# Markets in Financial Instruments Regulation (MiFIR) – Regulation (EU) No 600/2014 URL: https://consilena.com/coverage/laws/stat_eu_32014r0600 - Jurisdiction: European Union - Type: Regulation - Short name: MiFIR - Identifier: 32014R0600 - Current as of: 23 November 2025 - Provisions: 93 - Official text: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02014R0600-20251123 - Licence: [Commission Decision 2011/833/EU](https://eur-lex.europa.eu/eli/dec/2011/833/oj) - Attribution: Source: EUR-Lex, © European Union, https://eur-lex.europa.eu. Reuse authorised under Commission Decision 2011/833/EU; only the Official Journal text is authentic. > The library is a research copy. Check the official source before relying on a provision: the text published there, not the copy in Consilena, is the law. ## Provisions ### Title I – Subject matter, scope and definitions - **Art. 1 Subject matter and scope**: 1. This Regulation establishes uniform requirements in relation to the following: (a) disclosure of trade data to the public; (b) reporting of transactions to… - **Art. 2 Definitions**: 1. For the purposes of this Regulation, the following definitions apply: (1) ‘investment firm’ means an investment firm as defined in Article 4(1)(1) of… ### Title II – Transparency for trading venues - **Art. 3 Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments**: 1. Market operators and investment firms operating a trading venue shall make public current bid and offer prices and the depth of trading interests at those… - **Art. 4 Waivers for equity instruments**: 1. Competent authorities shall be able to waive the obligation for market operators and investment firms operating a trading venue to make public the… - **Art. 5 Volume cap**: 1. Trading venues shall suspend their use of the waiver referred to in Article 4(1), point (a), where the percentage of trading in a financial instrument in… - **Art. 6 Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments**: 1. Market operators and investment firms operating a trading venue shall make public the price, volume and time of the transactions executed in respect of… - **Art. 7 Authorisation of deferred publication**: 1. Competent authorities shall be able to authorise market operators and investment firms operating a trading venue to provide for deferred publication of the… - **Art. 8 Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products and emission allowances**: 1. When applying a central limit order book or a periodic auction trading system, market operators and investment firms operating a trading venue shall make… - **Art. 8a Pre-trade transparency requirements for trading venues in respect of derivatives**: 1. When applying a central limit order book or a periodic auction trading system, market operators operating a regulated market shall make public current bid… - **Art. 8b Pre-trade transparency requirements for trading venues in respect of package orders**: 1. When applying a central limit order book or a periodic auction trading system, market operators and investment firms operating a trading venue shall make… - **Art. 9 Waivers for bonds, structured finance products, emission allowances, derivatives and package orders**: 1. Competent authorities shall be able to waive the obligation for market operators and investment firms operating a trading venue to make public the… - **Art. 10 Post-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives**: 1. Market operators and investment firms operating a trading venue shall make public the price, volume and time of transactions executed in respect of bonds… - **Art. 11 Deferred publication in respect of bonds, structured finance products or emission allowances**: 1. Market operators and investment firms operating a trading venue may defer the publication of the details of transactions executed in respect of bonds… - **Art. 11a Deferred publication in respect of derivatives**: 1. Market operators and investment firms operating a trading venue may defer the publication of the details of transactions executed in respect of… - **Art. 12 Obligation to make pre-trade and post-trade data available separately**: 1. Market operators and investment firms operating a trading venue shall make the information published in accordance with Articles 3, 4 and 6 to 11a available… - **Art. 13 Obligation to make pre-trade and post-trade data available on a reasonable commercial basis**: 1. Market operators and investment firms operating a trading venue, APAs, CTPs and systematic internalisers shall make available to the public the information… ### Title III – Transparency for systematic internalisers and investment firms trading otc and tick size regime for systematic internalisers - **Art. 14 Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments**: 1. Investment firms shall make public firm quotes in respect of those shares, depositary receipts, ETFs, certificates and other similar financial instruments… - **Art. 15 Execution of client orders**: 1. Systematic internalisers shall make public their quotes on a regular and continuous basis during normal trading hours. They may update their quotes at any… - **Art. 16 Obligations of competent authorities**: The competent authorities shall check that systematic internalisers comply with the conditions for order execution laid down in Article 15(1) and with the… - **Art. 17 Access to quotes**: 1. Systematic