Germany’s Federal Financial Supervisory Authority (BaFin) issued a general administrative act partially withdrawing its 15 June 2023 order that had permitted trading venues to defer post-trade transparency publication for certain non-equity transactions. From 2 March 2026, the 2023 permissions will no longer apply to bonds, structured finance products and emission allowances, while the order will continue to apply to derivatives. BaFin linked the change to the MiFID II/MiFIR review, which removed the prior legal basis in Article 11 of MiFIR for national authorities to grant deferrals for non-equity instruments, with transitional arrangements maintaining the existing RTS 2 deferral framework until revised standards apply. Delegated Regulation (EU) 2025/1246 revised RTS 2 and sets uniform deferral conditions for bonds, structured finance products and emission allowances in Article 8a and Annex III, applying from 2 March 2026; BaFin therefore revoked the national order for those instruments to avoid inconsistency with directly applicable EU rules and ensure a seamless transition. For derivatives, BaFin left the 2023 order in place because RTS 2 has not yet been amended for derivatives. The act is deemed notified on the day after its public announcement, and an objection can be filed with BaFin within one month of notification.

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