What changes on 20/04/2017

The text in force from 23/03/2015 compared with the text from 20/04/2017.

Read the act as of 20/04/2017 · other versions: 02/03/2026 · 23/08/2026

Chapter I

• inserted Article 1 - Determining liquid markets for shares (Article 2(1)(17)(b) of Regulation (EU) No 600/2014)
• inserted Article 2 - Determining liquid markets for depositary receipts (Article 2(1)(17)(b) of Regulation (EU) No 600/2014)
• inserted Article 3 - Determining liquid markets for exchange traded funds (Article 2(1)(17)(b) of Regulation (EU) No 600/2014)
• inserted Article 4 - Determining liquid markets for certificates (Article 2(1)(17)(b) of Regulation (EU) No 600/2014)
• inserted Article 5 - Assessment of liquidity of equity instruments by the competent authorities (Article 2(1)(17)(b) of Regulation (EU) No 600/2014)

Chapter II

• inserted Article 6 - Obligation to provide market data on a reasonable commercial basis (Article 13(1), 15(1) and 18(8) of Regulation (EU) No 600/2014)
• inserted Article 7 - Obligation to provide market data on the basis of cost (Article 13(1), 15(1) and 18(8) of Regulation (EU) No 600/2014)
• inserted Article 8 - Obligation to provide market data on a non-discriminatory basis (Article 13(1), 15(1) and 18(8) of Regulation (EU) No 600/2014)
• inserted Article 9 - Obligations in relation to per user fees (Article 13(1), 15(1) and 18(8) of Regulation (EU) No 600/2014)
• inserted Article 10 - Obligation to keep data unbundled and to disaggregate market data (Article 13(1), 15(1) and 18(8) of Regulation (EU) No 600/2014)
• inserted Article 11 - Transparency obligation (Article 13(1), 15(1) and 18(8) of Regulation (EU) No 600/2014)

Chapter III

• inserted Article 12 - Obligation for systematic internalisers to make quotes public on a regular and continuous basis during normal trading hours (Article 15(1) of Regulation (EU) No 600/2014)
• inserted Article 13 - Obligation for systematic internalisers to make quotes easily accessible (Article 15(1) of Regulation (EU) No 600/2014)
• inserted Article 14 - Execution of orders by systematic internalisers (Article 15(1), 15(2) and 15(3) of Regulation (EU) No 600/2014)
• inserted Article 15 - Orders considerably exceeding the norm (Article 17(2) of Regulation (EU) No 600/2014)
• inserted Article 16 - Size specific to the instrument (Article 18(6) of Regulation (EU) No 600/2014)

Chapter IV

• inserted Article 17 - Elements of Portfolio compression (Article 31(4) of Regulation (EU) No 600/2014)
• inserted Article 18 - Publication requirements for Portfolio compression (Article 31(4) of Regulation (EU) No 600/2014)

Chapter V › Section 1

• inserted Article 19 - Criteria and factors for the purposes of ESMA temporary product intervention powers (Article 40(2) of Regulation (EU) No 600/2014)
• inserted Article 20 - Criteria and factors for the purposes of EBA temporary product intervention powers (Article 41(2) of Regulation (EU) No 600/2014)
• inserted Article 21 - Criteria and factors to be taken into account by competent authorities for the purposes of product intervention powers (Article 42(2) of Regulation (EU) No 600/2014)

Chapter V › Section 2

• inserted Article 22 - Position management powers of ESMA (Article 45 of Regulation (EU) No 600/2014)

Chapter VI

• inserted Article 23 - Transitional provisions
• inserted Article 24 - Entry into Force

Outside any heading

• inserted Recital 1
• inserted Recital 2
• inserted Recital 3
• inserted Recital 4
• inserted Recital 5
• inserted Recital 6
• inserted Recital 7
• inserted Recital 8
• inserted Recital 9
• inserted Recital 10
• inserted Recital 11
• inserted Recital 12
• inserted Recital 13
• inserted Recital 14
• inserted Recital 15
• inserted Recital 16
• inserted Recital 17
• inserted Recital 18
• inserted Recital 19
• inserted Recital 20
• inserted Recital 21
• inserted Preamble
• inserted Annex 1