Germany's Federal Financial Supervisory Authority consults on withdrawing national post-trade transparency deferrals for bonds, structured products and emission allowances

Germany's Federal Financial Supervisory Authority (BaFin) has opened a hearing on a draft general order that would partially revoke its 15 June 2023 decision allowing certain trading venues to defer post-trade publication of transaction details for non-equity instruments. The partial revocation would apply to bonds, structured finance products and emission allowances with effect from 2 March 2026, reflecting revised EU post-trade transparency rules, while the existing approach for derivatives would remain in place. BaFin explains that the MiFIR review removed the previous legal basis in Article 11(1) of Regulation (EU) No 600/2014 for national authorities to grant deferrals for non-equity instruments, and that deferrals have been maintained via transitional arrangements pending revised Regulatory Technical Standards. The revised RTS 2 introduced harmonised deferral conditions for bonds, structured products and emission allowances in Article 8a and Annex III, which apply from 2 March 2026 under Delegated Regulation (EU) 2025/1246, so the 2023 national order would no longer align with directly applicable EU law for those instruments. Derivatives are excluded from the revocation because the RTS 2 regime for derivatives has not yet been revised; accordingly, the 2023 general order would continue to apply for derivatives. Comments are due by 25 February 2026, after which BaFin will decide whether to issue 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.