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No. 371/2024
11 March 2024

RULES

on transparency requirements for markets for financial instruments.

Article 1. Scope.

These rules apply to the further implementation of Act No. 115/2021 on markets for financial instruments with regard to:

• Transparency requirements for trading venues and investment firms with regard to bonds, structured financial products, emission allowances and derivatives, cf. Articles 1, 9, 11, 21 and 22. MiFIR.

• Transparency requirements for trading venues and investment firms with regard to shares, depositary receipts, exchange-traded funds, certificates or other similar financial instruments and the obligation that transactions in certain shares shall take place on a trading venue or with a systematic internaliser, cf. Articles 4, 7, 14, 20, 22 and 23. MiFIR.

• Volume cap mechanism and arrangements for information provision with regard to transparency and other calculations, cf. Articles 5 and 22. MiFIR.

• Adjustment of liquidity thresholds and percentages of transactions used to determine the size specific to the instrument that applies to certain instruments other than share instruments, cf. Article 9. MiFIR.

• Exemption from pre- and post-trade transparency requirements for central banks of certain third countries in the conduct of their monetary, foreign exchange and financial stability policy, cf. Article 9. MiFIR.

• Specification of pre- and post-trade data offered and level of data disaggregation, cf. Article 12. MiFIR.

Article 2. References.

Entities that meet the requirements of Directive 2003/87/EC: References in these rules to any kind of entity recognised as meeting the requirements of Directive 2003/87/EC of the European Parliament and of the Council shall be understood as references to point (h) of paragraph 2 of Article 4 of Act No. 115/2021 on markets for financial instruments.

Financial instrument / contract / derivative cf. points 4 to 10 of Section C of Annex I to MiFID II: References in these rules to a financial instrument, contract or derivative cf. points 4 to 10 of Section C of Annex I to Directive 2014/65/EU shall be understood as references to derivatives cf. paragraph 1 of Article 4 of Act No. 115/2021 on markets for financial instruments.

Financial instruments relating to emission allowances: References in these rules to a financial instrument relating to emission allowances as specified in point 4 of Section C of Annex I to Directive 2014/65/EU shall be understood as references to point (g) of paragraph 2 of Article 4 of Act No. 115/2021 on markets for financial instruments.

Transferable securities: References in these rules to a transferable security as defined in point (c) of point 44 of paragraph 1 of Article 4 of Directive 2014/65/EU shall be understood as a reference to a security cf. paragraph 1 of Article 4 of Act No. 115/2021 on markets for financial instruments.

Companies cf. Article 1 of Directive 2009/101/EC: References in these rules to a company of a type listed in Article 1 of Directive 2009/101/EC of the European Parliament and of the Council or a corresponding company in a third country shall be understood as references to a public limited company, private limited company or partnership, a corresponding company in another EEA State or a corresponding company in a third country.

Depositary receipts: References in these rules to depositary receipts as defined in point 45 of paragraph 1 of Article 4 of Directive 2014/65/EU shall be understood as references to depositary receipts cf. paragraph 1 of Article 4 of Act No. 115/2021 on markets for financial instruments.

Shares: References in these rules to shares as referred to in point (a) of point 44 of paragraph 1 of Article 4 of Directive 2014/65/EC shall be understood as references to shares cf. point (a) of point 64 of paragraph 1 of Article 4 of Act No. 115/2021 on markets for financial instruments.

Commodities traded on a trading venue: References in these rules to commodities traded on a trading venue as defined in point (b) of point 44 of paragraph 1 of Article 4 of Directive 2014/65/EU shall be understood as references to bonds or other secured debt instruments cf. point (b) of point 64 of paragraph 1 of Article 4 of Act No. 115/2021 on markets for financial instruments.

Systematic internaliser: References in these rules to a systematic internaliser as an investment firm as defined in point 20 of paragraph 1 of Article 4 of Directive 2014/65/EU of the European Parliament and of the Council shall be understood as references to a systematic internaliser cf. paragraph 1 of Article 4 of Act No. 115/2021 on markets for financial instruments.

