A Commission Delegated Regulation outlining the Regulatory Technical Standards for the admission of financial instruments to trading on regulated markets was adopted by the European Commission. The adopted RTS will supplement the requirements set out in the Markets in Financial Instruments Directive which requires a regulated market to have clear and transparent rules regarding the admission of financial instruments to trading. Such rules must ensure that any instruments admitted to trading are capable of being traded in a fair, orderly and efficient manner (and in the case of transferable securities, are freely negotiable). The adopted RTS specifies the criteria for transferable securities to be considered freely negotiable, lays down the criteria for transferable securities, units and shares in collective investment undertakings and derivatives to be traded in a fair, orderly and efficient manner and outlines the requirement for regulated markets to adopt and publish a policy to verify issuers’ compliance with the obligations of initial, on-going and ad hoc disclosures under EU law. The adopted RTS also confirms that emission allowances referred to under MiFID II are eligible for admission to trading with no further requirements and requires regulated markets to establish arrangements that are easily accessible and free of charge to facilitate participant or member access to information that has been made public.  

The adopted RTS must be approved by the European Parliament and the Council of the European Union and be published in the Official Journal before they can enter into force.

View the adopted RTS.