EU amends equity transparency rules to focus on market capitalisation and commercial data disclosure
The European Union has published new rules under Delegated Regulation (EU) 2026/482, shifting the criteria for equity market transparency from free-float to market capitalisation, and clarifying da...
The European Union has published new rules under Delegated Regulation (EU) 2026/482, shifting the criteria for equity market transparency from free-float to market capitalisation, and clarifying data disclosure obligations to enhance market predictability ahead of enforcement in August 2026.
The Official Journal of the European Union on 27 February 2026 published Commission Delegated Regulation (EU) 2026/482 of 24 November 2025, which revises aspects of Delegated Regulation (EU) 2017/567 to alter how equity market transparency is determined and disclosed. The changes cover the test for when an equity instrument is considered to trade in a liquid market, obligations on the commercial provision of market data, size thresholds used in systematic internaliser calculations and rules governing post‑trade risk reduction services. According to Council documents and industry briefings, the package is targeted squarely at refining the practical application of equity transparency under MiFIR.
The Delegated Regulation becomes legally effective on the third day after its publication in the Official Journal, while one specific element , Article 1, point (4) , is set to apply from 23 August 2026. That staggered application leaves firms and trading venues with a defined window to align systems and reporting practices ahead of the later effective date.
Substantive edits replace the long‑standing free‑float test with a market capitalisation criterion when assessing whether an equity trades in a liquid market, reflecting a shift in the metric regulators will use to determine transparency obligations. The text also requires that market data be supplied on a "reasonable commercial basis", introduces an instrument‑specific size definition for the purposes of systematic internaliser obligations and clarifies both the definition of post‑trade risk reduction services and the disclosure duties related to them. These measures are intended to make transparency rules more precise and commercial practice more predictable.
The Commission’s amendments draw on technical analysis by the European Banking Authority, whose final report from December 2024 informed the revised criteria and operational details. That EBA work supplied the empirical and policy rationale for moving to market capitalisation and for specifying how market data should be commercialised and disclosed.
The Delegated Regulation was adopted under the Markets in Financial Instruments Regulation framework and remains subject to the ordinary scrutiny period by the European Parliament and the Council. Industry observers note that although the text is now published, affected firms must continue to monitor any political scrutiny and national implementation guidance that could influence timing or interpretation. The Commission’s broader programme for delegated and implementing acts under MiFIR frames these amendments as part of ongoing efforts to refine transparency standards across asset classes.
Market participants should begin assessing their data‑distribution arrangements, systematic internaliser calculations and post‑trade service disclosures to ensure compliance with the revised rules,particularly given the specific 23 August 2026 applicability date for Article 1, point (4). Preparatory work now will reduce the risk of operational disruption when the staggered provisions come into force.
Source Reference Map Inspired by headline at: [1]
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Source: Noah Wire Services