internalisers shall be allowed to decide, on the basis of their commercial policy and in an objective non-discriminatory way, the clients to whom… - **Art. 17a Tick sizes**: 1. Systematic internalisers’ quotes, price improvements on those quotes and execution prices shall comply with the tick sizes set in accordance with Article 49… - **Art. 20 Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments**: 1. Investment firms which, either on own account or on behalf of clients, conclude transactions in shares, depositary receipts, ETFs, certificates and other… - **Art. 21 Post-trade disclosure by investment firms in respect of bonds, structured finance products, emission allowances and derivatives**: 1. Investment firms which, either on own account or on behalf of clients, conclude transactions in bonds, structured finance products and emission allowances… - **Art. 21a Designated publishing entities**: 1. Competent authorities shall grant investment firms the status of designated publishing entity for specific classes of financial instrument, upon the request… - **Art. 22 Providing information for the purposes of transparency and other calculations**: 1. In order to carry out calculations for determining the requirements for the pre- and post-trade transparency and the trading obligation regimes referred to… - **Art. 22a Transmission of data to the CTP**: 1. Trading venues and APAs (‘data contributors’) shall, with regard to shares, ETFs and bonds that are traded on a trading venue, and with regard to OTC… - **Art. 22b Data quality**: 1. The data transmitted to the CTP pursuant to Article 22a(1) and the data disseminated by the CTP pursuant to Article 27h(1), point (d), shall comply with the… - **Art. 22c Synchronisation of business clocks**: 1. Trading venues and their members, participants or users, systematic internalisers, designated publishing entities, APAs and CTPs shall synchronise the… - **Art. 23 Trading obligation for investment firms**: 1. An investment firm shall ensure that the trades it undertakes in shares which have a European Economic Area (EEA) International Securities Identification… - **Art. 23a Accessibility of information on the European single access point**: From 10 January 2030, the information referred to in Article 14(6), Article 15(1), second subparagraph, Articles 18(4) and 27(1), Article 34, Articles 40(5)… ### Title IV – Transaction reporting - **Art. 24 Obligation to uphold integrity of markets**: Without prejudice to the allocation of responsibilities for enforcing Regulation (EU) No 596/2014, competent authorities coordinated by ESMA in accordance with… - **Art. 25 Obligation to maintain records**: 1. Investment firms shall keep at the disposal of the competent authority, for five years, the relevant data relating to all orders and all transactions in… - **Art. 26 Obligation to report transactions**: 1. Investment firms which execute transactions in financial instruments shall report complete and accurate details of such transactions to the competent… - **Art. 27 Obligation to supply financial instrument reference data**: 1. With regard to financial instruments admitted to trading or traded on a trading venue or where the issuer has approved trading of the issued instrument or… - **Art. 27a**: For the purposes of this Title, a national competent authority means a competent authority as defined in point (26) of Article 4(1) of Directive 2014/65/EU. - **Art. 27b Requirement for authorisation**: 1. The operation of an APA, a CTP or an ARM as a regular occupation or business shall be subject to prior authorisation by ESMA in accordance with this Title… - **Art. 27c Authorisation of data reporting services providers**: — Art. 27c — Authorisation of data reporting services providers 1. Data reporting services providers shall be authorised by ESMA, or the national competent… - **Art. 27d Procedures for granting and refusing applications for authorisation of ARMs and APAs**: 1. The applicant APA or ARM shall submit an application providing all information necessary to enable ESMA, or, where relevant, the national competent… - **Art. 27da Procedure for the selection of a single CTP for each asset class**: 1. For each of the following asset classes, ESMA shall organise a separate selection procedure for the appointment of a single CTP for a period of five years… - **Art. 27db Procedures for granting and refusing applications for authorisation of CTPs**: 1. The applicant for authorisation referred to in Article 27da(4) shall provide all the information necessary to enable ESMA to confirm that the applicant has… - **Art. 27e Withdrawal of authorisation**: 1. ESMA, or the national competent authority where relevant, may withdraw the authorisation of a data reporting services provider where the latter: (a) does… - **Art. 27f Requirements for the management body of a data reporting services provider**: 1. The management body of a data reporting services provider shall at all times be of sufficiently good repute, possess sufficient knowledge, skills and… - **Art. 27g Organisational requirements for APAs**: 1. An APA shall have adequate policies and arrangements in place to make public the information required under Articles 20 and 21 as close to real time as is… - **Art. 27h Organisational requirements for CTPs**: 1. A CTP shall, in accordance with the conditions for authorisation referred to in Article 27db: (a) collect