Regulation (EU) No 600/2014 (MIFIR)

Preamble

Recitals

Title I - SUBJECT MATTER, SCOPE AND DEFINITIONS

• amended Article 1 - Subject matter and scope Title I
• amended Article 2 - Definitions Title I

Title II - TRANSPARENCY FOR TRADING VENUES

• amended Article 4 - Waivers for equity instruments Title II › Chapter 1
• amendedrenamed Article 5 - Volume cap Title II › Chapter 1 was “Article 5 - Volume Cap Mechanism”
• amendedrenamed Article 8 - Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products and emission allowances Title II › Chapter 2 was “Article 8 - Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives”
• inserted Article 8a - Pre-trade transparency requirements for trading venues in respect of derivatives Title II › Chapter 2
• inserted Article 8b - Pre-trade transparency requirements for trading venues in respect of package orders Title II › Chapter 2
• amendedrenamed Article 9 - Waivers for bonds, structured finance products, emission allowances, derivatives and package orders Title II › Chapter 2 was “Article 9 - Waivers for non-equity instruments”
• amended Article 10 - Post-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives Title II › Chapter 2
• amendedrenamed Article 11 - Deferred publication in respect of bonds, structured finance products or emission allowances Title II › Chapter 2 was “Article 11 - Authorisation of deferred publication”
• inserted Article 11a - Deferred publication in respect of derivatives Title II › Chapter 2
• amended Article 12 - Obligation to make pre-trade and post-trade data available separately Title II › Chapter 3
• amended Article 13 - Obligation to make pre-trade and post-trade data available on a reasonable commercial basis Title II › Chapter 3

Title III - TRANSPARENCY FOR SYSTEMATIC INTERNALISERS AND INVESTMENT FIRMS TRADING OTC AND TICK SIZE REGIME FOR SYSTEMATIC INTERNALISERS

• amended Article 14 - Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments Title III
• amended Article 15 - Execution of client orders Title III
• amended Article 16 - Obligations of competent authorities Title III
• amended Article 17a - Tick sizes Title III
• removed Article 18 - Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivatives Title III
• removed Article 19 - Monitoring by ESMA Title III
• amended Article 20 - Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments Title III
• amendedrenamed Article 21 - Post-trade disclosure by investment firms in respect of bonds, structured finance products, emission allowances and derivatives Title III was “Article 21 - Post-trade disclosure by investment firms, including systematic internalisers, in respect of bonds, structured finance products, emission allowances and derivatives”
• inserted Article 21a - Designated publishing entities Title III
• amended Article 22 - Providing information for the purposes of transparency and other calculations Title III
• inserted Article 22a - Transmission of data to the CTP Title III
• inserted Article 22b - Data quality Title III
• inserted Article 22c - Synchronisation of business clocks Title III
• amended Article 23 - Trading obligation for investment firms Title III

Title IV - TRANSACTION REPORTING

• amended Article 25 - Obligation to maintain records Title IV
• amended Article 26 - Obligation to report transactions Title IV
• amended Article 27 - Obligation to supply financial instrument reference data Title IV

Title IVA - DATA REPORTING SERVICES

• amendedrenamed Article 27d - Procedures for granting and refusing applications for authorisation of ARMs and APAs Title IVA › Chapter 1 was “Article 27d - Procedures for granting and refusing applications for authorisation”
• inserted Article 27da - Procedure for the selection of a single CTP for each asset class Title IVA › Chapter 1
• inserted Article 27db - Procedures for granting and refusing applications for authorisation of CTPs Title IVA › Chapter 1
• amended Article 27e - Withdrawal of authorisation Title IVA › Chapter 1
• amended Article 27f - Requirements for the management body of a data reporting services provider Title IVA › Chapter 1
• amended Article 27g - Organisational requirements for APAs Title IVA › Chapter 2
• amended Article 27h - Organisational requirements for CTPs Title IVA › Chapter 2
• inserted Article 27ha - Reporting obligations for CTPs Title IVA › Chapter 2
• amended Article 27i - Organisational requirements for ARMs Title IVA › Chapter 2

Title V - DERIVATIVES

• amended Article 28 - Obligation to trade on regulated markets, MTFs or OTFs Title V
• amendedrenamed Article 31 - Post-trade risk reduction services Title V was “Article 31 - Portfolio Compression”
• amended Article 32 - Trading obligation procedure Title V
• inserted Article 32a - Stand-alone suspension of the trading obligation Title V

Title VI - NON-DISCRIMINATORY CLEARING ACCESS FOR FINANCIAL INSTRUMENTS

• amended Article 35 - Non-discriminatory access to a CCP Title VI
• amended Article 36 - Non-discriminatory access to a trading venue Title VI
• amended Article 38 - Access for third-country CCPs and trading venues Title VI

Title VIA - ESMA POWERS AND COMPETENCES

• amended Article 38g - Supervisory measures by ESMA Title VIA › Chapter 1
• amended Article 38h - Fines Title VIA › Chapter 2

Title VII - SUPERVISORY MEASURES ON PRODUCT INTERVENTION AND POSITIONS

• inserted Article 39a - Prohibition of receiving payment for order flow Title VII › Chapter 1

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

• amended Article 50 - Exercise of the delegation Title IX › Chapter 1

Title X - FINAL PROVISIONS

• amended Article 52 - Reports and review Title X
• amended Article 53 - Amendment of Regulation (EU) No 648/2012 Title X
• amended Article 54 - Transitional provisions Title X
• amended Article 54b - Relations with auditors Title X