MiFID allows competent authorities to grant four types of waivers which are contained in Articles 18 and 20 of MiFID Implementing Regulation. Possible waivers apply to: (i) Reference price systems; (ii) Negotiated trade systems, (iii) Order Management facilities; and (iv) Large-in-scale transactions.

CESR published its first positions on MiFID pre-transparency waivers on 20 May 2009 and last updated them on 22 December 2010. This document endorses the decisions previously adopted by CESR.

ESMA has issued this publication which is aimed at competent authorities under MiFID to ensure that in their supervisory activities their actions are converging in accordance with the opinions provided by ESMA.