Trade transparency, waivers and deferrals for non-equity instruments

The Danish Financial Supervisory Authority (FSA) allows certain waivers and deferrals in respect of the requirements for publication of order and trade information.

Contact

Director

Anders Balling
33 55 83 64
akb@ftnet.dk

The EU regulation on markets in financial instruments (MiFIR) allows the FSA to grant certain waivers and deferrals in respect of the requirements for publication of order and trade information for non-equity instruments.

A memorandum from the FSA describes the waivers and deferrals which the FSA has decided to grant. This shows that for certain financial instruments waivers from the requirements for publication will be possible for certain orders, and the FSA can allow the publication of certain trade information to be deferred.

Read the memorandum in Danish and English 

Application for waiver in respect of publication of pre-trade data

An operator of a trading venue must submit a waiver application to the FSA in respect of the requirements for publication of orders at least four months before the intended use of the waiver. 

The FSA will treat the waiver application based on whether the criteria laid down for waivers have been met. As part of granting the application, the FSA will obtain a statement from the European Securities and Markets Authority (ESMA) to the effect that all formal requirements have been met.

Please find waiver application form here

Please forward the form to hg_svar@ftnet.dk

Information to the FSA on the use of deferral of publication of trade information

Operators of a trading venue and investment firms must inform the FSA of the deferrals of trade information used after MiFIR comes into force on 3 January 2018. If the firm discontinues the use of a deferral, it must inform the FSA accordingly.

The purpose is to give the FSA a possibility of supervising how the deferrals are applied. The FSA can then also be able to provide ESMA with the information that ESMA is to request in connection with its monitoring of the use of deferrals in practice.

Please find information form on deferral here

Please forward the form to hg_svar@ftnet.dk