Changes from plenary report to adopted text

RemovedThose criteria shall take into account the following elements:

Removed(a) whether the net outstanding notional exposure in commodity derivatives or emission allowances or derivatives thereof for cash settlement traded in the Union, excluding commodity derivatives or emission allowances or derivatives thereof traded on a trading venue, is below an annual threshold of EUR 3 billion; or

Removed(b) whether the capital employed by the group to which the person belongs is predominantly allocated to the main business of the group; or

Removed(c) whether or not the size of the activities referred to in point (j) of paragraph 1 exceeds the total size of the other trading activities at group level; or

Removed(ca) whether and to what extent the investment services are provided for hedging purposes.’;

Removed3. in Article 4 ▌, paragraph 1 is amended as follows:

Removed(a) point (19) is replaced by the following:

Removed‘(19) multilateral system’ means a multilateral system as defined in Article 2(1), point (11), of Regulation (EU) No 600/2014;’;

Removed(b) point (20) is replaced by the following:

Removed‘(20) ‘systematic internaliser’ means an investment firm which, on an organised, frequent, systematic and substantial basis, deals on own account when executing client orders outside a regulated market, an MTF or an OTF without operating a multilateral system; the definition of a systematic internaliser shall apply only where the qualitative criteria indicating that an investment firm performs its activities on an organised, frequent, systematic and substantial basis are met, or where an investment firm chooses to opt-in under the systematic internaliser regime;’;

Removed3a. in Article 16, the following paragraph is inserted:

Removed‘10a. An investment firm that is a market data contributor within the meaning of Article 2(1), point (34a), of Regulation (EU) No 600/2014 shall have arrangements in place to ensure it meets the data quality standards set out in Article 22b of that Regulation.’;

Removed3b. Article 18 is amended as follows:

Removed(a) the following paragraph is inserted:

Removed‘2a. Member States shall require market operators and investment firms operating an MTF or an OTF to establish and maintain effective arrangements to verify that issuers of transferable securities that are traded under its systems have obtained the ISO 17442 Legal Entity Identifier.’;

Removed(b) paragraph 8 is replaced by the following:

Removed‘8. Where a transferable security that has been admitted to trading on a regulated market is also traded on an MTF or an OTF without the consent of the issuer, the issuer shall not be subject to the obligation set out in paragraph 2a or to any obligation relating to initial, ongoing or ad hoc financial disclosure with regard to that MTF or an OTF.’;

Removed4. Article 27 is amended as follows:

Removed(-a) paragraph 2 is deleted;

Removed(a) paragraph 3 is replaced by the following:

Removed‘3. In the case of financial instruments that are subject to the trading obligation set out in Articles 23 and 28 Regulation (EU) No 600/2014, Member States shall require that, following execution of a transaction on behalf of a client, the investment firm shall inform the client where the order was executed.’;

Removed(aa) paragraph 6 is deleted;

Removed(b) ▌paragraph 10 is replaced by the following:

Removed‘10. ESMA shall develop draft regulatory technical standards on the criteria to be taken into account when defining and assessing the order execution policy under paragraphs 5 and 7, taking into account whether the orders are executed on behalf of retail or professional clients.

RemovedThose criteria shall include at least the following:

Removed(a) factors determining the choice of execution venues included in the order execution policy;

Removed(b) the periodicity of assessing and updating the order execution policy;

Removed(c) ways of defining classes of financial instruments under paragraph 5.

RemovedESMA shall submit those draft regulatory technical standards to the Commission by ... [nine months after the date of entry into force of this amending Directive].

RemovedPower is delegated to the Commission to supplement this Directive by adopting the regulatory technical standards referred to in the first subparagraph of this Article in accordance with Articles 10 to 14 of Regulation (EU) No 1095/2010.’;

Removed5. in Article 31(1), the following sentence is added:

Removed‘Investment firms and market operators operating an MTF or an OTF shall have arrangements in place to ensure they meet the data quality standards as set out in Article 22b of Regulation (EU) No 600/2014.’;

Removed6. in Article 47(1), the following points (g) and (ga) are added:

Removed‘(g) to have arrangements in place to ensure they meet the data quality standards as set out in Article 22b of Regulation (EU) No 600/2014.

Removed(ga) to have at least three materially active members or users, each having the opportunity to interact with all the others in respect to price formation.’;

Removed6a. Article 48 is amended as follows:

Removed(a) paragraph 5 is amended as follows:

Removed(i) the first subparagraph is replaced by the following:

Removed‘Member States shall require a regulated market to be able to temporarily halt or constrain trading in emergency situations or if there is a significant price movement in a financial instrument on that market or a related market during a short period and, in exceptional cases, to be able to cancel, vary or correct any transaction. Member States shall require a regulated market to ensure that the parameters for halting trading are appropriately calibrated in a way which takes into account the liquidity of different asset classes and sub-classes, the nature of the market model and the types of users, and is sufficient to avoid significant disruptions to the orderliness of trading.’;

Removed(ii) the following subparagraphs are added:

Removed‘Member States shall require a regulated market to publicly disclose on its website information on the circumstances leading to trading being halted and on the principles for establishing the main technical parameters used to do so.

RemovedMember States shall ensure that, where a trading venue does not use the measures referred to in the first subparagraph despite a significant price movement affecting a financial instrument or related financial instruments leading to disorderly trading conditions on one or several markets, competent authorities are able to take appropriate measures to re-establish the normal functioning of the markets, including the powers referred to in Article 69(2) points (m), (n), (o) and (p).’;

Removed(b) paragraph 12 is amended as follows:

Removed(i) in the first subparagraph, the following points are added:

Removed‘(ga) the principles for establishing the main technical parameters regulated markets shall consider, taking into account the liquidity of different asset classes and sub-classes, the nature of the market model and the types of users when establishing their mechanisms to halt trading in accordance with paragraph 5;

Removed(gb) the information that trading venues shall disclose, including templates regarding the parameters and circumstances triggering the use of circuit breakers that trading venues shall report to competent authorities in accordance with paragraph 5.';

Removed(ii) the second subparagraph is replaced by the following:

Removed' ESMA shall submit those draft regulatory technical standards to the Commission by ... [12 months after the date of entry into force of this amending Directive].’;

Removed6b. in Article 49(2), the following point is added:

Removed‘(ba) in the case of shares with a non-EEA international securities identification number, or shares referred to in Article 23(1), point (a), for which the venue that is the most relevant market in terms of liquidity is in a third country, have the same tick size that applies on that venue.’;

Removed7. Article 50 is deleted;

Removed7a. in Article 51(3), the first subparagraph is replaced by the following:

Removed‘In addition to the obligations set out in paragraphs 1 and 2, Member States shall require the regulated market to establish and maintain effective arrangements to verify that issuers of transferable securities that are admitted to trading on the regulated market have obtained the ISO 17442 Legal Entity Identifier and comply with their obligations under Union law in respect of initial, ongoing or ad hoc disclosure obligations.’;

Removed7b. Article 57 is amended as follows:

Removed(a) in paragraph 8, the first subparagraph is replaced by the following:

Removed‘8. Member States shall ensure that an investment firm or a market operator operating a trading venue which trades commodity derivatives or derivatives on emission allowances applies position management controls, including powers for the trading venue to:’;

Removed(b) the following paragraph is added:

Removed‘15. By 31 December 2025, ESMA shall submit to the Commission a report with a comprehensive assessment of the position limit and position management controls regimes. The report shall assess:

Removed(a) the effectiveness of the position limit and position management controls regimes to achieve the objectives mentioned in the first subparagraph of paragraph 1 of this Article;

Removed(b) what constitutes a critical or significant position; and