ESMA consults on revisions RTS 22 on transaction data reporting and RTS 24 on order book data under MiFIR

Key takeaways

• The European Securities and Markets Authority (ESMA) consults on draft revised regulatory technical standards under Articles 25 and 26 of the Markets in Financial Instruments Regulation (MiFIR), namely RTS 22 and 24, following the adoption of the market transparency amendments amending the Regulation.
• The proposed rules go beyond mere technical changes to reflect the amendments to the Regulation. In both sets of standards, ESMA proposes various enhancements to promote efficiency and gather more information from market parties. The most important change is the revised transaction reporting obligation for OTC derivatives in Article 26(2) MiFIR.
• ESMA expects to publish the final draft standards in the first quarter of 2025.

On 3 October 2024, ESMA published a consultation paper on the review of the regulatory technical standards on transaction data reporting under Article 26 (Commission Delegated Regulation (EU) 2017/590, RTS 22), and the regulatory technical standards on order book data under Article 25 (Commission Delegated Regulation (EU) 2017/580, RTS 24), of the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014, MiFIR). Articles 25 and 26 MiFIR were amended by the MiFIR Review (Regulation (EU) 2024/791), which entered into force on 28 March 2024. These amendments, which aim to enhance market transparency, include new mandates for ESMA to prepare regulatory standards. For this reason, ESMA consults on revisions to RTS 22 and RTS 24.

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