EU · regulation
MiFIRRegulation (EU) No 600/2014 on markets in financial instruments (MiFIR)
Read the official text on EUR-Lex(opens in a new tab)UK version: UK MiFIR.
Contents
TITLE I: SUBJECT MATTER, SCOPE AND DEFINITIONS
TITLE II: TRANSPARENCY FOR TRADING VENUES
CHAPTER 1: Transparency for equity instruments
- Article 3 Pre-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments7 linked
- Article 4 Waivers for equity instruments13 linked
- Article 5 Volume cap5 linked
- Article 6 Post-trade transparency requirements for trading venues in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments3 linked
- Article 7 Authorisation of deferred publication4 linked
CHAPTER 2: Transparency for non-equity instruments
- Article 8 Pre-trade transparency requirements for trading venues in respect of bonds, structured finance products and emission allowances9 linked
- Article 8a Pre-trade transparency requirements for trading venues in respect of derivatives2 linked
- Article 8b Pre-trade transparency requirements for trading venues in respect of package orders1 linked
- Article 9 Waivers for bonds, structured finance products, emission allowances, derivatives and package orders16 linked
- Article 10 Post-trade transparency requirements for trading venues in respect of bonds, structured finance products, emission allowances and derivatives3 linked
- Article 11 Deferred publication in respect of bonds, structured finance products or emission allowances7 linked
- Article 11a Deferred publication in respect of derivatives
CHAPTER 3: Obligation to offer trade data on a separate and reasonable commercial basis
- Article 12 Obligation to make pre-trade and post-trade data available separately5 linked
- Article 13 Obligation to make pre-trade and post-trade data available on a reasonable commercial basis4 linked
TITLE III: TRANSPARENCY FOR SYSTEMATIC INTERNALISERS AND INVESTMENT FIRMS TRADING OTC AND TICK SIZE REGIME FOR SYSTEMATIC INTERNALISERS
- Article 14 Obligation for systematic internalisers to make public firm quotes in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments9 linked
- Article 15 Execution of client orders7 linked
- Article 16 Obligations of competent authorities2 linked
- Article 17 Access to quotes2 linked
- Article 17a Tick sizes1 linked
- Article 18 Obligation for systematic internalisers to make public firm quotes in respect of bonds, structured finance products, emission allowances and derivatives (deleted)7 linked
- Article 19 Monitoring by ESMA (deleted)1 linked
- Article 20 Post-trade disclosure by investment firms, including systematic internalisers, in respect of shares, depositary receipts, ETFs, certificates and other similar financial instruments10 linked
- Article 21 Post-trade disclosure by investment firms in respect of bonds, structured finance products, emission allowances and derivatives8 linked
- Article 21a Designated publishing entities
- Article 22 Providing information for the purposes of transparency and other calculations12 linked
- Article 22a Transmission of data to the CTP4 linked
- Article 22b Data quality5 linked
- Article 22c Synchronisation of business clocks1 linked
- Article 23 Trading obligation for investment firms9 linked
- Article 23a Accessibility of information on the European single access point
TITLE IV: TRANSACTION REPORTING
- Article 24 Obligation to uphold integrity of markets
- Article 25 Obligation to maintain records6 linked
- Article 26 Obligation to report transactions30 linked
- Article 27 Obligation to supply financial instrument reference data43 linked
TITLE IVa: DATA REPORTING SERVICES
CHAPTER 1: Authorisation of data reporting services providers
- Article 27a1 linked
- Article 27b Requirement for authorisation1 linked
- Article 27c Authorisation of data reporting services providers2 linked
- Article 27d Procedures for granting and refusing applications for authorisation of ARMs and APAs4 linked
