MiFIR

• MiFIR
  • NOTE ABOUT MIFIR TRANSITIONAL REGIME
  • Recital
  • TITLE I SUBJECT MATTER, SCOPE AND DEFINITIONS
    • Article 1 Subject matter and scope

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    • Article 2 Definitions

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  • 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

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    • Article 4 Waivers for equity instruments

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    • Article 5 Volume Cap

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    • Article 6 Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments

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    • Article 7 Authorisation of deferred publication

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    • CHAPTER 2 Transparency for non-equity instruments
    • Article 8 Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products and emission allowances

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    • Article 8a Pre-trade transparency requirements for trading venues in respect of derivatives

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    • Article 8b Pre-trade transparency requirements for trading venues in respect of package orders

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    • Article 9 Waivers for bonds, structured finance products, emission allowances, derivatives and package orders

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    • Article 10 Post-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives

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    • Article 11 Deferred publication in respect of bonds, structured finance products or emission allowances

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    • Article 11a Deferred publication in respect of derivatives
    • CHAPTER 3 Obligation to offer trade data on a separate and reasonable commercial basis
    • Article 12 Obligation to make pre-trade and post-trade data available separately

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    • Article 13 Obligation to make pre-trade and post-trade data available on a reasonable commercial basis

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  • TITLE III TRANSPARENCY FOR SYSTEMATIC INTERNALISERS AND INVESTMENT FIRMS TRADING OTC
    • Article 14 Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments

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    • Article 15 Execution of client orders

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    • Article 16 Obligations of competent authorities

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    • Article 17 Access to quotes

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    • Article 17a Tick sizes

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    • Article 20 Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments

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    • Article 21 Post-trade disclosure by investment firms in respect of bonds, structured finance products, emission allowances and derivatives

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    • Article 21a Designated publishing entities
    • Article 22 Providing information for the purposes of transparency and other calculations
    • Article 22a Transmission of data to the CTP
    • Article 22b Data quality
    • Article 22c Synchronisation of business clocks
    • Article 23 Trading obligation for investment firms

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    • Article 23a Accessibility of information on the European single access point
  • TITLE IV TRANSACTION REPORTING
    • Article 24 Obligation to uphold integrity of markets
    • Article 25 Obligation to maintain records

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    • Article 26 Obligation to report transactions

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    • Article 27 Obligation to supply financial instrument reference data

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  • Title IVa DATA REPORTING SERVICES
  • CHAPTER 1 Authorisation of data reporting services providers
    • Article 27a

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    • Article 27b Requirement for authorisation

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    • Article 27c Authorisation of data reporting services providers

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    • Article 27d Procedures for granting and refusing applications for authorisation of ARMs and APAs

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    • Article 27da Procedure for the selection of a single CTP for each asset class
    • Article 27db Procedures for granting and refusing applications for authorisation of CTPs
    • Article 27e Withdrawal of authorisation

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    • Article 27f Requirements for the management body of a data reporting services provider

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  • CHAPTER 2 Conditions for APAs, CTPs and ARMs
    • Article 27g Organisational requirements for APAs

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    • Article 27h Organisational requirements for CTPs

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    • Article 27ha Reporting obligations for CTPs
    • Article 27i Organisational requirements for ARMs

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  • TITLE V DERIVATIVES
    • Article 28 Obligation to trade on regulated markets, MTFs or OTFs

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    • Article 29 Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing

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    • Article 30 Indirect Clearing Arrangements

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    • Article 31 Post-trade risk reduction services
    • Article 32 Trading obligation procedure

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    • Article 32a Stand-alone suspension of the trading obligation
    • 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
    • Article 35 Non-discriminatory access to a CCP

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    • Article 36 Non-discriminatory access to a trading venue

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    • Article 37 Non-discriminatory access to and obligation to licence benchmarks

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    • Article 38 Access for third-country CCPs and trading venues

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  • TITLE VIa ESMA POWERS AND COMPETENCES
  • CHAPTER 1 Competences and procedures
    • Article 38a Exercise of ESMA’s powers
    • Article 38b Request for information
    • Article 38c General investigations
    • Article 38d On-site inspections
    • Article 38e Exchange of information
    • Article 38f Professional secrecy
    • Article 38g Supervisory measures by ESMA
  • 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

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    • Article 38l Hearing of the persons concerned
    • Article 38m Review by the Court of Justice
    • Article 38n Authorisation and supervisory fees

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    • Article 38o Delegation of tasks by ESMA to competent authorities
  • TITLE VII SUPERVISORY MEASURES ON PRODUCT INTERVENTION AND POSITIONS
    • CHAPTER 1 Product monitoring and intervention
    • Article 39 Market monitoring
    • Article 39a Prohibition of receiving payment for order flow
    • Article 40 ESMA temporary intervention powers

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    • Article 41 EBA temporary intervention powers

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    • Article 42 Product intervention by competent authorities

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    • Article 43 Coordination by ESMA and EBA

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  • CHAPTER 2 Positions
    • Article 44 Coordination of national position management measures and position limits by ESMA
    • Article 45 Position management powers of ESMA

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  • TITLE VIII PROVISION OF SERVICES AND PERFORMANCE OF ACTIVITIES BY THIRD-COUNTRY FIRMS FOLLOWING AN EQUIVALENCE DECISION WITH OR WITHOUT A BRANCH
    • Article 46 General provisions

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    • Article 47 Equivalence decision
    • Article 48 Register
    • Article 49 Measures to be taken by ESMA
  • TITLE IX DELEGATED AND IMPLEMENTING ACTS
    • CHAPTER 1 Delegated acts
    • Article 50 Exercise of the delegation
    • CHAPTER 2 Implementing acts
    • Article 51 Committee procedure
  • TITLE X FINAL PROVISIONS
    • Article 52 Reports and review
    • Article 53 Amendment of Regulation (EU) No 648/2012
    • Article 54 Transitional provisions
    • Article 54a Transitional measures related to ESMA
    • Article 54b Relations with auditors
    • Article 55 Entry into force and application