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A firm must make public specified information about transactions in shares admitted to trading on a regulated market outside a {{tag|regulated market}} or {{tag|MTF}}. Typically this must be done within 3 minutes of the transaction taking place. Deferred publication is however permitted for very large trades. | A firm must make public specified information about transactions in shares admitted to trading on a regulated market outside a {{tag|regulated market}} or {{tag|MTF}}. Typically this must be done within 3 minutes of the transaction taking place. Deferred publication is however permitted for very large trades. | ||
In a {{nutshell}}: | |||
{{box| | |||
1. investment firms who execute, outside a {{tag|regulated market}} or {{tag|MTF}}, transactions in shares that are adminted to trading on a {{tag|regulated market}}, must publish the volume and price of those transactions and the time at which they were concluded as close to real-time as possible, in a way which is easily accessible to other market participants. | |||
2. This must happen in accordance with Article {{eudirprov|45|MiFID}}. Article {{eudirprov|45|MiFID}}'s provisions allowing for deferred reporting for certain transaction types applies mutatis mutandis where those trades are undertaken outside regulated markets or MTFs. | |||
3. The Commission shall: | |||
:(a) specify how investment firms may comply with their reporting obligations under paragraph 1 including: | |||
::(i) through the facilities of any {{tag|regulated market}} {{tag|MTF}} on which the share in question is traded; | |||
::(ii) through 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. | |||
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