- Article 27da Procedure for the selection of a single CTP for each asset class
- Article 27db Procedures for granting and refusing applications for authorisation of CTPs2 linked
- Article 27e Withdrawal of authorisation1 linked
- Article 27f Requirements for the management body of a data reporting services provider2 linked
CHAPTER 2: Conditions for APAs, CTPs and ARMs
- Article 27g Organisational requirements for APAs5 linked
- Article 27h Organisational requirements for CTPs5 linked
- Article 27ha Reporting obligations for CTPs
- Article 27i Organisational requirements for ARMs3 linked
TITLE V: DERIVATIVES
- Article 28 Obligation to trade on regulated markets, MTFs or OTFs8 linked
- Article 29 Clearing obligation for derivatives traded on regulated markets and timing of acceptance for clearing2 linked
- Article 30 Indirect Clearing Arrangements1 linked
- Article 31 Post-trade risk reduction services2 linked
- Article 32 Trading obligation procedure4 linked
- Article 32a Stand-alone suspension of the trading obligation1 linked
- Article 33 Mechanism to avoid duplicative or conflicting rules
- Article 34 Register of derivatives subject to the trading obligation
TITLE VI: NON-DISCRIMINATORY CLEARING ACCESS FOR FINANCIAL INSTRUMENTS
- Article 35 Non-discriminatory access to a CCP3 linked
- Article 36 Non-discriminatory access to a trading venue7 linked
- Article 37 Non-discriminatory access to and obligation to licence benchmarks1 linked
- Article 38 Access for third-country CCPs and trading venues2 linked
TITLE VIa: ESMA POWERS AND COMPETENCES
CHAPTER 1: Competences and procedures
- Article 38a Exercise of ESMA’s powers
- Article 38b Request for information
- Article 38c General investigations
- Article 38d On-site inspections
- Article 38e Exchange of information
- Article 38f Professional secrecy
- Article 38g Supervisory measures by ESMA
CHAPTER 2: Administrative sanctions and other administrative measures
- Article 38h Fines
- Article 38i Periodic penalty payments
- Article 38j Disclosure, nature, enforcement and allocation of fines and periodic penalty payments
- Article 38k Procedural rules for taking supervisory measures and imposing fines2 linked
- Article 38l Hearing of the persons concerned
- Article 38m Review by the Court of Justice
- Article 38n Authorisation and supervisory fees2 linked
- Article 38o Delegation of tasks by ESMA to competent authorities
TITLE VII: SUPERVISORY MEASURES ON PRODUCT INTERVENTION AND POSITIONS
CHAPTER 1: Product monitoring and intervention
- Article 39 Market monitoring
- Article 39a Prohibition of receiving payment for order flow4 linked
- Article 40 ESMA temporary intervention powers15 linked
- Article 41 EBA temporary intervention powers1 linked
- Article 42 Product intervention by competent authorities3 linked
- Article 43 Coordination by ESMA and EBA18 linked
CHAPTER 2: Positions
- Article 44 Coordination of national position management measures and position limits by ESMA
- Article 45 Position management powers of ESMA1 linked
TITLE VIII: PROVISION OF SERVICES AND PERFORMANCE OF ACTIVITIES BY THIRD-COUNTRY FIRMS FOLLOWING AN EQUIVALENCE DECISION WITH OR WITHOUT A BRANCH
- Article 46 General provisions4 linked
- Article 47 Equivalence decision1 linked
- Article 48 Register
- Article 49 Measures to be taken by ESMA
TITLE IX: DELEGATED AND IMPLEMENTING ACTS
CHAPTER 1: Delegated acts
- Article 50 Exercise of the delegation
CHAPTER 2: Implementing acts
- Article 51 Committee procedure
TITLE X: FINAL PROVISIONS
- Article 52 Reports and review
- Article 53 Amendment of Regulation (EU) No 648/2012
- Article 54 Transitional provisions1 linked
- Article 54a Transitional measures related to ESMA
- Article 54b Relations with auditors
- Article 55 Entry into force and application
Material on the act as a whole
Documents linked to MiFIR without a specific provision.
