Germany's Federal Financial Supervisory Authority (BaFin) has opened a hearing on a draft general administrative act to partially revoke its 15 June 2023 general order that allowed investment firms to defer publication of post-trade details for OTC transactions in non-equity instruments. The proposed withdrawal would apply to bonds, structured finance products and emission allowances from 2 March 2026, while leaving the 2023 order in place for derivatives. BaFin links the change to amended European rules following the MiFID II and MiFIR review, which removed the previous legal basis in MiFIR for national authorities to grant deferrals for non-equity instruments. It notes that ESMA indicated in March 2024 that the existing deferral regime under RTS 2 would continue until revised RTS 2 applies, and that Delegated Regulation (EU) 2025/1246 introduces harmonised deferral conditions for bonds, structured products and emission allowances in RTS 2 from 2 March 2026. For derivatives, BaFin plans no revocation because the RTS 2 regime has not yet been revised for that asset class. Comments are due by 25 February 2026, after which BaFin will decide whether to issue the measure. BaFin also indicates it intends to publish the general administrative act on 27 February 2026, with the partial revocation taking effect at 00:00 on 2 March 2026.

Original source View in tracker