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Regulation 600/2014/EU - MiFIR Regulation Recitals Title I Subject matter, scope and definitions (arts. 1-2)Article 1 Subject matter and scope Article 2 Definitions Title 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 instruments Article 4 Waivers for equity instruments Article 5 Volume cap Article 6 Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments Article 7 Authorisation of deferred publication Chapter 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 allowances Article 8a Pre-trade transparency requirements for trading venues in respect of derivatives Article 8b Pre-trade transparency requirements for trading venues in respect of package orders Article 9 Waivers for bonds, structured finance products, emission allowances, derivatives and package orders Article 10 Post-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives Article 11 Deferred publication in respect of bonds, structured finance products or emission allowances Article 11a Deferred publication in respect of derivatives Chapter 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 separately 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. 14-23a)Article 14 Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments Article 15 Execution of client orders Article 16 Obligations of competent authorities Article 17 Access to quotes Article 17a Tick sizes Article 18 Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivatives Article 19 Monitoring by ESMA Article 20 Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments Article 21 Post-trade disclosure by investment firms in respect of bonds, structured finance products, emission allowances and derivatives Article 21a Designated publishing entities Article 22 Providing information for the purposes of transparency and other calculations Article 22a Transmission of data to the CTP Article 22b Data quality Article 22c Synchronisation of business clocks Article 23 Trading obligation for investment firms Article 23a Accessibility of information on the European single access point Title IV Transaction reporting (arts. 24-27)Article 24 Obligation to uphold integrity of markets Article 25 Obligation to maintain records Article 26 Obligation to report transactions 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)Article 27a Article 27b Requirement for authorisation Article 27c Authorisation of data reporting services providers Article 27d Procedures for granting and refusing applications for authorisation of ARMs and APAs Article 27da Procedure for the selection of a single CTP for each asset class Article 27db Procedures for granting and refusing applications for authorisation of CTPs Article 27e Withdrawal of authorisation Article 27f Requirements for the management body of a data reporting services provider Chapter 2 Conditions for APAs, CTPs and ARMs (arts. 27g-27i)Article 27g Organisational requirements for APAs Article 27h Organisational requirements for CTPs Article 27ha Reporting obligations for CTPs Article 27i Organisational requirements for ARMs Title V Derivatives (arts. 28-34)Article 28 Obligation to trade on regulated markets, MTFs or OTFs Article 29 Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing Article 30 Indirect clearing arrangements Article 31 Post-trade risk reduction services Article 32 Trading obligation procedure Article 32a Stand-alone suspension of the trading obligation Article 33 Mechanism to avoid duplicative or conflicting rules Article 34 Register of derivatives subject to the trading obligation Title VI Non-discriminatory clearing access for financial instruments (arts. 35-38)Article 35 Non-discriminatory access to a CCP Article 36 Non-discriminatory access to a trading venue Article 37 Non-discriminatory access to and obligation to licence benchmarks 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)Article 38a Exercise of ESMA's powers Article 38b Request for information Article 38c General investigations Article 38d On-site inspections Article 38e Exchange of information Article 38f Professional secrecy Article 38g Supervisory measures by ESMA Chapter 2 Administrative sanctions and other administrative measures (arts. 38h-38o)Article 38h Fines Article 38i Periodic penalty payments Article 38j Disclosure, nature, enforcement and allocation of fines and periodic penalty payments Article 38k Procedural rules for taking supervisory measures and imposing fines Article 38l Hearing of the persons concerned Article 38m Review by the Court of Justice Article 38n Authorisation and supervisory fees 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)Article 39 Market monitoring Article 39a Prohibition of receiving payment for order flow Article 40 ESMA temporary intervention powers Article 41 EBA temporary intervention powers Article 42 Product intervention by competent authorities Article 43 Coordination by ESMA and EBA Chapter 2 Positions (arts. 44-45)Article 44 Coordination of national position management measures and position limits by ESMA 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)Article 46 General provisions Article 47 Equivalence decision Article 48 Register Article 49 Withdrawal of registration Title IX Delegated and implementing acts (arts. 50-51)Chapter 1 Delegated acts (art. 50)Article 50 Exercise of the delegation Chapter 2 Implementing acts (art. 51)Article 51 Committee procedure Title X Final provisions (arts. 52-55)Article 52 Reports and review Article 53 Amendment of regulation (EU) No 648/2012 Article 54 Transitional provisions Article 54a Transitional measures related to ESMA Article 54b Relations with auditors Article 55 Entry into force and application Done at

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Version status: | Document consolidation status: Updated to reflect all known changes

Version date: 12 June 2014 - onwards

This Regulation shall be binding in its entirety and directly applicable in all Member States.

Done at Brussels, 15 May 2014.

For the European Parliament

The President

M. SCHULZ

For the Council

The President

D. KOURKOULAS

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