MAR TP 2 Transitional provisions relating to trading venue operators and transparency investment firms
You are viewing MAR TP 2 Transitional provisions relating to trading venue operators and transparency investment firms as of . MAR TP 2 Transitional provisions relating to trading venue operators and transparency investment firms was last updated on 30/03/2026.
MAR TP 2 Transitional provisions relating to trading venue operators and transparency investment firms
Pre-1 December 2025 transactions
30/03/2026
TP 2.1
| Application | ||||
| 1.1 | R | (1) | The rules in MAR TP 2 apply in respect of: | |
| (a) | trading venue operators; | |||
| (b) | transparency investment firms; and | |||
| (c) | APAs. | |||
| (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 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 pre-transparency requirement under Title II, Chapter 2 of 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. | ||
| Transparency investment firms (except systematic internalisers) and APAs | ||||
| 1.7A | R | A transparency investment firm (except a systematic internaliser ) and an APA are subject to the transparency requirements previously arising under MiFIR, including MiFID RTS 2 and MiFID RTS 3, as it had effect immediately before 1 December 2024 and applied to them. | ||
| 1.7B | G | MAR TP 2 1.7AR provides for continuity of transparency requirements for transparency investment firms (except systematic internalisers ) and APAs. | ||
| Pre-1 December 2025 transactions | ||||
| 1.8 | G | In respect of a trade concluded before 1 December 2025, the FCA will treat anything done by a transparency firm for the purposes of complying with MAR TP 2 1.2R, MAR TP 2 1.5R or MAR TP 2.1.7AR as if it were done for the purposes of any equivalent new transparency provision in MAR 11 in force after 1 December 2025. | ||
| 1.9 | R | Where a transparency firm publishes a trade report before 1 December 2025 in accordance with MAR TP 2 1.2R, MAR TP 2 1.5R or MAR TP 2.1.7AR and amends the report after 1 December 2025, it may make the new trade report required by MAR 11.4.5R(2)(b) either in accordance with MAR 11 Annex 2 or in accordance with MAR TP 2 1.2R, MAR TP 2 1.5R or MAR TP 2.1.7AR as they previously applied. | ||
| Trading venue operators – pre-trade transparency equity waivers | ||||
| 1.10 | R | For the period between 30 March 2026 and 30 June 2026 only, a trading venue operator relying on a waiver previously arising under one or more of Articles 5 to 8 of MiFID RTS 1 as in force immediately prior to 30 March 2026 may rely on the corresponding waivers in MAR 11A.3 to MAR 11A.5: | ||
| (1) | where it meets the conditions relating to MAR 11A.3 to MAR 11A.5 (as applicable); and | |||
| (2) | pending publication in its rulebook in accordance with MAR 11A.6.1R. | |||
| 1.11 | R | For the period between 30 March 2026 and 30 June 2026 only, a trading venue operator relying on a waiver previously arising under Article 4(1)(a) of MiFIR as it was in force immediately before 26 November 2025 may rely on the corresponding waiver in MAR 11A.2.1R: | ||
| (1) | where it meets the conditions in MAR 11A.2 relating to reliance upon MAR 11A.2.1R; and | |||
| (2) | pending publication in its rulebook in accordance with MAR 11A.6.1R. | |||