MiFIR: EU Commission adopts Delegated Regulation on exemption of certain third countries' central banks from pre- and post-trade transparency requirements

The EU Commission has adopted a Delegated Regulation on the exemption of certain third countries' central banks in their performance of monetary, foreign exchange and financial stability policies from pre- and post-trade transparency requirements under MiFIR.

Article 1(6) of MiFIR provides an exemption from pre- and post-trade transparency requirements for transactions where the counterparty is a member of the European System of Central Banks (ESCB) and where that transaction is entered into in performance of monetary, foreign exchange and financial stability policy which that member of the ESCB is legally empowered to pursue and where that member has given prior notification to its counterparty that the transaction is exempt. Under Article 1(9), the Commission is empowered to adopt delegated acts in order to extend the exemption to certain third countries' central banks and this Delegated Regulation is intended to specify the list of applicable third countries' central banks.

Adoption of the Delegated Regulation follows a consultation launched on 6 April 2017.