Exchange-traded fund: References in these rules to an exchange-traded fund as defined in point 46 of paragraph 1 of Article 4 of Directive 2014/65/EC shall be understood as references to an exchange-traded fund cf. paragraph 1 of Article 4 of Act No. 115/2021 on markets for financial instruments.

Public disclosure of the time of price quotations: References in these rules to the public disclosure of the time when price quotations have been entered or changed, in accordance with Article 50 of Directive 2014/65/EU shall be understood as references to the synchronisation of business clocks cf. Article 91 of Act No. 115/2021 on markets for financial instruments.

Matched principal trading: References in these rules to matched principal trading (e. matched principal basis) cf. point 38 of paragraph 1 of Article 4 of Directive 2014/65/EU shall be understood as a reference to matched own-account transactions cf. paragraph 1 of Article 4 of Act No. 115/2021 on markets for financial instruments.

UCITS management company: References in these rules to a management company as defined in point (b) of paragraph 1 of Article 2 of Directive 2009/65/EC of the European Parliament and of the Council shall be understood as references to a management company cf. paragraph 1 of Article 3 of Act No. 116/2021 on securities funds.

Manager of specialised funds: References in these rules to a manager of specialised funds as defined in point (b) of paragraph 1 of Article 4 of Directive 2011/61/EU of the European Parliament and of the Council shall be understood as references to a manager of specialised funds cf. paragraph 1 of Article 3 of Act No. 45/2020 on managers of specialised funds.

Bonds and debt instruments cf. point (b) of point 44 of paragraph 1 of Article 4. MiFID II: References in these rules to bonds (for all bonds except commodities traded on a trading venue) and debt instruments as defined in point (b) of item 44 of the first paragraph of Article 4 of Directive 2014/65/EU shall be understood as references to bonds or other secured debt instruments pursuant to point (b) of item 64 of the first paragraph of Article 4 of Act No. 115/2021 on markets for financial instruments.

Article 3. Implementation of regulations.

With these rules, the following Commission regulations (EU) shall enter into force in this country, as published in the EEA Supplement to the Official Journal of the European Union No. 38 of 16 May 2019, pp. 153-155, No. 72 of 11 November 2021, pp. 32-40, 47-167 and 186-209, No. 78 of 9 December 2021, pp. 10-12 and No. 20 of 24 March 2022, pp. 9-11, with the adaptations resulting from Decision of the EEA Joint Committee No. 85/2019 as published in the EEA Supplement to the Official Journal of the European Union No. 88 of 31 October 2019, pp. 7-19, cf. also Protocol 1 on horizontal adaptation to the Agreement on the European Economic Area, cf. the Act on the European Economic Area, No. 2/1993, in which the Protocol is incorporated:

• Commission Delegated Regulation (EU) 2017/572 of 2 June 2016 supplementing Regulation (EU) No. 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on the specification of the data on pre- and post-trade transparency to be offered and the level of disaggregation of data.

• Commission Delegated Regulation (EU) 2017/577 of 13 June 2016 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 on the volume cap mechanism and the provision of information for the purposes of transparency and other calculations.

• Commission Delegated Regulation (EU) 2017/583 of 14 July 2016 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 on transparency requirements for trading venues and investment firms in respect of bonds, structured finance products, emission allowances and derivatives.

• Commission Delegated Regulation (EU) 2017/587 of 14 July 2016 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 on transparency requirements for trading venues and investment firms in respect of shares, depositary receipts, exchange-traded funds, certificates or other similar financial instruments and on the obligation to trade certain shares on a trading venue or by a systematic internaliser.

• Commission Delegated Regulation (EU) 2017/1799 of 12 June 2017 supplementing Regulation (EU) No. 600/2014 of the European Parliament and of the Council as regards the exemption of certain third country central banks from pre- and post-trade transparency requirements in the implementation of their monetary, foreign exchange and financial stability policies.

• Commission Delegated Regulation (EU) 2019/462 of 30 January 2019 amending Delegated Regulation (EU) 2017/1799 as regards the exemption of the Bank of England from the pre- and post-trade transparency requirements laid down in Regulation (EU) No. 600/2014.

