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Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014
On markets in financial instruments
and amending Regulation (EU) No 648/2012 (Text with EEA relevance)Markets in Financial Instruments Regulation – MiFIR
- Recitals
TITLE I — SUBJECT MATTER, SCOPE AND DEFINITIONS- TITLE II — TRANSPARENCY FOR TRADING VENUES
- CHAPTER 1 — Transparency for equity instruments
- Article 3 — Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
- Article 4 — Waivers for equity instruments
- Article 5 — Volume Cap Mechanism
- Article 6 — Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
- Article 7 — Authorisation of deferred publication
- CHAPTER 2 — Transparency for non-equity instruments
- Article 8 — Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives
- Article 9 — Waivers for non-equity instruments
- Article 10 — Post-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives
- Article 11 — Authorisation of deferred publication
- CHAPTER 3 — Obligation to offer trade data on a separate and reasonable commercial basis
- TITLE III — TRANSPARENCY FOR SYSTEMATIC INTERNALISERS AND INVESTMENT FIRMS TRADING OTC AND TICK SIZE REGIME FOR SYSTEMATIC INTERNALISERS
- Article 14 — Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
- Article 15 — Execution of client orders
- Article 16 — Obligations of competent authorities
- Article 17 — Access to quotes
- Article 17a — Tick sizes
- Article 18 — Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivatives
- Article 19 — Monitoring by ESMA
- Article 20 — Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
- Article 21 — Post-trade disclosure by investment firms, including systematic internalisers, in respect of bonds, structured finance products, emission allowances and derivatives
- Article 22 — Providing information for the purposes of transparency and other calculations
- Article 23 — Trading obligation for investment firms
- TITLE IV — TRANSACTION REPORTING
- TITLE IVa — DATA REPORTING SERVICES
- CHAPTER 1 — Authorisation of data reporting services providers
- Article 27a
- Article 27b — Requirement for authorisation
- Article 27c — Authorisation of data reporting services providers
- Article 27d — Procedures for granting and refusing applications for authorisation
- Article 27e — Withdrawal of authorisation
- Article 27f — Requirements for the management body of a data reporting services provider
- CHAPTER 2 — Conditions for APAs, CTPs and ARMs
- TITLE V — DERIVATIVES
- Article 28 — Obligation to trade on regulated markets, MTFs or OTFs
- Article 29 — Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing
- Article 30 — Indirect Clearing Arrangements
- Article 31 — Portfolio Compression
- Article 32 — Trading obligation procedure
- Article 33 — Mechanism to avoid duplicative or conflicting rules
- Article 34 — Register of derivatives subject to the trading obligation
- TITLE VI — NON-DISCRIMINATORY CLEARING ACCESS FOR FINANCIAL INSTRUMENTS
- TITLE VIa — ESMA POWERS AND COMPETENCES
- CHAPTER 1 — Competences and procedures
- CHAPTER 2 — Administrative sanctions and other administrative measures
- Article 38h — Fines
- Article 38i — Periodic penalty payments
- Article 38j — Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
- Article 38k — Procedural rules for taking supervisory measures and imposing fines
- Article 38l — Hearing of the persons concerned
- Article 38m — Review by the Court of Justice
- Article 38n — Authorisation and supervisory fees
- Article 38o — Delegation of tasks by ESMA to competent authorities
- TITLE VII — SUPERVISORY MEASURES ON PRODUCT INTERVENTION AND POSITIONS
- TITLE VIII — PROVISION OF SERVICES AND PERFORMANCE OF ACTIVITIES BY THIRD-COUNTRY FIRMS FOLLOWING AN EQUIVALENCE DECISION WITH OR WITHOUT A BRANCH
- TITLE IX — DELEGATED AND IMPLEMENTING ACTS
- TITLE X — FINAL PROVISIONS
- Final