Council of the European Union and European Parliament 15 May 2014, Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 Text with EEA relevance

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European Union · · · Cited by 2,360 · 15-05-2014

TITLE I. SUBJECT MATTER, SCOPE AND DEFINITIONS
Article 1. Subject matter and scope
Article 2. Definitions
TITLE II. TRANSPARENCY FOR TRADING VENUES
CHAPTER 1. Transparency for equity instruments
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 Mechanism
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
Article 8. Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives
Article 9. Waivers for non-equity instruments
Article 10. Post-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives
Article 11. Authorisation of deferred publication
CHAPTER 3. Obligation to offer trade data on a separate and reasonable commercial basis
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
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 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, including systematic internalisers, in respect of bonds, structured finance products, emission allowances and derivatives
Article 22. Providing information for the purposes of transparency and other calculations
Article 23. Trading obligation for investment firms
TITLE IV. TRANSACTION REPORTING
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 V. DERIVATIVES
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. Portfolio Compression
Article 32. Trading obligation procedure
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
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 VII. SUPERVISORY MEASURES ON PRODUCT INTERVENTION AND POSITIONS
CHAPTER 1. Product monitoring and intervention
Article 39. Market monitoring
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
Article 44. Coordination of national position management measures and position limits by ESMA
Article 45. Position management powers of ESMA
TITLE VIII. PROVISION OF SERVICES AND PERFORMANCE OF ACTIVITIES BY THIRD-COUNTRY FIRMS FOLLOWING AN EQUIVALENCE DECISION WITH OR WITHOUT A BRANCH
Article 46. General provisions
Article 47. Equivalence decision
Article 48. Register
Article 49. Withdrawal of registration
TITLE IX. DELEGATED AND IMPLEMENTING ACTS
CHAPTER 1. Delegated acts
Article 50. Exercise of the delegation
CHAPTER 2. Implementing acts
Article 51. Committee procedure
TITLE X. FINAL PROVISIONS
Article 52. Reports and review
Article 53. Amendment of Regulation (EU) No 648/2012
Article 54. Transitional provisions
Article 55. Entry into force and application

12.6.2014

Official Journal of the European Union

L 173/84

REGULATION (EU) No 600/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

of 15 May 2014

on markets in financial instruments and amending Regulation (EU) No 648/2012

(Text with EEA relevance)

THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty on the Functioning of the

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