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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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  • Regulation revoked by 2023 c. 29 Sch. 1 Pt. 1
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  • Art. 4 substituted by 2023 c. 29 Sch. 2 para. 3
  • Art. 7(2) words substituted by S.I. 2024/107 reg. 36(b)
  • Art. 8-11 substituted by 2023 c. 29 Sch. 2 para. 7
  • Art. 11(4) words substituted by S.I. 2024/107 reg. 36(c)
  • Art. 12(1) words inserted by 2023 c. 29 Sch. 2 para. 20
  • Art. 13(1) words inserted by 2023 c. 29 Sch. 2 para. 21
  • Art. 19 omitted by 2023 c. 29 Sch. 2 para. 22
  • Art. 21 substituted by 2023 c. 29 Sch. 2 para. 11
  • Art. 21(5) words substituted by S.I. 2024/107 reg. 36(d)
  • Art. 22 replacement by EUR 2019/2175 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
  • Art. 22(1) words omitted by 2023 c. 29 Sch. 2 para. 12
  • Art. 26 para. 1 Unnumbered Paragraph 3 replacement by EUR 2019/2175 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
  • Art. 26(3) words omitted by 2023 c. 29 Sch. 2 para. 23
  • Art. 26(3) words revoked by 2023 c. 29 Sch. 2 para. 50(c)(i)
  • Art. 26(7) words substituted by S.I. 2024/107 reg. 36(e)
  • Art. 27 replacement by EUR 2019/2175 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
  • Art. 30(2) words substituted by S.I. 2018/1403 reg. 30(3)(a) (This amendment not applied to legislation.gov.uk. Reg. 30(3)(a) substituted immediately before IP completion day by S.I. 2020/1385, regs. 1(4), 49(4))
  • Art. 31 substituted by 2023 c. 29 Sch. 2 para. 18
  • Art. 37 omitted by S.I. 2018/1403 reg. 31(3) (This amendment not applied to legislation.gov.uk. Reg. 31(3) substituted immediately before IP completion day by virtue of S.I. 2020/628, regs. 1(2), 7(3)(a))
  • Art. 38(2) omitted by S.I. 2018/1403 reg. 31(4)(b) (This amendment not applied to legislation.gov.uk. Reg. 31(4)(b) substituted immediately before IP completion day by virtue of S.I. 2020/628, regs. 1(2), 7(3)(b))
  • Art. 38(3) word substituted by S.I. 2018/1403 reg. 31(4)(c)(ii) (This amendment not applied to legislation.gov.uk. Reg. 31(4)(c) substituted immediately before IP completion day by virtue of S.I. 2020/628, regs. 1(2), 7(3)(c))
  • Art. 38(3) words substituted by S.I. 2018/1403 reg. 31(4)(c)(i) (This amendment not applied to legislation.gov.uk. Reg. 31(4)(c) substituted immediately before IP completion day by virtue of S.I. 2020/628, regs. 1(2), 7(3)(c))
  • Art. 40 para. 6 replacement by EUR 2019/2175 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
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  • Art. 46 para. 6a addition by EUR 2019/2033 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
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  • Art. 46 para. 8 addition by EUR 2019/2033 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
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  • Art. 46(2)(a) words inserted by S.I. 2018/1403 reg. 33(1)(b)(ii) (This amendment not applied to legislation.gov.uk. Reg. 33(1)(b)(ii) substituted immediately before IP completion day by S.I. 2019/710, regs. 1(2), 16(15)(a)(i))
  • Art. 46(2)(a) words inserted by S.I. 2018/1403, reg 33(1)(b)(ii) (as substituted) by S.I. 2019/710 reg. 16(15)(a)(i) (This amendment not applied to legislation.gov.uk. Reg. 16(15)(a) omitted (30.9.2020) by virtue of S.I. 2020/1055, regs. 1(2), 13)
  • Art. 47 para. 6 addition by EUR 2019/2033 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
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  • Art. 47 para. 1 replacement by EUR 2019/2033 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
  • Art. 47(1A)(a) words inserted by 2023 c. 29 Sch. 2 para. 24
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  • Art. 50 para. 3 Sentence 1 replacement by EUR 2019/2175 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
  • Art. 50D(2)(b) words inserted by 2023 c. 29 Sch. 2 para. 27(3)
  • Art. 52 para. 13 addition by EUR 2019/2033 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
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  • Art. 52 para. 14 addition by EUR 2019/2175 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)
  • Art. 54 para. 1 replacement by EUR 2019/2033 Regulation (This amendment by the EU not applied to legislation.gov.uk because it is brought into force after IP completion day.)

