Recital 4

(4)Article 13(2), and Article 15(5) of Regulation (EU) No 600/2014 empowered the Commission to adopt delegated acts clarifying what constitutes a reasonable commercial basis to make information public pursuant to Article 13(1) and Article 15(1), respectively, which the Commission did in Chapter II of Delegated Regulation (EU) 2017/567. Article 1, point (12), of Regulation (EU) 2024/791 introduced into Regulation (EU) No 600/2014 a new Article 13. That new Article 13 requires market operators and investment firms operating a trading venue, approved publication arrangements (‘APAs’), consolidated tape providers and systematic internalisers to make available to the public the information published in accordance with Articles 3, 4, 6 to 11a, 14, 20, 21, 27g and 27h of Regulation (EU) No 600/2014 on a ‘reasonable commercial basis’. That new Article 13 also empowers ESMA and the Commission to further specify what constitutes ‘a reasonable commercial basis’. The Commission used that empowerment to adopt Commission Delegated Regulation (EU) 2025/1156 ⁵ . It follows that Chapter II of Delegated Regulation (EU) 2017/567 should be deleted.