Q&A · ESMA
Trading obligation for shares
Answered
Read the official text on the ESMA website(opens in a new tab)AI-generated Summary
The share trading obligation does not apply to primary market transactions (including accelerated bookbuilds of new shares) but does apply to block trades, buy-backs and bookbuilds of existing shares (which may use the negotiated or LIS waivers); ESMA also covers employee share plans, error corrections and odd lots from corporate actions.
Details
| Reference | ESMA_QA_1556 |
|---|---|
| Issuer | ESMA |
| Published | 19 Dec 2025 |
| Answered | 3 Apr 2017, 19 Dec 2025 |
| Submitted | 3 Apr 2017 |
| ESMA topics | Equity transparency |
| Earlier Q&A document | ESMA 70-872942901-35 MiFIR transparency Q&A, Q&A 3.1 |
Provisions it relates to
- Article 23 MiFIR · Trading obligation for investment firmsInferred · 95%
- MiFIR (whole act)Explicit reference