Germany's Federal Financial Supervisory Authority (BaFin) issued a general administrative order partially withdrawing its June 2023 permission for investment firms to defer post-trade publication of OTC transaction details under the MiFIR transparency regime. The withdrawal applies to bonds, structured finance products and emission allowances from 2 March 2026, while the deferral permission remains in place for derivatives. BaFin linked the change to the EU MiFID II and MiFIR review and the revised Regulatory Technical Standards on transparency (RTS 2). Delegated Regulation (EU) 2025/1246 introduced harmonised deferral conditions for bonds, structured products and emission allowances in Article 8a and Annex III of RTS 2, which apply from 2 March 2026, making the national order no longer consistent with directly applicable EU law for those instruments. For derivatives, the existing regime continues under MiFIR transitional provisions until RTS 2 is amended for derivatives. The order is deemed notified the day after publication on BaFin’s website, and an objection can be filed within one month of notification.
BaFin 2026-02-27
Germany's Federal Financial Supervisory Authority partially revokes OTC post-trade transparency deferrals for bonds, structured products and emission allowances effective 2 March 2026
Germany's BaFin has partially withdrawn permission for investment firms to defer post-trade publication of OTC transaction details for bonds, structured finance products, and emission allowances under the MiFIR transparency regime, effective 2 March 2026. This change aligns with the EU MiFID II and MiFIR review and revised Regulatory Technical Standards on transparency. Deferral permission remains for derivatives under MiFIR transitional provisions until further amendments.