TITLE IIAUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS
CHAPTER IIOPERATING CONDITIONS FOR INVESTMENT FIRMS
Section 3Market transparency and integrity
Article 29Pre-trade transparency requirements for MTFs
1
Member States shall, at least, require that investment firms and market operators operating an MTF make public current bid and offer prices and the depth of trading interests at these prices which are advertised through their systems in respect of shares admitted to trading on a regulated market. Member States shall provide for this information to be made available to the public on reasonable commercial terms and on a continuous basis during normal trading hours.
2
Member States shall provide for the competent authorities to be able to waive the obligation for investment firms or market operators operating an MTF to make public the information referred to in paragraph 1 based on the market model or the type and size of orders in the cases defined in accordance with paragraph 3. In particular, the competent authorities shall be able to waive the obligation in respect of transactions that are large in scale compared with normal market size for the share or type of share in question.
3
In order to ensure the uniform application of paragraphs 1 and 2, the Commission shallF1, in accordance with the procedure referred to in Article 64(2) adopt implementing measures as regards:
a
the range of bid and offers or designated market-maker quotes, and the depth of trading interest at those prices, to be made public;
b
the size or type of orders for which pre-trade disclosure may be waived under paragraph 2;
c
the market model for which pre-trade disclosure may be waived under paragraph 2 and in particular, the applicability of the obligation to trading methods operated by an MTF which conclude transactions under their rules by reference to prices established outside the systems of the MTF or by periodic auction.
Except where justified by the specific nature of the MTF, the content of these implementing measures shall be equal to that of the implementing measures provided for in Article 44 for regulated markets.
F2The measures referred to in the first subparagraph, designed to amend non-essential elements of this Directive by supplementing it, shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Article 64(2).