EU · MiFID II · TITLE III REGULATED MARKETS
Article 53 MiFID IIAccess to a regulated market
Regulated markets must have transparent, objective and non-discriminatory access and membership rules covering members' obligations, and may admit investment firms, credit institutions and other fit and competent persons with adequate resources. Conduct rules do not apply between members for trades on the market, but members must apply them to their clients; rules must allow direct or remote participation, and regulated markets may offer remote access arrangements in other Member States after notification.
Level 3: ESMA Q&As, guidelines and opinions
- Q&AAnsweredInferred · 70%ESMA_QA_1667: Application of MiFID II after 3 January 2018, including issues of ‘late transposition’
AI summaryAsked whether regulated markets in Member States that had not transposed MiFID II by 3 January 2018 could keep offering remote access arrangements in other Member States. ESMA deleted the question on 16 October 2024.
- Q&AAnsweredExplicit reference · 90%
AI summaryUnder Articles 18(3) and 53(1) MiFID II, venues must not impose restrictive access criteria; for example they may not require members to be direct clearing members of a CCP (only to have a clearing agreement) or, for centrally cleared instruments, let members require others to be enabled before trading with them, though credit checks may be legitimate for uncleared instruments.
- Q&AAnsweredExplicit reference · 90%
AI summaryA person that is not an investment firm may be a member of a regulated market or MTF under Article 53(3) MiFID II only if it is exempt from authorisation under Article 2(1), such as an insurer or fund where its own rules allow; persons dealing on own account as venue members otherwise need authorisation unless one of the specified exemptions applies.
- 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 It is no longer updated; later Q&As are in ESMA's Q&A tool.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%
UK changes after exit to COBS 1 Annex 1: FCA 2025/40 (from 23 Oct 2025), FCA 2025/32 (from 19 Jan 2026), FCA 2026/5 (from 2 Mar 2026).
- MAR 5.3.1R · Rules, procedures and arrangementsEquivalentExplicit reference · 90%
No change on either side since exit (31 Dec 2020). MAR 5.3.1R transposes the article, so the wording differs.
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Version history
- From 17 Sept 2014
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.