27 March 2024

Commission publishes draft interpretative notice on the transitional provision of the MiFIR review

The new rules cover the limitations regarding “dark trading” (trading without pre-trade transparency), moving from a double to a single volume cap. The EU is now preparing Commission delegated regulations specifying the new rules, including for the single volume cap.

The European Commission has published a draft interpretative notice to provide clarity to market participants on the transitional provision of the Markets in Financial Instruments Regulation (MiFIR) review.

The revised MiFIR rules, politically agreed in June 2023 

, will apply from 28 March 2024, with certain elements of the regulation phasing in over the coming years. The new rules cover the limitations regarding “dark trading” (trading without pre-trade transparency), moving from a double to a single volume cap.

The EU is now preparing Commission delegated regulations specifying the new rules, including for the single volume cap. The transitional regime laid down in Article 54(3) of MiFIR sets out that the existing Commission delegated regulations remain applicable until the new ones enter into force. This means, for instance, that the current double volume cap will remain in place until the new Commission delegated regulations covering the single volume cap enter into application.

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