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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 31
Changes to legislation:
Regulation (EU) No 600/2014 of the European Parliament and of the Council, Article 31 is up to date with all changes known to be in force on or before 10 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 31:
- 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 31U.K. Risk reduction services
1.The FCA may by rules provide for one or more relevant obligations not to apply—
(a)in relation to activities or transactions of a specified description carried out as part of a risk reduction service, or
(b)to persons of a specified description in the provision of such services.
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 purpose of advancing one or more of its operational objectives referred to in section 1B(3) of FSMA.
3.The risk reduction services to which the rules relate may only be post-trade services that do not give rise to any transactions that contribute to the price discovery process.
4.The rules—
(a)may describe the risk reduction services to which they relate in whatever way the FCA considers appropriate (subject to paragraph 3);
(b)may provide for whatever conditions or exceptions the FCA considers appropriate.
5.Before making rules under paragraph 1 the FCA must consult the Bank of England.
6.In this Article—
“relevant obligation” means—
(a)the best execution obligation in section 11.2A of the Conduct of Business sourcebook;
(b)the obligation in rule 5AA.1.1 in the Market Conduct sourcebook;
(c)the trading obligation imposed by Article 28 of this Regulation;
“risk reduction service” means a service provided to two or more counterparties to derivatives transactions for the purpose of reducing non-market risks in derivatives portfolios (including, for example, portfolio compression);
“specified” means specified in the rules.]
Textual Amendments
F1Art. 31 substituted (29.10.2024 for specified purposes, 30.6.2025 in so far as not already in force) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 2 para. 18 (with s. 2(3)); S.I. 2024/1071, regs. 3(b)(viii), 7(b)(ii)
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