EU · MiFID II · TITLE II AUTHORISATION AND OPERATING CONDITIONS FOR INVESTMENT FIRMS · CHAPTER II Operating conditions for investment firms · Section 4 SME growth markets
Article 33 MiFID IISME growth markets
Lets an MTF, or a clearly separated segment of one, register as an SME growth market if at least 50% of its issuers are SMEs and it has appropriate admission criteria, an admission document or prospectus, ongoing periodic financial reporting, MAR compliance, storage and dissemination of regulatory information, and market abuse controls. It also sets rules on deregistration and on trading an issuer's instruments on other SME growth markets.
Amendments and application dates
| Amending act | Change | Applies from |
|---|---|---|
| Regulation (EU) 2019/2115 | Text inserted | by 1 Jan 2021 |
| Directive (EU) 2024/2811 | Text inserted; Text amended | 6 Jun 2026 |
Level 2: delegated and implementing acts
- Delegated actIn forceLegal basis
AI summaryAmends Delegated Regulation 2017/565 to make it easier for MTFs to register as SME growth markets: a non-equity issuer qualifies as an SME if its debt issuance in the previous calendar year did not exceed a nominal-value threshold, and SME growth market operators may decide whether to require half-yearly reports from non-equity issuers.
- Delegated actIn forceLegal basis
AI summaryThe main MiFID II Delegated Regulation: defines key terms (such as investment advice, systematic internaliser, algorithmic and high-frequency trading, and direct electronic access) and sets detailed organisational requirements and operating conditions for investment firms, including compliance, conflicts of interest, remuneration, client information, suitability and appropriateness, best execution, client order handling, reporting to clients, record keeping and transaction-level obligations.
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAnsweredInferred · 95%
AI summaryAn MTF operator may register a single segment of its MTF as an SME growth market if that segment meets Article 33 MiFID II on its own and is clearly separated (its own name, rulebook, marketing and segment MIC); other segments cannot benefit from the regime.
- Q&ALegacy Q&A documentESMA rulebook
AI summaryESMA's consolidated legacy Q&A document (ESMA70-872942901-38, final version 13 October 2023) on market structure topics, covering data disaggregation, direct electronic access and algorithmic trading, the tick size regime, multilateral and bilateral systems (including OTFs and systematic internalisers) and access to CCPs and trading venues. It is no longer updated; later Q&As are in ESMA's Q&A tool.
Commentary
No law-firm commentary is linked to this provision yet.
393 more documents relate to MiFID II as a whole without naming an article.
UK counterpart
- DivergedExplicit reference · 90%
EU changes after exit: Regulation (EU) 2019/2115 (by 1 Jan 2021), Directive (EU) 2024/2811 (from 6 Jun 2026).
- MAR 5.10.1R Registering an MTF as an SME growth market
- MAR 5.10.3G The contents of an application for registration as an SME growth market
- MAR 5.10.5R The contents of an application for registration as an SME growth market
- MAR 5.10.7R Deregistering an MTF as an SME growth market
- MAR 5.10.2R · Registering an MTF as an SME growth marketDivergedExplicit reference · 90%
EU changes after exit: Regulation (EU) 2019/2115 (by 1 Jan 2021), Directive (EU) 2024/2811 (from 6 Jun 2026). UK changes after exit to MAR 5.10.2R: FCA 2025/30 (from 19 Jan 2026).
- REC 2.16A.1DR · Schedule to the Recognition Requirements Regulations, Paragraph 9A-9HDivergedExplicit reference · 90%
EU changes after exit: Regulation (EU) 2019/2115 (by 1 Jan 2021), Directive (EU) 2024/2811 (from 6 Jun 2026). UK changes after exit to REC 2.16A.1DR: FCA 2025/40 (from 23 Oct 2025).
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Version history
- From 6 Jun 2026
- From 31 Dec 2019 to 6 Jun 2026
- From 17 Sept 2014 to 31 Dec 2019
Each entry is a consolidated version of the act on EUR-Lex in which this provision appears. The text itself is on the official site.