Recital 21

Regulation (EU) 2024/791 of the European Parliament and of the Council of 28 February 2024 amending Regulation (EU) No 600/2014 as regards enhancing data transparency, removing obstacles to the emergence of consolidated tapes, optimising the trading obligations and prohibiting receiving payment for order flow (Text with EEA relevance) · European Union

(21) Article 23 of Regulation (EU) No 600/2014 requires that most of the trading in shares take place on trading venues or systematic internalisers (‘share trading obligation’). This requirement does not apply to trades in shares which are non-systematic, ad hoc, irregular and infrequent. It is currently not sufficiently clear when this exemption applies. ESMA has therefore clarified its scope by making a distinction between shares on the basis of their International Securities Identification Number (ISIN). According to that distinction, only shares with a European Economic Area (EEA) ISIN which are traded on a trading venue are subject to the share trading obligation. That approach provides clarity to market participants trading in shares. ESMA’s current practice should therefore be incorporated in Regulation (EU) No 600/2014, while simultaneously removing the exemption for trades in shares which are non-systematic, ad hoc, irregular and infrequent.

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Source: EUR-Lex (Cellar) · retrieved 2026-10-13 · Text as adopted (Official Journal); later amendments are not incorporated in this text.