Requirement (MIFID)
Article 28 Post-trade disclosure by investment firms
Requirements MIFID - DIRECTIVE 2004/39/EC
Description
Description
1. Member States shall, at least, require investment firms which,
either on own account or on behalf of clients, conclude transactions in
shares admitted to trading on a regulated market outside a regulated
market or MTF, to make public the volume and price of those transactions
and the time at which they were concluded. This information shall
be made public as close to real-time as possible, on a reasonable
commercial basis, and in a manner which is easily accessible to other
market participants.
2. Member States shall require that the information which is made
public in accordance with paragraph 1 and the time-limits within which
it is published comply with the requirements adopted pursuant to
Article 45. Where the measures adopted pursuant to Article 45 provide
for deferred reporting for certain categories of transaction in shares, this
possibility shall apply mutatis mutandis to those transactions when
undertaken outside regulated markets or MTFs.
3. In order to ensure the transparent and orderly functioning of
markets and the uniform application of paragraph 1, the Commission
shall adopt, in accordance with the procedure referred to in Article 64
(2), implementing measures which:
(a) specify the means by which investment firms may comply with their
obligations under paragraph 1 including the following possibilities:
(i) through the facilities of any regulated market which has
admitted the instrument in question to trading or through the
facilities of an MTF in which the share in question is traded;
(ii) through the offices of a third party;
(iii) through proprietary arrangements;
(b) clarify the application of the obligation under paragraph 1 to transactions
involving the use of shares for collateral, lending or other
purposes where the exchange of shares is determined by factors
other than the current market valuation of the share.
Referenced requirement
Article 33 Calculations and estimates for shares admitted to trading on a regulated market
Article 34 Publication and effect of results of required calculations and estimates
Article 32 Arrangements for making information public
Article 29 Publication and availability of pre- and post-trade transparency data
Article 30 Public availability of pre- and post-trade information
Article 28 Deferred publication of large transactions
Article 27 Post-trade transparency obligation