Decision to authorize an additional deferral of publication of the volume of medium-sized transactions on Belgian sovereign bonds - Article 11, paragraph 3 of the MiFIR Regulation

Congress Street 12-14 1000 Brussels / www.fsma.be FSMA_2026_12 of 28-04-26 Decision to authorize an additional deferral of publication of the volume of medium-sized transactions on Belgian sovereign bonds - Article 11, paragraph 3 of the MiFIR Regulation Scope:
The decision taken by the FSMA on April 22, 2026, based on Article 11, paragraph 3, of Regulation (EU) No 600/2014 of the European Parliament and of the Council of May 15, 2014, on markets in financial instruments (hereinafter, the "MiFIR Regulation"), as set out in this document, applies to transactions in Belgian sovereign bonds. Specifically concerned are transactions in Belgian sovereign bonds of Group 1 falling under Category 1 (medium-sized transactions in liquid instruments), as defined in Table 2.6 of Annex III of Commission Delegated Regulation (EU) 2017/583 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council on markets in financial instruments with regard to regulatory technical standards for transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives (hereinafter, the "Delegated Regulation (EU) 2017/583"). Summary/Objectives:
On April 22, 2026, the FSMA decided, pursuant to Article 11, paragraph 3, of the MiFIR Regulation, to authorize an additional deferral of publication of the volume of medium-sized transactions in Belgian sovereign bonds. This additional deferral is in addition to the deferral periods already set out in Delegated Regulation (EU) 2017/583 for the publication of details of transactions in sovereign bonds. Specifically, the FSMA authorizes that the publication of the volume of transactions in Belgian sovereign bonds of Group 1 falling under Category 1 (medium-sized transactions in liquid instruments), as defined in Table 2.6 of Annex III of Delegated Regulation (EU) 2017/583, may be deferred until the end of the trading day rather than 15 minutes as provided for by the same regulation. This decision will take effect on May 4, 2026. Communication 2/3 / FSMA_2026_12 of 28/04/2026 / FSMA The MiFIR Regulation established a set of rules on post-trade transparency for transactions in financial instruments, including sovereign bonds, to ensure that trading data is published in a timely and appropriate manner, to prevent liquidity providers from being exposed to excessive risks, and to preserve the proper functioning and integrity of financial markets. Under Article 11, paragraph 3, of the MiFIR Regulation, the FSMA may authorize additional deferral measures for post-trade transparency obligations relating to sovereign bonds issued in Belgium, where such deferral measures are necessary to take into account the specific characteristics of the sovereign bond market. These additional deferral measures can help ensure adequate protection of market liquidity and a smooth price formation process. The FSMA took into account the specific liquidity profiles of sovereign bonds and assessed the potential impact of immediate post-trade publication on market liquidity and price formation. The FSMA carefully considered the need to maintain a balance between transparency and market efficiency, ensuring that additional deferral regimes are limited in scope and proportionate, and do not undermine the general objectives of the MiFIR Regulation. The FSMA recognizes that allowing the volume of a transaction not to be published for a limited period, namely until the end of the trading day, for transactions in Belgian sovereign bonds of Group 1 falling under Category 1, can facilitate the proper execution of transactions, particularly in situations where publication after 15 minutes could have a negative effect on liquidity provision or market functioning. This decision was taken in consistency with the opinion of the CEF sub-committee on European Sovereign Debt Markets (ESDM). In accordance with Article 11, paragraph 3, of the MiFIR Regulation, the FSMA will monitor the application of the additional deferral regime authorized under this decision, ensuring that it continues to contribute to market transparency and the proper functioning of sovereign bond markets. This decision is
without prejudice to the application of the normal post-trade transparency deferral regime, as provided for in Article 11, paragraph 1, of the MiFIR Regulation and supplemented by Delegated Regulation (EU) 2017/583, and is limited to the instruments and categories specified therein, namely transactions in Belgian sovereign bonds of Group 1 falling under Category 1 (medium-sized transactions, liquid instruments), as defined in Table 2.6 of Annex III of Delegated Regulation (EU) 2017/583. 3/3 / FSMA_2026_12 of 28/04/2026 / FSMA Decision:
Market participants and investment firms may apply an additional deferral regime in accordance with Article 11, paragraph 3, point (a), of Regulation (EU) No 600/2014 (MiFIR), limited to the omission of the volume of individual transactions in Belgian sovereign bonds. The volume of these transactions must be published no later than the end of the trading day. This decision applies to transactions in Belgian sovereign bonds of Group 1 falling under Category 1 (medium-sized transactions, liquid instruments), as defined in Table 2.6 of Annex III of Delegated Regulation (EU) 2017/583, for which the FSMA is competent under Article 11, paragraph 3, of the MiFIR Regulation. This decision will take effect on May 4, 2026.