The European Commission has adopted a Delegated Regulation under MiFIR relating to definitions, transparency, portfolio compression and supervisory measures on product intervention and positions, which will come into force on 3 January 2018. The aim of the Delegated Regulation is to specify, in particular, the rules relating to: (i) determining liquidity for equity instruments; (ii) the provision of market data on a reasonable commercial basis; (iii) publication, order execution and transparency obligations for systematic internalisers; (iv) supervisory measures on product intervention by ESMA, EBA and national authorities; and (v) position management powers by ESMA.