Changes and effects yet to be applied to the whole legislation item and associated provisions

  1. Introductory Text

  2. TITLE I SUBJECT MATTER, SCOPE AND DEFINITIONS

    1. Article 1.Subject matter and scope

    2. Article 2.Definitions

  3. TITLE II TRANSPARENCY FOR TRADING VENUES

    1. CHAPTER 1 Transparency for equity instruments

      1. Article 3.Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments

      2. Article 4.Waivers for equity instruments

      3. Article 4a.Suspension of waivers

      4. Article 5.Volume Cap Mechanism

      5. Article 6.Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments

      6. Article 7.Authorisation of deferred publication

    2. CHAPTER 2 Transparency for non-equity instruments

      1. Article 8.Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives

      2. Article 9.Waivers for non-equity instruments

      3. Article 10.Post-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives

      4. Article 11.Authorisation of deferred publication

    3. CHAPTER 3 Obligation to offer trade data on a separate and reasonable commercial basis

      1. Article 12.Obligation to make pre-trade and post-trade data available separately

      2. Article 13.Obligation to make pre-trade and post-trade data available on a reasonable commercial basis

  4. TITLE III TRANSPARENCY FOR SYSTEMATIC INTERNALISERS AND INVESTMENT FIRMS TRADING OTC AND TICK SIZE REGIME FOR SYSTEMATIC INTERNALISERS

    1. Article 14.Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments

    2. Article 15.Execution of client orders

    3. Article 16.Obligations of competent authorities

    4. Article 17.Access to quotes

    5. Article 17a.Tick sizes

    6. Article 18.Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivatives

    7. Article 19.Monitoring by the competent authority

    8. Article 20.Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments

    9. Article 21.Post-trade disclosure by investment firms, including systematic internalisers, in respect of bonds, structured finance products, emission allowances and derivatives

    10. Article 22.Providing information for the purposes of transparency and other calculations

    11. Article 23.Investment firms operating internal matching systems

  5. TITLE IV TRANSACTION REPORTING

    1. Article 24.Obligation to uphold integrity of markets

    2. Article 25.Obligation to maintain records

    3. Article 26.Obligation to report transactions

    4. Article 27.Obligation to supply financial instrument reference data

  6. TITLE V DERIVATIVES

    1. Article 28.Obligation to trade on regulated markets, MTFs or OTFs

    2. Article 29.Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing

    3. Article 30.Indirect Clearing Arrangements

    4. Article 31.Portfolio Compression

    5. Article 32.Trading obligation procedure

    6. Article 33.Mechanism to avoid duplicative or conflicting rules

    7. Article 34.Register of derivatives subject to the trading obligation

  7. TITLE VI NON-DISCRIMINATORY CLEARING ACCESS FOR FINANCIAL INSTRUMENTS

    1. Article 35.Non-discriminatory access to a CCP

    2. Article 36.Non-discriminatory access to a trading venue

    3. Article 37.Non-discriminatory access to and obligation to licence benchmarks

    4. Article 38.Access for third-country CCPs and trading venues

  8. TITLE VII SUPERVISORY MEASURES ON PRODUCT INTERVENTION AND POSITIONS

    1. CHAPTER 1 Product monitoring and intervention

      1. Article 39.Market monitoring

      2. Article 40.ESMA temporary intervention powers

      3. Article 41.EBA temporary intervention powers

      4. Article 42.Product intervention by competent authorities

      5. Article 43.Coordination by ESMA and EBA

    2. CHAPTER 2 Positions

      1. Article 44.Coordination of national position management measures and position limits by ESMA

      2. Article 45.Position management powers of ESMA

  9. TITLE VIII PROVISION OF SERVICES AND PERFORMANCE OF ACTIVITIES BY THIRD-COUNTRY FIRMS FOLLOWING AN EQUIVALENCE DETERMINATION WITH OR WITHOUT A BRANCH

    1. Article 46.General provisions

    2. Article 47.Equivalence determination

    3. Article 48.Register

    4. Article 48A.Requirements

    5. Article 49.Temporary prohibitions and restrictions and withdrawal of registration

    6. Article 49A.Temporary prohibitions and restrictions: procedure

    7. Article 49B.Withdrawal of registration: procedure

    8. Article 49C.Notices under Articles 49A and 49B

  10. TITLE IX REGULATIONS, DIRECTIONS , RULES AND TRANSFERRED FUNCTIONS

    1. Article 50.Treasury Regulations

    2. Article 50A.Treasury Directions

    3. Article 50B.FCA Directions identifying relevant area of the UK

    4. Article 50C.Other FCA directions

    5. Article 50D.FCA rules

    6. Article 51.Transfer of MiFID functions

  11. TITLE X FINAL PROVISIONS

    1. Article 52.Reports and review

    2. Article 53.Amendment of Regulation (EU) No 648/2012

    3. Article 54.Transitional provisions

    4. Article 55.Entry into force and application

  12. Signature

    1. SCHEDULE 1

      PROFESSIONAL CLIENTS FOR THE PURPOSES OF THIS REGULATION

      1. PART 1 Introduction

        1. 1.A professional client is a client who possesses the experience,...

