Germany's Federal Financial Supervisory Authority issued a general order partially revoking its June 2023 order that allowed certain trading venues to defer post-trade publication of transaction details for non-equity instruments. The revocation takes effect on 2 March 2026 for bonds, structured finance products and emission allowances, while the 2023 order continues to apply for derivatives. The 2023 order granted deferrals to investment firms operating trading venues and holding a deferral authorisation under Article 11 of Regulation (EU) No 600/2014 (MiFIR) in the version then in force, allowing later publication than otherwise required under Article 10 MiFIR. BaFin links the partial withdrawal to the MiFID II and MiFIR Review under Regulation (EU) 2024/791 and the subsequent revision of RTS 2 under Delegated Regulation (EU) 2025/1246, which introduces harmonised deferral conditions for the affected non-equity instruments in RTS 2 Article 8a and Annex III with application from 2 March 2026. For derivatives, BaFin leaves the 2023 deferral regime in place because the relevant RTS 2 provisions have not yet been revised for that asset class. The general order is deemed notified on the day after its public announcement, and it can be challenged by filing an objection with BaFin within one month of notification.
BaFin 2026-02-27
Germany's Federal Financial Supervisory Authority partially revokes post-trade transparency deferral order for bonds, structured products and emission allowances from 2 March 2026
Germany's Federal Financial Supervisory Authority (BaFin) has partially revoked its June 2023 order allowing deferred post-trade publication for certain non-equity instruments, effective 2 March 2026 for bonds, structured finance products, and emission allowances. This aligns with the MiFID II and MiFIR Review and the revised RTS 2, which standardizes deferral conditions. The 2023 deferral regime remains for derivatives as relevant RTS 2 provisions are yet to be updated.