RTS 27 reporting temporarily suspended

The COVID-19 pandemic is severely affecting people, companies, health systems and the economies and financial systems of Member States. In its Communication of 27 May 2020 entitled ‘Europe’s moment: Repair and Prepare for the Next Generation’ the European Commission stressed that liquidity and access to finance will be a continued challenge.


To help the recovery from the COVID-19 crisis, the European Parliament and the EU Council published the Directive (EU) 2021/338 that amends the Directive 2014/65/EU (MiFIDII) and Directives 2013/36/EU and (EU) 2019/878 as regards their application to investment firms.

This new Directive, Directive (EU) 2021/338 of the European Parliament and of the Council of February 2021, refers to amendments on specific articles of 2014/65/EU (MiFID II), Directives 2013/36/EU and (EU) 2019/878. 

Relevant to the Directive 2014/65/EU and Directives 2013/36/EU and (EU) 2019/878, a number of Articles are amended and a number of Articles are inserted.  Furthermore, a number of paragraphs and subparagraphs are added.

In accordance with the Article 4 of the Directive (EU) 2021/338, Member States shall adopt and publish by 28 November 2021 the laws, regulations and administrative provisions necessary to comply with this Directive (EU) 2021/338. They shall immediately communicate the text of those measures to the Commission. Measures to be adopted by Member States shall be applied from 28 February 2022.
Amendments to Directives 2013/36/EU and (EU) 2019/878 shall apply from 28 December 2020. 

One of the amendments provided in the Directive (EU) 2021/338 is about the reporting obligation of trading venues and systematic internalisers concerning the data on the quality of execution of transactions (RTS 27). This is relevant with the Article 27(3) of the Directive 2014/65/EU.

In accordance with this amendment, the periodic reporting requirement to the public laid down in Article 27(3) of the Directive 2014/65/EU shall not apply until 28 February 2023.
Specific, the Article 1(6) of the Directive (EU) 2021/338 provides that ‘The periodic reporting requirement to the public laid down in this paragraph shall not apply until 28 February 2023.
The Commission shall comprehensively review the adequacy of the reporting requirements laid down in this paragraph and submit a report to the European Parliament and the Council by 28 February 2022.’

The Directive (EU) 2021/338 can be found on the following link: Directive (EU) 2021/338

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