Level 3: ESMA Q&As, guidelines and opinions (164)
- Q&A ESMA_QA_2881: Consolidated Tape Provider (CTP)
- Q&A ESMA_QA_2825: Consolidated Tape Provider (CTP)
- Q&A ESMA_QA_2823: Consolidated Tape Provider (CTP)
- Q&A ESMA_QA_2821: Consolidated Tape Provider (CTP)
- Q&A ESMA_QA_2826: Consolidated Tape Provider (CTP)
- Q&A ESMA_QA_2828: Consolidated Tape Provider (CTP)
- Q&A ESMA_QA_2822: Consolidated Tape Provider (CTP)
- Q&A ESMA_QA_2824: Consolidated Tape Provider (CTP)
- Q&A ESMA_QA_2827: Consolidated Tape Provider (CTP)
- Q&A ESMA_QA_2829: Trading status for on halt/suspended instruments
- Q&A ESMA_QA_2557: Investment firms’ use of rebates and discounts to lower fees for clients under the payment for order flow (PFOF) prohibition
- Q&A ESMA_QA_2558: Payment for order flow (PFOF) prohibition and client instructions for order executions
- Q&A ESMA_QA_2559: Payment for order flow (PFOF) prohibition and OTC execution of client orders
- Q&A ESMA_QA_2560: Payment for order flow (PFOF) prohibition: scope for rebates or discounts on transaction fees or any other benefits for investment firms acting on behalf of retail clients or opt-in professional clients
- Q&A ESMA_QA_1556: Trading obligation for shares
- Q&A ESMA_QA_1581: Compliance with the SI regime and notification to NCAs
- Q&A ESMA_QA_1576: DVC and corporate actions
- Q&A ESMA_QA_1590: Impact for SIs of an instrument changing liquidity status in between the SI determination dates
- Q&A ESMA_QA_1512: Transparency - Single Volume Cap
- Q&A ESMA_QA_2533: Post-trade deferral regime for bonds, ETCs, ETNs and SFPs under the draft RTS 2 published by ESMA on 16 December 2024
- Q&A ESMA_QA_1584: Access to quotes
- Q&A ESMA_QA_1583: Commercial policy of access to quotes
- Q&A ESMA_QA_1580: Compliance with the quoting obligations for SIs in non-equity instruments
- Q&A ESMA_QA_1572: Hedging Exemption
- Q&A ESMA_QA_1567: Partial execution of LIS orders (Article 9(1)(a) of MiFIR) and orders above SSTI
- Q&A ESMA_QA_1571: Pre-arranged/negotiated transactions for non-equity instruments
- Q&A ESMA_QA_1562: Pre-trade transparency waivers under MiFID I
- Q&A ESMA_QA_1552: Pre-trade transparency- RFQ system
- Q&A ESMA_QA_1585: Price to be published by SIs in bonds and derivatives
- Q&A ESMA_QA_1569: Process for a waiver under Article 18(2) of MiFIR
- Q&A ESMA_QA_2306: Questions related to package orders/transactions
- Q&A ESMA_QA_1588: Quoting obligation for SI in non-TOTV instruments
- Q&A ESMA_QA_1589: Quoting obligation for SIs in non-equity financial instruments
- Q&A ESMA_QA_1561: Scope of Article 9(1)(c) of MiFIR
- Q&A ESMA_QA_1568: SSTI – calculation of indicative pre-trade prices
- Q&A ESMA_QA_1564: Substantial and non-substantial amendments to MiFID I waivers
- Q&A ESMA_QA_1554: Transparency - data (pre- and/or post-trade data) available free of charge 15 minutes after publication
- Q&A ESMA_QA_1553: Transparency - fees
- Q&A ESMA_QA_1555: Transparency - voice trading systems
- Q&A ESMA_QA_1563: Waiver procedure for illiquid non-equity financial instruments
- Q&A ESMA_QA_2204: Reporting of accumulator contracts
- Q&A ESMA_QA_2129: Integration of sustainability within the MiFID II product governance requirements
- Q&A ESMA_QA_1510: Transaction reporting
- Q&A ESMA_QA_1977: Fees charged to CCPs in relation to access to trading venues
