Germany's Federal Financial Supervisory Authority, BaFin, has opened a hearing on a draft general ruling that would partially revoke its 15 June 2023 decision allowing delayed publication of post-trade details for over-the-counter trades in certain non-equity instruments. The proposed partial withdrawal would remove the BaFin deferral permission for bonds, structured financial products and emission allowances with effect from 2 March 2026, while keeping the existing approach for derivatives. The 2023 general ruling allowed securities services firms to publish OTC trade details later than the standard Markets in Financial Instruments Regulation (MiFIR) timelines where specified conditions were met. Following the MiFIR review, the prior MiFIR legal basis for national authorities to grant deferrals for non-equity instruments fell away, and revised Regulatory Technical Standards on transparency under Delegated Regulation (EU) 2017/583 set harmonised deferral conditions for bonds, structured products and emission allowances in Article 8a and Annex III, applicable from 2 March 2026 under Delegated Regulation (EU) 2025/1246. For derivatives, BaFin notes the existing regime continues until the technical standards are amended, so the 2023 general ruling would remain in force for that asset class. Comments are due by 25 February 2026, after which BaFin will decide whether to adopt the measure. The draft envisages publication on BaFin’s website on 27 February 2026, with the order deemed notified the following day and taking effect on 2 March 2026.

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