On June 13, 2016, the European Commission adopted a Delegated Regulation supplementing MiFIR with regard to RTS on the volume cap mechanisms and the provision of information for the purposes of transparency and other calculations. The adopted Regulation specifies general terms with regards to data submissions and reporting to ensure the consistency of data content, quality and format.

MiFIR requires regulators and ESMA to perform calculations to calibrate the applicability of the pre-and post-trade transparency regime and the applicability of the trading obligation for derivatives and to determine whether an investment firm is a systematic internaliser. The adopted RTS specifies the common elements of data content and format to be submitted by trading venues, approved publication arrangements and consolidated tape providers for the purpose of transparency and other calculations, as well as specifying reporting requirements for the purposes of the volume cap mechanism.

The adopted RTS must still be approved by the European Parliament and the Council of the European Union and be published in the Official Journal before they can enter into force.

The adopted RTS is available at: http://ec.europa.eu/transparency/regdoc/rep/3/2016/EN/3-2016-2711-EN-F1-1.PDF and the Annex is available at: http://ec.europa.eu/transparency/regdoc/rep/3/2016/EN/3-2016-2711-EN-F1-1-ANNEX- 1.PDF.