        2. 2.In order to be considered to be a professional client,...

      2. PART 2 Categories of client who are considered to be professional clients

        1. 3.The following are professional clients in relation to all investment...

        2. 4.(1) An entity referred to in paragraph 3 may request...

      3. PART 3 Clients who may be treated as professionals on request

        1. 5.(1) Clients other than those mentioned in Part 2, including...

      4. PART 4 Procedure

        1. 6.(1) A client satisfying the criteria in Part 3 may...

    2. SCHEDULE 2

      Directive 2014/65/EU – EU Regulations made under Title II

      1. 1.Commission Implementing Regulation (EU) 2016/824 of 25 May 2016 laying...

      2. 2.Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing...

      3. 3.Commission Delegated Regulation (EU) 2017/569 of 24 May 2016 supplementing...

      4. 4.Commission Delegated Regulation (EU) 2017/575 of 8 June 2016 supplementing...

      5. 5.Commission Delegated Regulation (EU) 2017/576 of 8 June 2016 supplementing...

      6. 6.Commission Delegated Regulation (EU) 2017/578 of 13 June 2016 supplementing...

      7. 7.Commission Delegated Regulation (EU) 2017/589 of 19 July 2016 supplementing...

      8. 8.Commission Implementing Regulation (EU) 2017/1005 of 15 June 2017 laying...

      9. 9.Commission Delegated Regulation (EU) 2017/1018 of 29 June 2016 supplementing...

      10. 10.Commission Delegated Regulation (EU) 2017/1943 of 14 July 2016 supplementing...

      11. 11.Commission Implementing Regulation (EU) 2017/1945 of 19 June 2017 laying...

      12. 12.Commission Delegated Regulation (EU) 2017/1946 of 11 July 2017 supplementing...

    3. SCHEDULE 3

      Transfer of Functions to the Treasury and Regulators

      1. PART 1 Directive functions transferred to the Treasury

        1. 1.To clarify, for the purposes of section 327(4) of FSMA...

        2. 2.To specify— (a) the derivative contracts referred to in paragraph...

        3. 3.To make further provision in relation to the criteria set...

        4. 4.To specify the concrete organisational requirements equivalent to those set...

        5. 5.To define the steps that investment firms might reasonably be...

        6. 6.To establish appropriate criteria for determining the types of conflict...

        7. 7.(1) To ensure that investment firms comply with the principles...

        8. 8.(1) To determine whether the legal and supervisory framework of...

        9. 9.(1) To ensure that investment firms comply with the principles...

        10. 10.To make provision concerning— (a) the criteria for determining the...

        11. 11.To define— (a) the conditions and nature of the procedures...

        12. 12.To specify— (a) the procedures to be followed by eligible...

        13. 13.To determine circumstances that trigger an information requirement, as referred...

        14. 14.To specify further the requirements laid down in rule 5.10.2...

        15. 15.To list situations constituting significant damage to investors' interests and...

        16. 16.To specify the thresholds referred to in paragraph 7BB(2)(a) of...

        17. 17.To clarify what constitutes a reasonable commercial basis—

      2. PART 2 Powers to make technical standards transferred to the FCA

        1. 19.(1) To specify the criteria for establishing when an activity...

        2. 20.To determine— (a) the specific content, the format and the...

        3. 21.To specify further the cases in which the connection between...

        4. 22.To determine the format and timing of communications and publications...

        5. 23.To specify further— (a) the requirements to ensure trading systems...

        6. 24.To specify minimum tick sizes or tick size regimes for...

        7. 25.To specify minimum tick sizes or tick size regimes for...

        8. 26.To specify the level of accuracy to which clocks are...

        9. 27.To specify the characteristics of different classes of financial instruments...

        10. 28.To clarify the arrangements that a regulated market—

        11. 29.To specify further the cases in which the connection between...

        12. 30.To specify further the format and the timing of the...

        13. 31.(1) To determine the methodology for calculation which will be...

        14. 32.To determine— (a) the criteria and methods for determining whether...

        15. 33.To determine the format of the weekly reports referred to...

        16. 34.To determine— (a) the information to be provided to the...

        17. 35.To determine common formats, data standards and technical arrangements facilitating...

        18. 36.To specify— (a) the means by which an APA (within...

        19. 37.To determine data standards and formats for the information to...

        20. 38.To specify— (a) the means by which the CTP may...

        21. 39.To specify— (a) the means by which the ARM (within...

      3. PART 3 Powers to make technical standards transferred to the PRA and the FCA

        1. 40.To specify— (a) the information to be provided to the...

        2. 41.To develop standard forms, templates and procedures for the notification...

        3. 42.To establish an exhaustive list of information to be included...

        4. 43.To determine standard forms, templates and procedures for the modalities...

        5. 44.To specify the following— (a) the details of organisational requirements...

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