AI Summary of Article 20 Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
This regulation mandates that investment firms disclose transaction details—specifically volume, price, and timing—for shares, depositary receipts, ETFs, and similar financial instruments. Such information must be published through a Approved Publication Arrangement (APA), with each transaction reported singularly.
In compliance with regulatory technical standards outlined by ESMA, the publication process and associated timeframes are defined. Notably, provisions for deferred publication of certain transactions apply equally to off-exchange activities. ESMA is also tasked with developing further standards to categorise transactions based on valuation criteria and address their use in collateral and lending contexts.
Article 20 Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
1. Investment firms which, either on own account or on behalf of clients, conclude transactions in shares, depositary receipts, ETFs, certificates and other similar financial instruments traded on a trading venue, shall make public the volume and price of those transactions and the time at which they were concluded. That information shall be made public through an APA.
1a. Each individual transaction shall be made public once through a single APA.
2. The information which is made public in accordance with paragraph 1 of this Article and the time-limits within which it is published shall comply with the requirements adopted pursuant to Article 6, including the regulatory technical standards adopted in accordance with Article 7(2)(a). Where the measures adopted pursuant to Article 7 provide for deferred publication for certain categories of transaction in shares, depositary receipts, ETFs, certificates and other similar financial instruments traded on a trading venue, that possibility shall also apply to those transactions when undertaken outside trading venues.