This document outlines the powers of competent authorities to waive certain pre-trade disclosure obligations for market operators and investment firms. Waivers can be granted for large orders, OTC derivatives lacking liquid markets, and specific package orders. Authorities must notify ESMA prior to granting waivers and provide justification on their functioning, with a review process in place to ensure compliance with the original intent.

Additionally, competent authorities may temporarily suspend obligations if liquidity falls below set thresholds, subject to ESMA's oversight. ESMA is tasked with developing regulatory technical standards to ensure consistent application of these provisions across financial instruments.