Germany's Federal Financial Supervisory Authority (BaFin) issued a general order partially revoking its 15 June 2023 order that allowed post-trade transparency publication deferrals for certain OTC transactions in non-equity instruments. The withdrawal applies to deferrals for debt instruments, structured finance products and emission allowances from 2 March 2026, while the 2023 order remains in force for derivatives. BaFin’s 2023 order had permitted investment services firms to publish trade details later than the standard MiFIR timelines where specified size and instrument conditions were met under the then-applicable MiFIR and RTS 2 framework. Following the MiFIR review, the former legal basis for competent authorities to grant deferrals for non-equity instruments was removed, with transitional arrangements maintaining the existing RTS 2 deferral system until revised RTS 2 applies. The revised RTS 2 framework for deferrals for debt instruments, structured products and emission allowances applies from 2 March 2026, prompting BaFin to withdraw the national permissions for those instruments to avoid inconsistency with directly applicable EU rules; for derivatives, BaFin noted the existing regime continues pending further RTS 2 changes. The general order is deemed notified on the day after its public announcement, and an objection can be lodged with BaFin within one month of notification.

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