AI Summary of Article 11 Deferred publication in respect of bonds, structured finance products or emission allowances
The Article outlines the provisions for deferred publication of transaction details on bonds, structured finance products, and emission allowances by market operators and investment firms. These arrangements include categorisation based on transaction size and market liquidity, ensuring transparency and compliance with ESMA's oversight. ESMA will monitor these practices biennially, while competent authorities may suspend obligations when liquidity falls below established thresholds, publishing relevant information timely.
Furthermore, Member States can allow extended deferrals for sovereign debt transactions, with ESMA maintaining oversight. Regulatory technical standards will be developed to specify publication details and establish compliance time limits, ensuring alignment with market practices.
Article 11 Deferred publication in respect of bonds, structured finance products or emission allowances
1.Market operators and investment firms operating a trading venue may defer the publication of the details of transactions executed in respect of bonds, structured finance products or emission allowances traded on a trading venue, including the price and the volume, in accordance with this Article.
Market operators and investment firms operating a trading venue shall clearly disclose the arrangements for deferred publication to market participants and the public. ESMA shall monitor the application of those arrangements and shall, every two years, submit a report to the Commission on how they are used in practice.
1a. The arrangements for deferred publication in respect of bonds, or classes thereof, shall be organised by using five categories:
(a) category 1: transactions of a medium size in a financial instrument for which there is a liquid market;
(b) category 2: transactions of a medium size in a financial instrument for which there is not a liquid market;
(c) category 3: transactions of a large size in a financial instrument for which there is a liquid market;