Recital 7

(7)Article 5 of Regulation (EU) No 600/2014 on the volume cap was amended by Regulation (EU) 2024/791 by replacing the double volume cap with a single Union-wide volume cap set at 7 %. Regulation (EU) 2024/791 also removed from the scope of the transactions subject to the volume cap the transactions carried out under the waiver referred to in Article 4(1), point (b)(i), of Regulation (EU) No 600/2014 (negotiated trade waiver for liquid instruments), and allowed trading venues to suspend the use of the waiver referred to in Article 4(1), point (a), of that Regulation (reference price waiver) based on the trading data published by ESMA on a quarterly basis. In addition, Directive (EU) 2019/1024 of the European Parliament and of the Council ⁷ introduced a harmonised definition of ‘machine-readable format’ applicable to public sector bodies. Article 8 of Delegated Regulation (EU) 2017/577 on the publication requirements for ESMA for the purposes of the volume cap should therefore be amended to reflect those changes.