meta_id 3238517

On June 12, 2026, the European Commission adopted Implementing Regulation (EU) 2026/1288, which suspends the derivative trading obligation for specified financial counterparties under Regulation (EU) No 600/2014 (Markets in Financial Instruments Regulation). The regulation entered into force on June 18, 2026. The suspension applies to four financial counterparties: BNP Paribas SA, Crédit Agricole CIB, Deutsche Bank AG, and Société Générale SA. These institutions may now trade derivatives subject to the trading obligation on United Kingdom trading venues without complying with the requirement to use only regulated markets, multilateral trading facilities (MTFs), organised trading facilities (OTFs), or recognised equivalent third-country venues. The Autorité des Marchés Financiers (AMF) and Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) requested the suspension, demonstrating that these counterparties regularly act as market makers in over-the-counter (OTC) derivatives and regularly receive requests for quotes from non-European Economic Area (non-EEA) counterparties without active membership on EEA trading venues. Additionally, BNP Paribas SA received a separate suspension for credit default swaps on dealer-to-dealer venues in the United Kingdom, where it intends to trade with market-making counterparties that lack active membership on EEA dealer-to-dealer venues. The European Securities and Markets Authority (ESMA) concurred with the assessment on October 9, 2025. The Commission will review the suspension every five years, with competent authorities required to provide updated evidence six months before each review. Competent authorities must immediately notify the Commission if the conditions for suspension are no longer met. The Commission may revoke the suspension if grounds no longer apply, following notification to the relevant competent authority and allowing six weeks for response. REFERENCES: EUR-Lex: Commission Implementing Regulation (EU) 2026/1288 of 12 June 2026 http://data.europa.eu/eli/reg_impl/2026/1288/oj