EU · MiFID II · TITLE III REGULATED MARKETS
Article 47 MiFID IIOrganisational requirements
Organisational requirements for regulated markets: manage conflicts of interest, manage risks including ICT risk under DORA, have transparent non-discretionary rules for fair and orderly trading, arrangements for settlement, sufficient financial resources, MiFIR data quality arrangements and at least three materially active members; market operators may not execute client orders against proprietary capital or engage in matched principal trading on their regulated markets.
Amendments and application dates
| Amending act | Change | Applies from |
|---|---|---|
| Directive (EU) 2022/2556 | Text deleted; Text amended | 17 Jan 2025 |
| Directive (EU) 2024/790 | Text inserted | 29 Sept 2025 |
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAnsweredInferred · 80%
AI summaryTrading venues may offer member preferencing if it is transparent and available to all members, but it cannot be used to formalise pre-arranged trades, which may be formalised on a venue only under an appropriate pre-trade waiver; venues must monitor for and stop such misuse.
- Q&AAnsweredInferred · 85%
AI summaryTrading venues allowing algorithmic trading must be able to cancel or revoke transactions when volatility mechanisms or trading systems malfunction (Article 18 RTS 7), and their rulebooks may set out other exceptional cases for cancellation, provided these are transparent and non-discriminatory.
- GuidelinesPublishedESMA rulebook
AI summaryESMA guidelines of May 2021 (ESMA50-164-4285) on outsourcing to cloud service providers by a wide range of firms, including fund managers and depositaries, CCPs, trade repositories and MiFID II investment firms and credit institutions providing investment services, covering governance and documentation, pre-outsourcing due diligence, key contract terms, information security, exit strategies, access and audit rights, sub-outsourcing, notifying authorities and supervision.
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
UK transposition not traced in the FCA Handbook. It may sit in FSMA, the Regulated Activities Order or SI 2017/701, which are not yet mapped.
Version history
- From 17 Jan 2025
- From 28 Mar 2024 to 17 Jan 2025
- From 17 Sept 2014 to 28 Mar 2024
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.