your business? | SECTION 7
Additional information

Do you wish to add any additional information? | ☐yes☐no | ☐ | yes | ☐ | no
☐ | yes
☐ | no
If yes, please describe |
Please list any additional document attached to the present notification |
(1) Annual is to be intended as the accounting year.
(2) To be intended as the sum of all the invoices for market data issued over the accounting year.