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Regulation 1287/2006/EC - MiFID RegulationRecitalsChapter I General (arts. 1-6)Article 1 Subject-matter and scopeArticle 2 DefinitionsArticle 3 Transactions related to an individual share in a portfolio trade and volume weighted average price transactionsArticle 4 References to trading dayArticle 5 References to transactionArticle 6 First admission to trading of a share on a regulated marketChapter II Record-keeping: client orders and transactions (arts. 7-8)Article 7 Record-keeping of client orders and decisions to dealArticle 8 Record-keeping of transactionsChapter III Transaction reporting (arts. 9-16)Article 9 Determination of the most relevant market in terms of liquidityArticle 10 Alternative determination of most relevant market in terms of liquidityArticle 11 List of financial instrumentsArticle 12 Reporting channelsArticle 13 Content of the transaction reportArticle 14 Exchange of information on transactionsArticle 15 Request for cooperation and exchange of informationArticle 16 Determination of the substantial importance of a regulated market's operations in a host Member StateChapter IV Market transparency (arts. 17-34)Section 1 Pre-trade transparency for regulated markets and MTFs (arts. 17-20)Article 17 Pre-trade transparency obligationsArticle 18 Waivers based on market model and type of order or transactionArticle 19 References to negotiated transactionArticle 20 Waivers in relation to transactions which are large in scaleSection 2 Pre-trade transparency for systematic internalisers (arts. 21-26)Article 21 Criteria for determining whether an investment firm is a systematic internaliserArticle 22 Determination of liquid sharesArticle 23 Standard market sizeArticle 24 Quotes ref lecting prevailing market conditionsArticle 25 Execution of orders by systematic internalisersArticle 26 Retail sizeSection 3 Post-trade transparency for regulated markets, MTFs and investment firms (arts. 27-28)Article 27 Post-trade transparency obligationArticle 28 Deferred publication of large transactionsSection 4 Provisions common to pre- and post-trade transparency (arts. 29-34)Article 29 Publication and availability of pre- and post-trade transparency dataArticle 30 Public availability of pre- and post-trade informationArticle 31 Disclosure of client limit ordersArticle 32 Arrangements for making information publicArticle 33 Calculations and estimates for shares admitted to trading on a regulated marketArticle 34 Publication and effect of results of required calculations and estimatesChapter V Admission of financial instruments to trading (arts. 35-37)Article 35 Transferable securitiesArticle 36 Units in collective investment undertakingsArticle 37 DerivativesChapter VI Derivative financial instruments (arts. 38-39)Article 38 Characteristics of other derivative financial instrumentsArticle 39 Derivatives within Section C(10) of Annex I to Directive 2004/39/ECChapter VII Final provisions (arts. 40-41)Article 40 Re-examinationsArticle 41 Entry into forceAnnex IAnnex IIDone at
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Version status: Applicable | Document consolidation status: No known changes
Version date: 1 November 2007 - onwards
Version 3 of 3

Article 31 Disclosure of client limit orders

(Article 22(2) of Directive 2004/39/EC)

An investment firm shall be considered to disclose client limit orders that are not immediately executable if it transmits the order to a regulated market or MTF that operates an order book trading system, or ensures that the order is made public and can be easily executed as soon as market conditions allow.

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