(3)Delegated Regulation (EU) 2017/567 does not contain any parameters to determine what constitutes a ‘liquid market’ for the purposes of Articles 4, 5, and 14 of Regulation (EU) No 600/2014 for financial instruments similar to shares, depositary receipts, ETFs, or certificates (‘other similar financial instruments’). To ensure legal clarity, it is necessary to specify that other similar financial instruments should be deemed to be illiquid over their entire trading life.