all data transmitted by data contributors in… - **Art. 27ha Reporting obligations for CTPs**: 1. A CTP shall, every year, publish on its website performance statistics and incident reports relating to data quality and data systems. Those performance… - **Art. 27i Organisational requirements for ARMs**: 1. An ARM shall have adequate policies and arrangements in place to report the information required under Article 26 as quickly as possible, and no later than… ### Title V – Derivatives - **Art. 28 Obligation to trade on regulated markets, MTFs or OTFs**: 1. Financial counterparties and non-financial counterparties that are subject to the clearing obligation under Title II of Regulation (EU) No 648/2012 shall… - **Art. 29 Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing**: 1. The operator of a regulated market shall ensure that all transactions in derivatives that are concluded on that regulated market are cleared by a CCP. 2… - **Art. 30 Indirect Clearing Arrangements**: 1. Indirect clearing arrangements with regard to exchange-traded derivatives are permissible provided that those arrangements do not increase counterparty risk… - **Art. 31 Post-trade risk reduction services**: 1. The transparency requirements laid down in Articles 8a, 10 and 21 of this Regulation, the trading obligation laid down in Article 28 of this Regulation and… - **Art. 32 Trading obligation procedure**: 1. ESMA shall develop draft regulatory technical standards to specify the following: (a) which of the class of derivatives declared subject to the clearing… - **Art. 32a Stand-alone suspension of the trading obligation**: 1. At the request of the competent authority of a Member State, the Commission may, by way of an implementing act, suspend the trading obligation laid down in… - **Art. 33 Mechanism to avoid duplicative or conflicting rules**: 1. The Commission shall be assisted by ESMA in monitoring and preparing reports, at least on an annual basis, to the European Parliament and to the Council on… - **Art. 34 Register of derivatives subject to the trading obligation**: ESMA shall publish and maintain on its website a register specifying, in an exhaustive and unequivocal manner, the derivatives that are subject to the… ### Title VI – Non-discriminatory clearing access for financial instruments - **Art. 35 Non-discriminatory access to a CCP**: 1. Without prejudice to Article 7 of Regulation (EU) No 648/2012, a CCP shall accept to clear financial instruments on a non-discriminatory and transparent… - **Art. 36 Non-discriminatory access to a trading venue**: 1. Without prejudice to Article 8 of Regulation (EU) No 648/2012, a trading venue shall, upon request, provide trade feeds on a non-discriminatory and… - **Art. 37 Non-discriminatory access to and obligation to licence benchmarks**: 1. Where the value of any financial instrument is calculated by reference to a benchmark, a person with proprietary rights to the benchmark shall ensure that… - **Art. 38 Access for third-country CCPs and trading venues**: 1. A trading venue established in a third country may request access to a CCP established in the Union only if the Commission has adopted a decision in… - **Art. 38a Exercise of ESMA’s powers**: The powers conferred on ESMA or any official of or other person authorised by ESMA by Articles 38b to 38e shall not be used to require the disclosure of… - **Art. 38b Request for information**: 1. ESMA may by simple request or by decision require the following persons to provide all information to enable ESMA to carry out its duties under this… - **Art. 38c General investigations**: 1. In order to carry out its duties under this Regulation, ESMA may conduct necessary investigations of persons referred to in Article 38b(1). To that end, the… - **Art. 38d On-site inspections**: 1. In order to carry out its duties under this Regulation, ESMA may conduct all necessary on-site inspections at any business premises of the persons referred… - **Art. 38e Exchange of information**: ESMA and the competent authorities shall, without undue delay, provide each other with the information required for the purposes of carrying out their duties… - **Art. 38f Professional secrecy**: The obligation of professional secrecy referred to in Article 76 of Directive 2014/65/EU shall apply to ESMA and all persons who work or who have worked for… - **Art. 38g Supervisory measures by ESMA**: 1. Where ESMA finds that a person listed in Article 38b(1), point (a), has not complied with any of the requirements laid down in Articles 20 to 22c, or in… - **Art. 38h Fines**: 1. Where ESMA, in accordance with Article 38k(5), finds that a person listed in Article 38b(1), point (a), has intentionally or negligently not complied with… - **Art. 38i Periodic penalty payments**: 1. ESMA shall, by decision, impose periodic penalty payments in order to compel: (a) a person to put an end to an infringement in accordance with a decision… - **Art. 38j Disclosure, nature, enforcement and allocation of fines and periodic penalty payments**: 1. ESMA shall disclose to the public every fine and periodic penalty payment that has been imposed pursuant to Articles 38h and 38i unless such disclosure to… - **Art. 38k Procedural rules for taking supervisory measures and imposing fines**: 1. Where, in carrying out its duties under this Regulation, ESMA finds that there are serious indications of the possible existence of facts