Solutions Atlantic Issues New Form for Germany

Solutions Atlantic has released an updated substantial shareholding disclosure form for Germany to reflect the changes announced by BaFin on 3 January. BaFin released a new form to reflect current section numbers of the German legislation, the WpHG. The content of the form remains the same as does submission protocol.

Germany – BaFin MiFIDII Trade Exemptions

On 2 January, BaFin issued guidance on trade reporting under MiFID.

  • Issued new rules on systematic internaliser, post-trade transparency under MiFID II.

Systematic Internalisers

  • BaFin issued rules exempting SIs from duty to provide quotes on illiquid instruments.
  • As of 3 January 2018, MiFIR introduces new rules for SIs, who must offer clients quotes.
  • Applies to debt security, structured products, carbon credits, where no liquid market.
  • Scope of SI duties, regarding illiquid non-equity instruments, specified in ESMA FAQs.
  • Must make quote for illiquid non-equity instrument available to other clients or public.
  • ESMA clarifies SI must disclosure price quote under MiFIR to other clients on request.
  • National regulatory authority able to exempt systematic internalisers from obligation.

Eurex Clearing Waiver

  • From 3 January 2018, Article 35 of MiFIR provides that a trading venue has the right to
    non-discriminatory access to a central counterparty, if certain conditions can be met.
  • Exchange-traded derivatives can be excluded until 3 July 2020, on request of a CPP.
  • Bafin has granted Eurex Clearing AG such an exclusion with effect from 3 January 2018.
  • Doesn’t have to apply MiFIR Art. 35 to exchange-traded derivatives until 3 July 2020.

Post-Trade Transparency

  • From 3 January 2018, new rules on post-trade transparency in transaction apply, MiFIR.
  • Details on transactions at trading venue or over-the-counter (OTC) transactions with
    financial instruments to be published in real time or as quickly as technically possible.
  • But national authorities may, subject to conditions authorize publication at later date.
  • May also allow certain information about the business to be published at a later date.
  • BaFin issued general decree authorizing subsequent publication of transaction in non-
    equity instruments in trading venues, operated by an investment services enterprise.
  • Decree authorizing the later publication of OTC transaction in non-equity instruments.
  • General decree, authorizing subsequent publication of equity instrument transactions.
  • BaFin revokes a general ruling allowing later publication of transactions under section
    31h of German Securities Trading Act, participants heard twice in October and December 2017.
  • Above 3 general rulings allowing later transaction publication apply until 1 January 2019.

Business Permit

  • Securities trading firms banks must comply with new requirements from 3 January 2018
    when they apply for a business license from BaFin under MiFID II del reg see website.


  • MiFID II and the BaFin exemptions and exclusions, are applicable from 3 January 2018.

Italy – Consob MiFID Regulated Market

On 29 December, Consob adopted regulated markets provisions for MIFID.

  • Consob has adopted the new market regulation that incorporate Mifid directive.
  • New market regulation of Consob, will also repeal and replace the existing one.
  • Follows responses to Consob consultation, held between July 31-September 30, 2017.

Key Changes

  • Redefined organizational and operational requirements related to trading venues.
  • For regulated markets, multilateral trading systems (MTF), and new type of OTF.
  • Revised transparency requirements and reporting of financial instruments trades.
  • New limit on positions in commodity derivatives and data communication service.


  • Will enter in force the day following its date of publication in the official gazette.
  • From its application, firms are required to comply with communication obligation.
  • Special transitional regime has been for timely adjustment to the new disclosure.
  • To persons who, as of 3 January 2018, are already authorized, and fully operational.