Germany's Federal Financial Supervisory Authority (BaFin) has issued a draft general administrative order for consultation that would partially revoke its 15 June 2023 measure allowing trading venues to defer publication of post-trade transaction details for non-equity instruments. The planned withdrawal would cover bonds, structured finance products and emission allowances and would apply from 2 March 2026. BaFin links the change to amended European Union rules under the MiFID II and MiFIR review, which removed the previous legal basis in Article 11(1) of Regulation (EU) No 600/2014 (MiFIR) for national authorities to grant deferrals for non-equity instruments. It notes that ESMA had indicated the existing deferral system under the previous Regulatory Technical Standards would continue until revised RTS 2 takes effect, and that Delegated Regulation (EU) 2025/1246 sets harmonised conditions for deferrals for the affected instruments in Article 8a and Annex III of RTS 2 from 2 March 2026. The 2023 BaFin order would remain in force for derivatives because the RTS 2 regime for derivatives has not yet been revised. Comments are due by 25 February 2026, after which BaFin will decide whether to adopt the measure. The draft envisages publication on BaFin’s website on 27 February 2026, with the order deemed notified the following day.
BaFin 2026-02-18
Germany's Federal Financial Supervisory Authority consults on revoking post-trade transparency deferrals for bonds, structured products and emission allowances from 2 March 2026
Germany's Federal Financial Supervisory Authority (BaFin) has issued a draft order to revoke its measure allowing trading venues to defer post-trade publication for non-equity instruments, effective 2 March 2026. This change aligns with amended EU rules under MiFID II and MiFIR, which removed the legal basis for such deferrals. The existing deferral system will continue for derivatives as the RTS 2 regime for these instruments remains unchanged.