Application of post-trade transparency to certain types of transactions executed outside a trading venue
(Article 20(1) of Regulation (EU) No 600/2014)
The obligation in Article 20(1) of Regulation (EU) No 600/2014 shall not apply to the following:
(a)excluded transactions listed under Article 2(5) of Commission Delegated Regulation (EU) 2017/590 (7) where applicable;
(b)transactions executed by a management company as defined in Article 2(1)(b) of Directive 2009/65/EC or an alternative investment fund manager as defined in Article 4(1)(b) of Directive 2011/61/EU which transfers the beneficial ownership of financial instruments from one collective investment undertaking to another and where no investment firm is a party to the transaction;
(c)give-up transactions and give-in transactions;
(d)transfers of financial instruments as collateral in bilateral transactions or in the context of a CCP margin or collateral requirements or as part of the default management process of a CCP.