to that established by Regulation (EU) No. xx/xxxx [RTS on Art 27 MiFIR — Reference data]. For the purpose of the determination of the sub-classes of financial instruments not having a liquid market for the asset-class of foreign exchange derivatives, the lack of data allowing a comprehensive analysis of the entire market permitted the definition of the qualitative liquidity criteria to be considered for the segmentation of the asset class but prevented the determination of the liquidity thresholds. As a result, until data of better quality is available, the asset class of foreign exchange derivatives should be considered not to have a liquid market. The new legislation of the European Parliament and of the Council on markets in financial instruments set out in Directive 2014/65/EU and Regulation (EU) No 600/2014 applies from 3 January 2017. To ensure consistency and certainty, this Regulation should apply from the same date. However, to ensure that the new transparency regulatory regime can operate effectively from 3 January 2017, and that market participants have sufficient time to implement the new requirements by that date, it is necessary for certain transitional provisions to apply from the date of entry into force of this Regulation. These transitional provisions should enable the collection of data on a best effort basis for the transparency purposes and provide for an earlier publication of instruments or classes of instruments for which there is not a liquid market and of the thresholds for pre-trade waivers and deferrals to post-trade transparency. This Regulation is based on the draft regulatory technical standards submitted by the European Securities and Markets Authority (ESMA) to the Commission. ESMA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Securities and Markets Stakeholder Group established by Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council3, HAS ADOPTED THIS REGULATION: CHAPTER I Article 1 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 3 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84).
to that established by Regulation (EU) No. xx/xxxx [RTS on Art 27 MiFIR data]. For the purpose of the determination of the sub-classes of financial instruments not having a liquid market for the asset-class of foreign exchange derivatives, the lack of data allowing a comprehensive analysis of the entire market permitted the definition of the qualitative liquidity criteria to be considered for the segmentation of the asset class but prevented the determination of the liquidity thresholds. As a result, until data of better quality is available, the asset class of foreign exchange derivatives should be considered not to have a liquid market. The new legislation of the European Parliament and of the Council on markets in financial instruments set out in Directive 2014/65/EU and Regulation (EU) No 600/2014 applies from 3 January 2017. To ensure consistency and certainty, this Regulation should apply from the same date. However, to ensure that the new transparency regulatory regime can operate effectively from 3 January 2017, and that market participants have sufficient time to implement the new requirements by that date, it is necessary for certain transitional provisions to apply from the date of entry into force of this Regulation. These transitional provisions should enable the collection of data on a best effort basis for the transparency purposes and provide for an earlier publication of instruments or classes of instruments for which there is not a liquid market and of the thresholds for pre-trade waivers and deferrals to post-trade transparency. This Regulation is based on the draft regulatory technical standards submitted by the European Securities and Markets Authority (ESMA) to the Commission. ESMA has conducted open public consultations on the draft regulatory technical standards on which this Regulation is based, analysed the potential related costs and benefits and requested the opinion of the Securities and Markets Stakeholder Group established by Article 37 of Regulation (EU) No 1095/2010 of the European Parliament and of the Council3, HAS ADOPTED THIS REGULATION: CHAPTER I Article 1 3 Regulation (EU) No 1095/2010 of the European Parliament and of the Council of 24 November 2010 establishing a European Supervisory Authority (European Securities and Markets Authority), amending Decision No 716/2009/EC and repealing Commission Decision 2009/77/EC (OJ L 331, 15.12.2010, p. 84). — Reference
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