Q&A · ESMA

Transparency - OTC transactions reported to APA - outsourcing post-transparency reporting requirement

Answered

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AI-generated Summary

An investment firm may outsource the reporting of OTC trades to an APA to a third party, but remains fully responsible and must ensure the third party tells the APA which transparency regime applies to the firm.

Details

Reference	ESMA_QA_1550
Issuer	ESMA
Published	3 Apr 2017
Answered	3 Apr 2017
Submitted	3 Apr 2017
ESMA topics	Equity transparency
Earlier Q&A document	ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 2.3

Provisions it relates to

Article 20 MiFIR · Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
MiFIR
Inferred · 85%
MiFIR (whole act)
Explicit reference

Documents it refers to

RTSIn forceExplicit reference
Commission Delegated Regulation (EU) 2017/583 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryRTS 2 on transparency for bonds, structured finance products, emission allowances and derivatives: sets pre-trade transparency by trading system type, large-in-scale and size-specific-to-the-instrument thresholds, order management facility sizes, the liquidity assessment of each instrument class, and post-trade publication content and deferral regimes. Amended several times, notably by Delegated Regulations 2021/529, 2022/629, 2023/945 and 2025/1246.
RTSIn forceExplicit reference
Commission Delegated Regulation (EU) 2017/587 of 14 July 2016 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards on transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates and other similar financial instruments and on transaction execution obligations in respect of certain shares on a trading venue or by a systematic internaliser
European Commission · 31 Mar 2017 · EUR-Lex
AI summaryRTS 1 on transparency for shares, depositary receipts, ETFs, certificates and similar instruments: defines non-price forming transactions, sets pre-trade transparency by trading system, the conditions for negotiated trade, large-in-scale and order management facility waivers, systematic internaliser quoting rules, and post-trade publication and deferrals, and covers the share trading obligation. Amended notably by Delegated Regulations 2019/442, 2023/944 and 2025/1246.