Article 13 Application of post-trade transparency to certain types of transactions executed outside a trading venue (Article 20(1) of Regulation (EU) No 600/2014)

The obligation in Article 20(1) of Regulation (EU) No 600/2014 shall not apply to the following:

1. (a)

   excluded transactions listed under Article 2(5) of Commission Delegated Regulation (EU) 2017/590 where applicable;

2. (b)

   transactions executed by an investment firm when providing the investment service of portfolio management1, which transfers the beneficial ownership of financial instruments from one fund to another and where no other investment firm is a party to the transaction other than for the sole purpose of providing arrangements for the execution of such non price-forming transactions1;

3. (c)

   give-up transactions and give-in transactions;

4. (ca)

   inter-affiliate transactions.1