- Q&A ESMA_QA_1370: Q&A on cross orders in non-equity instruments below LIS
- Q&A ESMA_QA_986: Fees charged to CCPs in relation to access to trading venues
- Q&A ESMA_QA_985: Fees charged to CCPs in relation to access to trading venues
- Q&A ESMA_QA_987: Fees charged to CCPs in relation to access to trading venues
- Q&A ESMA_QA_603: Concept of underlying - reverse convertible bonds and reverse convertible notes
- Q&A ESMA_QA_740: LEI of sovereign issuers
- Q&A ESMA_QA_632: National identifier for stateless natural persons
- Q&A ESMA_QA_751: Settlement location
- Q&A ESMA_QA_1315: Simplified approach for regulatory capital requirements
- Q&A ESMA_QA_1514: Third country issues - Transparency
- Q&A ESMA_QA_1506: Reporting of Emission Allowances
- Q&A ESMA_QA_1508: Reporting of Emission Allowances
- Q&A ESMA_QA_1507: Reporting of Emission Allowances
- Q&A ESMA_QA_1503: MiFIR data reporting - LEI of the issuer
- Q&A ESMA_QA_1509: Reporting of Nominal value per unit and minimum traded value
- Q&A ESMA_QA_1502: MiFIR data reporting - LEI of the issuer
- Q&A ESMA_QA_1505: MiFIR data reporting - Reporting of reference rates not included in RTS 23 and 22
- Q&A ESMA_QA_1511: Transaction reporting
- Q&A ESMA_QA_1488: Direct Electronic Access (DEA) and algorithmic trading - Trading systems - RTS 7
- Q&A ESMA_QA_1495: Multilateral and bilateral systems - Member preferencing functionalities and pre-arranged transactions
- Q&A ESMA_QA_1127: Product intervention
- Q&A ESMA_QA_1698: FX forward reporting
- Q&A ESMA_QA_1685: Maturity Date, expiry date and termination date
- Q&A ESMA_QA_1586: Mandatory SI regime
- Q&A ESMA_QA_1701: Defined List of Instruments
- Q&A ESMA_QA_1765: Suitability and appropriateness
- Q&A ESMA_QA_1699: Complex trades
- Q&A ESMA_QA_1683: Maturity Date, expiry date and termination date
- Q&A ESMA_QA_1684: Maturity Date, expiry date and termination date
- Q&A ESMA_QA_1682: Maturity Date, expiry date and termination date
- Q&A ESMA_QA_1501: MiFIR data reporting - LEI of the issuer
- Q&A ESMA_QA_1979: Payments
- Q&A ESMA_QA_1991: Risk warning prominence
- Q&A ESMA_QA_1783: Investment advice on an independent basis
- Q&A ESMA_QA_1990: Rolling spot forex
- Q&A ESMA_QA_1691: Field 14 and Field 17 – Total issued nominal amount
- Q&A ESMA_QA_1700: FIRDS fields 8 to 11
- Q&A ESMA_QA_1695: FX Swaps reporting
- Q&A ESMA_QA_1696: Interest Rate Swaps reporting
- Q&A ESMA_QA_1697: Interest Rate Swaps reporting
- Q&A ESMA_QA_1988: Securitised derivatives
- Q&A ESMA_QA_1989: Structured finance products
- Q&A ESMA_QA_1981: Aggregate liability
- Q&A ESMA_QA_1983: Binary options
- Q&A ESMA_QA_1984: CFDs referencing futures
- Q&A ESMA_QA_1987: Clients established outside the Union and non-Union nationals
- Q&A ESMA_QA_1978: Existing contracts
- Q&A ESMA_QA_1986: Guaranteed stop loss orders
- Q&A ESMA_QA_1980: Margin close-out protection
- Q&A ESMA_QA_1982: Monetary benefits
- Q&A ESMA_QA_1573: Minimum size of orders held in an order management facility for non-equity financial instruments
- Q&A ESMA_QA_1570: Reference price waiver and multi-listed shares
- Q&A ESMA_QA_1678: Date and time of the request of admission and admission
- Q&A ESMA_QA_1711: Transaction reporting
- Q&A ESMA_QA_1712: Transaction reporting
- Q&A ESMA_QA_1707: Transaction reporting
