2014R0600 - Summary
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)
Info
🇫🇷 French Version: 2014R0600_FR.0. Open the PDF. Direct link to EUR-LEX.
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
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 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
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
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 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
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
CHAPTER 1 - Authorisation of data reporting services providers
Article 27a - For the purposes of this Title, a national competent authority means a competent authority as defined in point (26) of Article 4(1) of Directive 2014/65/EU.
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
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
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
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
CHAPTER 1 - Competences and procedures
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
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
CHAPTER 1 - Product monitoring and intervention
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
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 - Measures to be taken by ESMA
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 54a - Transitional measures related to ESMA
Article 54b - Relations with auditors
Article 55 - Entry into force and application