liable to… - **Art. 38l Hearing of the persons concerned**: 1. Before taking any decision pursuant to Articles 38g, 38h and 38i, ESMA shall give the persons subject to the proceedings the opportunity to be heard on its… - **Art. 38m Review by the Court of Justice**: The Court of Justice shall have unlimited jurisdiction to review decisions whereby ESMA has imposed a fine or a periodic penalty payment. It may annul, reduce… - **Art. 38n Authorisation and supervisory fees**: 1. ESMA shall charge fees to the data reporting services providers in accordance with this Regulation and in accordance with the delegated acts adopted… - **Art. 38o Delegation of tasks by ESMA to competent authorities**: 1. Where necessary for the proper performance of a supervisory task, ESMA may delegate specific supervisory tasks to the competent authority of a Member State… ### Title VII – Supervisory measures on product intervention and positions - **Art. 39 Market monitoring**: 1. In accordance with Article 9(2) of Regulation (EU) No 1095/2010, ESMA shall monitor the market for financial instruments which are marketed, distributed or… - **Art. 39a Prohibition of receiving payment for order flow**: 1. Investment firms acting on behalf of retail clients, as defined in Article 4(1), point (11), of Directive 2014/65/EU, or professional clients as referred to… - **Art. 40 ESMA temporary intervention powers**: 1. In accordance with Article 9(5) of Regulation (EU) No 1095/2010, ESMA may, where the conditions in paragraphs 2 and 3 are fulfilled, temporarily prohibit or… - **Art. 41 EBA temporary intervention powers**: 1. In accordance with Article 9(5) of Regulation (EU) No 1093/2010, EBA may where the conditions in paragraphs 2 and 3 are fulfilled, temporarily prohibit or… - **Art. 42 Product intervention by competent authorities**: 1. A competent authority may prohibit or restrict the following in or from that Member State: (a) the marketing, distribution or sale of certain financial… - **Art. 43 Coordination by ESMA and EBA**: 1. ESMA or, for structured deposits, EBA shall perform a facilitation and coordination role in relation to action taken by competent authorities under Article… - **Art. 44 Coordination of national position management measures and position limits by ESMA**: 1. ESMA shall perform a facilitation and coordination role in relation to measures taken by competent authorities pursuant to Article 69(2)(o) and (p) of… - **Art. 45 Position management powers of ESMA**: 1. In accordance with Article 9(5) of Regulation (EU) No 1095/2010, ESMA shall, where both conditions in paragraph 2 are satisfied, take one or more of the… ### Title VIII – Provision of services and performance of activities by third-country firms following an equivalence decision with or without a branch - **Art. 46 General provisions**: 1. A third-country firm may provide investment services or perform investment activities with or without any ancillary services to eligible counterparties and… - **Art. 47 Equivalence decision**: 1. The Commission may adopt a decision in accordance with the examination procedure referred to in Article 51(2) in relation to a third country stating that… - **Art. 48 Register**: ESMA shall keep a register of the third-country firms allowed to provide investment services or perform investment activities in the Union in accordance with… - **Art. 49 Measures to be taken by ESMA**: 1. ESMA may temporarily prohibit or restrict a third‐country firm from providing investment services or performing investment activities with or without any… ### Title IX – Delegated and implementing acts - **Art. 50 Exercise of the delegation**: 1. The power to adopt delegated acts is conferred on the Commission subject to the conditions laid down in this Article. 2. The power to adopt delegated acts… - **Art. 51 Committee procedure**: 1. The Commission shall be assisted by the European Securities Committee established by Commission Decision 2001/528/EC (18). That committee shall be a… ### Title X – Final provisions - **Art. 52 Reports and review**: 1. By 3 March 2020, the Commission shall, after consulting ESMA, submit a report to the European Parliament and to the Council on the impact in practice of the… - **Art. 53 Amendment of Regulation (EU) No 648/2012**: Regulation (EU) No 648/2012 is amended as follows: (1) in Article 5(2), the following subparagraph is added: ‘In the developing of the draft regulatory… - **Art. 54 Transitional provisions**: 1. Third‐country firms may continue to provide services and activities in Member States, in accordance with national regimes, until three years after the… - **Art. 54a Transitional measures related to ESMA**: 1. All competences and duties related to the supervisory and enforcement activity in the field of data reporting services providers shall be transferred to… - **Art. 54b Relations with auditors**: 1. Any person authorised within the meaning of Directive 2006/43/EC of the European Parliament and of the Council (20), performing in a data reporting services… - **Art. 55 Entry into force and application**: This Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union. This Regulation… --- Consilena is a software provider, not a law firm. AI output is not legal advice: consult a licensed lawyer in the relevant jurisdiction. Page: https://consilena.com/coverage/laws/stat_eu_32014r0600. Index of every page: https://consilena.com/llms.txt.