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Regulation (EU) No 600/2014 of the European Parliament and of the CouncilShow full title
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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- Revised 26/03/20200.63 MB
- Revised 01/07/20160.52 MB
- Revised 02/07/20140.55 MB
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Changes over time for: Article 18
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Regulation (EU) No 600/2014 of the European Parliament and of the Council, Article 18 is up to date with all changes known to be in force on or before 07 February 2026. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Changes and effects yet to be applied to Article 18:
- Sch. 3 para. 31 revoked by 2023 c. 29 Sch. 2 para. 50(c)(ii)
- Sch. 3 para. 32 revoked by 2023 c. 29 Sch. 2 para. 50(c)(ii)
- Art. 2.1(17) words omitted by 2023 c. 29 Sch. 2 para. 19(a)
- Art. 3(4)(5) inserted by 2023 c. 29 Sch. 2 para. 2
Changes and effects yet to be applied to the whole legislation item and associated provisions
- Sch. 3 para. 31 revoked by 2023 c. 29 Sch. 2 para. 50(c)(ii)
- Sch. 3 para. 32 revoked by 2023 c. 29 Sch. 2 para. 50(c)(ii)
- Art. 2.1(17) words omitted by 2023 c. 29 Sch. 2 para. 19(a)
- Art. 3(4)(5) inserted by 2023 c. 29 Sch. 2 para. 2
[F1Article 18U.K. Systematic internalisers: pre-trade transparency requirements for fixed income instruments and derivatives etc
1.The FCA may by rules impose pre-trade transparency requirements on systematic internalisers in respect of the trading of such relevant instruments as the FCA determines should be subject to the requirements for the purposes of furthering—
(a)efficient price formation, and
(b)the fair evaluation of financial assets.
2.The power to make rules under paragraph 1 is exercisable only if the FCA considers that the rules are necessary or expedient for the purposes of advancing one or more of its operational objectives referred to in section 1B(3) of FSMA.
3.In making rules under paragraph 1 the FCA must (in particular) have regard to the impact that requirements imposed by the rules will have on market liquidity.
4.The reference in paragraph 1 to “pre-trade transparency requirements” is a reference to whatever kinds of requirements relating to transparency before trading that the rules may specify, for example—
(a)requirements to make public matters specified in the rules in respect of the trading of relevant instruments (for example, quotes);
(b)requirements about the means by which, and the times at which, such matters are to be made public or otherwise disclosed;
(c)requirements relating to the determination of quotes in relation to relevant instruments;
(d)requirements in relation to the entering of transactions on the basis of such quotes.
5.Rules under paragraph 1 may include provision for quotes issued by systematic internalisers to be updated or withdrawn in such cases as the rules may determine.
6.In this Article and in Article 18a “relevant instruments” means bonds, structured finance products, emission allowances, derivatives and instruments included within package orders.]
Textual Amendments
F1Arts. 18-18b substituted for Art. 18 (29.10.2024 for specified purposes, 1.12.2024 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 10 (with s. 2(3)); S.I. 2024/1071, regs. 3(b)(iv), 4(b)(iii)
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