EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.V.1.3.1:5.V.1.3.1 General

EU Equity pre- and post-trade transparency regulation (LBF vol. 21) 2021/5.V.1.3.1

5.V.1.3.1 General

Documentgegevens:

mr. J.E.C. Gulyás, datum 01-02-2021

Datum: 01-02-2021
Auteur: mr. J.E.C. Gulyás
JCDI: JCDI:ADS267179:1
Vakgebied(en): Financieel recht / Bank- en effectenrecht
Financieel recht / Europees financieel recht
Financiële dienstverlening / Financieel toezicht

Certain ‘third country trading venues’ can also be an eligible venue under the MiFID II share trading-obligation. The MiFID II text covers a general provision on the meaning of ‘third country trading venues’. MiFID II states that concentration of share trades subject to the trading obligation is only possible on a third country trading venue where the third country trading venue is deemed equivalent by the Commission.1 The equivalence decision of the Commission is based on conditions laid down in the Prospectus Directive.2 The Commission has provided equivalence decisions for trading venues of the United States, Hong Kong, and Australia. All decisions were based on an assessment of, among other things, the pre-trade (and post-trade) transparency regime of the third country’s trading venues.3

Toon alle voetnoten

Voetnoten

Voetnoten

Art. 23(1) MiFIR. The equivalence decision needs to be distinguished from the equivalence assessment for so-called ‘third country firms’. Equivalence for ‘third country firms’ encompasses a distinct equivalence regime. For an examination of the MiFID II equivalence regime for ‘third country firms’ (not: third-country trading venues), reference is made to D. Busch and M. Louisse, ‘MiFID II/MiFIR’s Regime for Third-Country Firms’, in D. Busch and G. Ferrarini (Eds.), Regulation of the EU Financial Markets: MiFID II and MiFIR, Oxford, 2017.

Art. 23(1) MiFIR; art. 25(4)(a) MiFID II; and art. 4(1)(a) Prospectus Directive.

See Commission Implementing Decision (EU) 2017/2320 of 13 December 2017 (equivalence decision of the United States), Commission Implementing Decision (EU) 2017/2319 of 13 December 2017 (equivalence decision of Hong Kong), Commission Implementing Decision (EU) 2318 of 13 December 2017 (equivalence decision of Australia).