- Q&A ESMA_QA_1559: Geographical scope of the temporary suspension of transparency
- Q&A ESMA_QA_1566: Maximum authorised deviation around the reference price for negotiated transactions in illiquid equity instruments
- Q&A ESMA_QA_1557: Scope of the trading obligation for shares
- Q&A ESMA_QA_1558: Temporary suspension of transparency for bonds
- Q&A ESMA_QA_1549: Transparency - Trading venues
- Q&A ESMA_QA_1710: Transaction reporting
- Q&A ESMA_QA_1709: Transaction reporting
- Q&A ESMA_QA_1708: Transaction reporting
- Q&A ESMA_QA_1781: Record keeping
- Q&A ESMA_QA_1694: Financial instruments’ volatile attributes
- Q&A ESMA_QA_1705: Transaction reporting
- Q&A ESMA_QA_1706: Transaction reporting
- Q&A ESMA_QA_1778: Recording of telephone conversations and electronic communications
- Q&A ESMA_QA_1613: Direct Electronic Access (DEA) and algorithmic trading
- Q&A ESMA_QA_1692: Field 30 - Quantity
- Q&A ESMA_QA_1713: Order Record Keeping
- Q&A ESMA_QA_1693: Reference Data for financial instruments
- Q&A ESMA_QA_1610: Trading venues
- Q&A ESMA_QA_1703: Transaction reporting
- Q&A ESMA_QA_1704: Transaction reporting
- Q&A ESMA_QA_1591: Assignment of MICs to APAs
- Q&A ESMA_QA_1565: Calculation of the “current volume weighted spread reflected in the order book” for negotiated transactions
- Q&A ESMA_QA_1043: Best Execution
- Q&A ESMA_QA_1690: Business Case: Inflation Indexed bond
- Q&A ESMA_QA_1689: Field 23 – Seniority of the Bond
- Q&A ESMA_QA_1702: Transaction reporting
- Q&A ESMA_QA_1550: Transparency - OTC transactions reported to APA - outsourcing post-transparency reporting requirement
- Q&A ESMA_QA_1551: Transparency - pre-trade quote publication and ISIN
- Q&A ESMA_QA_1548: Transparency - Trading venues
- Q&A ESMA_QA_1681: Maturity Date, expiry date and termination date
- Q&A ESMA_QA_1688: Base Point Spread of the index/benchmark of a floating rate bond
- Q&A ESMA_QA_1686: Classification of Financial Instruments (CFI) and Financial Instrument Short Name (FISN)
- Q&A ESMA_QA_1677: Date and time of the request of admission and admission
- Q&A ESMA_QA_1676: Date and time of the request of admission and admission
- Q&A ESMA_QA_1679: Instrument identification code and Underlying instrument code
- Q&A ESMA_QA_1680: Instrument identification code and Underlying instrument code
- Q&A ESMA_QA_1687: Request for admission to trading by issuer
- Q&A ESMA_QA_1673: Date and time of the request of admission and admission
- Q&A ESMA_QA_1675: Date and time of the request of admission and admission
- Q&A ESMA_QA_1674: Date and time of the request of admission and admission
- Q&A ESMA_QA_1672: LEI of the issuer
- Q&A ESMA_QA_1671: LEI of the issuer
- Q&A ESMA_QA_1041: Best Execution
- Q&A ESMA_QA_1019: Best Execution
- Q&A ESMA_QA_1815: Post-sale reporting
- Q&A ESMA_QA_1813: Post-sale reporting
- Q&A ESMA_QA_1593: Data disaggregation
- Q&A ESMA_QA_1594: Data disaggregation
- Q&A ESMA_QA_1596: Data disaggregation
- Q&A ESMA_QA_1782: Investment advice on an independent basis
- Q&A ESMA_QA_1772: Recording of telephone conversations and electronic communications
- Q&A ESMA_QA_1773: Recording of telephone conversations and electronic communications
- Q&A ESMA_QA_1771: Recording of telephone conversations and electronic communications
- Q&A ESMA_QA_1775: Recording of telephone conversations and electronic communications
