Regulation 600/2014/EU - MiFIR Regulation

Proposed changes

Public statement

Actions to mitigate the impact of COVID-19 on the EU financial markets – postponement of the reporting obligations related to securities financing transactions under the Securities Financing Transactions Regulation and under Markets in Financial Instruments Regulation (ESMA80-191-995)

Comparing proposed amendment...


	Recitals
	Title I Subject matter, scope and definitions (arts. 1-2)
Amended	Article 1 Subject matter and scope
Amended	Article 2 Definitions
	Title II Transparency for trading venues (arts. 3-13)
	Chapter 1 Transparency for equity instruments (arts. 3-7)
Applicable	Article 3 Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
Applicable	Article 4 Waivers for equity instruments
Applicable	Article 5 Volume cap mechanism
Applicable	Article 6 Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
Applicable	Article 7 Authorisation of deferred publication
	Chapter 2 Transparency for non-equity instruments (arts. 8-11)
Applicable	Article 8 Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives
Applicable	Article 9 Waivers for non-equity instruments
Applicable	Article 10 Post-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives
Applicable	Article 11 Authorisation of deferred publication
	Chapter 3 Obligation to offer trade data on a separate and reasonable commercial basis (arts. 12-13)
Applicable	Article 12 Obligation to make pre-trade and post-trade data available separately
Applicable	Article 13 Obligation to make pre-trade and post-trade data available on a reasonable commercial basis
	Title III Transparency for Systematic Internalisers and Investment Firms Trading OTC and Tick Size Regime for Systematic Internalisers (arts. 14-23)
Applicable	Article 14 Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
Applicable	Article 15 Execution of client orders
Applicable	Article 16 Obligations of competent authorities
Applicable	Article 17 Access to quotes
Inserted	Article 17a Tick sizes
Applicable	Article 18 Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivatives
Applicable	Article 19 Monitoring by ESMA
Applicable	Article 20 Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments
Applicable	Article 21 Post-trade disclosure by investment firms, including systematic internalisers, in respect of bonds, structured finance products, emission allowances and derivatives
Amended	Article 22 Providing information for the purposes of transparency and other calculations
Applicable	Article 23 Trading obligation for investment firms
	Title IV Transaction reporting (arts. 24-27)
Applicable	Article 24 Obligation to uphold integrity of markets
Applicable	Article 25 Obligation to maintain records
Amended	Article 26 Obligation to report transactions
Amended	Article 27 Obligation to supply financial instrument reference data
	Title IVa Data reporting services (arts. 27a-27i)
	Chapter 1 Authorisation of data reporting services providers (arts. 27a-27f)
Inserted	Article 27a
Inserted	Article 27b Requirement for authorisation
Inserted	Article 27c Authorisation of data reporting services providers
Inserted	Article 27d Procedures for granting and refusing applications for authorisation
Inserted	Article 27e Withdrawal of authorisation
Inserted	Article 27f Requirements for the management body of a data reporting services provider
	Chapter 2 Conditions for APAs, CTPs and ARMs (arts. 27g-27i)
Inserted	Article 27g Organisational requirements for APAs
Inserted	Article 27h Organisational requirements for CTPs
Inserted	Article 27i Organisational requirements for ARMs
	Title V Derivatives (arts. 28-34)
Applicable	Article 28 Obligation to trade on regulated markets, MTFs or OTFs
Applicable	Article 29 Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing
Applicable	Article 30 Indirect clearing arrangements
Applicable	Article 31 Portfolio compression
Applicable	Article 32 Trading obligation procedure
Applicable	Article 33 Mechanism to avoid duplicative or conflicting rules
Applicable	Article 34 Register of derivatives subject to the trading obligation
	Title VI Non-discriminatory clearing access for financial instruments (arts. 35-38)
Applicable	Article 35 Non-discriminatory access to a CCP
Applicable	Article 36 Non-discriminatory access to a trading venue
Applicable	Article 37 Non-discriminatory access to and obligation to licence benchmarks
Applicable	Article 38 Access for third-country CCPs and trading venues
	Title VIa ESMA powers and competences (arts. 38a-38o)
	Chapter 1 Competences and procedures (arts. 38a-38g)
Inserted	Article 38a Exercise of ESMA's powers
Inserted	Article 38b Request for information
Inserted	Article 38c General investigations
Inserted	Article 38d On-site inspections
Inserted	Article 38e Exchange of information
Inserted	Article 38f Professional secrecy
Inserted	Article 38g Supervisory measures by ESMA
	Chapter 2 Administrative sanctions and other administrative measures (arts. 38h-38o)
Inserted	Article 38h Fines
Inserted	Article 38i Periodic penalty payments
Inserted	Article 38j Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
Inserted	Article 38k Procedural rules for taking supervisory measures and imposing fines
Inserted	Article 38l Hearing of the persons concerned
Inserted	Article 38m Review by the Court of Justice
Inserted	Article 38n Authorisation and supervisory fees
Inserted	Article 38o Delegation of tasks by ESMA to competent authorities
	Title VII Supervisory measures on product intervention and positions (arts. 39-45)
	Chapter 1 Product monitoring and intervention (arts. 39-43)
Applicable	Article 39 Market monitoring
Amended	Article 40 ESMA temporary intervention powers
Amended	Article 41 EBA temporary intervention powers
Applicable	Article 42 Product intervention by competent authorities
Applicable	Article 43 Coordination by ESMA and EBA
	Chapter 2 Positions (arts. 44-45)
Applicable	Article 44 Coordination of national position management measures and position limits by ESMA
Applicable	Article 45 Position management powers of ESMA
	Title VIII Provision of sevices and performance of activities by third-country firms following an equivalence decision with or without a branch (arts. 46-49)
Amended	Article 46 General provisions
Amended	Article 47 Equivalence decision
Applicable	Article 48 Register
Amended	Article 49 Withdrawal of registration
	Title IX Delegated and implementing acts (arts. 50-51)
	Chapter 1 Delegated acts (art. 50)
Amended	Article 50 Exercise of the delegation
	Chapter 2 Implementing acts (art. 51)
Applicable	Article 51 Committee procedure
	Title X Final provisions (arts. 52-55)
Amended	Article 52 Reports and review
Applicable	Article 53 Amendment of regulation (EU) No 648/2012
Amended	Article 54 Transitional provisions
Inserted	Article 54a Transitional measures related to ESMA
Inserted	Article 54b Relations with auditors
Applicable	Article 55 Entry into force and application
	Done at

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