MAR TP 2 Transitional provisions relating to trading venue operators and transparency investment firms

1Application

1.

R

(1)

The rules in MAR TP 2 apply in respect of:

(a)

trading venue operators; and

(b)

transparency investment firms.

(2)

The rules apply in respect of the period 1 December 2024 to 30 November 2025, except where indicated otherwise.

Trading venue operators

1.2

R

A trading venue operator is subject to the transparency requirements previously arising under UK MiFIR, including MiFID RTS 2, as it had effect immediately before 1 December 2024 and applied to it, except where MAR TP 2 1.4R applies.

1.3

G

MAR TP 2 1.2R provides for continuity of transparency requirements for trading venue operators.

1.4

R

For the period between 31 March 2025 and 30 November 2025, a trading venue operator is not subject to a transparency requirement under Title II, Chapter 2 of UK MiFIR in respect of a request for quote system or voice trading system when operated by the trading venue operator.

Systematic internalisers

1.5

R

A systematic internaliser is subject to the transparency requirements previously arising under UK MiFIR, including MiFID RTS 2, as it had effect immediately before 1 December 2024 and applied to it, except where MAR TP 2 1.7R applies.

1.6

G

MAR TP 2 1.5R provides for continuity of transparency requirements for systematic internalisers.

1.7

R

For the period between 1 December 2024 and 30 March 2025 only, a systematic internaliser is subject to the pre-trade transparency requirements previously arising under article 18 of UK MiFIR, including MiFID RTS 2, as it had effect immediately before 1 December 2024 and applied to it.