- Q&A ESMA_QA_1774: Recording of telephone conversations and electronic communications
- Q&A ESMA_QA_1770: Recording of telephone conversations and electronic communications
- Q&A ESMA_QA_1777: Recording of telephone conversations and electronic communications
- Q&A ESMA_QA_1776: Recording of telephone conversations and electronic communications
- Q&A ESMA_QA_1756: Suitability and appropriateness
- Q&A ESMA_QA_1758: Suitability and appropriateness
- Q&A ESMA_QA_1768: Suitability and appropriateness
- Q&A ESMA_QA_1784: Underwriting and placing
- Q&A ESMA_QA_1574: Application of the double volume mechanism to newly issued instruments
- Q&A ESMA_QA_1575: Mid-month reports
Consultations (40)
- Consultation UK Wholesale Markets Review: a consultation
- Consultation Transposition of the Markets in Financial Instruments Directive II
- FCA CP CP16/43: Mifid ii implementation iv
- FCA CP CP17/19: Mifid ii implementation
- FCA CP CP17/8: Mifid ii implementation proposals v
- FCA CP CP18/4: European money market funds regulation
- FCA CP CP20/24: New uk prudential regime mifid investment firms
- FCA CP CP21/22: Libor transition derivatives trading obligation
- FCA CP CP21/9: Changes uk mifid conduct organisational requirements
- FCA CP CP22/18: Guidance trading venue perimeter
- FCA CP CP23/15: Framework uk consolidated tape
- FCA CP CP23/27: Reforming commodity derivatives regulatory framework
- FCA CP CP23/31: Primary markets effectiveness review feedback detailed proposals listing rules
- FCA CP CP23/32: Improving transparency bond and derivatives markets
- FCA CP CP23/33: Payments data providers drsp policy statement framework consolidated tape cp23 15
- FCA CP CP24/11: Quarterly consultation paper no 44
- FCA CP CP24/2: Part 2 greater transparency our enforcement investigations
- FCA CP CP24/28: Operational incident third party reporting
- FCA CP CP25/20: Si regime bonds derivatives
- FCA CP CP25/31: Framework uk equity consolidated tape
- FCA CP CP25/35: Quarterly consultation paper no 50
- FCA CP CP25/9: Further proposals product information consumer composite investments
- FCA CP CP26/10: Simplifying pensions investment advice rules
- FCA CP CP26/30: Consulation paper supporting equity market transparency considering market structure developments
- FCA CP FCA CP15/18
- FCA CP FCA CP15/34
- FCA CP FCA CP16/40
- FCA CP FCA CP17/2
- FCA CP FCA CP19/3
- FCA CP FCA CP21/35
- FCA CP FCA CP22/12
- FCA CP FCA CP22/26
- FCA CP FCA CP25/32
- FCA CP FCA CP26/23
- FCA CP FCA CP26/24
- FCA CP FCA CP26/26
- FCA CP FCA CP26/27
- FCA CP FCA CP26/28
- FCA CP FCA CP26/34
- FCA CP FCA CP26/8
UK policy statements and papers (15)
- FCA PS FCA PS16/4
- FCA PS FCA PS23/4
- FCA PS FCA PS25/2
- FCA PS FCA PS26/15
- FCA PS PS17/14: Mifid ii implementation
- FCA PS PS17/5: Mifid ii implementation
- FCA PS PS19/5: Brexit policy statement
- FCA PS PS21/13: Libor transition and derivatives trading obligation
- FCA PS PS21/20: Changes uk mifids conduct and organisational requirements
- FCA PS PS23/11: Guidance trading venue perimeter
- FCA PS PS24/14: Improving transparency bond and derivatives markets
- FCA PS PS25/1: Reforming commodity derivatives regulatory framework
- FCA PS PS25/17: Si regime bonds derivatives
- FCA PS Statements of policy mifid transparency regime
- FCA PS Supervisory statement mifid transparency regime