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Regulation 600/2014/EU - MiFIR RegulationRecitalsTitle I Subject matter, scope and definitions (arts. 1-2)Article 1 Subject matter and scopeArticle 2 DefinitionsTitle II Transparency for trading venues (arts. 3-13)Chapter 1 Transparency for equity instruments (arts. 3-7)Article 3 Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instrumentsArticle 4 Waivers for equity instrumentsArticle 5 Volume capArticle 6 Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instrumentsArticle 7 Authorisation of deferred publicationChapter 2 Transparency for non-equity instruments (arts. 8-11)Article 8 Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products and emission allowancesArticle 8a Pre-trade transparency requirements for trading venues in respect of derivativesArticle 8b Pre-trade transparency requirements for trading venues in respect of package ordersArticle 9 Waivers for bonds, structured finance products, emission allowances, derivatives and package ordersArticle 10 Post-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivativesArticle 11 Deferred publication in respect of bonds, structured finance products or emission allowancesArticle 11a Deferred publication in respect of derivativesChapter 3 Obligation to offer trade data on a separate and reasonable commercial basis (arts. 12-13)Article 12 Obligation to make pre-trade and post-trade data available separatelyArticle 13 Obligation to make pre-trade and post-trade data available on a reasonable commercial basisTitle III Transparency for Systematic Internalisers and Investment Firms Trading OTC and Tick Size Regime for Systematic Internalisers (arts. 14-23a)Article 14 Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instrumentsArticle 15 Execution of client ordersArticle 16 Obligations of competent authoritiesArticle 17 Access to quotesArticle 17a Tick sizesArticle 18 Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivativesArticle 19 Monitoring by ESMAArticle 20 Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instrumentsArticle 21 Post-trade disclosure by investment firms in respect of bonds, structured finance products, emission allowances and derivativesArticle 21a Designated publishing entitiesArticle 22 Providing information for the purposes of transparency and other calculationsArticle 22a Transmission of data to the CTPArticle 22b Data qualityArticle 22c Synchronisation of business clocksArticle 23 Trading obligation for investment firmsArticle 23a Accessibility of information on the European single access pointTitle IV Transaction reporting (arts. 24-27)Article 24 Obligation to uphold integrity of marketsArticle 25 Obligation to maintain recordsArticle 26 Obligation to report transactionsArticle 27 Obligation to supply financial instrument reference dataTitle IVa Data reporting services (arts. 27a-27i)Chapter 1 Authorisation of data reporting services providers (arts. 27a-27f)Article 27aArticle 27b Requirement for authorisationArticle 27c Authorisation of data reporting services providersArticle 27d Procedures for granting and refusing applications for authorisation of ARMs and APAsArticle 27da Procedure for the selection of a single CTP for each asset classArticle 27db Procedures for granting and refusing applications for authorisation of CTPsArticle 27e Withdrawal of authorisationArticle 27f Requirements for the management body of a data reporting services providerChapter 2 Conditions for APAs, CTPs and ARMs (arts. 27g-27i)Article 27g Organisational requirements for APAsArticle 27h Organisational requirements for CTPsArticle 27ha Reporting obligations for CTPsArticle 27i Organisational requirements for ARMsTitle V Derivatives (arts. 28-34)Article 28 Obligation to trade on regulated markets, MTFs or OTFsArticle 29 Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearingArticle 30 Indirect clearing arrangementsArticle 31 Post-trade risk reduction servicesArticle 32 Trading obligation procedureArticle 32a Stand-alone suspension of the trading obligationArticle 33 Mechanism to avoid duplicative or conflicting rulesArticle 34 Register of derivatives subject to the trading obligationTitle VI Non-discriminatory clearing access for financial instruments (arts. 35-38)Article 35 Non-discriminatory access to a CCPArticle 36 Non-discriminatory access to a trading venueArticle 37 Non-discriminatory access to and obligation to licence benchmarksArticle 38 Access for third-country CCPs and trading venuesTitle VIa ESMA powers and competences (arts. 38a-38o)Chapter 1 Competences and procedures (arts. 38a-38g)Article 38a Exercise of ESMA's powersArticle 38b Request for informationArticle 38c General investigationsArticle 38d On-site inspectionsArticle 38e Exchange of informationArticle 38f Professional secrecyArticle 38g Supervisory measures by ESMAChapter 2 Administrative sanctions and other administrative measures (arts. 38h-38o)Article 38h FinesArticle 38i Periodic penalty paymentsArticle 38j Disclosure, nature, enforcement and allocation of fines and periodic penalty paymentsArticle 38k Procedural rules for taking supervisory measures and imposing finesArticle 38l Hearing of the persons concernedArticle 38m Review by the Court of JusticeArticle 38n Authorisation and supervisory feesArticle 38o Delegation of tasks by ESMA to competent authoritiesTitle VII Supervisory measures on product intervention and positions (arts. 39-45)Chapter 1 Product monitoring and intervention (arts. 39-43)Article 39 Market monitoringArticle 39a Prohibition of receiving payment for order flowArticle 40 ESMA temporary intervention powersArticle 41 EBA temporary intervention powersArticle 42 Product intervention by competent authoritiesArticle 43 Coordination by ESMA and EBAChapter 2 Positions (arts. 44-45)Article 44 Coordination of national position management measures and position limits by ESMAArticle 45 Position management powers of ESMATitle VIII Provision of sevices and performance of activities by third-country firms following an equivalence decision with or without a branch (arts. 46-49)Article 46 General provisionsArticle 47 Equivalence decisionArticle 48 RegisterArticle 49 Withdrawal of registrationTitle IX Delegated and implementing acts (arts. 50-51)Chapter 1 Delegated acts (art. 50)Article 50 Exercise of the delegationChapter 2 Implementing acts (art. 51)Article 51 Committee procedureTitle X Final provisions (arts. 52-55)Article 52 Reports and reviewArticle 53 Amendment of regulation (EU) No 648/2012Article 54 Transitional provisionsArticle 54a Transitional measures related to ESMAArticle 54b Relations with auditorsArticle 55 Entry into force and applicationDone at
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Version status: Amended | Document consolidation status: Updated to reflect all known changes
Version date: 28 March 2024 - onwards
Version 5 of 5

Article 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 the Union carried out under that waiver exceeds 7 % of the total volume of trading in that financial instrument in the Union.Trading venues shall base their decision to suspend the use of that waiver on the data published by ESMA in accordance with paragraph 4 of this Article, and shall take such decision within two working days of the publication of those data and for a period of three months.

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4.ESMA shall publish within seven working days of the end of March, June, September and December of each calendar year the total volume of trading in the Union per financial instrument in the previous 12 months, the percentages of trading in each financial instrument carried out across the Union under the waiver referred to in Article 4(1), point (a), and the methodology that is used to derive those percentages of trading in each financial instrument.

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