Commission Delegated Regulation (EU) 2023/944 of 17 January 2023 amending and correcting the regulatory technical standards laid down in Delegated Regulation (EU) 2017/587 as regards certain transparency requirements applicable to transactions in equity instruments (Text with EEA relevance)

New Commission Delegated Regulation (EU) 2023/944 as regards pre- and post trading transparency requirements for equity and equity-like instruments such as depository receipts or ETFs and as regards the correction of some errors in the current requirements was published in the Official Journal (OJ) of the EU. The delegated regulation modifies Commission Delegated Regulation (EU) 2017/587 (RTS 1) on same subject to, among other things,
(1) Increase the pre-trade large in scale (LIS) threshold for ETFs from currently EUR 1,000,000 to EUR 3,000,000 pursuant to which pre-trade transparency can be waived;
(2) Increase of the minimum qualifying size of transactions for permitted delay in post-trade transparency for ETFs from EUR 10,000,000 to EUR 15,000,000. Maximum deferral thereby remains at 60 minutes;
(3) adopt – by reference – the list of transactions qualifying for an exemption from the share trading obligation (STO) and post-trade transparency obligations (i.e. for investment fund shares, share transfers that are performed for meeting margin purposes only) set out in Commission Delegated Regulation (EU) 2017/590;
(4) adopt a new category of trading systems, namely the „hybrid systems“ consisting of multiple trading systems, and define pre-trade transparency requirements for such systems;
(5) adjust the „time“ by which transactions for which a post-trade transparency deferral was applied shall be published (9 a.m. on the business day following the deferral).