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The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, published today an updated opinion providing guidance on pre-trade transparency waivers for equity and non-equity instruments. It covers guidance related to request for quote systems, guidance on how trading venues should apply for a waiver to their national competent authority, and updates on frequently encountered issues when assessing waiver notifications.
The document updates the ESMA opinion from July 2020 providing guidance on pre-trade transparency waivers and provides stakeholders with information on ESMA’s assessment in the context of issuing opinions on waivers from pre-trade transparency over the last three years. The opinion aims at contributing to the consistent application of waivers from pre-trade transparency across the European Union.
The opinion will continue to be updated should ESMA encounter further frequent issues in the context of assessing waiver notifications.