With these rules, the following Commission regulations shall also enter into force in this country, as published in the EEA Supplement to the Official Journal of the European Union No. 26 of 21 April 2022, pp. 298-300 and No. 34 of 25 May 2022, pp. 8-10, cf. Decision of the EEA Joint Committee No. 160/2021, cf. also Protocol 1 on horizontal adaptation to the Agreement on the European Economic Area, cf. the Act on the European Economic Area, No. 2/1993, in which the Protocol is incorporated:

• Commission Delegated Regulation (EU) 2019/442 of 12 December 2018 amending and correcting Delegated Regulation (EU) 2017/587 to specify the requirement for prices to reflect prevailing market conditions and to update and correct certain provisions.

• Commission Delegated Regulation (EU) 2019/1000 of 14 March 2019 amending Delegated Regulation (EU) 2017/1799 as regards the exemption of the People's Bank of China from the pre- and post-trade transparency requirements laid down in Regulation (EU) No. 600/2014.

With these rules, Commission Delegated Regulation (EU) 2021/529 of 18 December 2020 on technical regulatory standards amending Delegated Regulation (EU) 2017/583 as regards the adjustment of liquidity thresholds and percentages of transactions used to determine the size specific to the instrument that applies to certain instruments other than equity instruments, published in the EEA Supplement to the Official Journal of the European Union No. 26 of 21 April 2022, pp. 301-302, cf. Decision of the Joint EEA Committee No. 217/2021, cf. also Protocol 1 on horizontal adaptation to the Agreement on the European Economic Area, cf. the Act on the European Economic Area, No. 2/1993, in which the Protocol is incorporated into law, also enters into force in this country.

With these rules, Commission Delegated Regulation (EU) 2022/629 of 12 January 2022 amending the technical regulatory standards laid down in Delegated Regulation (EU) 2017/583 as regards the adjustment of liquidity thresholds and percentages of transactions used to determine the size specific to the instrument that applies to certain instruments other than equity instruments, published in the EEA Supplement to the Official Journal of the European Union No. 40 of 25 May 2023, pp. 15-17, cf. Decision of the Joint EEA Committee No. 250/2022 published in the EEA Supplement to the Official Journal of the European Union No. 31 of 20 April 2023 p. 45, cf. also Protocol 1 on horizontal adaptation to the Agreement on the European Economic Area, cf. the Act on the European Economic Area, No. 2/1993, in which the Protocol is incorporated into law, also enters into force in this country.

With these rules, the following Commission Regulations, published in the EEA Supplement to the Official Journal of the European Union No. 11 of 1 February 2024, pp. 662-778, cf. Decision of the Joint EEA Committee No. 284/2023, cf. also Protocol 1 on horizontal adaptation to the Agreement on the European Economic Area, cf. the Act on the European Economic Area, No. 2/1993, in which the Protocol is incorporated into law, also enter into force in this country:

• Commission Delegated Regulation (EU) 2023/944 of 17 January 2023 amending and correcting the technical regulatory standards laid down in Delegated Regulation (EU) 2017/587 as regards certain transparency requirements applicable to transactions in equity instruments.

• Commission Delegated Regulation (EU) 2023/945 of 17 January 2023 amending the technical regulatory standards laid down in Delegated Regulation (EU) 2017/583 as regards certain transparency requirements applicable to transactions in instruments other than equity instruments.

Article 4. Entry into force.

These rules, laid down under the authority of items 1, 3, 4, 5, 6, 8, 9, 11, 15, 16, 17 and 18 of the second paragraph of Article 145 of Act No. 115/2021 on markets for financial instruments, enter into force immediately. At the same time, rules No. 983/2023 on transparency requirements for markets for financial instruments shall cease to be valid.

Central Bank of Iceland, 11 March 2024.

	Ásgeir Jónsson Governor of the Central Bank.	Rannveig Júníusdóttir Managing Director.

Section B - Publication: 25 March 2024